I am Just see a news.
And i am existing for it.
Facebook like to launch a cryptocurrency! I think this project successful easily. Becuse, Facebook is most public social site. Many many people use Facebook for communication.
I see this news on: BBC News
Link:
www.bbc.co.uk/news/amp/business-48383460 I am not against any development, but let me explain why this Facebook coin is not good for the cryptocurrency community,
1. Centralized: Facebook is working on a virtual currency and not cryptocurrency. It will be a centralized coin where Facebook will have full control.
2. Non - Anonymous: even though bitcoin ia not fully anonymous, that's why we often call bitcoin as a pseudo anonymous coin. But Facebook coin will be strictly a non-anonymous coin because they will have to comply with various legal restrictions.
3. Limited usability: the Facebook coin will have limited usability. There coin will be used within the Facebook network only.
Even after having these limitations, Facebook will make big impact in the virtual currency market because of its Global brand name. Due to this reason they will eat out a big chunk of investment from the cryptocurrency market.
So I personally don't see a reason to cheer for a centralized coin. Whenever something new is served to your plate, always look at the bigger picture and accordingly decide!
I see it this way as well, while this could help to spread the awareness of cryptocurrencies around the world to people that have never heard of them the truth is that facebook is one of the most centralized services around the world and I do not really expect their coin to be any different, so such coin will be useless for us and it is even possible it could divert away investors from this market to their coin which is not good since this market is still in a development stage.