What if social media apps start launching their own cryptocurrency?

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Quote from: Cryptomultiplier on June 06, 2023, 08:17:01 AM

...Majority of us here make use of social media tools like Whatsapp, telegram, TikTok, Instagram, Facebook and the likes...

This idea is not new and we have previously seen attempts to launch our own cryptocurrency by Facebook. But after the problems with the authorities, they had to abandon this idea a few years after the announcement. But I think that in the future we will again see an attempt to launch our own cryptocurrency by another social network, since this is associated with a very large profit.

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social media is used all over the world, if you use crypto then there is a bad possibility that social media will not be able to operate in the future in countries that prohibit crypto what else to do with transactions,
but all of us return to the users , if social media uses crypto I personally will definitely be lazy to use social media because it takes 2x the transaction process

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Quote from: Tessyb on June 08, 2023, 10:21:41 PM

Social media lunching their own cryptocurrency would be a plus to the cryptocurrency industry as it would make cryptocurrency more popular as most persons would be forced to learn how it works Inorder to use premium functions on the said social media. The coin market cap would also experience flow of new funds from these social media and since bitcoin is the most accepted coin, it would likely lead to an increase in the value of Bitcoin.

Good for crypto and bad for government. I must try to remind you that if the fact that if so many times the big companies are trying to launch their crypto but the main problem was in the regulators.

The regulators are so greedy. They were labelling those companies violated the rules.

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Quote from: Tessyb on June 08, 2023, 10:21:41 PM

Social media lunching their own cryptocurrency would be a plus to the cryptocurrency industry as it would make cryptocurrency more popular as most persons would be forced to learn how it works Inorder to use premium functions on the said social media. The coin market cap would also experience flow of new funds from these social media and since bitcoin is the most accepted coin, it would likely lead to an increase in the value of Bitcoin.

In theory such a thing could bring new people to become part of this market, but I doubt it would happen that easily, right now the first coin that people adopt most of the time is bitcoin, if a social media website which was extremely popular released their own coin then it is to be expected for this behavior to switch.

However once people could use that currency to buy and sell on that social media platform there will be little incentive to adopt bitcoin as their needs will be already met, so on average the adoption of bitcoin should slow down instead of accelerating under this scenario.

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This is a funny joke.
The first, maybe usecase is completely good. The token use with payment in advertising In social media.
The second is imposible. why ? because, there are many social media did not agree with DECENTRALIZED.

Joke? No, it isn't. There were some non-mainstream social media platforms that I see who have their own crypto. One that I remember is Clouch.com. For the mainstream one, we have Facebook. Yes, you heard it right. Facebook also planned it before but I'm not sure if the plan was postponed or what, since I never heard an update about it. Their use case is obvious already and that is, they will be used as a currency inside the app.

Mainstream social media sites are mostly centralized but again, there are non-mainstream social media sites I see that are decentralized. They are related to crypto of course, so users have the ability to earn free coins by simply becoming active to it. It's twice better than on what is popularly used today.

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Social media lunching their own cryptocurrency would be a plus to the cryptocurrency industry as it would make cryptocurrency more popular as most persons would be forced to learn how it works Inorder to use premium functions on the said social media. The coin market cap would also experience flow of new funds from these social media and since bitcoin is the most accepted coin, it would likely lead to an increase in the value of Bitcoin.

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Quote from: Cryptomultiplier on June 06, 2023, 08:17:01 AM

A random idea bumped my head and has got stuck ever since. The only remedy for this is to be satisfied with other members view or opinion on this topic.

Majority of us here make use of social media tools like Whatsapp, telegram, TikTok, Instagram, Facebook and the likes. Most persons also use these social media apps to market their businesses no matter the product, no matter the distance, no matter the boundaries, and people have been making money after gaining the trust from followers.

My thought happens to be what if a social media app management like Facebook decides to launch its own cryptocurrency? (A currency that is decentralized as Bitcoin as well as it having other properties and functions than meets the eye and qualifies as investment worthy or trade worthy coin.)

How would it look like if other social media apps follow suit and start launching their own cryptocurrency too?

How will this impact a countries economy?

Let's discuss!

It is important to note that the success and impact of any social media-based cryptocurrency will depend on a variety of factors, including user acceptance, security, regulatory framework, and the value proposition offered by these platforms. While the idea is attractive, it remains speculative, and the true consequences need to be observed if and when such an initiative is implemented. For Economic impact whare The rate of adoption will determine the impact on a country's economy, potentially impacting online advertising, e-commerce, and digital payments.

