What if social media apps start launching their own cryptocurrency? - page 2.

Questat

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Quote from: kamvreto on June 07, 2023, 03:19:17 PM

Quote from: terciduk123 on June 07, 2023, 02:13:44 PM

If popular apps like Facebook and Twitter make crypto currencies, they will be hit by government regulations because they already have their own stocks and are already traded on the exchange.

In fact, there are already several Altcoins that build decentralized social media platforms, such as Deso
You can check out some Altcoins that build social media platforms on Coinmarketcap

Government regulations are indeed strict and it will be discussed by the SEC. Facebook and Twitter already have shares and they have benefited from it and from various sponsors. There is no use for them as big social media to create their own tokens. Instead of wanting to create their own crypto ecosystem, it will add problems. Facebook almost did that with Meta, but a lot of people didn't support it and finally facebook dropped it.

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.

kamvreto

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Quote from: terciduk123 on June 07, 2023, 02:13:44 PM

If popular apps like Facebook and Twitter make crypto currencies, they will be hit by government regulations because they already have their own stocks and are already traded on the exchange.

In fact, there are already several Altcoins that build decentralized social media platforms, such as Deso
You can check out some Altcoins that build social media platforms on Coinmarketcap

Government regulations are indeed strict and it will be discussed by the SEC. Facebook and Twitter already have shares and they have benefited from it and from various sponsors. There is no use for them as big social media to create their own tokens. Instead of wanting to create their own crypto ecosystem, it will add problems. Facebook almost did that with Meta, but a lot of people didn't support it and finally facebook dropped it.

disconnectme

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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 depends on its purpose; the function of the tokens will depend if it has impact on other states economy. I think if the design is right, it can function simultaneously without having any negative impact on other nations economy. I remember Facebook wanted to launch their own stable coin but was not approved because it will a direct competitor to US Dollar but if it is just designed to be used on the platform alone, just like all these in game currencies it will be good for everyone

Bolivar_Tony

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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.

terciduk123

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If popular apps like Facebook and Twitter make crypto currencies, they will be hit by government regulations because they already have their own stocks and are already traded on the exchange.

In fact, there are already several Altcoins that build decentralized social media platforms, such as Deso
You can check out some Altcoins that build social media platforms on Coinmarketcap

Lagduf

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Libra has got so many hatred and do you think the company will try to repeat the same mistake again? Facebook has ever proven if issuing the crypto for major company was very bad idea at this moment. Think about another alternative solution for that.

It will never work and what you have been asked above will never happen. Regulators are ready to sue those who issuing crypto without approval from regulators.

yazher

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They are making enough money to not launch their own coins and there are some disadvantages and consequences when your coins have some kind of disapproval from the SEC, you might end up getting your companies to shut down and I think that's what has happened to Facebook and Telegram when their coins had failed to launch due to some kinds of problem with the SEC and they wasted lots of money with that. I know the other companies already considered that when they are planning to launch their own coins and it seems difficult to them if they also failed to get the SEC approval and lost their capital to create those coins.

killerfrost

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IMO, your idea is very interesting and is being researched by big tech companies like Facebook, Google and Amazon. There hasn't been an official theory or research on the impact of social media companies issuing their own cryptocurrencies on a country's economy. Many experts believe that this can create some negative effects on the economy such as difficulties in controlling digital assets, creating unstable currency values and economic instability. It can also bring many benefits to consumers and businesses such as reducing transaction costs, increasing transaction speed and improving transparency in financial transactions. Further research on this topic is needed to get an accurate assessment of its impact on the economy.

TheUltraElite

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So anyway, I applied as a merit source :)

I do remember STEEM and it's network, which is like reddit but there may have been more social media sites which started as crypto projects and then eventually found no use of their shitcoin leading to it's demise. These cycling of ideas and then bankruptcy occurs rampantly in this sphere. On the other hand Meta owner companies are mainstream and they follow government regulations which would mean that they are not going for the crypto path anytime soon. It would be a big market for them but maybe they don't want public outcry right away.

They can set up payments, a marketplace where their token is used and so on. Still for a newly made platform executing such a concept is tougher than starting it on an established platform.

wxa7115

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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!

Facebook already tried this and the government basically told them this was a big no, governments are never going to allow a big company like Facebook to do this, and if they dared to do so anyway then they will simply find a way to destroy them.

