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RE: Is Facebook working on its own cryptocurrency to run Facebook on?

in #zerohedge7 years ago

If that were true you wouldn't be able to google who owns Steemit and it comes up with the owners names and addresses in New York and I think Virginia. If the government wanted something brought down bad enough they'll find a way to bring it down. Just look at all those committing crimes on the dark web who thought they weren't touchable using the dark web and they've just busted the crap out of a whole lot of them.

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I don’t know what you found but my understanding is that the software is open source and decentralised and therefore not owned by anyone. There may be a foundation or similar who develop code but if it’s not adopted by the witnesses it doesn’t go anywhere. You can’t have a decentralised block chain that is owned by someone. It’s incompatible.

Steemit, Inc is a privately held company based in New York City and headquartered in Virginia. The company was founded by Ned Scott and Dan Larimer, creator of BitShares, and EOS.[3][4]

DecentralizeToday had an article published giving an overview of the platform and blockchain pointing out how the developers consciously relaunched the currency to assure centralization, even quoting Tone Vays calling the system a Ponzi Scheme [18]

The Steemit Blog operates on the anarchist principles of self governance and community policing. While a novel concept it has opened the doors for abuse through vote selling and potential bullying by wealthier members of the site that use their influence to set policy, control and censor content at will.

https://en.wikipedia.org/wiki/Steemit

Now take a look at the difference between centralized and decentralized.

What is the definition of centralized:

When the organization has inadequate control over the management, then centralization is implemented

What is the definition of decentralized:

when the organization has full control over its management, decentralization is implemented.