Facebook’s cryptocurrency to debut next week backed by Visa, Mastercard, Uber, and others: WSJ

The Verge ^ | Jun 14, 2019 | Jon Porter

[Uncle Miltie]

Never ever ever.

[Hostage]

Blockchain technology underlies cryptocurrency. Blockchain allows transactions to circumvent the banking, credit/debit card processing. But note that FINCEN (part of NSA) can still see everything and I’m fine with that as long as the rule of law is upheld. But banks and their payment processing can go fly a kite as far as I’m concerned.

Blockchain allows for DECENTRALIZATION!

What does that mean?

It means you and I don’t need to go through any VISA, MASTERCARD, BANK, etc. to transact business.

Blockchain is an EXISTENTIAL threat to the status quo, for those that got theirs and will not allow others to get theirs unless ‘selected’ to be members of the club.

What does ‘theirs’ mean?

Freedom, financial independence, influence.

So what do bankers and their VISA, MASTERCARD et al. do?

They’ve been in a quandary for years trying to figure out what to do. Blockchain takes away their gravy train, their control. They’ve tried SEC harassment, legislation that kneecaps Blockchain upstarts, patent infringements, staged incidents of internet hacks and break-ins. Nothing has worked for them.

So now their play is to trot out Suckerberg in a bid to make people think Blockchain has to go through them, so they can control it.

Only they can’t control it until they get legislation that cements their cornering of the marketplace based on a false premise such as concern over security. Ha! Blockchain security is orders of magnitude more secure than anything they could come up with.

Cryptocurrency is like electronic cash. Think of cash for a second. Yea, we can still use it. $10 bill, $20 bill, you name it. We use payment cards for convenience, efficiency. We can also use cryptocurrency cash for convenience, efficiency but it doesn’t have to go through a central payment processor.

Now go back to paper cash in your wallet. Does it need a central payment process when we purchase something? No, of course not. What if Suckerberg conspired with centralized bankers to take a percentage from each purchase we make with paper cash in our wallets and keep a record of all our purchases?

Imagine for a moment we are purchasing $40 gas for our vehicle at a filling station. We go to pay the attendant with paper cash. The attendant says that will be $42.50. Say what? Yeah, $40 for the gas. $2 for Suckerberg and his banks, and 50 cents to cover the filling station’s transaction processing and recording cost.

That’s what they are doing with Blockchain electronic cash aka cryptocurrency.

[gaijin]

financial freedom ping

[gloryblaze]

Seriously? It vanished? A million real dollars or some illusion of that amount? I’m not being snarky; that scenario just can’t sink in.

[polymuser]

Bet he loves China’s coming “social credit” system...

https://www.businessinsider.com/china-social-credit-system-punishments-and-rewards-explained-2018-4

[HamiltonJay]

A “currency” backed by the credit card companies???

What could possibly go wrong (rolling eyes)

[cymbeline]

“To address your questions ...”

Thanks for the informative reply. Let me trouble you with a couple of questions:

How do I start using bitcoins?

Take me through a transaction with another party. What do I the payer do and what does the receiver do?

If Facebook ran a bitcoin service, they could block transactions, but not relate those transactions to an individual, correct?

[M Kehoe]

I wonder how long after launch the Libra coin purse will be hacked?

5.56mm

[fuzzylogic]

There are currently 1.3B people that are slaves to the State where (almost!) *EVERYTHING* they buy or sell is done through a smartphone app called “wechat”. Forget credit cards, most won’t take them. Even cash is not preferred. Combine this with a “social credit score” and the State has complete control over you. Say the wrong thing and ‘poof’ your ability to travel, get a loan, buy or sell, can be gone.

This is the reality in China. They are completely defeated and would not even contemplate fighting the communists, they are just too powerful and have too much control.

Why would I give the exact same power to Mark Zuckerberg!???!?

[sparklite2]

I hear you. Cryptocurrency is a blank slate to me. All is know is some folks lost a whole lot of money with it.

The purpleness of heated drool on this thread tells me what we know and we feel are out of balance at this time.

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[Ouderkirk]

a benefit of cryptocurrency is that your transactions are untraceable

That was the idea behind Bitcoin that both sides were hidden.

Obviously, Zuckerbook thinks that they can profit (3%) from every transaction and can generate even more data about you using while using their crypto-currency.

They know their base platform is doomed and will implode shortly. Either by regulation or user disgust.

I left Zuckerbook a couple of years ago by flaming Zuckerberg as the second worst Jew (behind Anthony Weiner)in this or any other universe and begged them to ban me. It worked, and I am now completely gone from Zuckerbook and all of their marketing/tracking crap. By being banned you are totally gone, as opposed to you surrender your account meaning you could still potentially return, and thus not completely gone. It has been blow-back free so far.

[bgill]

Why wait, dig out your old Monopoly game money.

[AmericanCheeseFood]

Well, that’s one way to secure donations into the DNC war chests for 2020.

[Albion Wilde]

How is this even legal for American companies to issue alternate currency?

[WellyP]

I wouldn’t touch that with a barge pole!

[Taxman]

I hope they lose their asses!

Fakebook fake currency?

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