According to a story published yesterday in New York Times, Facebook is seriously preparing to launch its own crypto currency. "People familiar with the matter" told exchanges they will roll out a product in the first half of the year. Given the first half of that half is already over, we're left with only half of the half to go, which, obviously, isn't that much. It's just 3 months.
According to the same source, other social media companies, like Signal and Telegram are preparing for something similar.
There were previous reports about Facebook and crypto, especially for their Instagram platform. Adding liquidity to a pool of 2.5 billion people interacting daily could prove very disruptive for the crypto market. Also, the token discussed will be a stable coin, pegged to some fiat currency. Again, given the amount of fiat liquidity that Facebook has, it will be easy to actually have a proven and "stable stablecoin". The likes of Tether and JPMorgan crypto joke can be, and probably are, worried about this move.
But, as disruptive as it may be, this move - putting a lot of its existing cash as a collateral for a stablecoin - could be also very risky for Facebook. The main problem: its centralization and the recent legal problems like Cambridge Analytica. If the company will put a lot of resources into a volatile asset like a crypto token, its market fluctuations, which were, until now, felt only on the share markets, will be an order of magnitude faster and deeper. It's one thing to own Facebook shares, that are relatively cumbersome to be traded (compared with crypto) and another one to own a token which can be sold and bought in seconds, in huge volumes.
A positive part of this development may also be the focus on alternative social networks, and here projects like Steem, HyperSpace or Trybe can get some unexpected light and coverage.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This is awesome, mainstream adoption here we come!
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I do not think it's will work for them
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Steem to the moon!
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I hear you, brother!
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This post has been included in the latest edition of SoS Daily News - a digest of all you need to know about the State of Steem.
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I wonder how Fb will manage decentralization if they actually do
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They won't have a decentralized token, it will just use a permissioned blockchain.
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You don't seem to see what I saw, though I've forseen this before, I think you've said something like this too last year.
The truth is, this is just the beginning and many platforms are still coming to offer a token for using there platform, we aren't going to waste our data and time anymore. Now, if you want me to come to your site, you better have a token attached to it.
Think of Ready Player 1 movie.
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🏆 Hi @dragosroua! You have received 0.5 STEEM reward for this post from the following subscribers: @cardboard
Subscribe and increase the reward for @dragosroua :) | For investors.
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We are waiting to see how this will play out.
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The competition just got better. Eventually, what's fascinating, is the feeling that this might turn out well for steem
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Facecoin, wouldn't touch it! its good in the sense that it promotes crypto in general but that is it, they probably have some way of tracking everything do by purchasing their coin, Oh wait, they do that now!
#shitfacecoin
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Hi there. Are we supposed to be choosing 50/50 rewards now or 100% power up ?
ty
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Meh, I would be much more excited if it wasn't a stable coin. Now if they start distributing a few cents of the coin to all Facebook accounts then things go from meh to a little interesting.
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suckerzuckercoin
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Are you in trybe as well?
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Yup, but not very active.
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This is great as I Forseen a great future for steem as I see all social media platform becomes decentralize in future
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I am still curious to know how the Facebook Cryptocurrency will unfold. Like you said, it is gonna a risky for them
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Hi @dragosroua, what your discord?
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dragos
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tag number
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dragos#3980
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Please accept my request! Thanks
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done
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How it is going to make steem great is what I still can't get.
If these platform later infuse crypto or token to there site, don't you think they will move enmass to there vomit : Facebook, etc.
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They educate the market, which is something positive for all the players in the said market.
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Sir does that mean.....every like in facebook will have monetary value if facebook bring its own coin ?
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Wonderful news glad to this. Thanks for sharing.
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FB coin is not a crypto coin
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Lets trust for profit Facebook to bring safe and secure services /s
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