Facebook's Novi Set To Launch Pilot With Paxos's Stablecoin as Uncertainty Hangs Over Diem

Facebook's crypto wallet Novi is inching forward with a "small pilot" in the U.S. and Guatemala, according to a tweet thread by David Marcus. From a report: The wallet project, which gatecrashed the crypto world in 2019 alongside a digital token dubbed Libra (now Diem), represents one of Facebook's attempts to lean into the fast-growing crypto market as well as the market for payments and remittances. As uncertainty hangs over Diem, Novi moved ahead with Pax Dollar for the pilot. The Block first reported that the project was weighing such a deal in August. Still, Marcus said that Novi's "support for Diem hasn't changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. Beyond the pilot, our business model is clear," Marcus added.

Great idea

[Anonymous Coward]

Commit wrongthink and access to your money is turned off. Lovely.

Let's see where people draw the line

[Opportunist]

Knowing Facebook and their attitude towards who owns what about your account, it will be interesting to see what happens when they start suspending the first accounts where "actual" money is involved.

So far, people usually just shrugged and accepted it when their accounts were blocked or dissolved, but I have a hunch they won't take the loss of money that easily. Not to mention the actual legal hassles that come with something like that.

I have already drawn mine

[GlennC]

I have no intention of using this, and I will not make or accept payment using Facebook.

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[sjames]

I think Facebook will find that courts take it a lot more seriously once real monetary value is attached as well. A company that offers a free (to the user) service choosing to no longer do so for some nebulous reason isn't all that big of a deal, but once there is real money involved (even if in the form of digital casino chips), real obligations attach.

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[Pinky's Brain]

Without chargebacks to use as an excuse, I am 100% certain it will be better than the materialized evil that is PayPal at the very least.

I'm so glad

[nospam007]

"Facebook's Novi Set To Launch Pilot With Paxos's Stablecoin as Uncertainty Hangs Over Diem "

Not being on any social media I don't understand a single word of this title, besides 'with' and 'over'.

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[unixcorn]

I'm glad I was not alone in my failure to decipher that.

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[rossdee]

I can understand some of the words, but the meaning of the sentence escapes me.

I presume its something to do with cryptocurrency.

Novi is a character in one of the later Foundation novels.

Pilot is the symbiote that controls Moya, the giant living starship on Farscape (voiced by Lani Tupu)

diem is a daily payment that part time legislators get (and also 'travellers' in the healthcare industry)

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[nospam007]

Quod licet Iovi, non licet bovi

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[gwjgwj]

This? [wikimedia.org]