Facebook coin: adoption or evil?

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Garry Kabankin
Jun 7, 2019

Did you know that recent talks about Facebook are not most intensive last year. There was a higher social volume on June 27th 2018. What was that day? That was a day when FB reverted it's ban on crypto ads.

Latest trigger - Facebook to Announce Cryptocurrency Project This Month.

Points to mention:

  • FB employees allowed to take part of their salary in the coin
  • Governance planned to be given to outside parties in order to ensure that the digital asset will not be completely centralized
  • Going to charge firms $10 million each to run a node for the GlobalCoin network and plans to allow all node operators to have a representation in the independent foundation
  • The rumored stablecoin — which will purportedly be integrated as a payment tool on WhatsApp, Messenger and Instagram — will also be accessible through physical ATM-like machines
  • Facebook reportedly acquired the “Libra” trademark for the secretive project. Facebook also registered a new financial tech firm, Libra Networks LLC, with the Geneva Commercial Register in Switzerland.
  • Multiple sources are expecting Facebook to launch its stablecoin on June 18 (whitepaper release at least)
  • The value of Facebook Coin will be secured with a basket of fiat currencies
  • Evan Cheng, the current head of blockchain at Facebook, is an advisor of Zilliqa

Noticeable opinions:

  • If you dont think Google or Facebook are concentrated evil then something is wrong.
  • shorters will get REKT. Facebook coin in June, Bakkt in July. Facebook has 1 billion monthly active users. We have a stream of positive news. Next short opportunity at 10K...
  • doesn't matter what facebook and whatsapp are. They are gonna become the tools that will teach people about crypto
  • I think Facebook coin will be another XRP. Centralized, controlled chitcoin
  • Apple and Facebook Now Competing With Banks – Not Bitcoin
  • There's no incentive for Facebook to be decentralized. Their coin is most likely a central database.
  • Of course it can start another Bullrun, Facebook have a freaking 3 billions users. Imagine if 100 millions users buy the coin on Facebook and transfer it on Coinbase or Binance for BTC. Facebook will became the biggest fiat gateway, its my prediction.

Profile picture
Garry Kabankin
Jun 7, 2019

Thanks for reading!

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