Knee-jerk reaction may be fear and/or anger, but hear me out. Mark Z of Facebook has taken to Social Media to inform the public that Cryptocurrency is on his mind. Some believe this is just a move to make people see Facebook as a Technologically Progressive company; that said, I think that the financial gain that can come with a company of that size getting into Cryptocurrency is enough to push Facebook to begin adoption in some format. It may be that they'll create their own Crypto/Blockchain; that would be very interesting and I know it would scare many. That said, Amazon is in the same boat. Those two giants will either create their own or adopt a known one, because the Blockchain Movement shows no signs of slowing down and I know that two of the world's richest men, Bezos and Mark, won't be left behind. They've already established themselves as technical powerhouses, so it is an obvious next step.
What if Facebook joins forces with/adopts the Steem Blockchain into their existing infrastructure?
It is not a stretch to say that this would literally move the price of Steem in a way that has never even been considered; I would straight-faced tell someone that I expect the price of Steem to hit $500-1000 USD the year that happened, per Steem. It would be an unprecedented movement too; the market would flood like the days of Noah if this were to happen. Some people's knee-jerk reaction would be to shutter, scream, or raise their fist to this thought, because a lot of them hate a lot of what Facebook represents, and with good reason. They've monopolized the Social Media Market (Steemit is a rising alternative), they handle user data in a way that many consider unfair from a privacy and an ownership standpoint, and they are centralized, something that many in the Crypto-world really hate.
That said, if a transition to move Facebook onto/adopt the Steem Blockchain into their system in some way were to occur, we'd begin to see some of the benefits offered by that, which include:
- Making Facebook more transparent and their record keeping more permanent
- Making Facebook less centralized, in general
- Providing Users compensation for the data that is harvested from their accounts constantly by Facebook, which is the data that comes from interacting with peers on Social Media. This is the power of the Steem Blockchain.
I don't think it's that farfetched, as they would be assimilating/joining with a rising competitor, one that has the favor of the main crypto-populous and one that will always have the favor of Crypto experts and personalities. If they were to come out with their own blockchain, yeah, it would be successful, but it could split the market and alienate the faithful of this platform, which has risen to the 1000th most visited site in the entire world (roughly: https://steemit.com/steemit/@biddle/steemit-is-approaching-the-1-000th-most-visited-site-in-the-world-and-is-in-the-top-500-most-visited-in-the-u-s-according-to ). I don't think Facebook necessarily wants to start a war, so it wouldn't surprise me. It could go either way, but it would be a hell of a price increase, is my main point, and it would benefit users of Facebook as well for the reasons I mention above.
Very interesting thought . I’m sure everyone has thought of this . We will see what the future holds. The question to ask ourselves is are we ready if there was an explosion in price or would we be sitting on the fence saying I wish I would have powered up and posted more often?
this is not easy for fb
I thought about it too. but less centrolized facebook sounds lilbit fantastic for me)
that's pretty much sacrilege. selling out. monopolizing and making it "trendy and hip* we'd have every thoughtless moron on the platform in minutes and no way to control them because we don't have any real paid staff and once the azzhats of the world got the steem power they would start changing shit around to suit their capitalist interests. don't consider it. dont even mention it. i would rather be a poor penniless noob with no steem power and a clear conscience than be involved in that mindset.
haha Well, let's not fool ourselves into thinking that there aren't thoughtless people all over steemit already. The amount of spam comments and half-hearted articles/posts on here are astounding. Also, keep in mind that there are HUGEEEEE amounts of people on here who are purely opportunistic and see it as an investment opportunity, ESPECIALLY whales.
It's an imagined scenario and honestly, the alternative is they create their own and Steemit loses a HUGE potential user base. I love Steemit and I pray that doesn't happen. Don't think for a second that Facebook will not be part of the cryptocurrency world. If the cryptocurrency market doesn't fold in on itself, we will see Facebook, Amazon, and many other tech giants adopting Cryptocurrency or creating their own Blockchain (likely the latter, since they'll multiply their money hugely by doing so).
Cryptocurrency is capitalist too, don't forget. It's about a free market and an unrigged financial system. Not that there aren't already problems with that, those being that people who were first/people who have influence are creating/promoting coins and making fortunes at the expense of other projects, purely because of their influence (sometimes because the technology is great and has merit). Creators of Ripple, The Creator Of Steem (and now EOS), Ethereum, etc.; they all have a huge power now and they are and will wield it in different ways that some disagree with.
agreed to an extent, but I would want firm guidelines on how this platform is to work and implement before allowing that. such as no advertisement, no monopolies, no user tracking and paid for content... otherwise we all might as well go back to FB meming.
Prior to the bitconnect collapse, @craig-grant was getting 100s of dollars per post and they were mostly about his day... to say that many azzhats aren't already getting paid ridiculous amounts for ridiculous posts, is not looking at the current picture. There are some awesome whales/dolphins with awesome content, but some are crap, and that probably won't change much.
yeah, a set of guidelines would be important. There are definitely GLARING problems with Facebook (all of those you mention above!). :)
and i really think ned needs to bite it and implement some guidelines for abuse. im all for libertarianism but he's letting the azzhats ruin the platform.
