Facebookcoin, towards a new global economic mode?



Away from any other Facebook collaborator, in a secret location, highly secure somewhere in the silicon valley, fifty blockchain engineers are currently working on the creation of a new crypto that could change the reflexes. on how to exchange value, for hundreds of millions of people around the world.

The arrival of this crypto could be just one more with the existing others. What are the real motivations of facebook to develop its own currency. The arrival of this crypto which we do not know the name yet, raises many questions about possible positive and negative effects.


Facebook's ambitions about their coin


Facebook is therefore the first GAFA to release its own cryptocurrency. This open secret to let fly a lot of informations about the goals of facebook.

The social network wants to "succeed there, where bitcoin has failed". Enthusiastic crypto convinced at lacircum one still wonders when bitcoin failed? I think the real question is who failed with bitcoin, certainly those who cried ridicule and scam at its creation, the same people who today want to develop their blockchain projects and who talks about it today as a revolution like James Dimon the current boss of the JP Morgan. Or is it that Mark Zuckerberg sees a bitcoin failure in its 23 million wallet against these 2.7 billion users? We are still wondering.


This coin would be stablecoin and not speculative, discussions would be underway to make it available for purchase on exchange platforms that is to say that we could provide this currency outside of facebook (source new york times)

Like what already exists with Wechat and Alipay, the American giant wants to democratize the exchange of value by messaging. One can imagine then that the new coin would be mixed directly with the applications whatsapp, messenger and instagram all belonging to facebook.

On the finance side, the ambition is $ 19 billion by 2021, but we do not know if we talk about capitalization or profit, in the first case it would put this currency potentially in second position just behind bitcoin and ahead the ethereum and the ripple.



Towards a global economic revolution?

If facebook succeeds, the US giant potentially provokes the interest of 2.7 billion people in cryptocurrencies and blockchains technologies. This could provoke a surge in current prices of existing cryptocurrencies since we would end up with a number of users from less than 1 to 30% of humanity.

45% of unbanked facebook users could see this as a way to gain access to digital payment services. Democratized in China, the exchange of value by messaging makes it possible to use cryptocurrencies exactly as one would with cash, making it less and less necessary. International, this currency could well snub currency exchange needs to have a good facebookcoin (the doubt is still existing on the possibility of several currencies facebookcoins example facebookcoin adapted to the dollar, facebookcoin adapted to the euro ect, but this is unlikely)

The arguments of some neo banks reducing costs are therefore very worrying to be done!

Today with a capitalization of $ 475,730,000,000 on the stock market facebook share on the NASDAQ market could strongly grow, it has experienced a sharp fall in the year 2018 in relation to the revelations on the use of data, cambridge analytica, agreements with big companies, Russian interference, piracy and other bugs. This let us imagine what could be much less positive to see disturbing.


WARNING, dangerous tool!


An informed reader worth, I warn against the possible use of data that will make the facebook site far from being free of any reproach.

The facebookcoin with its blockchain technology should also be used to authenticate in a more secure way not only to facebook but to all other apps synchronized to the site to fight against piracy.

Facebook could require its users to verify their identities, in addition to private identity documents, Facebook, would therefore have access to the consumption habits of its users, the financial values ​​held by each in the portfolios, as well as your banking data (IBAN card number), this mixed with the data already known as the location would offer facebook a lot of possibilities, as give, we can imagine, a note based on X criteria to its users as is being done in China. They would be more informed than the tax administration! What to make return to his grave the writer Georges Orwel author of the book 1984.

So we may have a bigger currency than the dollar managed by a private non-governmental organization.

What we also expect to see is if this new value will really have a crypto (decentralized) spirit will facebookcoins really be limited in quantity, and if so how many will be in circulation.

On the technical field, the blockchain will be sufficiently strong, bug-free, flawless to accommodate as many users in such a short time. We are about to live unseen in terms of users on a single blockchain. Bitcoin experienced its first difficulties, which it corrected (fork) as the number of users increased and the blockchain continue their improvements to the rhythm where one discovers little by little new technical limits vis-a-vis the continued influx of new cryptonauts.

Some articles have blamed bitcoin for its power consumption, it is also expected to see if facebookcoin will be an eco responsible money why not work, only on green energy. Big question still on the transaction costs, and compensation of the minors if however facebook foresees that there is some.



In the article I voluntarily called this currency "facebookcoin" but of course we do not know the name that will have this crypto (Bitface, fbcoin ...) Nobody knows.

Facebook has always promised that its social network would remain free for its users, so we can imagine that it imposes this new currency first to companies wishing to make ads on the site and then make it acceptable to all.

The potential of this novelty could be a global economic revolution as well as the biggest failed in the history of cryptocurrencies and innovations of new technologies. This is reminiscent of the flop of google when they tried to create their own social network "google circle" to compete with facebook in 2011.

Being great is not enough to create great things by simply copying, you need big ideas, a vision.



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