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RE: Facebook Seeking Up To $1 Billion To Use As Collateral For Its Stablecoin
Why? Why would anyone trust them with a "stable coin"? They are always lying to the public and compromising user information and credentials. Always censoring and socially engineering. Now they're begging for regulation. Facebook and their shitcoin can get stuffed.
It's just the big numbers theory: even if less than 1% will trust them, that will be 19 million people (out of the 1.9 billion they have, according to my latest numbers). That's the size of a country like Romania, for instance.
The sheer force of this amount of people starting to trade even infinitesimal amounts of crypto would create a "suction effect".
Or at least that's what I believe, anyway. Time will tell.
Who cares?! They cannot be trusted. Do you think they’ll really let you control your keys? Do you think they’ll really allow for privacy? Crypto is suppose to remove trust because of people like Zuck and dishonest institutions like Facebook and / or banks. Now, here we are, debating the merits of Facebook potentially dominating that technology. They are poison. They censor and socially engineer. They’ll do that with crypto. If Facebook dominates crypto they could dominate cryptographic banking. Step out of line and zap, there goes your livelihood. Sorry, they have demonstrated that they are bad actors and I think this will corrupt the ecosystem, not help it.
Not a single word I won't agree with in your comment above.
I'm just saying something different: more people will use crypto because of this, and that could be a potentially good thing. I'm not saying this would make Facebook better. As a matter of fact, I think this has quite a relevant potential to backfire for them.
Fair enough. I guess I feel protective over the crypto space. Been in it since 2011 and have grown to sincerely dislike Facebook and admire the work the “good” engineers are creating with crypto. It has the potential to change the world and preserve liberty. Many of my friends can’t imagine a world without Facebook - as though it IS the Internet - and I fear that sentiment will get wrapped into crypto. That without Facebook, crypto will collapse. The world will be in chaos. The dark ages will be upon us! Blah, blah. It just brings out my passion. My ire wasn’t directed at you.
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I know exactly what you mean. But that's that. You can only acknowledge reality and navigate accordingly.
The sad truth is the vast majority of people don't really want their own keys, if you know what I mean. They're better off drifting around.
In time, I learned to dissociate, accept their way of life, and move on with my own. Which is, obviously, that I do want my own keys.