Facebook is not creating a cryptocurrency - they are becoming a bank
I've been quite concerned about Facebook's Global Coin since the news came out. I don't think Global Coin will contribute to mainstream adoption of cryptocurrencies AT ALL.
At the same time I'm pretty sure they will disrupt the remittance space, which may not be a bad thing, however it might wipe out several small altcoin projects who are also innovating in that area.
The coin will definitely be adopted, I just don't think it will help the crypto space.
Of course, these are my own personal wonderings and beliefs. Luckily we have Andreas Antonopolous for big questions like this!
In this clip he addresses the following points:
- Why is GlobalCoin neither a true cryptocurrency nor a threat to Bitcoin?
- What requirements and restrictions will GlobalCoin users have?
- Who will they compete against?
Enjoy!
Its pretty disgusting that Facebook defamed the entire crypto industry and banned our ads, pretending to be protecting consumers while at the same time secretly developing its own cryptocurrency!
The Judge is going to love this story when we sue them for everything they've got!
Join the Crypto Class Action to get you piece of the the Action!
Yes, I wasn't even able to share this post on Facebook today, due to "violation of community terms" or something... Just because it's a Steemit link! 🤷♀️
True!
That's what I was also thinking about FB coin stuff... More like bank, less like cryptocurrency...
It will be ZERO cryptocurrency, but even bad advertising of crypto can be useful... Time will tell
Thanks for sharing this video!
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