GlobalCoin: The community reacts to Facebook's 'crypto' venture

26 May, 2019 | Updated: 26 May, 2019
by Will Heasman
Social
GlobalCoin: The community reacts to Facebook's 'crypto' venture

Forget about ‘Zuckbucks’ or ‘Facecoin,’ Facebook has officially announced GlobalCoin, the “cryptocurrency” made by Zuckerberg and his crack team of Blockchain engineers. So what does the community have to say about the new venture? Here’s the good bad and ugly of community reactions to GlobalCoin.

It was announced a few days ago that Facebook was looking to launch their officially branded cryptocurrency sometime in Q1 of 2020, which has been in the works for over a year. While not much is known about the actual use of GlobalCoin speculation points to it being utilized for payments both within and outside of Facebook's ecosystem.

For the most part, however, it looks like Facebook is actively aiming to completion with Bitcoin, something which hasn’t gone unnoticed by the community at large.

Some have noted that due to its centralized nature, Globalcoin cannot be classed as a cryptocurrency at all:

With all the power in the hands of one company and their will controlling the fundamentals of Bitcoin and the wider cryptocurrency ecosystem are essentially non-existent

Others point to the man heading the venture, Zuckerberg himself, alluding to the shady actions exhibited from Zuck and his company in the past:

And then there’s the name…

Expectedly, the community escpailly honed in on the choice of name, with many noting how misguided and Orwellian the name GlobalCoin is:

However, there were a few who saw the positives within the venture. One such advocate suggested that GlobalCoin will increase the awareness of cryptocurrencies and thus lead billions to ‘real’ cryptocurrencies such as Bitcoin:

Another simply noted that GlobalCoin may become a big player in the space, thanks to Zuck’s business acumen.

So, all in all, the community seems to have a vendetta against GlobalCoin already (to be fair it’s dystopian name doesn’t help too much). However, with Facebook’s 2.4 billion active users, and with all of Facebooks weight behind it, it's likely that this new venture will be a successful one, and who knows it could just propagate the cryptocurrency industry along the way…

What do you think about GlobalCoin? Will it help, or hinder cryptocurrency industry? Let us know your thoughts in the comments!

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