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Andreas Antonopoulos, Bitcoin's famous influencer and author of Mastering Bitcoin, talked about Facebook's imminent incursion into cryptocurrency and his thoughts on the implications of the Facebook coin and what it could mean for the company. 39; industry …
Facebook's highly-maligned crypto-adventure divides mainly the crypto community, with one half suggesting that Facebook can help spread crypto-currencies, and the other half believing that the company could end up being very detrimental to the industry.
Antonopoulos registered, for the most part, in the latter half, explaining on his YouTube channel during a Q & A several reasons why the Facebook piece is essentially a money grab without soul that seems to do more harm than good.
The influencer believes that the Facebook coin is little more than an alternative to Paypal, because it must always comply with banking regulations and rules "Know your customer" (KYC):
"Facebook will not produce a censorship-resistant, open, decentralized, neutral or borderless coin. It will not look like cryptocurrency. They will recreate the world of digital dollars, just like PayPal and Venmo, etc. … They will compete with other banks. "
Antonopoulos also stated that in his opinion, corporate crypto-currencies such as Facebook Coin and JPM Coin could not and could not compete with cryptocurrencies:
"The differentiator of cryptocurrencies is freedom. Open, neutral, decentralized, borderless and censorship-resistant money for the world without discrimination, identification or control. None of these features can be offered by these parts. "
For these reasons, the influencer believes that the Facebook piece will not help anyone, especially those who are under an authoritarian regime or in a context of economic crisis:
"Guess what?" About 90% of the human population lives in poverty [or close to] These conditions. For them, "FaceCoin" is not a solution. It's just another broken and centralized currency. Open systems are the solution; the problem is due to the centralization of the control. This problem can not and will never be solved by FaceCoin. "
Antonopoulos said that most of the problems that plagued Facebook, such as confidentiality and the company's nonchalant attitude towards user data and their sale, would also be pbaded on to their cryptographic company:
"They will monitor all your transactions and sell this data to hundreds of … commercial companies and intelligence agencies, totalitarian regimes and [entities] like that. Facebook will sell the financier [data] from dissidents to dictators to chase them and kill people. Because that's how the fiat works.
Read more: Andreas Antonopoulos on JPM Coin: This is not blockchain! Facebook's encrypted coin could represent $ 19 billion in additional revenue
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