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RE: Facebook's Coin launches in Q1 of 2020 and is likely good news for all of Crypto!
I don't think facebook is dying... in fact this move likely transitions Facebook into one of the largest payment processing companies in the world. A move that makes them not be so dependent on advertising revenue.
Facebook as a payments processor company? I'm still skeptical. I guess we'll see. Is the suggestion that this will cause appreciation in their stock? Theres nothing actionable on this news for myself, and I suspect for most people in the crypto space. As a stable coin there will be no reason to hold it. As a method of payment, I'd rather use a myriad of other untainted options. Is the assumption that people will be trading Globalcoin in and out of other cryptocurrencies? If people have the knowledge to trade cryptos, why would they choose this over other stablecoin options? You know this coin will not be decentralized or censorship resistant. In that light, why should anyone pro crypto get excited about this? Especially if people get confused into thinking it has the properties of an actual cryptocurrency?
The only positive I can think of is: It might have some utility as a fiat onramp/offramp for the crypto initiated. In any case, I'm not rushing to resurrect my Facebook account.
It more points out that possibly millions of people could be introduced to the crypto industry for the first time ever.
As these people use the coin they are likely to start using and investing in other coins as well. A rising tide lifts all boats kind of thing.
And yes, it could add a significant amount of revenue for Facebook the company depending on what they plan to do exactly.
They've tried this before, not just Facebook, Google Wallet, Google Pay.... The list goes on.
We need to see the technical specifications before making such affirmation, maybe it will be a totally waste of time. In USA they are talking about divide the company, the same with Google.
I think like @joshman, Facebook is dying, but they are too big to disappear, and they're like an octopus. In a year they will be adding ads to Whatsapp, do you think that people will keep using an app full of ads when there are tons of other apps without them?
Do you think that countries will be supporting a coin that they can't control? Not so sure about it. Add the Trump condiment to the equation, after this week with Huawei I don't see so much bright future for that move.
It will be interesting to see how it plays out for sure...
My biggest fear is that people will be thinking they are dealing with an actual cryptocurrency, and it will be the farthest thing from it. Facebook is not Satoshi Nakamoto. I have serious doubts that they are going to release a decentralized and censorship resistant cryptocurrency into the wild. As a centralized platform, they will be under tons of pressure to provide avenues to dispute or reverse transactions. Under certain jurisdictions I am confident they will prevent transacting altogether. On the other hand, a bad experience with these aspects might force people into the decentralized world.
Correct, not only that, but it will be a stable coin.