Yeah, Steemit does has some problems too, far less than Facebook of course. But it's still so new and we're growing so rapidly, so I'm very excited about Steemit's changes to come in general. :)
@biddle this is all we have in our minds... crypto lovers we all
Steemit is just an APP on Steem, they would implement Steem and not Steemit. Facebook on Steem and Steemit can coexist, the mainstream people would just add value to steem and indirect to steemit. But in this case Facebook needs to be a decentralised Applikation. Zuckerberg had already tried to implement a virtual currency back in 2011 (Facebook Credits) and 2013 they removed it from Facebook. I think it is more realistic that they are interconnecting their markets with a blockchain like based network like steem, rather than becomming a DAPP
Yeah, I know that (I don't think I said they would implement Steemit.). :) I think you're right that it wouldn't be a full integration if it did happen. It also may not be the steem blockchain but could be their own (that wouldn't surprise me a bit). and yeah, that was the wrong timing for sure, with facebook credits, but with the Altcoin booms of last year and this year and bitcoins meteoric rise, it could absolutely be achieved now for them. I don't see them ever becoming fully decentralized, but I could see a blockchain being integrated that monetizes likes, etc. :)
yes sure you knew it. It was just an answer to the post below. I completly agree with your post. They are in great need for a micropayment channel (all the games, items and stuff). It will come just for the sake of good PR. But dont you think a private or consortium Chain will be much more efficent for a network like Facebook (because of the scaleability trillema of public chains)? Like J.P. Morgan, they are using the know-how of Zcash for implementing ZK-Snarks into their private-public Blockchain (Quorum), i could imagine that there will be a cooperation with the steem developers. We wil see, i guess its good to hold steem anyway. Resteem
Ah, my confusion, I thought it was reply to me! And very good points about scalability! Another reason they might implement their own blockchain (not to mention the financial gain they would get from that). It would be VERY interesting if the Steem Developers collaborated with them!
Really interesting points to consider!
Interesting thoughts, I don't think they would do that because they can't censor Steemit, and Fakebook clearly wants to censor the content that they facilitate access to.
I think that censorship ability should be a setting for users, personally. For example, a nsfw button (as steemit has), but at the site level, so content that people aren't interested in seeing, like shootings, pornography, etc. can be monitored and kept out of there feed.
It would definitely be a huge statement if they did decide to adopt steemit because, as you're saying and exactly as I'm saying above, it would create more transparency, permanency, and a lack of central authority deciding what should be censored/if anything should be censored.
So your talking like, if they built an app right? Not them actually owning Steemit?
I mean, anything is possible, but, yeah, I imagine that it would much more likely be the integration of the Steem Blockchain into the existing Facebook Platform to monetize content in a similar way to Steemit/potentially use it as a tool for buying/selling on their site. :) I think it would be a little weird if they tried to actually Buy Steemit, for a number of reasons, not the least of which is that Facebook has a much better/healthier/faster system from a technical perspective. :)
It would be sweet if Steemit just overtook Facebook! ..but as a realist, I can't imagine Facebook would let that happen. :)
This is very interesting to think about, and I've often wondered the same thing. I'm not sure whether it would be based on Steem but either way I would find it hard to believe that Facebook, or even Twitter for that matter, aren't considering something blockchain based. They both have the resources to do something big!
Yeah, for sure; if the blockchain movement thrives, I can't imagine that any company is just going to lay down and die; I foresee some big names joining the blockchain ecosystem, however it happens. :)
I strongly believe Steemit will surpass facebook in the future. The platform is growing geometrically. I so much believe in the future of this platform. Infact, I made a post on why I feel people should invest in their Steem Power on this platform
I'm with you on investing in Steem Power. Power up as much as you can! :) I'd love it if Steemit overtook Facebook and you're right that it is growing so fast, but that is a hell of an opponent to fully overtake. Huge strides in usability and flexibility would be necessary for it to happen. :)
Greedy and power hungry Facebook can never Create or accept a complete decentralized system. I can bet my ass what ever Mark would come up with would be a semi-decentralized platform where he can keep stealing data and manipulating users
good article man, would be interesting if facebook bought steemit, if that happened i would imagine steem prices would go up very quickly
It's gonna be a total nightmare, honestly I'd just cash out 500$ per steem.
haha I'm hoping for somewhere around there too. Or at least to take half out! :)
Facebook and Windows OS have become more corrupted than gouvernments...
I'm staying on transparent systems only. (Open source).
In my opinion, facebook will have a hard time getting on a decentralised platform because many greedy people are behind it. They will very likely slow down progress because decentralisation means no more power for them.
Until facebook will adopt a decentralised system, steemit will be already adopted by most mass media and way ahead.
I'm actually really excited for the decentralized browsing (and potentially browsers) and Operating Systems (like EOS) that are going to be big! Very exciting stuff! :)
Definetly! xD
Grotesque idea! NEVER NEVER EVER EVER the Fxcxbook is CIA created psyop to divide weak minds a la Pavlov. Search 'operant conditioning' RESIST as a brain is too valuable to waste. FACE Fxcxbook !
