Facebucks And FedCoin. OH GOD!

US Digital Currency

What's the story?

  • Sam Altman, CEO of YC, believes the US can create its own digital currency.
  • The blockchain is a way to solve the problems of the current fiat currency system.
  • The winner might not exist yet, and the US can create the winning coin.
  • Store of value (SOV) is the only real use case so far.

Why Does This Matter?
I agree with some points Sam makes in the article. He believes that the winner might not exist yet. I have the same convictions. I don't think it's even invented yet. By it, I think there will be multiple winners, but that none of the various winners exist yet. For example, one coin will win SOV; one currency will win smart contracts, etc. Multiple tokens could win smart contracts, but you get the point. BTC is excellent because you know that no one is going to go in and steal your money out of your wallet. You truly own it. What does FedCoin (That is my name for the US cryptocurrency.) do? The US can still take your FedCoin. Do you need blockchain if one group controls it?

Facebook reportedly plans to launch its own cryptocurrency

What's the story?

  • Facebook is launching a cryptocurrency.
  • David Marcus, the former Paypal CEO and FB Messenger Head, is running the initiative. 
  • Facebook is investigation other uses of blockchain.

Why Does This Matter?
Sigh! I guess you aren't innovative these days if you aren't "exploring blockchain." Why can't FB create a currency that isn't on the blockchain? Do they need this? I remember the days of coke rewards. My mom would always go and collect the caps so she could get reward points. The system made sense because more people would buy soda and they would receive an award. If Coke turned that into a cryptocurrency, would it matter? Probably not. I don't expect anything impactful in the short-term from FB on blockchain, but hopefully, they'll prove me wrong. 

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