[ad_1]
By CCN: Mark Zuckerberg is working with his former rivals, the Winklevoss Twins, to create a digital currency that can be used on Facebook, WhatsApp, Instagram and beyond, according to a Financial Times report. Facebook's cryptocurrency, dubbed GlobalCoin, is expected to debut next year.
The newspaper reports that Facebook is talking to cryptographic exchanges, including Gemini, founded by Tyler and Cameron Winklevoss, in addition to Coinbase. The concept is that users of Facebook's payment crypto would have the option of keeping their coins on a trading platform or converting them to another coin or cash.
For us, it's always #GeminiSeason✨ pic.twitter.com/J4U042FRAS
– Gemini (@Gemini) May 21, 2019
Winklevoss twins betting big on Bitcoin
Aaron Sorkin's hit movie, "The Social Network," made Winklevii famous. The film tells the story of the young Mark Zuckerberg who comes out of the ConnectU network of Winklevoss to launch his own social media platform. The twins sued Facebook's founder in 2004 for stealing their idea. The judge awarded a settlement of $ 65 million.
Wishing to miss the next major technology disruption, Cameron and Tyler Winklevoss paid $ 11 million of their Facebook settlement to Bitcoin in 2013, when 1 BTC was selling at $ 120. They claim to own about 1% of all existing bitcoins. Their holdings would have made them the first known billionaires of Bitcoin during the 2017 upward run.
It seems that Mark Zuckerberg and the Winklevoss twins have corrected things since 2004. The three tech entrepreneurs could have a lot. After launching a Gemini Trust-based New York-based bitcoin exchange in 2015, and fighting with the SEC to set up a bitcoin ETF, the Winklevoss have both regulatory and technical experience.
Zuckerberg recopies the Winklevosses again
At this point, one might think that Mark Zuckerberg's strategy is to copy the Winklevosses. He shouts out their business ideas to design and market them better.
But it may not be the same as Facebook, despite the network effect of its popular website and its access to large amounts of capital this time around.
Neither Cameron nor Tyler Winklevoss invented crypto; Satoshi Nakamoto did it. And Facebook's GlobalCoin will likely be, in many ways, the opposite of the revolutionary features of Bitcoin.
Facebook's global monetary aspirations could be linked to some branding issues.
Can we even trust Facebook to protect our selfies?
Last year, the world learned that Facebook had sold the personal data of 87 million users to Cambridge Analytica. This year, we learned that Facebook was storing hundreds of millions of user passwords in plain text files accessible to thousands of Facebook employees. This practice began in 2012. Who would entrust their money to a company so careless with the pictures that she took breakfast?
Facebook has censored content. Next payments?
Facebook has also censored the content on its social media platforms. One of the reasons the company did it is that it can do it. Facebook centrally controls the accounts and content of its users, as they will undoubtedly control the users' GlobalCoin accounts. If Mark Zuckerberg determines your political opinions, do you persona non gratayou may have to accept Bitcoin.
This moment when you tried to race Bitcoin
[ad_2]
Source link