This is why bitcoin is decentralized on the first place, as other currencies independent from government control were created way before bitcoin, and all of them were put out of business for some reason or another, and while I could see those social media platforms using an independent cryptocurrency for some of their services, they will never be allowed to release their own decentralized coin.

shinratensei_

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Libra was quite literally good example of how this idea is rather unrealistic, even right now facebook still not succeed in releasing their own coins.
even worst the team was scattered around creating their own coins instead which reflects that maybe their libra is just destined to be failure.

I think it's more realistic if these platform instead just implements already existing coins in their platform like twitter which could send doge if i'm not mistaken.
though I don't know if that's still a thing or that is still getting implemented or cancelled these days.

jossiel

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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?

They did but it's a failure.

Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure

FB and Zuckerberg turned this project into more with the Metaverse and he's investing a lot on it like a crazy kid. That's one step when they've changed their company name into 'Meta'.

They make whatever they wanna make but it's gonna cost them a fortune and they should be prepared whether it will be a success or not.

Psynthax

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they'd at best make their own currency that's just like balance in a platform.
like many have stated, regulation holds them back, and also the money needed for research and development also gonna be massive.
but again that gonna be interesting if that truly happens, twitter i think is, the closest to implementing it honestly.

Lagduf

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Those companies will be only getting so many regulators threatening them as they were breaking the laws. that's what i got from there. There's no reason for them to launch their own crypto at this moment.

There's no point to issue the new coin. Regulators are always watching them all anytime.

lobo13hf

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the regulation will not allow them to, they are too big to make some experimental innovation like that surely they'll get prevented by regulation.
moreover it really doesn't add value to their platform so I guess they will never proposes such thing once again.

smyslov

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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.

They don't have one yet Facebook tried it once and named their coin Libra but the regulators did not allow them to launch, so far there are no existing big social media that have their own coin and if one social successfully creates one and gets pumped, it will become the next big trend, but we all know regulators they are going to stop efforts for social media to launch, they will categorize it as a security token and not utility and that's where the issues start.

Kelvinid

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Honestly, they can as it was easy to create other shitcoins these days but the problem is if people will look into that and use it. Well, though we can't assume it never works, however, I think there is no point in creating another altcoin as we already have plenty of it, why not use those coins that already existed instead? I think it was better to just focus on a few coins rather than having a lot of it which sustainability is even missing. In fact, FB does and it fails in end, it should be no more attempt to happen next as it fails again.

If they will create, we can do nothing but they must think wisely before they wasted their time doing that.

TimeTeller

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Quote from: Coyster on June 06, 2023, 04:44:18 PM

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.)

These companies you've mentioned are all centralized, thus there is no way they are going to create a decentralized cryptocurrency, let alone something as decentralized as Bitcoin, quite a lot of altcoins have tried to copy Bitcoin or claimed to be the next Bitcoin, but they have all failed woefully, mind you that altcoins hardly have any actual utility.

Having said that, as regards social media apps creating their own coins, Facebook tried something similar a few years ago with Diem coin and it was a colossal failure, it would be hard for a social media app to create something that has any actual utility or value that people would desire to use.

The failure of FB won't stop other social media channels in launching their own coin.
But it will be centralized, as they will have full control about it. I don't think they would want to create a decentralized coin for their app.
Just remember, basically anyone can create their own alt, how much more of these social media apps with large followers?
It would be easy for them to implement it within their app as they already have followers using it.
The FB diem failed because of regulatory issues as well as internal conflict, but I believe FB won't stop thinking of creating their own coin in the future.

Coyster

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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.)

These companies you've mentioned are all centralized, thus there is no way they are going to create a decentralized cryptocurrency, let alone something as decentralized as Bitcoin, quite a lot of altcoins have tried to copy Bitcoin or claimed to be the next Bitcoin, but they have all failed woefully, mind you that altcoins hardly have any actual utility.

Having said that, as regards social media apps creating their own coins, Facebook tried something similar a few years ago with Diem coin and it was a colossal failure, it would be hard for a social media app to create something that has any actual utility or value that people would desire to use.

royalfestus

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Quote from: ryzaadit on June 06, 2023, 01:33:33 PM

You can take example from 'TON' (Telegram) and how is situation right now.

Like a few people say, the company have 'Stock'. I don't think they are gonna to release the crypto since they have a stock, using the technology behind crypto are possible but for launching their own crypto while they have stock.

I don't think soo.

There is a publication available that explores the relationship between TON (Telegram Open Network) and Telegram in Korean language.
https://research.despread.io/reports-kr-ton/

Topic: What if social media apps start launching their own cryptocurrency? - page 2. (Read 384 times)