Facebook Moves Into Blockchain
Opinion – “Facebook will issue a cryptocurrency soon”
CNBC has reported as of May 8 th 2018 that Facebooks head of messaging app, David Marcus, is
going to head the company’s exploratory committee on blockchain. This development is very notable as
the company has in the past made some moves on its platform that were counter cryptocurrency like
banning ICO ads. Further interest should be paid to the fact that David Marcus is a board member of
Coinbase. The company’s approach to crypto coupled with David Marcus’ ties to Coinbase make for a
very interesting theory.
There is no legitimate reason for Facebook to have banned ICO ad placements on its platform.
These ads generate revenue for the company and were being put out by legitimate ICOs (more often
than not). If you believe that Facebook banning ICO ads was “for the good of the community at large,” I
have a golden bridge to sell you in San Fransisco. The ad ban was the first step in a series of events we see unfolding today with
the announcement of their Blockchain exploratory committee. Facebook played the good guy card when
in fact, they were trying to eliminate the competition. It is this author’s contention that Facebook will be
launching its own cryptocurrency shortly.
It will not matter for Facebook if crypto is deemed a security or utility or something else by the
regulators. Facebook has deep enough pockets to easily navigate any regulatory waters that may come
up as it develops its cryptocurrency plans behind the façade of its “Blockchain exploratory committee.”
David Marcus sits on the board of Coinbase which gives him exclusive access to all of their contacts,
connections and future plans. He is primed and ready to develop and integrate a Facebook
cryptocurrency into Coinbase’s platform if and when it is ready. This author would even contend that
Facebook will likely act as a gateway into Coinbase’s platform to the “underbanked” who are a part of
the Facebook Community.
Imagine what it would be like if all of Facebook’s users had access to a Coinbase account simply
by logging in through Facebook. Imagine what it would mean for both companies if they were able to
integrate their platforms, with an expanded offerings list on the Coinbase end (remember the ERC20
integration plans), and a Facebook crypto right in the middle of it all. Some may say that these facts are
just all coincidental and Facebook would never issue a crypto. For those of us in the real world however,
the writing is clearly on the wall; Facebook will issue a crypto in short order and it will work to integrate
Coinbase’s platform into its own. Buyer beware. While a move like this could be explosive for
cryptocurrencies generally, if this were to unfold, be careful how all of your data would be exploited and
shared with the infinite lists of alphabet agencies and third party data companies.