Facebook's GlobalCoin To Charge 10 Million USD To Run A Node
To think that I was a little worried that Facebook's new "cryptocurrency" could compete with Steem and other open source projects. No longer.
https://www.trustnodes.com/2019/06/06/facebook-to-charge-10-million-to-run-a-node-for-its-globalcoin
“Encryption and cryptocurrency take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control,”
-Mark Zuckerberg
Yes Mark, thank you for explaining the entire point of the whole movement. We don't want you in control of a currency, you blood-sucking rat.
Just when you think these corporations will bring some competition into the space, we see that time and time again these projects become instantly corrupted by greed and the thirst for more power.
Even the name GlobalCoin is a hilarious joke. Like seriously, I laughed pretty hard when I heard the name. "I'm gonna take over the world with this shitcoin that I control!" LOL, Mark, please, DIAF.
Every coin is global.
The details of how GlobalCoin will work is still a secret. What is the point of even running a node if it's going to cost you 10 mill? I'm guessing these nodes are going to get paid slowly over time by transaction fees. Otherwise, what's the point?
This is just going to add more bloat to an otherwise already bloated system. "Global" coin will ironically undercut itself before even going to market. I say this because the whole development is still overwhelmingly bullish for crypto.
These corporations continue to train professional developers how to use real decentralized software. Those skills will later be utilized in real projects when these ones ultimately fail or need far less upkeep than the initial overhead cost.
These centralized projects have way more money to play with. They have built in advertising and infrastructure to spread the word, and the word is simple:
Crypto is the future.
GlobalCoin and other corporate coins may be terrible projects when looked at by themselves, but they bring viability to the entire cryptosphere. There's no such thing as bad publicity in this situation. This technology is simply too new and unknown for developments like this to have an overall negative affect on the space.
Gogo gadget GlobalCoin
What could possibly go wrong?
I hope everyone uses it and learns the hard lesson of centralization first hand.
Related posts
https://steemit.com/facebook/@edicted/facebook-crypto-more-boring-than-you-could-possibly-imagine
https://steemit.com/whatsapp/@edicted/facebook-crypto-gets-undercut-before-even-going-to-market
Its pretty disgusting that Facebook defamed the entire crypto industry and banned our ads, pretending to be protecting consumers while at the same time secretly developing its own cryptocurrency!
The Judge is going to love this story when we sue them for everything they've got!
Join the Crypto Class Action to get you piece of the the Action!
At the same time, business as usual :D
The post’s title and Zuckerberg’s quote sound like something from The Onion.
How do satirists top reality?
Might as well have called it Internet Coin.
....unfortunately he who laughs first laughs last as they say, Mr. Zuckerburg has been running around to banks and talking to politicians, as I noted in a blog I did on it a couple weeks ago, what starts out as a coin reward for clicking on advertisements and purchasing products will then feather out into using the global coin for purchases....as sad as that all is to think about, Zuckerburg becoming the King of a universal coin.
https://steemit.com/crypto/@sunlit7/zuckerberg-satoshi-who-facebook-plans-to-launch-globalcoin-cryptocurrency-in-2020
Dont underestimate it.
If he gets many people to use his shitcoin (direct integration in Facebook, WhatsApp, Instagram), it will be worth something because many people use it..
We need to push decentralized information and clarification.
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Crytpocurrency is about community, and Facebook has an incredibly massive built in community. It will get instant adoption for sure.
That will be good for everyone though.
A billion+ people are about to learn that crypto is important.
Sometimes I forget how big of an idiot Mark Zuckerberg is, because he figured out how to be a billionaire and everything, which they try to convince us has something to do with intelligence...but he did originally write Facebook in PHP...and ripped it off those two brothers...so...yeah. Makes sense that he would say something so stupid.
I'm glad I don't work for him. I can't imagine trying to explain to him how his new vision of encrypted everything social network won't let him read everyone's messages, send them to the local three letter, and use them to target ads. Maybe he'll have them encrypt all the messages with a simple letter shift or something, so he can still spy on us all. "New Facebook CryptoNet, with fabulously secure Pig Latin Encryption on all messages!"
onay oneyay ancay eadray isthay
I don't think they could've done anything better, obviously this payment system will only be used for a bit before people click on that it's nearly as a bad as fiat.
Free publicity.
I might make the argument that it's even worse than fiat. After all, it piggybacks off of fiat to maintain the peg and there are more ways for it to fail.
Free publicity indeed.
But blockchain is more robust to attacks and international remissions will be faster. Hence why they chose the name Global Coin (lol)
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Yet theyll probably be able to gain interest for that... messed up world
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