Yeah, Meta’s Rumored ‘Zuck Bucks’ Sound Weird But I Once Thought Facebook Credits Could Be Bigger Than Bitcoin

Four Reasons Why I Was Going To Bet On Facebook Beating Crypto. And Was So Wrong.

Hunter Walk

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So, yeah, ‘Zuck Bucks.’ The nickname is likely just an internal joke, not the actual product moniker (if it is I just threw up in my mouth a little). Sounds mostly like an updated version of Facebook Credits.

If so it’s not crazy, but I think it’s also a decade too late. Our relationship with Meta is very different than it was at Facebook’s peak influence. And the alternatives in fintech are just too substantial. But can you believe I once thought Facebook > Crypto? Here’s what I wrote back in Dec/2013:

Money. I’ve been obsessed with it for years. Not accumulation but the construct. Any currency is a mass hallucination. A store of value which holds its place only so long as there’s collective belief in it. Studying the history of American dollar bills during my study at Vassar. Diving into the “is it art or counterfeit” debate around JSG Boggs. My early years at virtual world Second Life helping to create a virtual currency called Linden Dollars with a floating point exchange rate. Accordingly it shouldn’t come as a surprise that I’ve followed bitcoin for a few years now. The notion of a universal monetary unit tied to something other than a nation state? OMG YES. But I’ll admit that my original beliefs were completely the opposite of how bitcoin has emerged. I expected we’d see something corporate-backed and tied to identity, not distributed and anonymous. And I thought it would come from Google or Facebook.

Jessica Lessin’s The Information had a great article today about Facebook Payments (behind paywall). Reporter Katie Benner notes that unlike earlier grander ideas, Facebook’s strategy now seems to be more about just one-click ordering using an on-file payment method. Big difference from the days of Facebook Credits, a Facebook Platform initiative to allow in-game…

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Hunter Walk

You’ll find me @homebrew , Seed Stage Venture Fund w @satyap . Previously made products at YouTube, Google & SecondLife. Married to @cbarlerin .