GlobalCoin: The community reacts to Facebook’s ‘crypto’ venture – Chepicap

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GlobalCoin: The community reacts to Facebook’s ‘crypto’ venture – Chepicap

Forget about ‘Zuckbucks’ or ‘Facecoin,’ Facebook has officially announced GlobalCoin, the “cryptocurrency” made by Zuckerberg and his crack team of Blockchain engineers. So what does the community have to say about the new venture? Here’s the good bad and ugly of community reactions to GlobalCoin.

It was announced a few days ago that Facebook was looking to launch their officially branded cryptocurrency sometime in Q1 of 2020, which has been in the works for over a year. While not much is known about the actual use of GlobalCoin speculation points to it being utilized for payments both within and outside of Facebook’s ecosystem.

For the most part, however, it looks like Facebook is actively aiming to completion with Bitcoin, something which hasn’t gone unnoticed by the community at large.

Will Facebook’s coin be useful for global payments? Maybe.

Does it present a threat to Bitcoin? Nah.

Despite what the media will emphasize, it will still be centralized, permissioned finance at the cost your personal data.

Stack sats. Hodl on. Change the game. https://t.co/YD9t89X9NO

— Stephen Cole (@sthenc) May 24, 2019

The real GlobalCoin is Bitcoin.

— Brian Hoffman 🙅🏼‍♂️ (@brianchoffman) May 24, 2019

Some have noted that due to its centralized nature, Globalcoin cannot be classed as a cryptocurrency at all:

It’s not “cryptocurrency” in any meaningful sense if one entity can shut it down or censor transactions.

Facebook’s ‘GlobalCoin’ will probably not be a cryptocurrency.

— Dan McArdle (@robustus) May 24, 2019

It’s not “cryptocurrency” in any meaningful sense if one entity can shut it down or censor transactions.

Facebook’s ‘GlobalCoin’ will probably not be a cryptocurrency.

— Dan McArdle (@robustus) May 24, 2019

With all the power in the hands of one company and their will controlling the fundamentals of Bitcoin and the wider cryptocurrency ecosystem are essentially non-existent

Also, lol at “Globalcoin” how fucking tone deaf is everyone at this company?

— Marty Bent (@MartyBent) May 25, 2019

Others point to the man heading the venture, Zuckerberg himself, alluding to the shady actions exhibited from Zuck and his company in the past:

For those of you bullish on Facebook’s “GlobalCoin,” never forget who we’re dealing with pic.twitter.com/GL3qp0giAl

— Frank Chaparro (@fintechfrank) May 25, 2019

Wait, no, I don’t want a protocol. I want someone to enforce my rules, to not enforce the rules of my enemies, and to never cheat me. Does Globalcoin have such a dear leader?

— Eric Lombrozo (@eric_lombrozo) May 25, 2019

And then there’s the name…

Expectedly, the community escpailly honed in on the choice of name, with many noting how misguided and Orwellian the name GlobalCoin is:

— Evan Van Ness (@evan_van_ness) May 24, 2019

GlobalCoin pic.twitter.com/tuoLDwp6hI

— Mike Dudas (@mdudas) May 24, 2019

$20 says Facebook renames GlobalCoin to something else before launch.

— Steven D. McKie (@Steven_McKie) May 25, 2019

— Crypto King of Pop (@CryptoKingofPop) May 25, 2019

GlobalCoin really sounds like the name of one of those extremely shitty altcoins from early 2014 that where pumped using signature campaigns on Bitcointalk

— Federico Tenga (@FedericoTenga) May 25, 2019

How fucking dull do you have to be to name your coin GlobalCoin?

— Listen, Destro. (@listendestro) May 24, 2019

However, there were a few who saw the positives within the venture. One such advocate suggested that GlobalCoin will increase the awareness of cryptocurrencies and thus lead billions to ‘real’ cryptocurrencies such as Bitcoin:

It’s official. #Facebook will launch their own ‘#GlobalCoin‘ next year. This will greatly increase the awareness of #crypto in many countries. As billions start their journey down the rabbit hole they’ll discover the real power lies within true cryptocurrencies like #Bitcoin. 😀

— Alex Saunders (@AlexSaundersAU) May 24, 2019

Another simply noted that GlobalCoin may become a big player in the space, thanks to Zuck’s business acumen.

I think Facebook’s GlobalCoin will be a big deal.

Zuck may be able to influence the Government Officials in India to allow its use through facebook and Whatsapp. 

Bitcoin doesn’t have a Zuck.

— Jason A. Williams 🦍 (@JWilliamsFstmed) May 24, 2019

So, all in all, the community seems to have a vendetta against GlobalCoin already (to be fair it’s dystopian name doesn’t help too much). However, with Facebook’s 2.4 billion active users, and with all of Facebooks weight behind it, it’s likely that this new venture will be a successful one, and who knows it could just propagate the cryptocurrency industry along the way…

What do you think about GlobalCoin? Will it help, or hinder cryptocurrency industry? Let us know your thoughts in the comments!

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