I can't call it a joke, not with the amount Facebook is hoping to raise, and then likely have more pumped in. It could potentially be a threat, especially if set up right and being used commercially on Facebook with easy options to fiat. It could be everything STEEM is supposed to be as a digital global currency, just without the important parts of decentralization, freedom, transparency, privacy, etc.
For that reason I can't call it a waste of time, either, not for Facebook, or for that matter, anyone hoping to squash decentralization, freedom, transparency, and so on. It poses a considerable threat.
However, it's quite possible that it doesn't work, given that it won't have any of those important components. But will those on Facebook recognize it as such, or will they embrace it wholeheartedly? They're still using Facebook after all the scandals of data mining and selling, so who knows. People might flee to STEEM or other blockchains with social media in droves if this blows up. Or they might be sucked in even deeper and it might affect all the other chains.
So, it will be interesting to see how this unfolds, how it rolls out, and how it ultimately works. It being insignificant is best case scenario.
@glenalbrethsen I agree.
Facebook said like "they want use Cryptocurrency hype".
But without decentralised approch it will not attract crypto enthusiasts.
Nope. Not the crypto enthusiasts, but that might not matter. People are already used to some kind of points rewards or tokens through the use of credit cards and the like that are then redeemable for purchasing items. So, it's not a big a stretch, if presented correctly, for Facebook to tell it users that their crypto is available for use on Facebook, or however they intend to do it. I don't think they'll need the enthusiasts, not with a billion or more users to draw from. Even if they end up with 10 million people regularly transacting, that could be a problem.
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I can't call it a joke, not with the amount Facebook is hoping to raise, and then likely have more pumped in. It could potentially be a threat, especially if set up right and being used commercially on Facebook with easy options to fiat. It could be everything STEEM is supposed to be as a digital global currency, just without the important parts of decentralization, freedom, transparency, privacy, etc.
For that reason I can't call it a waste of time, either, not for Facebook, or for that matter, anyone hoping to squash decentralization, freedom, transparency, and so on. It poses a considerable threat.
However, it's quite possible that it doesn't work, given that it won't have any of those important components. But will those on Facebook recognize it as such, or will they embrace it wholeheartedly? They're still using Facebook after all the scandals of data mining and selling, so who knows. People might flee to STEEM or other blockchains with social media in droves if this blows up. Or they might be sucked in even deeper and it might affect all the other chains.
So, it will be interesting to see how this unfolds, how it rolls out, and how it ultimately works. It being insignificant is best case scenario.
@glenalbrethsen I agree.
Facebook said like "they want use Cryptocurrency hype".
But without decentralised approch it will not attract crypto enthusiasts.
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Nope. Not the crypto enthusiasts, but that might not matter. People are already used to some kind of points rewards or tokens through the use of credit cards and the like that are then redeemable for purchasing items. So, it's not a big a stretch, if presented correctly, for Facebook to tell it users that their crypto is available for use on Facebook, or however they intend to do it. I don't think they'll need the enthusiasts, not with a billion or more users to draw from. Even if they end up with 10 million people regularly transacting, that could be a problem.
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Facebook is a very serious company, if they want earn with this they will
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