It's the spring of the year 2019. Facebook CEO Mark Zuckerberg has just announced his plans to launch the FacebookCoin as a Smart Media Token (SMT) on the Steem blockchain. The price of Steem skyrockets to over $500 on all popular Bitcoin exchanges such as Bitfinex, GDAX and Bitstamp. Facebook plans to integrate their FacebookCoin into Facebook later this year so users can earn the cryptocurrency in a similar way as on Steemit.com.
Ok... Back to today. We're not there yet, but Mark Zuckerberg wrote something very interesting on his Facebook profile today.
Source: https://www.facebook.com/zuck/posts/10104380170714571
He wrote:
There are important counter-trends to this --like encryption and cryptocurrency -- that take power from centralized systems and put it back into people's hands. But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.
He is studying the positive and negative aspects of cryptocurrencies and how best to use them in his services.
Mark, if you're reading this... Stop reading and give @ned a call. He knows how you should monetize Facebook. Launch a Smart Media Token!
What are Smart Media Tokens (SMTs)?
A Smart Media Token (SMT) is a native digital asset on the Steem blockchain that can be quickly launched by anyone to help monetize online content and create incentives to encourage desired user behavior.
They're like Ethereum's ERC-20 tokens, but with certain built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.
Source: https://smt.steem.io
News sources:
Mark Zuckerberg is 'studying' cryptocurrency, which could help Facebook catch Asian rivals
Facebook CEO Mark Zuckerberg expressed his interest in crypto currency and its potential uses in his 2018 mission statement, issued on Thursday.
Read more: cnbc.com
Zuckerburg to Study Cryptocurrency in Quest to Decentralize Facebook
Facebook CEO Mark Zuckerberg announced Thursday he plans to study cryptocurrencies and other decentralizing technologies as part of a larger bid to improve the social networking service he co-founded.
Read more: coindesk.com
Mark Zuckerberg Says Facebook to Look Into Cryptocurrency
Facebook Inc. Chief Executive Officer Mark Zuckerberg gave cryptocurrency enthusiasts a little optimism for the new year.
Read more: bloomberg.com
Well, it would be not very smart to believe that Mark Zuckenber is not able to understand ( and appreciate) the power and benefits of blockchain and decentralization. He sure is having this in mind for quite some time. If he does not speak open and in public - it does not mean nothing is already cooking "behind the scenes" Sometime even small innocent word phrase can be a good indication of this process.
Well done, @penguinpablo 😉
P.S.
I am accumulating steem ( steempower) since my DAY ONE here. Everyday.
Is this not a good entry point? Almost perfect...
Like he said : many people lost faith in that promise.. agree on that one! power in the peoples hands uhu sure...
Of course now they all wanna join when the word gets out , this is exactly what I’ve been waiting for and it happened sooner than later . Steem is growing more and more everyday , people who don’t become part of it will loose out
Is the Steem price tanking on this news? (fear for competition if FB creates their own token) or just because BTC is trending up again and takes value back from alts?
Probably more due to Bitcoin going up, most altcoins are down today against Bitcoin.
You had me there for a second. I was about to jump out of my seat and shout out for Joy.
This an important news for all of us. Thank you!
Steem needs to roll out the SMTs quickly, if they can get momentum and attract attention, they can beat Facebook to the mark.
A centralised business model with shareholders to pay, will never be able to compete with a decentralised platform the profits from content with the token holders and users (such as Steem and the SMT model).
STEEM ONTO $100
Mark Zuckerberg and his people at Facebook are surely aware of the various developments concerning blockchain technology. They are closely watching social media platforms like Steemit and dtube to ensure Facebook will keep its users.
Even though he must be pleased with the revenue FB has been getting, Zuckerberg should be aware that ever more people are getting drawn to the idea of users being rewarded for their posts and comments - something which FB doesn't provide for. If this gathers momentum, there will be a very serious challenge to FB.
I believe it's only a matter of time before Facebook comes up with something like Steemit's model. However, it is very likely that Facebook will choose to develop its own version of SMT. Or maybe buy over Steemit lock stock and barrel to have immediate control over what is already in existence. Then add to this.
But whatever FB decides, I believe the future will be towards platforms like Steemit. It's time for content to be monetised and the rewards more fairly distributed.
He wants to decentralize it, but still be in control, messed up big time
Thats what i was thinking. Now that he even mentioned it, he will lose users. People are now aware it can be done, others won't like changes to facebook, and if it goes Blockchain style people will be jumping ship in the 20-35 percent range. If people understand the blockchain thing and how private family stuff its not the best, hobbies and idea's are best from a humans point of view.
They're probably gonna do their own thing. They have the devs and the money.
Just my thoughts. J
it's almost impossible for facebook to decentralized their system. Steemit is a great alternative
Whilst I agree his post is very interesting, wouldn't FBCoin (as it would be called :p) defeat the object of FB's $500 billion dollar value? Either they would be sharing out their profit, or giving their users crumbs. The former makes no financial sense, the latter would almost be insulting to users.
If it did happen, I can't see it being on the Steem blockchain, as they would directly promote the (only) competition that long-term could challenge financially centralized social media platforms.
Steem will just go to $100 by next year regardless imo.
$100? I see you are not very optimistic?
Nice post...
Thank for sharing..
If I were him, I would launch my own cryptocurrency and benefit from its ICO. It would be much more profitable for him like that.
