A. Antonopoulos on Facecoin: Facebook can't compete with crypto

31 Mar, 2019 | Updated: 31 Mar, 2019
by Will Heasman
A. Antonopoulos on Facecoin: Facebook can't compete with crypto

Famed Bitcoin influencer and author of Mastering Bitcoin, Andreas Antonopoulos, spoke on Facebook's imminent foray into cryptocurrency and his thoughts on the implications of Facebook coin and what it could mean for the industry…

The highly maligned Facebook crypto venture mostly divides the crypto community, with one halve suggesting that Facebook can help propagate cryptocurrencies, and the other believing that the firm could end up being highly detrimental to the industry.

Antonopoulos fits, for the most part, into the latter halve, explaining on his YouTube channel during a Q&A several reasons as to why Facebook coin is essentially a soulless cash grab which looks to do more harm than good.

The influencer believes that Facebook coin would be little more than an alternative to Paypal as it would still have to comply with banking regulations, as well as Know your customer (KYC) policies:

“Facebook will not produce a coin that is censorship resistant, open, decentralized, neutral, or borderless. It will not be similar to any cryptocurrency. They will recreate the world of digital dollars, just like PayPal and Venmo, etc. … They will be competing against other banks.”

Antonopoulos also relayed that in his opinion, corporate cryptocurrencies such as Facebook Coin and JPM Coin can’t, and won’t compete against cryptocurrencies:

“The differentiator for cryptocurrencies is freedom. Open, neutral, decentralized, borderless, and censorship-resistant money for the entire world, without discrimination, identification, or control. None of those features can be offered by these coins.”

Due to these reasons, the influencer believes that Facebook coin won't actually help anyone, certainly not those under authoritarian regimes or within economic crises:

“Guess what? About 90% percent of the human population lives under [or close to] those conditions. For them, ‘FaceCoin’ isn’t a solution. It is simply another broken, centralized currency. Open systems are the solution; the problem is caused by centralization of control. That problem cannot and will never be solved by ‘FaceCoin.'”

Antonopoulos relay’s that much of the issues plaguing Facebook, such as privacy and the firm's nonchalant attitude towards user data and the sale of such, will be transmitted into their crypto venture as well:

“They will apply surveillance to all of your transactions, selling that data to hundreds of various… commercial companies and intelligence agencies, totalitarian regimes and [entities] like that. Facebook will sell the financial [data] of dissidents to the dictators hunting them down and get people killed. Because that is how fiat works.”

Read more: Andreas Antonopoulos on JPM Coin: That's not blockchain!; Facebook's crypto coin could be worth $19 billion in additional revenue

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