Ask HN: Why Facebook is the only company that creates their own cryptocurrency? | Hacker News Reader

Ask HN: Why Facebook is the only company that creates their own cryptocurrency?

5 pointsBiba8911 comments

Why salesforce or Asana or any other big b2b or b2c don’t create their crypto?

Even in the most optimistic case, what's about to happen with Facebook's cryptocurrency will border on a straight up scam. Which is fitting both for their business model, their image and for the broader cryptocurrency space.

Why do you expect a scam? Stable Coin on a permissioned blockchain is what it looks to be

Because Facebook haven't demonstrated any integrity whatsoever in all of their history as a company.

> what's about to happen with Facebook's cryptocurrency will border on a straight up scam

How is that scenario, in any possible way conceivable, at all different than literally every single other ICO?

Not claiming that it is.

Though it will get more publicity and wider exposure than most ICOs usually do, I'm sure.

> Why salesforce or Asana or any other big b2b or b2c don’t create their crypto?

A better question would be: why would Salesforce or Asana create their own cryptocurrency?

Cryptocurrency (and blockchain) are just tools. They are not needed in every business/product. A new fancy hammer has been invented. It's useless/dangerous if I actually need a screwdriver.

I remember similar posts about Mongo DB a few years ago in web development circles.

Because, other than a universal cryptocurrency like Bitcoin which already exists, there is no real use case for the fully distributed blockchain. What FB is making is a centrally controlled digital coin, no different from Beanz, an early attempt at the same thing. This is just a play by FB to get into fintech and try to take away some payments business from PayPal. There isn't really anything decentralized or crypto about it.

Agree, getting a pay button on the FB platform will lower friction. Calling it crypto will likely boost adoption, though fortunately it looks to be a stable coin

Lots if smaller companies have their own coins and did ICOs, Facebook is launching theirs now because they want to. Them wanting to do the thing is pretty much the driving force behind all of this. If it goes well, those other companies might want to as well. Though an asana coin would be the weirdest thing - task management on the blockchain!

Crypto for FB is an elaborate tracking system that could contribute to FB ad revenue.

For smaller companies it would be hard to gain any traction.

I think you missed JP Coin, by JP Morgan Chase.

Also, they are BS and unnecessary for the most part

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