You are viewing a single comment's thread from:
RE: Will Facebook kill Steem overnight?
If you think Facebook coin or any other so called stable coin will outlast a decentralized coin, you will learn. Yes, fb and other social media apps may adopt crypto, but it will be centralized, probably un-capped, and once it’s big business, they will fuck it all up, just like every other centralized financial institution. Sure, short term, it’s a threat. Long term, that shit will crash and burn like the rest of the centralized garbage we already have. Steem has its share of problems and growing pains, but at least it’s not centralized garbage that will be abused.
Posted using Partiko iOS
We don't know enough about the platform to know it's centralized or decentralized or to what degree. We just don't know yet.Do you know something most of us don't?
Do you mean whether FB Coin will be centralized or decentralized? No, there’s no information that I’ve read on that. But do you honestly think FB or any other platform will run on a decentralized ledger? I highly doubt it. They are all about controlling your data, and now they will want to control your money. If they were decentralized I’d be shocked. I don’t even know if they would be able to legally entertain that idea. FB decentralized currency used for terrorism, drugs, and child porn? That would be a public relations nightmare for them. Facebook is set up as an entity that can be sued. No lawyer would advise them to create a currency in which they cannot control the transactions and identity of the user. I’m not sure why we would think there’s even a chance it won’t be a centralized ledger.
Posted using Partiko iOS
I honestly don't know what they'll do or what aspects they' decentralize or centralize. I think for certain aspects it makes sense for security to put it on the decentralized ledger but for other purposes it makes more sense to put it on the centralized ledger (for legal compliance reasons).
So it totally depends. FB currency even if decentralized would also be capable of being whitelisted and blacklisted by the Facebook community standards. This means you can have a decentralized token which is also censored or heavily influenced. Any token which has interacted with anything illegal could simply not be accepted by Facebook, and can be tainted, blacklisted by Facebook, etc. They have ways if they choose to go decentralized.