Want to read Slashdot from your mobile device? Point it at m.slashdot.org and keep reading!
Facebook Set To Reveal Own Cryptocurrency Later This Month, Report Says (coindesk.com) 88
What name would slashdot readers give to FakeCoin? Points for being catchy enough to be used in a sentence but ironically twisted in meaning. Go!
FakeCoin
Zucker
Zcoin- by goombah99 ( 560566 ) on Thursday June 06, 2019 @10:18AM (#58718796)
ZuckBuck
Zune
Flooz
UluzZuckBuck
ZuckerFuckerBucks
What name would slashdot readers give to FakeCoin? Points for being catchy enough to be used in a sentence but ironically twisted in meaning. Go!
FakeCoin
Zucker
ZcoinI would go with “SoulCoin” since using Facebook is essentially selling your soul to the devil.
- ZuxBux (TM)
Farmville bucks. They already have a currency. I think there was a form of Facebook coins or points where you could buy a gift card at Walgreens to redeem for Farmville bucks. We have Netflix at home because my wife took out a trial subscription to get free Farmville currency.
There needs to be a currency tied to the Township game now, which took over from Hay Day, which took over from Farmville.
you win One Genuine Internet Point today, guard it well.
- Amazon introducing their cryptocurrency and paying workers (and folks they owe money to) with it. Thing is, the currency is only useful at Amazon. Think “company store”…
- by Anonymous Coward
I’m a neckbeard and I don’t understand crypto!
Will this be Facebook jumping the shark?
Didn’t they get the memo? (Score:5, Insightful)
by Opportunist ( 166417 ) on Thursday June 06, 2019 @10:07AM (#58718750)The idea behind a cryptocurrency was that there is no entity controlling it. Why would anyone want to let a company that pretty much wants total control over your privacy take control of their wallet, too?
This is about as far from the idea behind cryptocurrency as it is humanely possible.
But who in their sane mind would want their currency?
- by sinij ( 911942 )The problem with your statement is “in their sane mind”. This excludes a large portion of population currently obsessed with safety and convenience. FB would deliver that.
- convenience? maybe. Safety? NO.
But who in their sane mind would want their currency?
Exactly the kind of people that still use Facebook after knowing all the heinous things that Facebook does.
But who in their sane mind would want their currency?
The same people who have come to think of each new cryptocurrency as a new stock issue, something that can be “invested” in because they missed the boat on Bitcoin.
Wnat they miss is that spck issues represent corporations, which are out there doing something that could potentially produce a return on the stock and increasing equity. Crypto is just a fixed marker for equity that can change only if some other “investor” can be persuaded that they should pay more for it.
In a few years, if it remains relevant at all, it’s going to be widely understood to mean effectively the same thing as plain vanilla digital currency. The entire notion of “no central authority” will be upstaged by more practical concerns such as stability, accountability, transparency and, oh, the ability to settle more than a dozen or two transactions per second worldwide.
This will be a gross misapprehension of the term, but that’s how it goes with buzzwords that are force-fed by media hype to the point
FaceBook is going for Homer Simpsons who could fall for the Wallet Inspector con. You won’t go broke catering to idiots, because the world has a lot of them.
Who cares about ideas. The main uses for cryptocurrency are profiting from investor mania and avoiding regulations.
Facebook is presumably using it for avoiding regulations. They’ll probably use a full reserve dollar tied coin, like Gemini.
That’s Jeff Bezos. He really is a member of the OtO.
You could insure any money I invest at 10x value and I STILL wouldn’t use them for Crypto.
FB has enough over-reach into people’s lives as-is.
I don’t think giving them control over what is essentially people’s money is a Good Thing.
Remember, these are the asshats who can dump you off their platform for any reason, including “Because we feel like it.”
Would you accept that sort of behavior from your bank/credit union?
And if they do so, what happens to your money?
The big downfall of crypto is liquidity. How do“Would you accept that sort of behavior from your bank/credit union?”
Uh… yes, because we already do. You banks can close your account for any reason it wants.
https://money.cnn.com/2014/05/… [cnn.com]Many banks have been closing accounts on people for all sorts of controversial issues. They have just been getting by with it longer.
https://www.btrtoday.com/read/… [btrtoday.com]
So uhmm…. yea! We totally accept this risk from our banks.
