Facebook is charging to $10M to mine their coin and calls it a privledge? lol

The report says Facebook is soliciting third-party organizations to act as “nodes” to help manage the cryptocurrency, and has discussed charging $10 million for the privilege. [source](

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50 Comments on Facebook is charging to $10M to mine their coin and calls it a privledge? lol

  1. JoshuaGrahamFNV

    Is that legal? Will Facebook enforce the use of the user cpu everytime he logs in to the website to data mining?

    I read that some sites are doing that and is so imperceptible that most people don’t realize they are mining.

  2. xtal_00

    This is going to be comical. I can’t wait.

    They want their rent. The internet comes for rent seeking middlemen. It came for the bankers.

    If they were smart they’d facilitate LN or BTC transfers. But they need control; they need to be the gatekeepers of who can send what to whom. They are beholden to their masters.

    Fuck the gatekeepers.

    Fuck the banks.

    Fuck Zuckerberg and Fuck Facebook.

    Vires in Numeris.

  3. tofuspider

    “If you can’t afford 10 million dollars for a node to help GlobalCoin network, piss off.” – Zuckerberg

  4. Motor-boat

    From the article:

    >Building an easy way for Facebook’s more than 2 billion users to pay for things and exchange money between countries could help the company diversify beyond advertising, which today accounts for nearly all of its revenue.

    Going from a wacky inflatable arm flailing tube salesman to a banker overnight will be the death of FB.

  5. admin_default

    Facebook takes the sleezy approach to everything.

    While Facebook is pumping a shitcoin, Microsoft is advancing the community by integrating Ethereum into Azure. Square is hiring developers to support Bitcoin and crypto at large. Fidelity is rolling out crypto custody.

    There are endless ways to support the community and turn a profit but Facebook is trying to shill a shitcoin.

  6. MarcusRatz

    Well it’s money that’s made just for Facebook… And it works just like regular money, but it’s, er…”fun”.

  7. localether

    Do you get your $10m back when people decide they don’t want to use their Globalist Coin?

    My guess is if there was a refund policy, it would be in Globalist Coin… and you can buy shit sold on FB.

  8. PuddingPoops

    It will be interesting.

    Will it be Bitcoin? Obviously not. But the fact that their platform is what it is may make this a “useable” thing for a lot of laymen. I don’t like this method, but .. whatever.

    In the long run, I think if they are successful, it could only be good for Bitcoin. If they fail, it won’t affect the current ecosystem, imho.

    I hope people use it, like it, and it turns millions more people on to Bitcoin, the og, the real deal.

    I mean, could anyone imagine a world where Facebook’s digital currency is more valued than Bitcoin? I sure can’t. But their success, and exposure to a fucking massive audience can’t hurt.

  9. greeniscolor

    From bitcoin perspective it’s obviously more than stupid, but inside the world of Facebook this can work, because people who still use Facebook are stupid enough to not understand the difference between decentralised Vs centralised… They don’t care… That was the reason for them to open an account on Facebook… Education could help…

  10. Iamtutut

    So the f*ckyourprivacy coin is now entering its next stage which will lead to a rebranding as follow: f*ckyourprivacyandgivemeyourmoney coin. Wonder what the tracker will look like. FYPGYM ?

  11. zomgitsduke

    “only our most dedicated employees accept Facebook money instead of a normal salary”

    “Are you a dedicated employee?”

  12. spanky489

    Facebook has been shot for at least 10 years now don’t understand people who still use it. Zuckerberg is a massive tart as well.

  13. smokeone234566

    Maybe you get some perks from mining, as in maybe you can see the ledger and therefore people spending habits, you can gain some personal information from that stuff.

    And if the ledger is private, and visible only to the nodes, well then a company may pay money just to view it and collect data.

    Add to that, the company node gets rewarded face coin for mining, then the company can spend those coins, or attach them to special promotions “hey everyone! For a limited time only, use our app or plug in for face book, spend 5 dollars on this special game item and get 50% more bonus Facebook coin too!”

    Seems like there are a lot of things you could do as a node.

    I dont like face book, but it’s a good idea. People pay money to mine bitcoin in terms of buying equipment and paying electric bills, all just in Hope’s of making a profit. Facebook could make mining very lucrative and cost effective by adjusting their “difficultly” at will since its centralized, I assume they could mint coins at will as well.

  14. NeutyBooty

    So wait… does this mean Facebook will literally be allowed to pay their employees nothing? It costs them nothing to mine the coin – in fact, they’re outsourcing the mining and charging $10M for the privilege to do so. In the meantime, they can send the coins to employees in lieu of a real salary. Employees will have to sell their own coins on the open market in order to retrieve USD (presumably with ATM and transaction fees on top). Employees will not be paid by their company but by random strangers hopefully willing to buy their coins.

    Facebook is essentially getting paid by outside companies to mine their coin while theoretically reducing their labor costs to zero.

    Am I missing something here?

  15. Digiff

    I don’t want to generalise but Big organisations like the Big bosses have no touch with the reality on what is happening in the fields. Guess what, this crypto project is just the idea of few powerful execs to ripoff the company of extra bonus payouts, few promotions and stupid clapping and recognition rewards.

    I wouldn’t be surprised even if US say No to GobalCoin simply because unlike of BTC, that one will be controlled by a company powerful enough to hold 2bln accounts. Let’s wait and see how this fiasco will develop but even the Banks won’t like this project.

  16. vplatt

    In other news: Chuck E. Cheese will be doing an ICO to use a blockchain driven system for their new game tokens. All currency issued will be dispensed in their restaurants when customers convert fiat to CECBTC.

    >!/s No not really suckers… Or were you hoping? Lol… <!

  17. eqleriq

    all you tough-guy guy fawkes mask wearers with silver buried in the backyard forget that facebook is 100% of “the internet” in those poor places we hear crypto being the savior of so often.

    facebook’s crypto will be the bank account and currency of those pseudo-internets.

    They’ll literally flip a switch and have every facebook user with a “wallet” where they can line up at the bodega/town water pump and load their internet magic money up at the facebook kiosk

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