News broke today of a plan by Facebook to begin dabbling in the crypto space but more specifically blockchain tech. Several news outlets are reporting this new found side project and the elephant in the room is Steemit.
Now the question that is, I believe, most significant is what effect will this have on Steemit if it is pursued in a legitimate way? The previous president of Paypal is heading up the project so it looks likely that Facebook may soon find itself looking to platforms like Steemit as a test case to build from.
This means that not only will Facebook have the advantages of infinite monetary expenditure, brand recognition, and millions of users, but it will also be able to identify existing issues within startups such as Steemit and solve these problems allowing for a more robust technology as well. My fear is that Steemit may not have the time necessary to build a large enough community to insulate itself from this type of a competitor but I truly hope I am wrong.
Let me know what you think by leaving a comment so we can begin a conversation about what this might mean.
Thanks as always and let Truth guide you.
Steemit community is doing just fine quapod, no worries. You and i decide its future, not the blockchain intentions of Facebook. Thumbs up!
Spoken like a true Steemian! I'm right there with you, not worried more amused :P
Anti-American-Criminal and ANOTHER TRAITOR
... delete Farcebook, today!