Facebook's rumored cryptocurrency project hasn't even launched,Watch Good Boys Use Condoms (1998) 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
Time to Unite
NYT Connections Sports Edition hints and answers for May 24: Tips to solve Connections #243
Scientists just discovered a mysterious new world far beyond Pluto
The 15 best new shows on Netflix
Watch how an old Venus spacecraft tumbled before crashing to Earth
Nintendo Switch 2 supports USB mice, too
Timberwolves vs. Thunder 2025 livestream: Watch Game 4 of NBA playoffs for free
Fire Stick HD and Fire Stick 4K Max deals: save up to $20
Best Sony headphones deal: Over $100 off Sony XM5 headphones
Best security deal: Take 25% off the Wyze Cam Pan V3
The Baffler’s May Day Round Up
Trump threatens 25% tariff on Apple in Truth Social post
'The Last of Us' Season 2 finale: Ellie picks up the perfect Sesame Street book
What's new to streaming this week? (May 23, 2025)
How to Squeeze the Most Out of Your iPhone's Battery
The Weird World of AI Hallucinations
Wordle today: The answer and hints for May 26, 2025
Best Memorial Day 2025 deals: Get AirPods for $148, save 50% on mattresses
Gods of War
Take $80 off Samsung Galaxy Watch 7 and get free SmartTag2 at Amazon
This tiny wild cat species is exploding the internet with its cutenessSerena Williams' daughter is 'Vogue's youngest—and most adorable—cover starTrump reportedly asked why the US accepts people from 'sh*thole' countriesEven Lupita Nyong'o can't get her hands on 'Black Panther' ticketsThe 10 best crime shows on Hulu: Twin Peaks, Fargo, and moreMisshapen strawberry finally gets the Photoshop battle it always wantedWhere big tech companies stand on requiring employee vaccinationsGreat news: Edible Tide Pods are apparently possible to makeSamsung's upcoming foldable phones revealed in new image and specs leakPresident Trump shares his semiSnapchat is down for some U.S. users'Sexy' kangaroo photograph circulates on TwitterPoco X3 GT offers a big battery and 120Hz display for $299Nothing finally drops its $99 Ear (1) wireless earbudsSnapchat is down for some U.S. usersScottish man meets up with random man who shares his name, goes viralNothing finally drops its $99 Ear (1) wireless earbudsAirbnb adds WiFi speed results to rental listingsAshley Graham tells 'The View' she was harassed on a photoshoot set'Jungle Cruise' sees Emily Blunt and Dwayne Johnson shine: Review 'Stranger Things' almost killed off Eleven Mad sister tried to flip a car like Eleven from 'Stranger Things.' It didn't work. Devastated teens lose their streaks after Snapchat goes down Google charted air pollution street by street in parts of California Scientists building a huge new telescope have reached a critical phase Climate talks begin in the wake of Trump's Paris Agreement pullout NASA needs your help to assign a nickname to a faraway world Twitter apologises for '#bisexual' search error Morrissey fans angry the singer canceled concert because it was cold Indonesia wanted to block WhatsApp because people are sending 'obscene GIFs' The iPhone X has the best smartphone display ever, says DisplayMate Hey Google, stop using Twitter in search results to spread fake news Kevin Spacey accused of sexual misconduct by Richard Dreyfuss' son This nice young man informed a grandma she was filming herself by accident and it's gone viral Parents save more for their sons' college educations than their daughters' Google algorithm surfaces Twitter conspiracy theories about Texas gunman Instagram will notify users when they're not disclosing #ad Hidden Valley is selling a 5 If you've Instagrammed the Mona Lisa, you might be in this short film WeWork founders want to help children start their own businesses for some reason
2.2541s , 8223.9609375 kb
Copyright © 2025 Powered by 【Watch Good Boys Use Condoms (1998)】,Miracle Information Network