By now, you surely must have read that Facebook is about to launch their own cryptocurrency - 'Globalcoin'. What was interesting was in this piece by CoinDesk: https://www.coindesk.com/everything-we-know-about-facebooks-cryptocurrency where it talks about Facebook looking to "monetize experiences".
So, it seems that they're going to go after the attention economy at some point, where you earn some of their Globalcoin by performing actions such as watching ads, sharing posts, maybe even collecting likes.
The problem with monetary incentives is that it distorts behaviour and you can always expect someone to try and game the system. Expect a lot of heavy handedness from Facebook. Even when no money's involved they can be a pain to deal with.
Globalcoin for payment
Initially, the coin will be used for payment - whether for goods and services or just general tipping via messenger. This is pretty unexciting, to be honest, because all they're doing is reducing the fee that the credit card companies charge. Nothing really innovative and a lot of the existing coins can do that already.
What's the catch?
If you're looking to earn more coins from your attention, Facebook's Globalcoin just might be the one but hopefully they don't require you to submit your rectum scan in order to verify your identity first.
I don't like the sound of "GlobalCoin" at all. Ages back I thought they'd maybe call their coin "FaceCoin". But seems to me FB is after being a global currency, and thus, if it works for them, even greater domination of the internet - not to mention far more data gathering.
Idealistically, I've long hoped that crypto / Bitcoin / blockchains would one day take down the dominance of the tech giants. Maybe this will happen. We'll see....
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Agreed. If they succeed in integrating payments, it's only going to make them bigger and more intrusive.
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Yeah, they can keep their globalcoin. Whatever they do, it will always be in their favor, not ours.
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