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Quote from: Lagduf on June 08, 2023, 06:39:42 PM

Quote from: Wiwo on June 08, 2023, 04:33:04 PM

We used to hear rumours of Facebook developing their own coin called meta in the early days of their name change, but that idea died off as natural courses have melt a heavy blow on the idea and that could have been influenced by the crash of altcoins in the last couple of months and years back and the social media already know that there is no future for them in the cryptocurrency market and at that, the re channelled the energy into something else.

So many countries were against the decision that already taken by facebook to issue the new token. many parties were trying to threatened facebook to stop their project. Many big companies have been learning from facebook's mistake and they will not repeat it again soon.

it will be sos tupid if they will repeat the same mistake by Facebook.

Oh, I thought the developer just gave up the idea, I never know countries already warned Facebook about the coin development and I know the reason is not far from regulations concerns and since Facebook is already a global brand it becomes hard for them to penetrate some regions that have strict laws on cryptocurrency, this is going to be a lot of set back for Facebook in that regards.

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Quote from: Wiwo on June 08, 2023, 04:33:04 PM

We used to hear rumours of Facebook developing their own coin called meta in the early days of their name change, but that idea died off as natural courses have melt a heavy blow on the idea and that could have been influenced by the crash of altcoins in the last couple of months and years back and the social media already know that there is no future for them in the cryptocurrency market and at that, the re channelled the energy into something else.

So many countries were against the decision that already taken by facebook to issue the new token. many parties were trying to threatened facebook to stop their project. Many big companies have been learning from facebook's mistake and they will not repeat it again soon.

it will be sos tupid if they will repeat the same mistake by facebook.

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Quote from: Cryptomultiplier on June 06, 2023, 08:17:01 AM

-cut-
Let's discuss!

Most of the coins they have tried, like with facebook and telegram have failed. Facebook tried to fight but launching their version of stable coin, even though basket of rather stable assets was a good idea, i can't see how involving facebook to anything like that would be a good idea.

Telegram returned the money they rised on the sale but chose to let people use the code while they are not integrating it to the chat after all, TON is being used with semi active community.
I personally don't see any reasons for social media sites having their own coins or tokens. They serve no purpose. If they want they can integrate other existing coins.

Quote from: SFMHodler on June 06, 2023, 03:21:24 PM

Would make sense / dosn't Reddit have some kind of coin (not crypto) system in place yet? So should be easy for them.

Reddit don't have their own token but reddit NFT avatars have over 10 million users and they are trading quite actively in the opensea.
reddit communities however can launch their own tokens like r/cryptocurrency has "moons", those are being used to buy ad space from the subreddit.

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We used to hear rumours of Facebook developing their own coin called meta in the early days of their name change, but that idea died off as natural courses have melt a heavy blow on the idea and that could have been influenced by the crash of altcoins in the last couple of months and years back and the social media already know that there is no future for them in the cryptocurrency market and at that, the re channelled the energy into something else.

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This is a funny joke.
The first, maybe usecase is completely good. The token use with payment in advertising In social media.
The second is imposible. why ? because, there are many social media did not agree with DECENTRALIZED.

Though most of the Social media today are being owned by a big company and with Meta, they already had plans before about creating their own crypto unfortunately, it didn’t turn to reality as the government intervene the plan and prevented Meta from pushing it. I still see this as a possible scenario in the future and this can be a big opportunity for us, let’s just hope that more government will fully support crypto because we can benefit from this as well.

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Quote from: Cryptomultiplier on June 06, 2023, 08:17:01 AM

How would it look like if other social media apps follow suit and start launching their own cryptocurrency too?

How will this impact a countries economy?

As far as I know, there are indeed several social media that are trying to create their own crypto, one of the most famous of which is Facebook. But what happened was, failure. Yes, because it was hindered by several problems and because there were several regulations that affected it. Making crypto for social media is not that easy, especially if they are already well-known, there will definitely be pros and cons, and will be associated with various regulations. And if one day it actually exists and does well, I don't think it's a big deal for crypto. In fact, it might attract more public attention.

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Quote from: Cryptomultiplier on June 06, 2023, 08:17:01 AM

My thought happens to be what if a social media app management like Facebook decides to launch its own cryptocurrency? (A currency that is decentralized as Bitcoin as well as it having other properties and functions than meets the eye and qualifies as investment worthy or trade worthy coin.)

