Tag: whatsapp

• Libra expected to launch within Indian WhatsApp

  

  I was at a wedding last night (congrats, again, Kate + Rob) and a group of us started talking about Facebook, or, more specifically, how most of us have stopped using it all together. I deleted my account last year, but ended up having to create a ghost account with no friends just so that I could run social ads. But other than that, I don’t go on. This, of course, is a problem for Facebook. Here are some stats on its declining user base.

  This trend line could be one of the motivating factors behind Libra (Facebook’s new blockchain-based currency). Payment infrastructure, if successful, should be a lot stickier than social infrastructure. But being the classic underachiever that he is, Zuckerberg’s ambitions run even deeper than this. Max Read published a fantastic article on Libra in New York Magazine last week. Here is an excerpt:

  As far as I know, there’s only one other entity out there developing a blockchain-based digital currency for a billion-plus-member economy: China. The People’s Bank of China has been amassing blockchain and digital-currency patents as it develops its own cryptocurrency — loosely pegged to a basket of other currencies, just like Libra — which could help it more efficiently monitor and control capital flows. (So much for the decentralized, anarchist dream of cryptocurrency.) Facebook doesn’t want to compete with Mastercard, or even with Goldman Sachs. It wants to be the currency platform Mastercard operates on. Facebook’s payment product is a whole new currency because its long-term competition isn’t PayPal or Visa or even WeChat, but the renminbi, the euro, the yen, and the dollar.

  Libra is expected to be first available to Indian WhatsApp users. The goal is to gain a foothold in the $689 billion global remittance economy, of which $80 billion flowed to India last year (2018). In the short-term, this probably won’t make any or much money for the company. But it should get people using and bought in to Libra in the medium-term.

  If you’re looking for more on Libra, including what checks and balances can expected to be in place regarding your privacy and personal information, have a listen to this podcast:

  Photo by Nitin Mendekar on Unsplash

  2019.06.23

• Facebook announces new cryptocurrency called Libra

  

  A new Facebook-supported blockchain and cryptocurrency, called Libra, was announced today. The goal: a new global currency. But unlike other cryptocurrencies, this one will be backed by a basket of government-issued securities and other investments.

  A new governing body called the Libra Association has also been formed, with its 28 founding members (see above image) contributing both capital (at least $10 million) and expertise. Going forward, they will help shape the network. It’s important to note that Facebook will have the same status as all other members of the Association.

  Here’s an excerpt from today’s WSJ:

  Facebook said Tuesday the network underpinning the new cryptocurrency would be governed by the Libra Association, an independent, not-for-profit organization based in Geneva. Facebook named more than two-dozen founding partners in that association, including Uber, Visa Inc. and a handful of venture-capital firms and blockchain companies like Coinbase.

  The other thing that differentiates Libra from other cryptocurrencies is that when it launches next year (2020), it will do so inside some of the most widely used consumer apps on the internet, including Facebook Messenger and WhatsApp. That translates into somewhere around 2.4 billion active users.

  Many within in the industry are already speculating that this could be what finally brings the crypto ecosystem into the mainstream, which is, I guess, why companies such as Visa and Mastercard have already signed on to the project. I am also thrilled to see the Creative Destruction Lab listed above. They are a seed-stage program based out of the University of Toronto.

  If you’d like to learn more about Libra, here’s the official website and here’s a good solid overview by TechCrunch.

  Image: Libra

  2019.06.18

• #DeleteFacebook

  Earlier this week I deleted my Facebook account. If we were friends on the service and you can no longer find me, this is the reason why. 

  Part of why I did this certainly had to do with privacy. I read Brian Acton’s (WhatsApp cofounder) account in Forbes this week. And I have been following many of the discussions over the past year:

  Privacy legislation is perhaps the only thing that could pose an existential threat to a business that’s entirely powered by watching and recording what people do at vast scale. And relying on that scale (and its own dark pattern design) to manipulate consent flows to acquire the private data it needs to profit. –Natasha Lomas

  But at the same time, I’m still on and use Instagram and WhatsApp (both Facebook companies), and I use Twitter pretty much every day.

  So I am certainly not in a position to be smug about this decision. Hopefully this post does not come across that way.

  The simple truth is that I had more or less stopped using the service. I had long ago turned off mobile notifications and so it had become more of a hassle than anything else.

  Every now and then I would go on and find notifications and messages that I wasn’t responding to. 

  So it had finally reached a point where I thought to myself: Why keep my data here (by the way, you can download all of your data from the site) and why check it sporadically if I’m not really deriving any value out of it? Simplify.

  I enjoy Instagram because taking photos is one of my primary passions outside of real estate and design. And I enjoy Twitter as a source of news and mostly civil conversation. 

  I am easy to get ahold of. I don’t need Facebook for that. Any of the social links at the top of this page (if you’re reading this post on the web), will get you there.

  2018.09.29

• People you may know

  If you’ve ever wondered how Facebook figures out all of the people you may know, here is some reading material. 

  The short answer is that Facebook doesn’t just know the things you’ve told it about yourself, it also knows what other people have told it about you. 

  One of the ways in which this is done is through its so called “shadow profiles". These are profiles that get created when other people share information about you with Facebook. 

  For example, you may not want to share your work email address with Facebook, but if it’s sitting in someone’s phone and that person decides to share his/her address book with Facebook, then it could show up in your shadow profile.

  And if there’s a common data point, such a phone number, then Facebook can fairly easily link that work email address back to you and start suggesting people from your work that you may know.

  The scary part, of course, is that Facebook is getting your information without you explicitly sharing it with them. It could be coming from that person you gave your business card to at the bar.

  It goes to show you just how fierce the competition is for our attention. It may be an assault on our privacy, but more Facebook connections means a higher likelihood that we’ll stay engaged on the platform.

  Over the past year I have been growing increasingly intolerant of this demand for my time. Slowly but surely I have been turning off all nonessential notifications on my phone. 

  Very few now remain, which is why if you’ve been trying to reach me on Facebook, WhatsApp, LinkedIn or some other platform, and I’m not responding, it’s because there’s a good chance I’m not seeing the notifications.

  And let me tell, it feels liberating.

  2017.11.21

• It’s all about people

  Yesterday evening I met up with a talented Toronto-based technology entrepreneur who also happens to be passionate about cities. The conversation meandered between both worlds, but we ended up coming back to one central theme: It’s all about people.

  Facebook didn’t just buy WhatsApp for the technology. It spent $19 billion on almost half a billion active users. That’s what matters. Do people want to occupy your (real or virtual) space? Have you created a community? Whether it’s an app, a building or a neighborhood, you’re useless without engaged participants.

  And to be perfectly honest with you, that’s my ultimate goal for this blog. Ideally I’d like each and every post to inspire conversation and debate (just like this one did on gentrification). A one-sided conversation can only take you so far. The real value happens within communities.

  2014.02.22