Not a long time ago, we have had Facebook banning cryptocurrency and ICO related ads. However, suprisingly, Facebook has now decided to explore blockchain technology, as reported by this article.
Heading that team would be David Marcus who previously headed the team responsible for Facebook Messenger. It has to be noted that David Marcus is also among the board of directors of Coinbase. In other words, he is not new to Blockchain technology.
What I personally think is that this is just a knee-jerk reaction by Facebook, because they are seeing that despite so many big wigs like themselves, Google and Twitter banning all sorts of cryptocurrency and ICO related ads, it has still not stopped cryptocurrencies to rise back. If you think about it, Facebook is centralized, while Blockchain is decentralized. In other words, Blockchain is the antithesis of Facebook's centralized model. So, I don't know how they would combine those two aspects together.
I would also love to read your opinions on this. If Facebook really launches its own cryptocurrency, how do you think it would impact the price of STEEM and cryptocurrencies in general?
In my opinion, big companies getting into cryptocurrencies could be good for us crypto hodlers as it would attract more people towards cryptocurrencies, thus driving their prices up.
I think the a currency which Facebook would create will satisfy all of the community requirements but it will definitely be also extremely fast scalable, and has low fees. Again, I think facebook has some of the brightest minds and can solve the digital market issues.
I think they got inspired by Telegram, who is also making their own currency, especially when the team leader is the guy who was in charge of Facebook Messenger. But its good to see Facebook taking this, as it would attract more people towards cryptocurrencies, thus raising their prices.
Facebook Exploring blockchain is hardly a surprise. In this day and age, a tech company doing so is about as shocking as exploring mobile phone apps or artificial intelligence tools. It just seems that they are a little late to the crypto party.
I wonder if they will try and compete with steemit?
Agreed!
I guess this decision of Facebook could bring more exposure to blockchain technology and cryptocurrency. and I think that's a great thing.