[Vlog] Facebook CEO Zuckerburg talks cryptocurrencies and decentralising power - should we take him seriously?
So Facebook CEO, Mark Zuckerburg posted his New Years "challenge" and it included a pledge to taking Facebook back to it's roots by decentralising and giving 'power to the people'.
In today's vlog I give my thoughts on Zuckerburg's comments.
Summary
If Zuckerburg is serious about decentralising Facebook he should consider (1) leveraging the immutability of the blockchain to make his platform censorship resistant (this is one of people's biggest gripes) and (2) looking at a model (like STEEM) to reward/ incentivise the people that post and provide value on Facebook (as decided by the community) over profits to shareholders. Blockchain's are all about removing the middlemen that hold the power and the purse-strings. However I suspect even though we're into the New Year, turkey's still won't be voting for Christmas!
If Facebook integrates a cryptocurrency into the platform as merely an add-on to enable user to tip or transact with each other that would be 'meh moment' imo as it would do nothing to address Facebook centralisation. However this kind of move would be typical of the superficial nonsense that will create a major buzz in the space. Currently people are more concerned with "going to the moon" then making a real difference right here on earth! I don't think this sentiment is going to change any time soon.
Whichever route Facebook goes down, any serious exploration of the issues will involve Zuckerburg looking at STEEM/ DPOS . As this is an example of how cryptocurrencies/ the blockchain can be used at scale to fuel a platform the size of Facebook.
I think we should not talk him seriously. As this guy only want to earn more money.
I readed about it today. But i like your thoughts on it. I agree about the censoring. I believe it is needed aswell. Some things should not be promoted on any platform.
And money wise facebook is indeed a company. Where steem works for the people.
Their main asset is our data which they harvest and trade irrespective of how we feel about it.
I think he should start by showing us all the information they hold on each one of us, then paying us each time they sell our information to advertisers.
I like that idea... user should also have the option to opt out and their data should be encrypted.
It would be great if this was what he was hinting at.
Can't see it happening though!
Now everyone wants to be part of the big deal, I knew this would happen in a matter of time . This platform is growing faster now and no one would wanna miss out
Nah he is probably still pissed at the winklevoss twins who will outdo him. Also too busy spying on us or helping people spy on us.
I don't trust him too. But I still think he knows that decentralization will be the new thing, and that it is much better than the current system. "If you can't beat them, join them" I think that is his strategy.
LOL, decentralization will kill Facebook. If they really decentralize their platform, they're gonna have only a fraction of their current profits, zero censorship power, and a tendency to disappear.
They're only making a marketing campaign with this, and they'll probably try to fool noobs, like those who buy into Bitconnect and Ripple, lol.
If you want true decentralized technology, think in IPFS, SIA, BarterDEX, and many more. A lot of new projects.
http://komodo.rocks
Might be the only way they could survive when all these other new techs come out like Sia etc. These guys know where this market is going and their all trying to get a piece of the pie.
Plus NSA and other such powerful organisations wil never let Facebook ever get decentralized, so all of this is a total joke..
That's the point. We share opinions. Facebook (Mark) proved itself unworthy regarding cryptocurrency as he is always talking in context of facebook appraisal. So, it is a great marketing campaign, as always. He never talks about what he truly believes, rather speaks to benefit from it. (Not that most people would do differently, as it brings him tons of money)
I agree, Bill Gates was the first to understand that Crypto has power to change the world in any term. Altho its not clear yet that how crypto will help some industries. As per now which I understand is that you can start your own project and ask for fund from the crypto networks, Which ICO's are doing right now. So many new good project we have seen in the past few months. Ether, Smart Contract System, Bitcoin Secure Payment, Finance industry is very thankful of Crypto world that new investors came out. New Age was almost forgetting stock market and they don't even who what is Bond now a days except that they read it.
Sorry for a large comment. But the point is there is more to come related to crypto world. Stay tuned and All the investors and People in crypto check each and every news because may change your future life.
Nothing stopping him from coming up with his own coin. With the power of Facebook behind it, it would definitely make a splash!
The whole point of blockchain and cryptos is not relying on the "power" of big corporations. It's a peer-to-peer technology.
http://komodo.rocks
I don't think he will go with his own coin.. he is probably going to ask his VC at coinbase to get him good deal with an already hyped coin.. and that coin will totally go the moon..
Yeah, I have absolutely NO confidence that dude cares at all about "the people". It's all about making money. He's hopping on a bandwagon.
