#Privacy, #Facebook Coin, Uber, PayPal, Visa to Back Facebook’s GlobalCoin Cryptocurrency

#Privacy, #Facebook Coin, Uber, PayPal, Visa to Back #Facebook’s GlobalCoin Cryptocurrency

Starting with Facebook can’t get into China and 2015 Facebook Announces a Payments Feature for Its Messenger App

2019 #WeChat has become the centerpiece of digital life in China

where people use it to order movie tickets, subway passes, food delivery and rides. If Facebook succeeds in turning its own messaging services into a platform for everything, it could ultimately threaten established services such as Snapchat, Yelp, Venmo, eBay and even Apple and Amazon.



  1. Cambridge Analytica and Facebook: The Scandal and the Fallout So Far Revelations that digital consultants to the Trump campaign misused the data of millions of Facebook users set off a furor on both sides of the Atlantic. https://www.businessinsider.com/cambridge-analytica-trump-firm-facebook-data-50-million-users-2018-3/
  2. Are you ready? Here is all the #data Facebook and Google have on you
  3. #Trump linked firm Cambridge Analytica collected personal information from 50 million Facebook users without permission https://www.businessinsider.com/cambridge-analytica-trump-firm-facebook-data-50-million-users-2018-3/
  4. Comparing #Obama Cambridge Analytica https://www.politifact.com/truth-o-meter/statements/2018/mar/22/meghan-mccain/comparing-facebook-data-use-obama-cambridge-analyt/

Facebook can’t get into China and wants to be WhatsApp China’s top app.

#Tencent-owned WeChat is China’s most popular messaging app and has a mobile payments feature known as #WeChat Pay. #Facebook Coin, which would be pegged to the U.S. dollar and allow users to transfer money through Facebook-owned messaging application WhatsApp, according to Bloomberg.

Facebook wants to be America’s version of China’s WeChat

and started developing its own digital currency to make it easier for users to send money to their messaging contacts. Facebook didn’t offer many details on its digital currency endeavors but said a “new small team” was looking for ways to make use of the type of technology powering bitcoins and other cryptocurrencies.

Facebook has reportedly lined up Uber, PayPal, Visa and others to invest $10 million each in the consortium governing its secretive crypto project.

Tencent, is more than just a messaging app. It’s what some analysts dub a “super-app” because it offers everything from mobile payments to the ability to book flights and even play games — all without leaving the app. ‘WeChat of the West’

The reason why FB wants these partners. To turn every single account holder into a new banking account. Personal and business at the same time. Very centralized indeed. Multiple privacy concerns and contracts. Personal data is at risk.
Facts: 1. Facebook is issuing its own ‘cryptocurrency’
2. Evan Cheng is Facebooks’s Director of Blockchain engineering

One of Facebook’s most senior engineers just became Director of Engineering, Blockchain

3. Evan Cheng is advisor of #chainlink
4. Facebook will need an oracle for the purpose they’re looking for.

Facebook Gave Data Access to Chinese Firm Flagged by U.S. Intelligence


Sarah Jamie Lewis ‏@SarahJamieLewis
Can’t wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied together under the proven privacy of Facebook. I’ve always said the thing that cryptocurrency was missing was consortiums of corporations fully invested in the existing financial sector. Who, seriously, looked around the room and said, “shit, we really need to invite PayPal”
Do you trust 2/3 of paypal, visa, uber and facebook <insert other corps here> not to collude to publish contradictory checkpoints? What does byzantine consensus even mean in that scenario? “Facebook won’t control the coin” it will just develop the coin and then assemble the initial members of the consortium after which point the power will be distributed to the consortium members, that Facebook picked, and who are all large corporations.

See, decentralized. “Facebook won’t directly control the coin, nor will the individual members of the consortium — known as the Libra Association. Some of the members could serve as “nodes” along the system that verify transactions and maintain records of them, creating a brand-new payments network, according to people familiar with the setup.”
In the future, Paypal will verify your transaction behind the scenes as you pay for your Uber seamlessly using your phone, just top up your Facebook Libre account with Visa or Mastercard. So much innovation.