- Your bank must give you the value of your account. Facebucks? not likely.
- Real currencies have the same problem though. Think Venezuelan Bolivars–how readily can you get $’s for those? “Hold on to your Confederate currency, boys, the South will rise again!” I’d like to pay for my groceries in Roman currency, please. Even gold has some liquidity problems.
Roman currency would be silver or gold coinage. Nobody is going to refuse your payment.
I can’t wait to be hacked, have it all stolen, etc.
ZuckerBucks! The safest cryptocurrency since Bitconnect!
- Sci-Fi books covered this concept – multinational corporations gaining sovereignty and creating dystopian future. Seems like these stories were more right than wrong.
This is beyond dangerous, if a large corporation like FB or Amazon can create and popularize its own currency then they can effectively avoid paying taxes.
- by iggymanz ( 596061 ) on Thursday June 06, 2019 @10:43AM (#58718922)
false statement there, income is still taxable and discoverable too. Have faith in the IRS, they’ll get their legal cut.
This is beyond dangerous, if a large corporation like FB or Amazon can create and popularize its own currency then they can effectively avoid paying taxes.
No, no they cannot. The government simply assigns it a cash value, then taxes them as if they had collected cash. You’re obligated to pay taxes even on barter [bizfilings.com], based on estimated value. You have no idea what you are talking about. Please stop.
Actually he knows more than what you know.
If you control the currency then taxes are just “window dressing”.
Let me explain it to you in super simple terms. If I control your currency, you can tax me at any rate you like. Sure you get some fiat money, but I get to set the rate/value enough to make any tax you place on me meaningless to me economically, I will just make adjustments to keep me where I want to be. What winds up happening though is that all those poor folks you think you are saving now have t
If you control the currency then taxes are just “window dressing”.
Yeah, if they controlled the currency they were being taxed in, which they do not. Your entire comment is therefore invalid, and there’s no need to read the rest, but I did anyway.
Let me explain it to you in super simple terms. If I control your currency, you can tax me at any rate you like. Sure you get some fiat money, but I get to set the rate/value enough to make any tax you place on me meaningless to me economically,
The IRS sets the effective exchange rate, by declaring by fiat what the value of your wankbucks are. You don’t get to decide how many they take. Plus, they don’t have to take your wankbucks at all. They can simply demand that you pay them in USD, which is exactly what they will actually do. Because it’s the IRS, the burden of proo
I guess nearly a century of being able to watch the Federal Reserve has taught you nothing.
“The IRS sets the effective exchange rate”
That pretty much sums up how ignorant you are.
“The U.S. government has various tools to influence the U.S. dollar exchange rate against foreign currencies. An independent arm of the government is the nation’s central bank, the Federal Reserve. It indirectly changes exchange rates when it raises or lowers the fed funds rate.”
You might be more accurate if you said the Department
“The IRS sets the effective exchange rate”
That pretty much sums up how ignorant you are.
Oh yeah?
[…]You might be more accurate if you said the Department of Treasury of which […] The IRS is a part of the treasury
So to be clear, it’s all the same department, yet you think you caught me in some massive error? Nice one.
“The U.S. government has various tools to influence the U.S. dollar exchange rate against foreign currencies.
A cryptocurrency created by an American company is not a foreign currency, so that has exactly zero relevance here.
Let me explain it to you in super simple terms. If I control your currency, you can tax me at any rate you like. Sure you get some fiat money, but I get to set the rate/value enough to make any tax you place on me meaningless to me economically,
The IRS sets the effective exchange rate, by declaring by fiat what the value of your wankbucks are. You don’t get to decide how many they take.
Not only that, I am not discussing Exchange rates either, that is just a BS straw-man argument you just concocted.
I quoted the relevant text to make it clear that you are discussing exchange rates, even though you don’t understand that’s what you’re discussing. Facebook is not in control of the currency used for taxation. The government decides what the value of bartered items is for taxation (
How do stupid people like you make it through life? O wait… I keep forgetting, that’s why most of you stay poor.
Okay let me help you out, not sure it’s going to work because your view is so narrow your mind is not able to expand. Lets start by asking you a question.
Does the Government control MasterCard’s Exchange Rates? No? Why not? Because they do not have that power. Maybe they will take it in the future but they don’t have it right now.
