this is what I'd been saying all along - the tech giants can issue face coin, alpha coin, prime coin, apple coin etc and instantly wipe bitcoin away, except in some deep web spaces. 21m limit my ass lol... how about infinity limit.
It will interesting to see what the real-world uptake will be on those new coins since those transactions will be tied directly to real users in the messaging apps and therefore lack the anonymity that BTC has.
Signal, for one, can be anonymous - like if you are travelling abroad with a burner phone. My main question is how these operations adhere to US banking regulations like AML and KYC.
Regulators would have to think on a broader scope than KYC/AML. For example, what would it mean if AMZN would want to have its own currency? Does this mean that every organization becomes a "Mini Fed" controlling the supply of their own currency?
LOL. I mean does FB want reputational risk for facilitating weekend drug sales on a massive scale let alone the really gnarly stuff like financing international terrorism? Even if everyone using the network is verified ala Paypal, that still would lead to petty drug sales, gambling and everything that cash has been associated with.
Exactly! Besides FB specialty is listening to me in my car through their app when I talk to my wife about a new sofa and then running ads on their feed. Zuckerberg should stick to his specialty.
Whether they will use it is another case. Venezuela government issued petro cryptocurrency, yet venezuelans still flock to bitcoin.
not the same thing... Venezuela is broke. the tech giants however... if they were independent countries, they'd no doubt be the richest per capita in the world. e.g. say you can conduct commerce in these ecosystems with face coin or prime coin without fees, then vendors can pass on the savings from credit card companies onto the consumers and wala - you have instant adoption. and no stupid 'mining' process needed.... say you just shop on Amazon and you get prime coins... like ebay bucks lol... then you can spend them, and vendors can take them... again you have instant adoption. really the only use case left for btc is buying illegal weapons or drugs. and please don't take this the wrong way... no offense to you... but I wonder how many btc believers are also socialism believers lol... you know, both being against the standing capitalist system... and isn't it funny that the socialists refuse to mention Venezuela as the poster fail boy, but the btc people use it as a poster win boy for the bitcoin
Do they use these coins to purchase items from their vendors only or can it be used as currency to send from one facebook user to another? Its very likely the former which I dont think it will take away bitcoin's use case.