By CCN: Mark Zuckerberg has collaborated with his old rivals, Winklevoss Twins, to launch a digital currency that can be used on Facebook, WhatsApp, Instagram, and beyond, according to a Financial Times report. Facebook's cryptocurrency, which is supposedly called GlobalCoin, is expected to make its debut next year.
FT reports that Facebook is talking to cryptobytes, including Gemini, founded by Tyler and Cameron Winklevoss, as well as Coinbase. The concept is that users of Facebook's payment crypto would have the opportunity to keep their coins on a trading platform or convert it into another coin or money.
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Winklevoss Twins Bet Big on Bitcoin
Aaron Sorkin's film "The Social Network" made Winklevii famous. The film tells the story of the young Mark Zuckerberg bouncer from Winklevoss & # 39; ConnectU network to launch their own social media platform. The twins sued the Facebook founder in 2004 to steal their idea. The judge awarded a $ 65 million settlement.
Loathe to miss the next major technology disruption, Cameron and Tyler Winklevoss picked $ 11 million of their Facebook settlement in bitcoin in 2013 when 1 BTC sold $ 120. They claim to own about 1% of all bitcoin that exists. Their holdings have made them the first known bitcoin billionaires during the bullfighting of 2017.
It looks like Mark Zuckerberg and Winklevoss twins have updated things since 2004. There may be a lot for it for all three technological entrepreneurs. After launching a New York-based bitcoin exchange Gemini Trust in 2015 and struggling with the SEC to introduce a bitcoin ETF, Winklevoss & # 39; has both legal and technical experience to offer.
Zuckerberg Copy Winklevosses Again
At this point one can be forgiven for thinking Mark Zuckerberg's business strategy is to copy Winklevosses. He cribs his business ideas to construct and market them better.
But it can't hide the same thing Facebook did, despite the networking effect of his popular site and access to huge amounts of capital this time.
Neither Cameron nor Tyler Winklevoss invented crypto; Satoshi Nakamoto did. And Facebook's GlobalCoin is probably in many prominent ways the opposite of bitcoins revolutionary features.
Facebook's global currency institutes can be rooted in some branding issues.
Can we even rely on Facebook to keep us confident?
Last year the world learned Facebook sold the personal information of 87 million users to Cambridge Analytica. This year, we learned that Facebook saved hundreds of millions of user passwords in simple text files available by thousands of Facebook employees, a practice that started in 2012. Who would trust their money with a company that has been so careless with the photos they took off their breakfast ?
Facebook has censored content. Payments next?
Facebook also has censored content on its social media platforms. One reason why the company did it is that they can. Facebook centrally controls the user's accounts and content, as they will undoubtedly control the user's GlobalCoin accounts. If Mark Zuckerberg determines your political views, do persona non grata you may need to accept bitcoin.