Facebook's rumored cryptocurrency project hasn't even launched,Beauty Salon Special Service 4 and yet it's already a punchline for the tens of thousands of security professionals, cryptographers, and researchers gathered at the annual RSA conference.
On March 5, in the San Francisco Moscone Center, the hotly anticipated Cryptographers’ Panel met to discuss the future of cryptography, the internet, and e-commerce. Of course cryptocurrency came up, with a mention of the so-called Facebook Coin drawing perhaps the biggest laugh of the talk.
SEE ALSO: Facebook might launch a cryptocurrency in the first half of 2019Speaking of the problems inherent in putting even great research ideas into practice, panelist and cryptography expert Paul Kocher (known for, among other things, co-discovering Spectre) told attendees that the blockchain only makes things trickier.
"[The] idea of combining Bitcoin’s theft mitigation and Facebook’s privacy seems particularly toxic for users."
"When you add the froth of blockchain into there, these just sort of things that seem crazy just keep amplifying," he explained. "I think the latest one that I saw is one where you can take Bitcoin where you can lose your money, Facebook you can lose your privacy, and now there's 'Facebook Coin.' And it's not even a joke, it's apparently coming."
Just to make sure that no one misunderstood him, he continued. "So, not going to buy any of that."
While it's a little difficult to hear in the below recording, I was in the room, and the audience laughed hard at that last line. It would seem that no one, at least not the security researchers and cryptography experts at RSA, takes the idea of a Facebook cryptocurrency very seriously.
The relevant part of the discussion begins around the 32:40 mark of the video below.
We followed up with Kocher to get a better understanding of his views on a possible cryptocurrency project from the largest social media company in the world, and, if anything, he expressed even more skepticism over email than he did on stage.
While emphasizing that he hasn't seen the specifics of any Facebook plan, Kocher was still able to highlight some obvious red flags.
First, he observed what he saw as a general failure of cryptocurrency. "Payment systems need to protect users against fraud," wrote Kocher. "Bitcoin and other cryptocurrencies have fared badly in this regard, resulting in numerous major thefts."
Which, definitely yes. He then pivoted straight into the possible forthcoming Facebook Coin.
"[Our] medical procedures, personal relationships, health problems, bad habits, hopes, and fears are all reflected in how we spend money," he continued. "If abused, this information can harm users in both obvious ways (e.g. job discrimination, etc.) and more subtly (e.g. showing offers for higher-interest credit cards or lower quality health insurance). Given this, the idea of combining Bitcoin’s theft mitigation and Facebook’s privacy seems particularly toxic for users."
Kocher was quick to add that potential promises of user privacy and good intentions shouldn't sway us when it comes to using any digital currency from Facebook.
"Doubtless Facebook would try to claim that they’d do the ‘right’ thing, but their track record reflects a pattern of disregard for user privacy," he observed. "More broadly, Facebook’s business model has intrinsic conflicts between their interests and those of their users (and perhaps society as a whole) which would be challenging to navigate for a company whose leadership had a strong moral perspective (which, frankly, Facebook hasn’t demonstrated)."
Which, yeah. We don't think we'll be buying any Facebook Coin, either.
Topics Bitcoin Facebook Cryptocurrency
Stop Preordering Video Games
RED's holographic Hydrogen phone gets a little more real
Tom Hardy as Al Capone has to be seen to be believed: Photo
Amazon predictably cancels Echo Spot orders after they were listed for free
Anker raises Amazon prices amid US tariffs
'Fortnite' tutor outrage is a wake
Take a mental swim with these live marine life cams
Apple won't be funding GOP convention due to Trump, report says
'The Last of Us' Season 2, episode 5: The spores are here!
Samsung confirms slow Galaxy S9 sales in quarterly report
Parental Controls: How to Lock Down Your Kids' iOS Devices
Catch up on Twitter's top tweets from the past week
Mozilla is redesigning its logo to represent its diverse products
Customer's email exchange with Cards Against Humanity escalates beyond all expectations
Shop the iPad Air and iPad 11th generation for their lowest
Touch is no longer a requirement for Snapchat Lenses
Pilot's tweets about flying her own mother is the feel good story we need right now
Google Doodle celebrates first female war photojournalist to report from the frontline
Best robot vacuum deal: Get the Roborock Q5 Max for 53% off at Amazon
How Imgur maintains its geek cred as it chases ad dollars
The Late, Great Theodora Keogh by Joan SchenkarChez Panisse Menus by Patricia Curtan7 apps to keep your plants alive and well15 great photos of creatively vandalized racist statues from around the worldMatt Gaetz's bizarre shoutout to his son Nestor instantly became a copypasta meme'The Witcher' Season 3 teaser sets up Henry Cavill's last ride as GeraltPoem: Episode by Jennifer Michael HechtSinging Cowgirl; Cigarette Boy by Chris FlynnScene and Heard by Alexandra PechmanO Pioneers! by Rachael MadduxOn the Shelf by Sadie SteinChris D'Elia and the rise of Twitter as a platform to call out sexual predatorsIt’s About to Get Really Girly by The Paris ReviewApple AI health coach plans: What we know so far.Matt Gaetz's bizarre shoutout to his son Nestor instantly became a copypasta meme'Wordle' today: Here's the answer, hints for April 27Portfolio: Miroslav Tichý by Deirdre FoleyWhat Elon Musk and Tucker Carlson have in commonIt’s About to Get Really Girly by The Paris Review21 of the best and worst celebrity homes, as seen on Zoom calls Siri Dahl hosts 'Corn Telethon' to raise awareness against Project 2025 Best Dyson deal: Get a refurbished Airwrap or Airstrait for under $250 Best Amazon deals of the day: Bose QuietComfort Ultra, Dyson Supersonic, and more Amazon accidentally unveils Colorsoft, the first color Kindle NYT Strands hints, answers for October 15 PSA: Windows 10 support ends one year from today NHL livestream 2024: How to watch NHL for free Best Garmin deal: Get the vívoactive 5 for $50 off Best star projector deal: Save 20% at Amazon Top Microsoft AI researcher Sebastien Bubeck joins OpenAI team Amazon reveals Kindle Colorsoft: Pre Marshall Emberton II hits record Simu Liu, bubble tea, and 'Dragons' Den': Why TikTok is in an uproar 23andMe data breach settlement could give up to $10K to victims What does WLW mean? NYT Connections Sports Edition hints and answers for October 15: Tips to solve Connections #22. Arkadium mini crossword answers for October 15 MoMA, Samsung team up to add modern artworks into the luxe Frame TV Scotland vs. Portugal 2024 livestream: Watch UEFA Nations League for free Best Amazon deals of the day: Sony ULT Wear, AirPods 4, Audible memberships, and more
2.1925s , 10133.53125 kb
Copyright © 2025 Powered by 【Beauty Salon Special Service 4】,Wisdom Convergence Information Network