Roxana Nasoi @roxanasoi

Ever wondered how PayPal shares your Data? And to who?
Let’s go with the major funnels:
1. PayPal shares your data with Auditors. Internal and external, due to its nature.
2. PayPal shares your data with Customer Services. In the process of handling claims, customer services need access to your account history – so basically they need your historical data information. In case of disputes, they can access the last 30 to 90 days. Maybe even more?
3. PayPal shares your data with Fraud agencies and AML services. You will discover that after $1k to $2k, you need to KYC in order to continue using your account. If you use PayPal for business purposes, but your account is a personal one, you can end up with funds frozen.
4. Next is Financial Products. All those business and personal finance tools you see inside your PayPal dashboard can’t be used without your financial data. To add more, new products are created based on user data patterns. Unknown the extent of external financial products.
5. Don’t forget about your data being shared with Commercial Partnerships. Don’t worry, banks do the same. Apps do the same. Nothing new here.
6. PayPal uses your data for Marketing and PR. Need another example? Try Facebook, Google (Gmail) etc. Data sells, and we can’t really talk about performance and customer experience without backing claims with data reports.
7. PayPal (along with 95% of systems) shares your data with Operational Services.
8. Group Enterprises also have access to your data. Blame it on group dynamics if you want to or on contracts you’ll never have a say in.
9. Commercial Partners (to no surprise) can access your data, as well through a service called PayPal for Partners (Merchants use it).
10. Legal. From disputes to payment protection to lawsuits, to internal or partner legal firms – yes, they can access the data. Or have access to it in some form.
11. Other services and agencies. At some point they argued that government agencies cannot claim access to a user’s data. However, this is an overstatement. Under the premise of fraud, Gov agencies can and will get access. Based on historical examples, we know it’s possible.
This is probably the main reason why we do need crypto. A coded architecture that makes it incorruptible.
“Code is Law”.
Bitcoin has managed to provide a clear first example of incorruptibility, where growth and maturity of one system does not change the core.

One thought on “#Privacy, #Facebook Coin, Uber, PayPal, Visa to Back Facebook’s GlobalCoin Cryptocurrency”

  1. 21 million Bitcoin total = scarcity = no inflation
    FACT: BITCOIN IS NOT ANONYMOUS! It is open and traceable.

    Criminals used one branch of Danske bank to launder 230 billion.
    J.P. Morgan, Bank of America, and Deutsche Bank USA. all knew and helped.
    J.P. Morgan was the first to suspect that Danske Bank was laundering large amounts of Russian money through its Estonian branch and it broke off its banking relationship in 2013. Deutsche Bank USA and Bank of America carried on into 2015.

    Steve Kroft: The banks aren’t talking to us, but I would assume that they’ll say, “Look, it’s– it’s Danske Bank’s job to know who its customers are. Our customer is Danske Bank. We have no reason to know all this money is flowing in– (LAUGHTER) to Estonia from– from Russia and–”
    Stephen Kohn: Sure. Of course, they– (LAUGH) let’s just put it this way: You have to have due diligence. And you have this little bank out there in Estonia pumping in billions of dollars to you, do you think you should ask? But the proof of the pudding is that J.P. Morgan figured it out. Were they geniuses? And who did they tell? And why didn’t they expose the full scheme to the United States? Why was it up to one guy in a bank in Estonia to figure it out and turn it in, risking everything? Why is it always up to the whistleblower?

    Bryce Weiner: When people realize that a decentralized cryptocurrency is one where you can mint your own tokens and use them for more than it cost you to make, proof of stake is going to black swan your face.

    The thing that made Bitcoin soooooo popular was that anyone could run a computer and make new tokens that because of the laws of economics had value. You could create your own money and then spend it. It feels like witchcraft. Like it shouldn’t be real or exist. But it does.

    There’s nothing that can prevent this process or minting new tokens. No law or regulation ever conceived or passed has ever included such a thing. This battle we won five years ago before regulators realized there was a war.

    The computational requirements for minting new coins is so low that regulation of mining is like trying to regulate calculators.

    If people can create new money, then the only thing governments have lost is the ability to create runaway inflation. We own that now.

    This is very specifically why fat protocol theory fails: a lack of mining creates a lack of demand for infrastructure which reduces the intrinsic value of the token, forcing centralization and securitization.

    Fred Wilson, USV, and all of those other people either lied or got it wrong. That’s reality.

    Utility token value theory is hogwash. It’s an illusion created by the churn of early investors seeking exits on the public in the same manner as every single garbage IPO in the last 20 years.

    IEOs don’t address this. TSOs don’t address this. Nothing addresses this loss of fundamental value because it’s like gravity: you can pretend it doesn’t exist, you can forget that it exists, but you’ll be reminded it exists when you jump off that cliff and try to fly.

    ‘Scarcity makes Bitcoin so interesting’ Investors keep wondering about the future of virtual currencies, most of all Bitcoin. Alena Vranova, head of strategy at cryptosecurity firm Casa, agrees that Bitcoin is volatile, but she’s positive about its potential.

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