RE: Why Bitcoin Could Reach $23,000 Soon
Hey Cryptovester,
Perhaps I've missed this video or comment somewhere as I'm sort of new to the crypto space. But do you mind briefly explaining or consider doing a video on what the implications would be if a large, already established, well-known company, created their own blockchain or token?
It seems to me with how much hype there is around ICOs and the extremely high evaluations for companies that don't currently have anything more than a concept to offer, that a large well-funded company wouldn't just create their own cryptocurrency. This would help the large corporation both easily raise funds and would also likely pulverize any other competing cryptocurrencies that were trying to take market share from them... or hoped that some said corporation would adopt their cryptocurrency in the future.
The main argument against this notion that I can think of is that a lot of people, especially in this space, want more things decentralized. And if Facebook created their own blockchain or token a lot of people might not back it, sort of like the hate against Ripple. However, on the contrary... while people want more decentralization, they also want more money. Unfortunately, IMO most people will choose the latter.
Appreciate your feedback and channel—Cheers.
It's a good question and one I've pondered before. On paper it sounds great, but I'm actually not sure what would happen in practice. I'm not sure what the legal implications are of creating a token that borders on being a security. The lack of clarity on such issues may be the very reason we don't see it occurring. Note too that they need to add some level of decentralization to it (READ: Not full control) which is scary to most executives. If they don't decentralize it, what's the difference between that and a Microsoft Point? Obviously quite a few on a technical basis, but you get my point.
Its the kind of thing I can see a company like Facebook doing. Zuckerberg recently voiced his interest in blockchain technology and decentralizing Facebook. I feel as though Facebook is destined to fail in the long run if it does not adopt a decentralized advertising scheme where users are paid for their data and have control over what they share. Or perhaps they will intergrate and existing decentralised advertising platform like Papyrus into their site - who can say!