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Crypto from Facebook is not going full
Facebook should simply have added general support for cryptocurrency rather than creating its own proprietary token. | Source: REUTERS / Dado Ruvic
Perhaps he's afraid to open users' minds too much: they could switch from cryptocurrency to better social media platforms like Minds.com.
What will be the real value of another token pegged to the US dollar for the cryptographic community? We can badume that on such a wide range of users, the thing is doomed to real utility. The same can be expected for Telegram, who decided to build a blockchain out of thin air – something to compete in the ever-growing sea of smart contract platforms like Tron and Cardano.
But if the piece has just been issued by Facebook, at its discretion, without true decentralized governance, is it even called cryptocurrency? It's a lot debatable. We've already talked about the properties of a cryptocurrency and why JP Morgan's internal stablecoin is unsuitable.
There is also a certain delineation between algorithmic parts such as the MakerDAO Dai, which is a guaranteed badet, and indexed currencies like the Paxos Standard. The Dai relies primarily on the market to determine the validity of its chips – the coins are guaranteed at least 150% of their Ethereum value, which is a very good cushion for liquidity.
LOL Zuckerbucks
As Bill Ottman, CEO of Minds.com, said, it's fabulous that Jack Dorsey and Mark Zuckerberg, owners of the mbad-distraction tools for a whole generation, are interested in healthy money. It's good that they are investing resources in blockchain technologies. But if they do not work, why should we listen to them talk?
Cool example of #BitcoinTwitter experiment on the Lightning network.
?
Torch received, now going to @ starkness! #LNtrustchain https://t.co/YVMAv62fCN– jack (@jack) February 5, 2019
Jack Dorsey's name has recently become parabolic in cryptographic circles because of his participation in the Lightning Network Torch Event and his friendship with Elizabeth Stark. Dorsey is still in favor of censoring unpopular speeches, which Bitcoin and cypherpunks as a whole despise.
Generally, we understand that censorship is the least effective tool for any debate. In too many cases, this gives undue interest and influence to the censored. Most of these banished Twitter trolls are actually disgusting people. But now they are all stuck in Gab, with fewer and fewer people calling them. But Twitter is wrong from time to time. See all the debacle of #learntocode:
The cryptographic plans of Facebook are still pretty vague. One thing is certain: the blockchain can be used for any purpose. It can be used to increase personal freedom – or remove it. Block chains store value, follow supply chains, and allow inviolable voting. The technology can probably also be used to successfully launch an uncontrollable version of SkyNet.
Facebook piece: the antithesis of a private room
Here's a thought, though. If you think that the badytical tools of Chainalysis are scary, imagine what could reveal a cryptocurrency built by Facebook. If, for example, he knows that you have held the token and that someone else did, and then that an Iranian managed to keep it, does that would you come back? How much user data will be present in these tokens? Will they have a prayer to be fungible or negotiable during regular cryptographic exchanges?
Whatever they do, blockchain natives will continue to do better. This is my opinion until proven otherwise. Facebook should simply create an Open Money API and let the different players in the blockchain compete for dominance. They would probably earn more money this way and have less need for blockchain engineers.
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