Facebook's Coin launches in Q1 of 2020 and is likely good news for all of Crypto!
Facebook announced they are moving forward with their crypto project and it is good news for the entire crypto space.
The other day it was revealed what Facebook plans on naming their coin.
According to reports, one of which can be seen here:
https://u.today/globalcoin-bitcoin-rival-to-be-launched-in-q1-2020-by-facebook
Facebook plans on calling their coin Globalcoin and they plan on launching it in early 2020.
Good for bitcoin and crypto?
Initially some thought that Facebook getting involved in crypto by launching their own coin would be bad for bitcoin and bad for crypto.
However, that is looking like it won't be the case at all.
Facebook has some 2 billion users, many of which will be exposed to crypto for the very first time through globalcoin.
Facebook's coin will be a stable coin and they have already contacted many exchanges about getting it listed to make sure it has plenty of liquidity and a far reach for its many users.
(Source: https://u.today/globalcoin-bitcoin-rival-to-be-launched-in-q1-2020-by-facebook)
This likely will bring many more users into bitcoin.
We are on the eve of possibly billions of people starting to use this new coin and going through cryptocurrecny exchanges that are dominated by bitcoin...
I have to think some of that likely spills over into bitcoin itself and many other coins.
Facebook getting involved in crypto is likely the biggest and best news for crypto in a long long time.
Likely even bigger than the Bakkt and Fidelity news that has been the talk of the crypto town recently.
Looking forward to the many more crypto users this coin ushers in!
Stay informed my friends.
-Doc
I hope you are correct 🧐
I hope so too.
Probably the easiest way for 2 bill new entries in the crypto world...
Yep. It's huge news.
I'm having a lot of problems getting excited about it because I cannot reconcile this act with my extreme disdain for Facebook as a company and everything it represents. On the other hand, perhaps the long slow death of Facebook will fertilize something great. I'm skeptical, as the prime demographic that would be interested in this are leaving Facebook in droves. We shall see.
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.
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Did I hurt your self-esteem Doc?
Classy move to unvote a curation project cause I called out your BS comments, keep it up. :)
I unvoted a handful of witnesses, yours included. If you want to have a conversation about ideas, that is fine, but you were being a jerk about it.
The 11th commandment: Thou shall not anger a whale.
Sorry I pointed out you being an echo chamber.
Hehe yeah, two inactive ones and ours first, but that's okay was just pretty funny. Good luck out there. :)
I was replying to different comments in the thread. I am all for helping steem go up in value I just am not sure this is the best way to go about it.
Maybe it will be, it sounds like we are going to find out either way.
Regarding your project, I would love to support a project that is helping the community but only if you can be respectful about it.
Oh yeah cause the way I handle my personal comments reflects on my project that has 2 other people leading the witness and 20 other curators running it all doing their best to help retention and distribution. Dang, why didn't I think before I spoke my mind! Of course the important thing is how we behave, not the actions we take daily to help the platform!!
I am stilly in the middle with their incursion as the centralization aspect will pull people from making a bigger leap towards monetary sovereignty which is the key right now!
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I just look at it likely exposes 2 billion people to crypto. Not many other ways to gain that amount of exposure, that quickly.