Ex-Facebook developer: 'Ripple is centralized, FB going to eat their lunch'

03 Mar, 2019 | Updated: 03 Mar, 2019
by Jelmer van der Dussen
Ex-Facebook developer: 'Ripple is centralized, FB going to eat their lunch'

Facebook has experimented with their own stablecoin 'Facebook Credits' in alpha since 2009 already, claims Brad Mills, Bitcoin maximalist and former Facebook game developer.

Mills explains in a Twitter thread why 'Facebook Credits', which was primarily used in social games, failed and disappeared in 2013. According to the developer, 'Facebook Credits suffered typical central banking problems, with cronyism & better deals being given to larger organizations like Zynga.'

According to Mills, Facebook had 'an impressive push in 2012 with Facebook Credits in stores globally', and he the now analyst and partner of Xsquared Ventures & Centah says that the soon to be launched Facebook Coin will be a great move for Bitcoin (and not so much for Ripple).

Read more: 'If Facebook Coin is listed on exchanges, we're on for a helluva ride'

The New York Times reported earlier this week that Facebook is already talking to exchanges to get their coin listed in the first half of 2019. The cryptocurrency will be a stablecoin pegged to a basket of different fiat currencies, and its main use at first is on Whatsapp, where it will function as a coin to send to your friends and relatives. Facebook also wants to integrate Facebook Coin in Facebook itself, Messenger and Instagram.

Read more: Facebook Coin: 4 most interesting details from the NY Times report

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