When You Predict The Facebook "Coin" 4 Months Before It's Announced - The "I Told You So" Syndrome
Well, I hate to say it, but I will say it anyway: 4 months ago, I wrote the article snapshotted below:
Since one of the benefits of the blockchain is that it keeps everything untampered, for ever, you can have a look for yourself here.
I told you so. I told you that Facebook will switch to a tokenized version, basically doing what they know to do best: sit, watch, see what's working and basically copying it. And if they can't copy, they will probably buy it. For the last 5 years Facebook sat on their comfy chairs while selling data to advertisers for dozens of billions. They did it relentlessly, until this business model exploded so bad, that they had to explain it to the Congress.
Now they're after "the next shiny thing", and, surprise-surprise, this next shiny thing happens to be this strange concept called "cryptocurrency". The same cryptocurrency which they banned from advertising on their wall.
I think this is the beginning of the end for Facebook. Not because they will fail at implementing a proprietary crypto (which will be, just like I wrote in the article cited above, just a glorified loyalty points system). But because, in doing so, they will validate the entire crypto-economy. They will basically play on a more even field, allowing other competitors to have a shot at this social media thing.
How will the Steem blockchain benefit from this? It's a complex question, because Steem is a complex organism: there's Steemit INC, there are witnesses, there are already formed communities and alliances. It's a pretty fragmented world, if you really look at it.
The key factor in getting a place at the big table that just opened by Facebook crypto announcement is "synergy". And by that I mean the ability to cooperate towards a common goal.
Based on what I've seen so far, this is probably the most difficult thing for the prominent members of this organization. If we look at how the "Steemit chart" is looking, it's still like a medieval structure of small protectorates which are fighting with each other. If a monolith like Facebook will really want to conquer it, it will succeed by the sheer power of focused actions.
But, to be honest, I do love the tech behind Steemit and I hope to be proved wrong.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
Wanna know when you're getting paid?
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
They should launch a facebook SMT lol
Facebook became a giant due to many people adapting to its platform. Whether this will continue will be remained to be seen. Their transformation needs to be accepted by its users. I think even with facebook crypto coin the overall crypto market will benefit and maybe with more competition people will realize the potential of steemit and participate more on steemit. Thanks.
If i stand correct.... as I was watching the Bloomberg interview with Ned. The host asked about competitors in this industry such as Facebook. To pharaphrase what Ned said... he stated he will create a system which they can use to also make their platforms a reward type system. So if anything Steemit could monetize off of other platforms instead of just completely dominating and trying to eradicate them from the market. That would be a win win for all platforms essentially.
And zuckerberg is definitely the biggest 🐍 and copier in the business world. If he can’t be apart of something, he will copy it and make it better 😂😂
That's a very interesting point of view. I doubt Facebook will use Steemit, but first, I may be wrong, and second, if they do, it will be really great :)
haha. Let’s hope Steemit makes it to the top (:
Steem is open source, nothing stops them from taking it for granted and modify it here and there...
@dragosroua @researchgeek great point guys
Facebook will not use steemit. They may use STEEM once SMT will be completed.
The way I see it is that Ned want to provide all giants with necessary tools. I've seen some comparison to gold miners and those who were selling them tools -> they made the most money during that time.
Facebook will just build a better version themselves. I agree with Dragos, I don't see them adopting Steem, but we can dream can't we.
I don't want Facebook to use steemit because they are sending all their user's data to China, I like the Chinese people but I hate the Goverment's ideology.
I wonder if and when it will launch.
https://www.theverge.com/2018/5/11/17344318/facebook-cryptocurrency-token-blockchain-report-david-marcus
This is bittersweet. I think this move will fasttrack cryptocurrency, but I don't like the thought of large public companies using ICOs just to raise funds when their real value is tied to their stock price.
They have more pressing problems than just creating a coin. They can't capture the teen market despite many desperate attempts and they lack trust and transparency, which are need in the crypto space. I know they will just throw billions at it and probably be fine, but this is troublesome and it going to be a rockier road than they are anticipating in my humble opinion.
I love your serie of articles. So much value in them.
I also believe FB is dying and I cannot imagine how creating their own coin could help. There is already almost no traffic on facebook and it's not going to get any better.
Great post. Upvoted.
Can we call you the futurologist of Steemit now? And if you can also predict the rise of two or three coins, let me know ;)
:))
This is such a perfect description of how I see Steemit too @dragosroua.
Sadly I don't see much movement towards the ability to cooperate towards a common goal.
I'm just enjoying it while it lasts and watching with curiosity as to where it will end up! 😊
Unlike Facebook, steemit doesn't have a publicity department, Facebook dies. Facebook flopped by selling data, but 99.98% of my friends are still there, why are they not back to Steemit?
There are so many things we need to fix here, like bad actors, excessive selling of votes by whales exactly, cool interface and app.
Many people don't wanna know how each works, they just need convenience.
do you want to know how, in great detail, your phone works?
or do you just want to use it?
We need more developers to build a better application for Android and ios. Alsoo speed is an issue
You are right, Facebook will become something like XRP (not-so-decentralized). The world do not trust facebook anymore.
In area of tools sophistication, steemit have a long way to go. Running targeted ads on steemit is hard, tho their is a way around it.
I'm inclined to think the world never trusted Facebook. Does'nt seem to have hindered them though.