Mark Suckerberg and FBCoin: What's Up With That?

So, yesterday I've read a lot of articles of opinion on "FBCoin" or what some people have started calling it - there's no name or no data available for it, but it's known Facebook is looking at Crypto.

Through this post I'm going to talk about my own view on this, what Suckerberg may be trying to do, what part we play in it and how it differs from other cryptos and blockchain.

If that is something you have interest in, read below.

People as the Product: What the Mainstream Fail to Realize!

So, let's start by putting some context on the topic.

The mainstream public thinks they are the customers to the brand Facebook, yet they fail to see they're the product.

This is a well known fact and is discussed by most experts out there. Here's why people who use the social media site are the product:

They are the ones who produce the content monetized;
They are the ones who bring income through advertising;
They are the ones who bring advertisers aboard;
They are the ones mined for information;
They are the data product Facebook sells to companies;
...and much more!

This all happens with no income for the user. The user is giving everything up without getting compensated by it, and people are starting to realize this as time goes by and alternatives such as Steemit appear.

It is speculated that Facebook doesn't care about this, and Suckerberg is instead looking at Crypto as a way to better avoid taxes and increase profit, which is obvious very plausible.

Now, let's take a look at this "FBCoin" shall we?

Facebook's Crytocurrency: What will it be like?

As I said previously, this is still unknown territory.

However, we do know Suckerberg by now, so here's what I can virtually guarantee you will be the case:

Not a thing in it is going to be decentralized;

We have seen many times that Suckerberg doesn't want to lose control of a damn thing. And his personality is incompatible with the idea of decentralization.

Not a thing in it is going to be open ledger;

This will be done having "privacy" as a concern - as if that would be true when it comes to Facebook. However, if it was open ledger, many things would be uncovered, things that are better left in the dark.

Finally, I can kind of see what it is going to be doing. It will reward users MEAGERLY making them feel quite happy about themselves while close to nothing changes.

Then, while people receive that crypto, advertisers will have to buy their entry in that crypto. The laws of competition, supply and demand will dictate its value, but FB Ninja Mined or Stealth Mined the biggest part of it, having the bulk of the pot and full control.

This is just my suspicion here. Again, I know nothing!

Conclusion:

All in all, this token will be cryptocurrency by definition, but in practice it won't have anything that makes crypto inherently good.

As far as I'm concerned, a good crypto future is open-ledger, open-source and decentralized... and FBCoin will be a freakshow of a crypto.

Only time will tell how bad it is... but I doubt it will be any good.

What's your opinion on this?

Cheers