Mark Suckerberg and FBCoin: What's Up With That?
So, yesterday I've read a lot of articles of opinion on "FBCoin" or what some people have started calling it - there's no name or no data available for it, but it's known Facebook is looking at Crypto.
So, yesterday I've read a lot of articles of opinion on "FBCoin" or what some people have started calling it - there's no name or no data available for it, but it's known Facebook is looking at Crypto.
Through this post I'm going to talk about my own view on this, what Suckerberg may be trying to do, what part we play in it and how it differs from other cryptos and blockchain.
If that is something you have interest in, read below.
People as the Product: What the Mainstream Fail to Realize!
So, let's start by putting some context on the topic.
The mainstream public thinks they are the customers to the brand Facebook, yet they fail to see they're the product.
This is a well known fact and is discussed by most experts out there. Here's why people who use the social media site are the product:
- They are the ones who produce the content monetized;
- They are the ones who bring income through advertising;
- They are the ones who bring advertisers aboard;
- They are the ones mined for information;
- They are the data product Facebook sells to companies;
- ...and much more!
This all happens with no income for the user. The user is giving everything up without getting compensated by it, and people are starting to realize this as time goes by and alternatives such as Steemit appear.
It is speculated that Facebook doesn't care about this, and Suckerberg is instead looking at Crypto as a way to better avoid taxes and increase profit, which is obvious very plausible.
Now, let's take a look at this "FBCoin" shall we?
Facebook's Crytocurrency: What will it be like?
As I said previously, this is still unknown territory.
However, we do know Suckerberg by now, so here's what I can virtually guarantee you will be the case:
- Not a thing in it is going to be decentralized;
We have seen many times that Suckerberg doesn't want to lose control of a damn thing. And his personality is incompatible with the idea of decentralization.
- Not a thing in it is going to be open ledger;
This will be done having "privacy" as a concern - as if that would be true when it comes to Facebook. However, if it was open ledger, many things would be uncovered, things that are better left in the dark.
Finally, I can kind of see what it is going to be doing. It will reward users MEAGERLY making them feel quite happy about themselves while close to nothing changes.
Then, while people receive that crypto, advertisers will have to buy their entry in that crypto. The laws of competition, supply and demand will dictate its value, but FB Ninja Mined or Stealth Mined the biggest part of it, having the bulk of the pot and full control.
This is just my suspicion here. Again, I know nothing!
Conclusion:
All in all, this token will be cryptocurrency by definition, but in practice it won't have anything that makes crypto inherently good.
As far as I'm concerned, a good crypto future is open-ledger, open-source and decentralized... and FBCoin will be a freakshow of a crypto.
Only time will tell how bad it is... but I doubt it will be any good.
What's your opinion on this?
Cheers
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I was a bit nervous when I first saw the post but I think this will just end out being some type of obvious BS. FB is the worst. Steemit!
Thanks for the write up!
You're welcome.
I hope it turns out to be nothing...
and WE are the ones who create the change by sharing our content here on #Steemit...you said it best @spiritualmax , "people are starting to realize this as time goes by and alternatives such as Steemit"....
Love how you do this research/reading and share it on this blockchain, especially when the topic is "still unknown territory." Yet of course the lack of decentralization and the controlling past of FB will definitely produce more of a "freakshow" in the ever expanding cryptocurrency space...Gratitude for this post brother, keep them coming!
Yeap... same as if YouTube would create a crypto... same story... those guys are relentless.
Oh my days, this is going to be a shit show regardless of the outcome.
Passed my first year of Facebook absence not long ago and can honestly say I've forgotten what all the fuss was about. Fair enough all my family are on it and I have friends on it too, but to be honest, they are all suckers. Love them, but being sucked into a never ending news feed of memes and pointless videos isn't how I like to spend my time.
Hopefully when they bring the crypto to the market it allows for a lot of other cryptos to become mass adopted. At least there is some silver linings.
Cheers Zucker!
I agree...
Shitshow!
And I loved that comment of yours... "All friends and family are there, but they are all suckers" RULES!
xD
Cheers
Haha! Totally man, they just don't know any better... Hopefully they all make the transition to Steemit in due time!
The principal! He will give me TP! I would hate for my bungholio to get polio....Where I come from, we have no bunghole.
I followed you a few weeks ago and never thought I'd see the day you commented.
Are you threatening me?
And still.. It could still be more successful than bitcoin, just because people will buy and follow it, because Facebook and 1.6 billion users.
Sheeple... sigh!
But I guess their user support will be way better than steemits, also will their api documentation be light years ahead what we currently have here..
I don't have an opinion, YET, since I've not been able to read up on this. But MarkyZ here is the least decentralized person I know next to some (other? ;-)) dictators, so I'm totally following your line of thought here and would be surprised if I would end up with a different conclusion.
The only one winning here will be FB/Marky himself :-) Again, not the content makers.
Yeah, although he will disguise it as "Public Service"
hehe
Cheers!
Max, I have been thinking a lot about this too- and I share a lot of your opinions. I feel like Facebook will definitely try to incorporate itself into the crypto community. Maybe it will need to by necessity- after Steemit takes over!!
We will have to see!
Only time will tell.
We'll be here to see it mate.
Cheers
True that...
Mark sold out to the Wall Street gang a long time ago. His attempt to actually appear to give a shit about people is comical. He needs some acting, but he's got one thing - Data - and lots of it. Mark won't go down without a good fight. I am hopeful Blockchain applications and overall decentralization can put him in his place.
Indeed... his degrees on how to appear human are great to laugh at :D
I am also skeptical about a possible "Fbcoin" since it probably wouldn't really have an use case, it will be super centralized and not open source at all, it would probably end up being just as bad as the crypto my country is planning to release... a Facebook crypto currency is probably just an attempt at increasing Facebook's stock market worth by adding a blockchain to the company...
I agree.
Is your country Venezuela ?
Cheers
Yes, I'm watching on the front row seat the creation of the shadiest crypto, I'm just waiting to laugh at the mess of the token they are creating.
So... Do you think it will adopt the steemit philosophy? Or facebook will be the same and they will create a new plataform?
Cheers
Nah, too greedy to adopt the steemit philosophy.
They will create add on platforms and an exchange I guess?
Too early to say anything.
If sukerberg 😂😂 was keen on helping people and making facebook a place where people could earn, he could have done it a long time ago! He is driven by money and not people.
He is feeling bad that he is not involved in crypto.
Great post
Yeah.... love it that he was taking a course on how to talk like a human.
xD
Cheers man, wholeheartedly agree!