Facebook vs Steemit: Merging Social Media and Cryptocurrency
Facebook issued a Libra coin, with a virtual wallet called Calibra. Blockchain technology is used for that. But because it was too focused on defeating Bitcoin, Facebook owners were unaware of the weaknesses of Libra coins. Therefore, what I can say is that if Facebook does not have the latest innovation on Libra coins, then Libra coins do not mean anything. You could even say it's worthless.
In this case what needs to be considered is about where to take this coin Libra? This fundamental question needs to be rethought by Facebook owners and financial groups that issue coins. In my opinion other than the security factor of the Libra Coins, Facebook must pay attention to the function of using the Libra Coins. In this case the users of Libra Coins or buyers of Libra Coins play a role in determining the market.
So, Facebook and its partners should understand that issuing a cryptocurrency is not as easy as it seems. Although managed by a trusted institution, the function of the coin in its trade must also be clearly visible. And the buying and selling process must be free, transparent and have real benefits. Unfortunately for the size of the combination of cryptocurrency and social media, Steemit was the pioneer.
Very true. Steemit helps the whole purpose of the cryptocurrency. With facebook's Libra, we are not clear on how it will function. Let's wait till the launch and see what will the rules and regulations be.
@yurelx ==>
"Let's wait until the launch and see what the rules are." The rule, huh? Facebook might understand Social Media. Both in terms of technology, and how to develop it. But the question is do they understand cryptocurrency? If they understand it, I think Steemit is preparing for "convulsions". But seeing new innovations and technologies created by a combination of social media and cryptocurrency, I'm sure Facebook will lose. Because after all a pioneer won't be so easily subdued.
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