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Facebook’s “crypto opportunity” comes with high expectations.
“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” RBC Capital Markets’ Mark Mahaney and Zachary Schwartzman said in a note on Thursday.
The two experts expect the currency to be used for payments, commerce, applications and gaming — across Facebook’s ecosystem that includes image-based social media platform Instagram and encrypted messaging service WhatsApp.
Mahaney and Schwartzman also repeated previously reported expectations that Facebook will release their currency’s white paper on June 18, following in Satoshi’s footsteps to explain the fundamental protocols that will underpin Libra, the internal codename for the project.
RBC said it plans to offer an analysis of the paper when it’s released, “to help investors analyze the underlying cryptoeconomics of the token.”
The currency is rumored to be a stablecoin backed by a number of global fiat currencies.
It has been in development for more than six months — though the company indicated it has contemplated enveloping cryptocurrency into the social network as far back as the end of 2017 — and has 100 staff working on its development. This includes two former compliance managers that migrated from Coinbase in May.
Facebook allegedly will offer employees the option to take their salary in the new currency. It has not been confirmed if the $514 billion company will offer incentive packages in GlobalCoin.
“More people will turn to bitcoin for one simple reason—bitcoin is scarce, while Facebook’s cryptocurrency is not. People will migrate over time to the most honest ledger for storing their hard-earned wealth—and that’s not fiat currencies or derivatives thereof, including Facebook’s cryptocurrency,” wrote Caitlin Long of the Wyoming Blockchain Task Force.
Legacy payment processors have joined forces with Facebook to co-opt the cryptocurrency movement and keep control in the hands of the global conglomerates that have been selling your data and taking your money for years.
Libra will be a centralized cryptocurrency, despite efforts to involve stakeholders such as other payment companies – which is likely a ploy to avoid the regulatory issues that have plagued the cryptocurrency industry to date.
Facebook will be in control of your money, and it will use and share your data according to its own agenda.
In many ways, Libra is a declaration of war on decentralization. We have a clear choice: resist centrally controlled cryptocurrencies, or roll over and accept our fate as pawns in the great game of jurisdiction over our data. And our money.
The only true ally you have in the future is your freedom.
And decentralization equals freedom.
Comment below and let me know your thoughts!
Also beware of desperate publications reusing old stories for added FOMO and clicks… Learn to trust certain publications and always double check your information across multiple sources.
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*This is NOT Financial advice, the content found on this channel is solely my opinion so please make sure you do your own research and invest with a professional.*
#bitcoin #cryptocurrency #finance