How would it look like if other social media apps follow suit and start launching their own cryptocurrency too?

How will this impact a countries economy?

Let's discuss!

Actually Facebook developed their own cryptocurrency project which is named as Libra later but at the end the project was dropped due to regulatory issues from governments across the globe so that is the problem if company tries to launch their own project with stable value whereas they can create a token which value determined by its own demand and supply however it will become just another project nothing else.

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Quote from: Cryptomultiplier on June 06, 2023, 08:17:01 AM

My thought happens to be what if a social media app management like Facebook decides to launch its own cryptocurrency? (A currency that is decentralized as Bitcoin as well as it having other properties and functions than meets the eye and qualifies as investment worthy or trade worthy coin.)

How would it look like if other social media apps follow suit and start launching their own cryptocurrency too?

Facebook initiated Libra/Diem. It is a failure and we barely heard about it right now.

The main question is what are the use cases? Can we be sure those centralized monopolistic platforms are able to develop a cryptocurrency that competes with Bitcoin decentralizedness? I doubt so. There is no utility if popular social media create their own cryptocurrency, there are no motives that pressure them, they should make it. So the chance they would make cryptocurrency is very unlikely. Besides, there is no significant benefit for them by creating a cryptocurrency.

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Facebook tried and failed with their project libra but there still might be a chance that social media platform could make their own crypto tokens. Social media platforms CEO like Mark Zuckerberg and Elon Musk surely is aware of cryptro but they know about the risk as well and the pros and cons of it if they will launch it with their platforms. SEC is very hot against cryptocurrency right now and it will be a long battle between social media platforms vs SEC if they introduced it now. I'm guessing that one of those social media platform is developing their own right now and waiting for a perfect timing to release it. I'm speculating things but I know it's possible. Maybe telegram would be the first to release LOL. It's my speculation.

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Quote from: Questat on June 07, 2023, 03:59:21 PM

Not only the SEC saw the potential problem of having their own crypto but people never see it as vital and necessary. We have thousands of cryptocurrencies existing already, so why not have their support on that project and carried them to grow rather than creating their own? The failure that happens to FB means a lot and it gives a lesson that it was not that easy for these social media to create without a convincing reason as people still don't give their support.

Supporting other cryptos doesn't seem to be an option for big social media like Twitter and Facebook. whether they want to get more profit or not, but follow-up about crypto on social media is nothing was really done. It's as if they stopped supporting crypto.
Now Twitter is owned by Elon musk and twitter will definitely support several crypto assets such as Bitcoin and DOGE which are elon musk's favorite crypto.
The potential for social media for crypto is still there, and the future of crypto still has a long way to go. there will be lots of changes that could happen.

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Prior to launching Metaverse, Facebook had planned to create their own cryptocurrency called Libra. They said they would ask users to provide a certain amount of Libra to use some features on Facebook such as advertising or subscribing to remove ads. I've also heard that Elon Musk is also planning to use DOGE on Twitter to unlock some features or something. Facebook with their own coin and Twitter with DOGE coin.

I don't know if both are rumors or not, but it's very interesting Grin

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Quote from: Bolivar_Tony on June 07, 2023, 02:27:29 PM

It's possible to happen in the future when the proper governance framework have been established by the authority, I remember facebook wanted to create a coin, but was countered by the authorities and they backed down, telegram tried the same as well, so for i think, it will make sense for them to have coins for their app to incentivise the user and used for other things on the app.

This is the most threat for those social platform, because they are regulated and the government will not allow this not unless they make money here as well. Meta failed on their plan with crypto, though I think they are still considering it and probably just waiting for the right time before they launch it. If other platform will do this, most probably we will enter bull market because those are big companies and that can attract a lot of investors.

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Quote from: TimeTeller on June 06, 2023, 04:52:54 PM

The failure of FB won't stop other social media channels in launching their own coin.

It might not stop them, but chances are pretty high that if they launch their own coin it'd end up like Diem coin. Creating an altcoin isn't the problem, but the thing is that they usually do not have any actual use case and survive only on hype, once the hype is gone, the coin is gone too. I would not bet on any social media app succeeding if they launch their own coin, it would survive for sometime, but i am pretty sure it'd not last long, there are already enough altcoins copying one another but solving no problems.

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