This week we are suppose to get an announcement from Facebook about the new stablecoin it is creating, reportedly called the Libre. This is going to be a game changer, if for no other reason than the sheer size of the social media giant.
Before going any further, I believe this will end up being a failure. The truth is that Facebook showed itself to be ill-suited to control people's data, why would anyone think they are up to the task with finances.
We are also seeing the centralization of the market. Quite simply, this is another USD. Some of the biggest companies in the financial world like Visa and PayPal are getting on board. This is nothing more than another attempt to recreate the controlled banking system.
My understanding is that Facebook is going to announce the release of the token a year from now. That gives the rest of the crypto community one year to get ahead of the curve. This might not sound like a lot of time but, in the world of development, this is a lifetime. A lot can be accomplished in that time.
I do not care how they structure it, I do not believe there is any chance that Facebook creates something that is completely decentralized. This company still answers to Wall Street, although that is questionable after the latest attempt to oust Zuckerberg. Nevertheless, a bunch of funds dumping the stock would not make life easy for him.
We are seeing more publicity for Steem. This is odd since it comes in the form of attacks but then, again, that makes sense. The attempts at the "Steemit Killers" show there is something here. Recent developments on this blockchain show how quickly things are moving.
Sometimes our greatest allies can be our enemies. Facebook is no friend of crypto. It is intent on taking surveillance capitalism to an entirely new level. Imagine being banned, not for what you posted or associated with, but because of what you purchased. Spend money on a holistic health solution, BANNED!!!!
Facebook is not about freedom. Zuckerberg does not feel anyone should have any privacy. He basically stated that this week. This company is seeking to dominate the world which is never good for humanity, no matter who is doing it.
Each of us on here is helping to construct a brand new system. Be participating in these early days, we are the ones who are blazing the trail. Our developers are putting together applications that people can use. We are seeing platforms build that are going to be available to any group or community. Our supermind is expanding to levels that a centralized organization cannot compete against.
Think back to where Steem was a year ago. And no, I am not talking about the token price. Consider what was taking place in the middle of 2018. Look at the State of the DApps and see how many of those applications were not even available. Consider the fact that Steemit Inc was still mired in its Ned plan of promise lots, do little.
Today, we are seeing something much different. Mira was completed. We now have an exchange via Steem-Engine. Work is being done on a new community feature called "Tribes". There is a platform for all those displaced content creators from Youtube called 3Speak.
The list keeps growing.
Decentralized can always move quicker than centralized. Hierarchical structures have policies that people have to adhere to. This slows development. Steem uses a different approach. With the open source, supermind structure, not only can anyone put whatever he or she wants on here, people are free to take the ideas of others and build upon them. This can cause massive growth in a short period of time.
I saw some of these possibilities a little under two years ago when I started writing about Steem and the opportunities here. Despite the naysayers, I held firm because I believed what I saw. Yes, there were (and still are) issues. However, when one understands the base level groundswell and the desire of thousands of people to make this place succeed, that is tough to combat.
Many thought (and still think) Steem is going to die. This will NEVER happen. There are 100 some odd Witnesses who will ensure the blockchain is always running. As long as that takes place, people will have the opportunity to develop and create on here.
Facebook will end up being a joke in the world of crypto. That said, it will cause some waves. For that reason, I feel we must take this seriously and work hard to get ahead of it. While they have the size, Steem has the agility.
We have not even completed 6 months in 2019 and we saw a huge jump in development. I believe we will see a multiple of 4 in terms of the second half development. Things are just starting to get going.
This is going to put Steem in a very powerful position going into 2020. I do not know what the token price will look like but the system will be on firm ground.
While other blockchains are full of hype and promise, Steem is actually delivering. This is a big difference from what else is out there.
It is best to remember that.
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