As much as I dislike the perversion of cryptocurrency's main selling point, I must admit Facebook will most likely do a better job of making something actually usable, and not just overinflated imaginary money (which is what a lot of cryptocurrencies eventually turned into - even Bitcoin is a pain in the ass to pay with when it comes to basic things)
How dumb is this quote? 10/10 dumb.
Here is how this works. Crypto is not a UI problem. Crypto is not something only the big guy can do. Facebook will not be better at it from a safety or UI perspective.
But they will be better at it in two aspects.
1. Usability/convenience - because they will make ALL decisions and tradeoffs in terms of the safety/convenience concern leaning towards convenience. So it will be the worlds unsafest form of digital payment. But at the same time - with mastercard, visa and paypal on board - they dont care at all, because they will try to limit fraud with a data analytics approach (as banks and credit card companies do today), and dont care about safety. Which will make it convenient.
2. The spiky - bubbly nature of crypto currencies, is a factor of their "small scale size". If you have money - you can control one of the crypto currencies, you spike it up and down with consolidated purchases - you make more money from suckers. Just make it "huge enough" (which this is a play for) - and the problem is gone. Because now the business model for the stakeholders becomes, skim a percentage off of every purchase - WORLD SCALE. There is no better business model. All scams (better ROI percentage) are minute compared to that.
In effect this is a play that has nothing to do with "excellence in crypto or programming, or UI design". Its - replace trust in crypto with replace trust in the worlds biggest 25 financial companies. Married to a "you already have an account with us" (no barrier of entry) play with the worlds largest digital company. (Because formaly freeTM pictures of Grandchildren). Which coincidently is also the worlds biggest advertising company.
The future is facebook bucks. For all the wrong reasons. But idiots will love it.
Btw. I'm not a crypto nut myself - so I'm not trying to interest you in some *insert coin here*. But everything about this is transparent - and cynical as fuck.
And you sir/madame - are an idiot. But will probably be in the majority who will use this - when everyone starts using this.
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Everyone that has ever heard me saying that people are dumb and out to be used, scamed and abused - they only react negatively if you abandon them too fast afterwards - in the politics forum -
- this is that logic, extrapolated to a million.
In your lifetime - there will be NOTHING, EVER, that will be more cynical, than what this thing is going to become.
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