So.. Apparently Facebook is going to release the whitepaper for their GlobalCoin June 18th. The coin probably will not be released until sometime in 2020
It looks like Visa, Mastercard, PayPal and Uber and more are all backing the idea.
Some people think this is going to be major, and.. I think it probably will be in one way or another.
When you have such a major company with such a HUGE userbase doing something like this, it's bound to create a bit of a stir.
My main question right now is... How will you obtain it?
It does not appear that you will be able to accrue it by posting on social media in a similar way that steemit works.
I don't know how it's going to work but from everything I've read I get the impression, it's more something you will just buy and trade sorta like bitcoin.
They mention the messenger being an element, however... I don't see how you could mine it in that manner and I think they are probably just referring to the aspect that people will trade it through the messenger?
Some people are a bit alarmed or concerned in regards to how much power this could give Facebook, and I admit I am as well.
It's definitely not going to be decentralized like steem or bitcoin are and we should by now all know how corrupt Facebook is and how they censor people and... Yeah...
Now if you're posting controversial things, it might mean more than just a temporary or permanent ban to your account, you might be getting locked out of financial opportunities as well.
Facebook also has a very poor history of keeping peoples personal data safe, so... Now mixing it with financial information is concerning as well.
Furthermore, I saw this on one of the pages I read which suggests that perhaps people who get banned could get locked out of other businesses like Uber.
“It creates a silo of data rails without any guarantees about data sharing among the different participants, and the computation being done to access the services. Meaning some computation being done could kick you out of Uber, Facebook and Shopify, if you become a risk-management issue.”
That's kind of scary and is making some people think of things like 1984 and Brave New World. Facebook, in my opinion, IS an intelligence agency tool and former intelligence agency members have claimed that is the case.
According to that Facebook is essentially another arm of the government, and they censor people in accordance with government consensus and this in the future could be a way for the government to punish critics even more.
On the positive side, this should help bring the awareness of cryptocurrency to MANY MANY MANY more people and we could see a major quickening in regards to the adoption and normalization of cryptocurrencies.
Bitcoin and other coins will likely go up in value because of this... Though if you're the kind of conspiracy theorist who believes a cashless society is a bad thing, then that would be bad news as well.
I still use Facebook somewhat often, so how will this affect me? I don't know. If it's a kind of coin you buy to use I probably won't buy any.
But maybe other people on Facebook will send some to me because they appreciate the information I put out or something?
I guess time will tell. This is fascinating news one way or the other especially considering all the other big names that are on board and how huge Facebook is to be getting into this territory.
It's too bad they didn't give us a truly decentralized coin which would help free and enrich the world, though... It's Facebook. I've said it in the past and I'll say it again.. I doubt you'll ever see them going down that route to try to help us genuinely because they are in bed with the government. They are part of the control structure, they are not doing this to help free and enrich the people, they are almost certainly doing it to empower and enrich the "elite".