I don't mind his supporting the crypto space.
same here.. but we all know he is not going to support it, if he really wanted to, don't you think he is wayyy more informed to not use cryptography and blockchain etc. until now..
I think he's smart enough to realize he doesn't have a choice. And that it's a better model for monetizing social media. He has the most to gain from this... if fb were to buy steemit, it would probably more than double the stock price.
Well put.. He doesn't have a choice.. That's for sure.. this is the future..
Not future, But Crypto has it own space in the future. like some gadget which we was not use too in 90's but we like to most today. (Mobile)
Yes! I agree with your view but its good for the community though
hi,i am a fresh here
follow me back
i agree with u
absolutely right, and it's absolute madness that all those people are voluntarily sharing their whole life with FaceBook
It's not totally true as he donated before
Yeah!! I'm agree...
follow me back
ye true....really waited for 2018..before coming to that idea? I think he felt something big is coming.......hmmmm
i am a fresh,i wanna make friends here
you are right dear
yup!
i think Mark Zuckerberg should not make a mistake of doing the same thing as steemit. Facebook as its own way of doing things which can not be similar to stemit. he should keep his original conception ideas and project on more other poweful options but not into cryptocurrencies.
my point is that if people are now paid on facebook which was not initially, this can cause confusion and social media deviation. for marc to be successful, he needed an original and strong idea. however, making the same thing as steemit will not increase anything on people and may lead to a decrease of facebook users.
i do think that Mark is really bright and all surrounded with thinkers and should try to bring something original and not copied. for example, including various options of cryptocurrency users to make exchange or Facebook can play as an intermediary between cryptocurrency users.
ended, if Mark Zuckerberg can turn facebook into a cryptocurrency thing then he should assume use more innovative ways to attract people.
Why not? He's made his fortune basically piggybacking off of other applications. Anyone remember MySpace?
yuppp
I've heard that he will be supporting litecoin on facebook and not bitcoin to undermine the Winklevoss twins.
Why ally himself with any existing coin, his organization has the breadth and depth to come up with their own coin.
But do you think litecoin can really undermine the power and momentum of bitcoin? I think most of these cryptos rely heavily on the rallying power of bitcoin in the market
If facebook really did accept litecoin and not bitcoin that would send a strong market signal and expose it to more users as 1billion people use facebook. LTC went x50 last year bitcoin only x13 and it's loosing ground as it's too slow and expensive to move.
I hope the Winklevoss twins out do him by creating a better decentralized social network. :)
You mean, THIS TIME!
:P
if they were so smart they might have done it before facebook !
Y U yelling?
You're trying to Block(chain) me riiight?!?
http://1ink.cc/dywms
but that will be very good if that actually happen
He's only FOMOing a bit. It won't last. Or maybe they'll buy some legit project, just to turn it into centralized garbage, as always.
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Currently, much less than 5% of the world's consumers dabble in blockchain technologies and cryptocurrencies in one way or another. It was the same for internet and cellular technologies before the industry exploded in numbers beyond the professional forecasters' wildest imaginations, and totally changed the way people communicated with each other forever. When a revolutionary technology like blockchain reaches this stage, magic will happen to steemit beyond all our 'humanly' forecasts.
Facebook, given time, will lose its large customer base gradually to steemit. And, when the user numbers hit critical mass, you will see an exponential increase in steemit users every month, stealing sizeable market shares from other social media platforms, and inevitably facebook's fate will be sealed.
It is how market adoption works with time as long as there is a differentiable product (like steemit) ushering in new possibilities not available elsewhere. Make no doubt about it!
Love your optimism! Let's hope it happens.
Thank you!
Suddenly he's worked out Steem could be a threat to his empire and he wants to share his fortune around to the minions NOT
All he has to do is copy Steemit's strategy, the same way he duplicated MySpace's application.
He personally probably already owns some crypto but now he wants to implement it in his own firm.
I wonder what he will name his own crypto coin or token. Maybe Zuck coin
more like sucker coin.
If I had to bet, I'd say he's already bought a lot of crypto currency and that is one of the reasons he will likely introduce it on FB - it will drive up prices through exposure and it is an easy way for him to give a middle finger to the twins
As far as i can see it there is no party losing if a decentralized currency was implemented - neither Zuckerberg nor the users. Zuckerberg may profit from it obviously which is not a big deal (cash ain't his problem) , but more importantly the users get to use cryptocurrencies.
Of course given Facebooks background, how it will be implemented is the question.
Why would a tipping system on Facebook even have to use a cryptocurrency? It would be completely wasteful on a centralized platform like Facebook.