There are all sorts of Exchange Rates, none of which are set
“Holy fuck, are you clueless?”
Okay moron, let me help you out.
“See, the people who are taxing you will not allow you to do that,”
Allow me? Nope, they are going to HELP me! Did you not notice the revolving door between governments and banks? Are you blind? O wait… you are blind.
“there is no scenario in which you can inform the government who wishes to tax you that your magic money is exempt from taxes,”
Well… now… I guess you didn’t even understand anything I wrote. I never said anything about exem
- by sinij ( 911942 )Have you tried playing monopoly with someone who can always take more money out of the box? Do you understand how it is meaningless for you to take money from them for landing on your property when the end result is them reaching into the box and taking more money?
It is like that in this case, but with more layers of complexity and obfuscation.
If FB succeeds with this endeavor, our current economic system will cease to function. We will have to invent a new system or go back to gold standard.
Well said, this sap is too stupid to let go of his narrow and ignorant view of currencies.
and I really like your Monopoly analogy! That is fantastic!
- by sinij ( 911942 )Sure, and in that game player who reaches into the box is actually dials-in remotely, and is multiple people delegating, so there isn’t anyone to shoot immediately or even if you track each of them down.
We already have Zuck telling a whole bunch governments to pound sand when they tried to subpoena him to testify. Do you think taxes will be treated differently?
- Each time I watch Robocop I find the OCP eerily similar to the ilk of Facebook and Amazon. Even Google are building their “smart cities”.
- by MitchDev ( 2526834 ) on Thursday June 06, 2019 @10:32AM (#58718862)
“will be offered to Facebook employees who want to be paid in the form of the cryptocurrency. “
in response… I owe my soul to the company store
“will be offered to Facebook employees who want to be paid in the form of the cryptocurrency. “
in response… I owe my soul to the company store
I’m not saying there is no chance of that, but don’t discount pure old greed by employees either here. You might be surprised at how many will want this (I’d guess 10% at a minimum will want this) because they think they are sort of winning the lottery by getting paid this way. Back in the late 90s Internet Bubble I had a really good job that paid about industry average but the company was really great to work for. I would around 2000 chase dollars and leave that job. to my regret. We saw industry sal
I find this very strange. There is already a cryptocurrency called GlobalCoin [globalcoin.info]. It’s not clear how serious a currency it is, since it isn’t represented on the major sites like CoinMarketCap [slashdot.org], but it claims to have existed since 2012. Why would Facebook choose a name that is already taken – and if they did, why does the
Anyway, for the microtransactions that Facebook apparently wants to enable, a blockchain makes little sense. They are unlikely to enable general mining – they will almost
We’ll hand over your private data…oh wait, they already do THAT anyway?
It isn’t much different from stock options granted to employees when tech companies go public.
… to the term “Social Credit” [washingtonpost.com]…
- Is this the future of Facebook? Live, die, work, eat, sleep, breathe Facebookland 24/7/365? Your entire life ‘shared’ (and monetized), cradle to grave? People play ‘Every Breath You Take’ from The Police at their weddings instead of the Wedding March?
Do your life a favor: Kill your Facebook account today. Take your life back.
- Welcome to 2015!
be able to screw everyone stupid enough to use facebook.
They do not want to compete against Bitcoin, because they do not really want to develop a cryptocurrency. As others have already pointed out, this goes against the idea of a single entity controlling it.
They want to compete against Paypal.
There may be more comments in this discussion. Without JavaScript enabled, you might want to turn on Classic Discussion System in your preferences instead.
Related Links Top of the: day, week, month.
- 1445 commentsFewer Than Half of Young Americans Are Positive About Capitalism
- 1293 commentsMass Shooting Reported at Madden Video Game Tournament in Florida
- 985 commentsLinus Torvalds Reflects On How He’s Been Hostile To Linux Community Members Over the Years, Issues Apology, and Announces He Will Be Taking Some Time Off
- 929 commentsWikileaks Co-founder Julian Assange Arrested in London
- 825 commentsSan Francisco Officials Are Planning To Ban Corporate Cafeterias, Force Tech Workers To Eat Out At Local Restaurants
Slashdot Top Deals
- Get more comments
- 88 of 88 loaded
Mausoleum: The final and funniest folly of the rich. — Ambrose Bierce
