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Forget "Zuckbucks" or "Facecoin", Facebook has officially announced GlobalCoin, the "cryptocurrency" created by Zuckerberg and his team of blockchain engineers. So what does the new business community say? Here are the good and the worst reactions of the community to GlobalCoin.
It was announced a few days ago that Facebook was looking to launch its crypto-official currency during the first quarter of 2020, which has been in preparation for more than a year. Although little is known about the current use of GlobalCoin speculation points, it is used for payments both in and out of the Facebook ecosystem.
Overall, however, it seems that Facebook is actively seeking to supplement Bitcoin, which has not been missed by the community.
Will the Facebook coin be useful for global payments? May be.
Is this a threat to Bitcoin? Nah.
Despite what the media will emphasize, it will always be a centralized finance, authorized at the cost of your personal data.
Stack sats. Hodl on. Change the game. Https://t.co/YD9t89X9NO
– Stephen Cole (@sthenc) May 24, 2019
The real GlobalCoin is Bitcoin.
– Brian Hoffman ??♂️ (@brianchoffman) May 24, 2019
Some have noted that because of its centralized nature, Globalcoin can not at all be described as cryptocurrency:
This is not really a "cryptocurrency" if an entity can close it or censor transactions.
Facebook's "GlobalCoin" will probably not be a cryptocurrency.
– Dan McArdle (@robustus) May 24, 2019
This is not really a "cryptocurrency" if an entity can close it or censor transactions.
Facebook's "GlobalCoin" will probably not be a cryptocurrency.
– Dan McArdle (@robustus) May 24, 2019
With all the power in the hands of a company and its will controlling the fundamentals of Bitcoin and the wider ecosystem of cryptocurrency, they are virtually non-existent.
Also, lol at "Globalcoin", how is everyone deaf in this business?
– Marty Bent (@MartyBent) May 25, 2019
Others cite the man at the head of the company, Zuckerberg himself, referring to the shady actions of Zuck and his company in the past:
For those of you who are bullish on Facebook's "GlobalCoin", never forget who we are dealing with pic.twitter.com/GL3qp0giAl
– Frank Chaparro (@fintechfrank) May 25, 2019
Wait, no, I do not want a protocol. I want someone to enforce my rules, do not enforce the rules of my enemies, and never deceive me. Does Globalcoin have such a dear leader?
– Eric Lombrozo (@eric_lombrozo) May 25, 2019
And then there is the name …
Expectedly, the escpailly community has clarified the choice of name, many noting how bad the GlobalCoin name is and Orwellian:
Could Facebook have chosen a more dystopian name than GlobalCoin?
Eth long eth
? short $ fb https://t.co/HL26IhxeY4– Evan Van Ness (@evan_van_ness) May 24, 2019
GlobalCoin pic.twitter.com/tuoLDwp6hI
– Mike Dudas (@mdudas) May 24, 2019
$ 20 says Facebook is renaming GlobalCoin into something else before launching it.
– Steven D. McKie (@Steven_McKie) May 25, 2019
Globalcoin.
Literally, you could not have chosen a simpler name.
Makes Bitconnect sound World Clbad. pic.twitter.com/YGMn2pQw54
– Crypto King of Pop (@CryptoKingofPop) May 25, 2019
GlobalCoin really sounds like the name of one of those crappy altcoins from the beginning of 2014 that were pumped through Bitcointalk signature campaigns
– Federico Tenga (@FedericoTenga) May 25, 2019
How boring is it to name your GlobalCoin piece?
– Listen, Destro. (@Listendestro) May 24, 2019
However, a few have seen the benefits of the business. One of these lawyers suggested that GlobalCoin will increase the reputation of crypto-currencies and thus lead billions to "real" crypto-currencies such as Bitcoin:
It's official. #Facebook will launch their own & # 39;#GlobalCoin& # 39; next year. This will greatly increase the awareness of #crypto in many countries. As billions of people begin their journey into the rabbit hole, they will discover that true power resides in true encrypted currencies such as #Bitcoin. ?
– Alex Saunders (@AlexSaundersAU) May 24, 2019
Another simply noted that GlobalCoin could become an important player in space, thanks to Zuck's business acumen.
I think Facebook's GlobalCoin will be a big problem.
Zuck could possibly influence government officials in India to allow its use via Facebook and Whatsapp.
Bitcoin does not have Zuck.
– Jason A. Williams (@JwilliamsFstmed) May 24, 2019
So, overall, the community already seems to have a vendetta against GlobalCoin (to be honest, its dystopian name does not help too much). However, with 2.4 billion Facebook users and the weight of Facebook, it is likely that this new venture will be successful, and who knows, it could just spread the cryptocurrency sector …
What do you think of GlobalCoin? Will it help or hinder the cryptocurrency industry? Let us know your thoughts in the comments!
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