Facebook will (most likely) create their own cryptocurrency. And I think it's all about economies of scale, and monopolies, and switching costs.
Read the story here -> https://www.cnbc.com/2018/01/05/mark-zuckerberg-says-facebook-will-look-into-cryptocurrency.html
Facebook should have some smart cookies in their strategy team. I mean, now that they announced it, it seems so obvious.
When you have a massive customer base, and they all interact with their platform and your vendors, and customers, and there is a lot of money involved in your platform, why (the hell) not creating your own currency and leverage your prime spot?
I mean, today all the money that advertisers pay to place their terrible ads, that you pay to promote your terrible posts and play your terrible games, is managed is USD. That benefits Facebook only in the form of revenue (which is already great). BUT by creating and alt-coin, the revenue will not be affected, but because it HAS to be used (if Facebook limits its platform to their alt-coin), then the price of such alt-coin will only go up!
This move by Facebook is more about exploiting their scale, and less about them "jumping on the crypto frenzy." But regardless of the reason behind it, Facebook will see a windfall of profits coming their way in the near/mid future.
Good brains, good strategy, good move.
What was the announcement? Facebook will be allowing this soon? That's pretty exciting!
I should have added that. Thanks! read this https://www.cnbc.com/2018/01/05/mark-zuckerberg-says-facebook-will-look-into-cryptocurrency.html
I am convinced that all the major tech companies (Facebook, Google, Apple) want to hold your wallets, extend you credit directly, and force you to use their payment system. It won't be long before we are sending FB coins to friends on FB, that are purchased on the FB exchange . And with that exchange FB will start doing micro loans and the like. It just makes sense as the next progression of digitizing everyones wallets.
Totally agree with you. Thanks for the comment!