Not exactly. The blockchain properties aren't just decentralization.
The blockchain exists to distribute consensus. If a single entity controls the blockchain there is no distributed consensus but centralized consensus instead. It is much more efficient to implement centralized consensus without implementing all the costly and complicated mechanisms of distributed consensus. It is completely wasteful. And if you think a blockchain would be a good choice for security, remember that banks have centralized databases and they get hacked very rarely.
Goood points! No wonder we have this scaling issue.
We can see that the blockchain is already threating the centralised powers.
A new revolution
I’m sure he’s been watching steem for awhile. Waiting, plotting, doing dr evil things
Hello ceattlestretch. I Followed you.If you follow me, I'll be happy.Thanks :)
Well I wouldn't exactly agree on him thinking Steem is a large threat to Facebook. Centralized or not, Facebook still has the largest base of users on any social media platform. Currently with the average daily users on Steem, we would have no way in competing. Also, I think Steem is leaning more towards a 'replacement' to Reddit as opposed to Facebook. Personally, I think Facebook is so big that nothing can really replace it. It's become too large of a business and advertising hub. My two cents.
Looks that way, doesn't it? Well, I wouldn't dare give into Facebook and suddenly dump Steemit.
Facebook is still known for censorship and ties to DARPA, regardless.
I'm going to pay closer attention to how this all sorts itself out in the scheme of things in the ensuing months to come.
He is very evil
i don't think he is evil, just greedy.
He's only trying to look cool. Probably by advice of his PR team. If they make any move towards cryptos, it will only be more centralized garbage. Just like Blockstream took over Bitcoin, only to centralize it more.
If you want real decentralized tech, think in BarterDEX, the Atomic Decentralized Exchange from Komodo Platform. That's the way to go.
http://komodo.rocks
http://komodoplatform.com
Hello nexusvortex777. I Followed you.If you follow me, I'll be happy.Thanks :)
follow me back
he want to create a own crypto for facebook....
absolutely ! but steem is going to take a long time , but m sure steem will succeedddddd !
Stop, yelling, dude. Please.
he is properly half blind thats why hi is writing in VERY big letters :P
True. At most, he's gonna buy some legit project, only to turn into more centralized garbage. As they're already doing with bitcoin.
Lol exactly.. but I think Steem has still to go a long way.. and we should really start to now take this thing to more of a social networking platform than just a blogging platform..
I think it’s just fluff. He talks about some of the threats to FB dominance...
“...protecting our community from abuse and hate, defending against interference by nation states, or making sure that time spent on Facebook is time well spent.”
And
“The first four words of Facebook's mission have always been "give people the power".”
I think it’s FBs mission to be perceived to be giving people the power and control back, 2017 was a challenging year for them with some high profile censorship acts and increasing accusations of foreign powers leveraging their data on us to effect outcomes of political processes, they want to both distance themselves from this as well as remaining a massive corporate profitable machine that mines their users data.
If they’re selling data, they need to control the output, and for this reason alone, it’ll never go the sam route as Steemit.
As for coins? Meh.
Yo Nanzo-T-Scoopster. I just dropped in to let you know I finally uploaded episode 7 of my steemfest2 adventure with your beautiful early morning interview (haha) and noticed that you are ABSOLUTELY KILLING IT with this post right now. SMASHING it out of the ball park. RINSING IT DRY!!! mine is your 604th upvote on this post...how fars it genna go? Anyway, I think you are awesome and a mega gent for doing an interview with me :) peace out and full power to you my friend x basil
Lol.. glad to see you got around to posting it! By the time your documentary is complete it'll be Steemfest 3! :oP
You know I'm going to be on you until you get it done!
haha. I will be editing the last episode in the foyer at Steemfest3 XD
How is that possible?
Decentralizing the centralize?
Maybe close Facebook and start all over again and create a new decentralized one.
He doesn't have to decentralize. Just semi-decentralize. That will be enough to regain the lead in the Social Network space.
Tokens for content within his centralized network. Ez-Peasy!
Ohh!
Mark owns the majority shares of Facebook. How about those centralized minds who owns also percentage shares of Facebook? Would it be as ez-peasy as we think of? When will that semi-decentralized Facebook will happen, within months or a year? Integrate centralized and decentralized, the result is demoralized.
Yeah, my train of thought as well can’t unburn a burnt cookie.
you can always cover it up with a lot of sugar glazing ;)
Best comment so far.
Decentralized social networks are gonna explore in the next couple of years. Centralized garbage is condemned to slowly die.
http://komodo.rocks
Oh yeah!
