Facebook and Telegram Are Hoping to Succeed Where Bitcoin Failed

By Stephen Downes - Stephen's Web. Facebook and Telegram Are Hoping to Succeed Where Bitcoin Failed
Nathaniel Popper, Mike Isaac, New York Times, 2019/03/15
This meshes with the idea that Facebook wants to follow the path set out by WeChat in China, which is widely used for financial transactions (people just pull out their phone and pay  I saw it a lot when I was in Beijing). Combining payments with a digital currency (Facebook acquired Chainspace in February) would address the pervasive problem (and cost) of currency conversion in the west. But it would have to be a 'proof of authority' currency because alternative models are too slow. Such an approach would also require what Facebook provides - a unique and knowable identity. We'll know we've passed the threshold from technology company to nation state when we are required to provide our Facebook ID for driver's licenses, credit card applications, passports, school records, etc. More...