As had been long anticipated, the high and mighty and the lots, have begun to think Blockchain technologies and cryptocurrencies as the next big thing for their businesses. Despite the current struggling position of the Satoshi’s Bitcoin, the likes of Jp morgan and Silicon Valley’s Facebook have announced the possible launch of their own digital assets.
Even though the above development might have a thing or two to show in line with increased support for global adoption, it has also raised controversy in the space in the area of decentralization.
Chris Bates doesn’t believe Facebook coin projects would be much to look out for.
In his words;
I don’t think it will make much of a difference to be honest. Facebook has had a payment option in their messenger for a couple years now and people still opt for Venmo or Cashapp over facebook payment option. I think Facebook has killed its credibility with its user base and is looking for ways to stay relevant.
I think there are ways that they could make their own crypto and platform useful towards the notion of “mainstream adoption”, but even in that I don’t believe “mainstream adoption” would look how crypto people think it would. Just as an example, let’s say Facebook IS successful at leveraging its user base to make “Facebook coin” viable.
That doesn’t mean anything for the rest of the market, and doesn’t automatically mean 2.5 billion people will then start using bitcoin or whatever crypto. That really just means Facebook will once again have leveraged technology it didn’t create to exploit its user base and make a profit.
Facebook has been researching blockchain and cryptocurrency for years, and them just now deciding to pull the trigger to me is more of a reaction to the GDPR and European privacy laws that are going to make their data mining practices much less lucrative.
What is your take on Chris’ opinion? Do you think that Facebook has a chance to shock the entire blockchain space given its particular wealth of community? Lets hear from you in the comment section below
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