Random musing: perhaps some of the 'messenger app coins' will help the adoption of Bitcoin, as users are presented with an easy on-ramp through a service they already use. After gaining familiarity with using a 'cryptocurrency', making the switch to Bitcoin will be easier.
This article is fairly idiotic, but it prompted my thoughts:
Also, I'm kinda surprised to hear Signal is making its own coin? For no real reason, I thought they'd know better? Hm
Signal's plans have been known for quite a while (NEM-based iirc), but yeah, one would expect them to know better.
Thinking FBCoin would have a positive effect on Bitcoin, is imo purely wishful thinking.
How many unique features will Bitcoin have? Censorship resistance. I think the amount of people caring about privacy is larger, ie almost non-existent.
Fixed supply. I don't think many ppl know or care about Austrian Economics. Gold bugs are seen as weirdos by the majority.
All the Bitcoin FUD will get amplified ... and most people will believe it.
FBCoin won't boil the oceans!!
FBCoin will have 2bln users, instantly, possibly more (WhatsApp/Instagram).
And it's available and working instantly. No need to sync your own node for a couple of days/weeks.
Of course, I hate it, just like FB, but I'm not so convinced 'Average Joe' gives AF about Bitcoins (remaining, unique) features
I think that importantly, the 'permission-less' feature doesn't start and end at a user making txs, it also includes permission-less development and integration.
Not an absolutely perfect analogy, but the classic 'intranet of the 90s' example is relevant here I think. AOL had a LOT of users, but eventually lost the battle to the open internet.
Similarly, I think users that want to transact outside of FB-sanctioned products will discover Bitcoin is well-suited to their needs.
I also think that a 'FBcoin' would probably be useful to many FB users, but that doesn't mean it actually threatens Bitcoin in any meaningful way, despite clickbait-y news headlines like the one I linked to.
Of course I agree with you and people are stupid if they choose FBCoin over Bitcoin.
I'm just not so convinced the rest of the world does too.
FB+WhatsApp+Instagram is a massive reach. Don't underestimate how many cool/useful features for end-consumers (who mostly don't care about the things we do) that could bring.
WeChat is hugely popular in China (with their payment functionality). FBCoin could well be the same for the rest of the world.
"When it comes to money, privacy and control can be felt as cost immediately. That's why crypto is about "the other 6 billion". Ask an Argentinian (Greek, Venezuelan etc) if they care about currency controls. Americans and Western Europeans don't care. That's financial privilege."
As usual, @aantonop makes an excellent point :)
@htimsxela "Stablecoins" are just the lazy way out. Whether it spurs interest in others, I'm not sure. Facebook wants to own the entire silo, so they won't be encouraging any cross-exchange, thats for sure.
@htimsxela I am interested to see how open this blockchain and protocol are. Is anybody able to host a node? Do you need some kind of proprietary software to make a transaction allowing only facebook messenger to make a transaction?