By CCN: Zcash developer Zooko Wilcox, who has previously stated that cryptographic courses can be used to avoid taxes, has written an "unpopular meaning" to Twitter today: Facebook's crypto project is "amazing".
Facebook Coins: "Awesome
Unpopular opinion: I think the fact that Facebook is working on a crypocurrency is amazing.
– zooko (@zooko) May 24, 2019
Facebook's crypto-venture project is far away from days of pseudonymous bitcoin or opaque Monero, bound to verified user accounts of over one billion people, transactions made via Facebook will be easier to revise than anything previously seen.
The company's love for cleaning people who depend on political ideas and public opinion, goes hand in hand with cryptonaught greatest fear: a non-fungible, censorship-embracing "cryptocurrency" that only acts as a fiduciary tool for the state of surveillance.
I think any contribution to the room is net positive. Would prefer the work went on to build on bitcoin, but recognizing volatility would be a non-starter package, unclear how exchange rates and regulatory complexity must be handled. And if a stabilcoin, which currency is it linked to?
̵[ads1]1; Andrew Z Puschel (@AndrewPuschel) May 24, 2019
There are several reasons why the founder of a semi-anonymous crypto competition can embrace contributions from a giant like Facebook. He can refer to the general good that can come from large outfits that contribute to cryptic development. Facebook's contribution to other aspects of technology is remarkable. React and a few other projects have objectively advanced the modern Internet.
Side benefits to Facebook's crypto foray include things like higher pay blocking jobs. Facebook has recently included some Coinbase people, and this trend is likely to continue.
Exposure to crypto is Paramount
But perhaps the most important potential benefit of a Facebook crypto bet is the mass exposure to crypto-basics. The platform's massive user base will be subject to cryptocurrency. Facebook has limited exposure to crypto by prohibiting things like crypto advertising like other common platforms.
There will be a gateway to Bitcoin
– The L (@ Fresh0ffTheB0at) May 24, 2019
For his part, Wilcox does not comment much on his reasoning. He thinks it's amazing, and he knows it's not a popular opinion. Most people prefer Facebook to use some existing technology, but both Facebook and Telegram seem solid on putting their stamp on blockchain tech.
There is a wide range of views on something Facebook does. The world's largest social network faces steady interference from a variety of angles, including younger generations, who prefer more immediate ways of communicating and privacy respecting social media platforms such as Minds.com. Some believe that Facebook's social approach to crypto is part of its attempt to remain relevant in changing times, and a means of "co-opting" the financial system at large.
Unlike Bitcoin, Facebook will not use its crypto currency to bring down the established financial system. It will consent to it https://t.co/p7EcD0pgXK
– Bloomberg Opinion (@bopinion) May 24, 2019
Although this is not unthinkable, the way future generations see money will be completely different from the present. For example, this reporter's generation would have turned on the idea of paying for content online, pretty much. We were used to an internet where most you had to pay is a bit slower. Future generations are intrigued in a world where you pay for mobile games. You pay for games without having a physical copy. Most everything you buy is with a card instead of cash.
Creating a value proposition for cryptographic curves: all of these credit card information flowing around the world's servers poses an ongoing risk. Cryptocurrencies, at their best, is an alternative payment system that is both fragile and safer. It remains to be seen which aspects of crypto financing Facebook will actually utilize. Will it be savings accounts, Facebook's answer to Western Union – Facebook ATMs?
Whatever happens, it's not bad for crypto if Facebook and even Google get into the crypto game. Just as we have open source solutions for almost everything the monoliths offer, we always want our cipherpunk-inspired crypto projects. The chances of them becoming more attractive for most purposes are high. Facebook can actually do a "wonderful" good deed on behalf of cryptocurrency, if it is ignorant.
Find out more from Zooko Wilcox in the following interview on What Bitcoin Did Podcast.