Is Facebook Coin Going To Distupt The Crypto World?
Facebook is announcing its cryptocurrency later this month, according to The Information. TechCrunch says that date is June 18th, 2019.
This is a stablecoin solution for WhatsApp that could immediately put Ripple under pressure among other things and make 2019 the year of the stablecoin in crypto.
With JP Morgan Chase and Facebook both announcing stablecoin in their internal ecosystems, walled gardens and stablecoins merging really means the rise of a new token economy that we always envision with blockchain is manifesting soon, really soon.
This is likely also going to raise the price of Bitcoin.
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Facebook Wants to Black Mirror Convert Crypto to Serve its Advertising Behmoth
Facebook will convert crypto the dark side, to make it a slave of its own advertising based ecosystem. It could also disrupt Ripple in how cross-border payments work that’s tethered to fiat currencies.
In short, Facebook thinks stablecoins tethered to fiat can monetize WhatsApp, among other things.
Facebook is finally ready to reveal details about its cryptocurrency, codenamed Libra. It’s currently scheduled for a June 18th release of a whitepaper explaining its cryptocurrency’s basics, according to a source who says multiple investors briefed on the project by Facebook were told that date.
Digital Currency as a Service
Project Libra and Facebook’s Globalcoin, I feel as if I’ve already been writing on this for quite some time.
In a somewhat sophisticated take on peer-to-peer cloning things like WeChat and Venmo, Facebook’s iteration of what a cryptocurrency might be like will likely be pegged to a basket of currencies rather than a single one like the US dollar to prevent price fluctuations.
- According to The Information sources, the solution will also involve physical ATM-like machines where users can buy the currency, the report says.
- Facebook has already started discussions with the U.S. Commodity and Futures Trading Commission (CFTC) over the social media giant’s crypto stablecoin initiative.
- A 2020 launch is nearly certain and more information should trickle out in the days before the whitepaper of June 18th is presented to the public.
Project Libra’s Immense Potential
What do you think happens when 2.375 billion people in the world get presented with a digital currency they can do things with and send home to relatives? There’s only 7.53 billion people right now. So Facebook could monetize 31.5% of the planet if this goes according to plan, that’s likely $Billions in potential revenue to make their walled garden and encrypted centralized chat ecosystem more lucrative.
We knew stablecoins were coming, but if banks and BigTech take over crypto, what will become of decentralization as a movement? What will become of trust on the internet as it continues to deteriorate in multiple competing layers? As Tech giants become banks and health data providers and as Cloud companies become blockchain-as-a-service leaders?
TechCrunch received a request for a June 18th news embargo from one of the communications managers for Facebook’s blockchain team. The Information’s Alex Heath and Jon Victor also reported yesterday that Facebook’s cryptocurrency project would launch later this month. The call to regulate Facebook and Facebook taking on crypto so near each other, a coincidence? I think not.
Facebook as a Digital Currency Bank
I think Tech lobbying of Washington has come to the point where there are many “inside deals” that include preferential treatment for access to backdoors for national security agencies. You remember that guy Edward Snowden? I do.
Project Libra will have a gradual roll-out just like any other product or new feature Facebook will test. Facebook is targeting a 2020 formal launch of the cryptocurrency, however there are aspects of it that will be made more formal to the public before that date to create some hype and anticipation. This is why we are here, to debate all things tech and crypto.
According to a report from The Informationon Wednesday June 5th, 2019, Facebook is poised to unveil the token — reportedly called GlobalCoin — to the world later in June. Now of course Facebook wants this to appear like a real cryptocurrency.
Facebook’s Clone and Dethrone Playbook
- They will form an Outside Foundation to Govern Cryptocurrency, just to clone the entire feel of the product and protect themselves legally.
- Facebook wants to be like a bank for people that don’t have access to a bank account yet.
- GlobalCoin will be designed to function as a borderless currency without transaction fees and will be aggressively marketed in developing nations where government-backed currencies are more volatile.
- Facebook doesn’t just want to monetize WhatsApp, it wants to clone aspects of how a stablecoin could scale to make Facebook an important FinTech player for decades to come, like the WeChat of digital currencies.
Screw Bitcoin, Facebook Wants to Take Over the Retail World Too
While the token will be mainly visible to users through Facebook’s suite of apps, including Messenger and WhatsApp, the company is also planning ways for the token to be used for payments in the physical world.
Facebook could disrupt Square, Paypal and other networks and not just crypto with this move. Facebook is reportedly inviting external parties to participate in supporting the network as nodes — though it might charge a fee as high as $10 million for the privilege.
If Crypto could disrupt credit cards too, it might start with something like a walled garden stablecoin that could be scaled much more aggressively than say ApplePay was. Not just a convenience, but an actual bank. Yes, that is what this means, Facebook wants to be a kind of bank for global transactions and online interactions.
Facebook wants to monetize blockchain and stablecoins for its own ends and monetize our chats and how we interact with Ads with this digital currency.