It may even be closer than 2019 when there will be Facebook coins.
The truth is I've been waiting for these coins for a year and a half.
Love your writing, and I will keep following
Before hi launch it, i was joined in Steemit. Congrulations!
Yes I believe Facebook will copy steemit.com,
in order for them to survive, fb should give some cash to the users.
Zuckerberg is late to the party !
Well its wonderful and very informative post @penguinpablo.
Its nice if Mark Zuckerberg going to launch a Smart Media Token for Facebook. Now facebook is going to join crypto currency. Its a great investment on this coin. Thanks for update and keep it sharing.
I feel this will only help steemit. If they try your going to see 1 million new sign-ups here at least. Change is a strange thing when your on the top. Facebook cant do the blockchain thing can they? wouldn't that cripple there user rating? If they move to a coin you have to assume they will lose 1-3% of their users and that's a lot of people looking for a new platform.
Oh, great news.
keep sharing
That would be insanely cool if/when that 2019 bit happens!
Very useful
Thank you
Mark, stop thingking and call @ned now
Don't be late
@penguinpablo you know what mark should do :)
yeahhh, Mark really needs our advice...ha ha :)
Hahaaha Zuck wants to "give people the power" oh that's rich!
The headline alone gives me a thrill. I still have no idea what smt's are and I do not care. I'm just creating content and sleeping sometimes.
Yeah fb - you suck - give us publicity.
Tweeting this one with great joy :)
Great scenario! That would be insane :-P
I'm not sure how Facebook might integrate blockchain fully. Maybe for a particular part of their service, for instance by creating a universal in-game token for all Facebook apps. Or third party developers might integrate it in their FB app and create a popular game like Cryptokitties.
We'll see where this goes!
They couldn't do it any other way I don't think. Though the influx of people buying ripple and stellar might indicate that people would buy Facebook coin if they created their own block chain. But it would make more sense for them to use something like Steem. Could it handle the bandwidth though?!
As they say in my homeland,"if the river sounds because it carries water". It is very important that Internet Popes realize the importance of this technology for the development of the Internet.
@penguinpablo : What is going on ?? hahahah do i not misread this news? this is great news. we are waiting for this to happen.
I think he's a geek at heart like many of us. He likes to play with tech. FB is a massive organisation now. They will take time to change. For now they have a successful business with advertising, but steemit shows there is an alternative
If facebook keeps then is they any problem for seemit..
Good.....
So in future we expect new currency. it's also great for or future and crypto if #mark and #Bill_Gates launch Microsoft and Facebook currency.
very nice... :D
"They come with the risk of being harder to control", no Mark, that's the whole point!
It will be interesting to see the big names lauching tokens and watch out @ned !
Facebook often copy other website or communities features. And now they targeting steemit.
I just follow you cause your posts seems to be informative post you can find similar crypto news on my steemit that might be productive for you too...
I think that he means that he wants to use the blockchain to give power back to the people. I do not think that Facebook will be introducing a cryptocurrency (smt or any other type) for the foreseeable future. They will want to test the waters with decentralisation first and wait for the whole market to stabilise.
Thank you for sharing this pot with us! :)
And now Mark is aware that social media-based centralized like his company and the companies he acquired began to lose public confidence.
The public that has always been fooled by rewards all sort of like, love and emoji. SMT's is the best answer and now the company is studying this concept in detail.
In addition the features that are applied in Steemit like cheetah and hoax news antidote feature so one that go into consideration to the future.
What are the chances that Mark will find out about Steem before reinventing the wheel?
Woohooo... That'll be the day! 😍
I'd like to see grandmas post about their darling grandchildren and their garden roses... get their likes and payouts! 😜
I just had a thought. Mark plans every share created of facebook stock has an equivalent share of facebookcoin. If such a thing would ever exist. This would be a big step to world acceptance of cryptocurreny and at the same time basically creating value out of thin air. I can not but believe this will only give facebook stock shares more up value.
It's better late than never. Mark will become richer when Facebookcoin begins operation.
Mark needs to contact @ned for the best way to go.
I came accross your page as I was reading the series of @gold84 (chapter3) for a minnow like me. I just used steemnow.com to check my steempower and I can accross this article also.
I am so new in cryptocurrencies and Im still trying to understand how it works, and if this news or if Mark do decide to "to launch the FacebookCoin as a Smart Media Token (SMT)", I think it will bring cryptocurrencies to a new level. And with that, I think it's a high time for people like me to really start learning and understanding about these currencies.
I am just so thankful to steemians like you who takes so much of their time and effort in putting up articles like this for minnows like us.
I only signed up to steemit last Dec 28 and all these articles are really a big help! Thank you so much!!
Nice post...
Thank you
How can you believe this information if they have secretly collect your personal information for years, and they also sell it. Be it good or bad, I do not trust this information or those who work there. They do it just because they sees how people leave Facebook.
Now that is an interesting and exciting scenario. If we had social media sites that already have huge user numbers creating SMT using the STEEM blockchain it would mean the sky's the limit for STEEM and everyone on this platform now who's accumulating any moderate amount of STEEM, SP, SBD is going to be very wealthy someday.
I'm not gonna hold my breath. I'm trying to moderate my expectations of returns here even though I see the huge potential and already (greatly) increasing returns on my buys back when STEEM was struggling to hold $1. I was pretty nervous back then but something in me said keep buying so I did. And now I'm very thankful I did.