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Mark should sell his Facebook stock and buy sbd and steem. lol
That's the equailvalent of saying it's a good thing if banks "bought out" bitcoin. Bitcoin exists in opposition to the fiat banking systems, and Steem exists in opposition to the social media systems. The whole reason this platform exists is because the centralization and censorship of the social media platforms like facebook were manipulating people and profiting off of their information and work. To think the Steemit community would ever want this makes little sense to me.
The end game of a bitcoin world is a relative devaluation of other/printable fiat currencies, putting money into a new set of hands (those who adopted bitcoin/crypto early) and making it so that the limited amount ensures that the value of our currency units in relation to goods isn't manipulated.
Fiat can still be printed and funneled into the system. It wouldn't matter if bitcoin was 'bought', nor could they 'buy' bitcoin out. and banks aren't going anywhere. What would be good is if Banks began adopting/transacting in Bitcoin. As long as you choose to hold, the more fiat that goes in, the more value your bitcoin gains (in relation to the fiat). The same goes for Steem (which has a limited inflation). What crypto does is negate artificial devaluation of each of the units of currencies. For those who have been here a while, I know that a large amount would love to be rewarded for their faithful accumulation of Steem. I also mention the benefits it would have by making Facebook more decentralized and would reward users for their contributions to Social Media would be one of the best parts of Facebook utilizing a public blockchain like Steem. My whole point is that if Facebook merges, we benefit on TWO fronts, Facebook becoming more decentralized AND Steem Holders benefiting. Win-win, especially if Facebook isn't going anywhere anyway.
You seem not to understand the driving force of the altcoin and blockchain movements. The worst thing that could happen is the government, banks, and corporations commandeer the movement. Let them have their centralized ripple.
As far as facebook and Steem. The value of Steem will rise as long as it continues to erode facebooks base. The best thing that could happen is facebook get's myspaced by Steem. I think that's what most of us are hoping for.
First of all, YOU don't seem to understand the REAL driving force of the blockchain movement. Bitcoin was intended to be a fixed supply currency that was decentralized and public, so that people would not be subject to the manipulation that is carried out regularly by central banks.... it has achieved that to an extent and will continue to however it can (HOWEVER, you'd be blind to not see that competing ICOs and especially hardforks are acting in a similar manner to printing money, with the exception of Blockchains meant to be platforms rather than worldwide currencies).
And, regarding Steemit, Facebook likely WILL NOT get myspaced. The chances of that are lottery odds. They are a hugely established social media platform, the 3rd most visited website in the entire world, with a user base thousands of times greater than Steemit (literally). It would be cool if it happened, sure, but you're naive to think that it likely would; they're so deeply integrated in the Internet at this point (think about all of the facebook share buttons and different 'log in with facebook', etc. options on site) that it is so unlikely. And again, the alternative is them doing their own ICO/creating their own blockchain.... and the money will flow to them because it is a safe bet for investors. It will fly in price and will be a huge success. That is just the likely scenario. I'm not trying to sound harsh, but it seems to me you're thinking with your emotions here.
There is no such thing as too big to fail. Facebook is already feeling pressures, believe it or not, people are engaging much less with the platform, the ads, the information theft, fake news, trolls, privacy concerns, and the general declining internet ad economy all spell doom for the Facebook and company. The idea that Facebook is big is only true because people believe it to be. Once the perception changes, there’s no recovering. It’s logical fallacy to assume their size will prevent their decline.
I didn't say it would prevent it, I said it is lottery odds that Steemit will eradicate them. I'm just saying I think you'd lose the bet if you bet they'd be gone 10 years from now. It isn't a logical fallacy at all; It COULD fail, but the size, popularity, and following of a company are extremely logical metrics to look at when judging how DIFFICULT it would be for a company to fail. and with facebook, it would be VERY difficult. I'm not assuming anything. lol
I didn’t mean steem alone would bring Facebook down, but the movement of decentralized social network platforms like Steemit would. These platforms address all of the problems Facebook and co. have. It’s sensible to assume Facebook will know this and try to get in on it. With their power, it’s safe to assume they could possibly buy out these platforms like they have done in the past. But if these platforms do not sell out like you suggest, I doubt they will be able to move fast enough to compete.
Lastly, The quality of interactions on Facebook have tanked. The culture, the ads, and feed manipulation have degraded the platform. People haven’t left because there is currently no alternative. Once there is, I think it will turn into a Pinterest. The only people left on the platform would be bots, and marketers. I would say these make up a large chunk of the active users on Facebook already.
My personal abhorrence towards Facebook makes me think wishfully of its demise. But all we have is our own conviction. If everyone lived with conviction, Facebook would be gone tomorrow, as it is been proven to be a psychologically damaging platform. The ethos of blockchain is against centralized power and social controls. Facebook joining the party just doesn’t fit here. Unless you are looking at only from a financial business perspective, instead of a movement. There are many camps in the crypto world I guess.
We can agree to disagree though haha
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