Rumors of Facebook taking over Coinbase?

What is power about? It is about control. The elites want everyone to sell their Bitcoin. I don't know how much Bitcoin has been off-loaded from when it hit $19K to the point that it is at now, but I would guess quite a bit.

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This could be huge - if they do move forward with this.

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2 minutes ago, CMOP said:

This could be huge - if they do move forward with this.

I'll just say that I hate the fact that Facebook could be at the forefront of all of this. The company is basically worthless and Zuckerberg is a scumbag. And would anyone really trust Facebook being in control of Coinbase? I trust him less than I trust Mark Karpelès. This is probably a clever way to get people to trust a Facebook/Coinbase relationship and essentially give Facebook access to all of their cryptocurrency and then the next thing you know, there is some kind of "breach", and millions of people lose their cryptocurrency. To me, this is like a trojan horse. This is like giving the fox the key to the hen house.

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1 minute ago, HermitMunster said:

I'll just say that I hate the fact that Facebook could be at the forefront of all of this. The company is basically worthless and Zuckerberg is a scumbag. And would anyone really trust Facebook being in control of Coinbase? I trust him less than I trust Mark Karpelès. This is probably a clever way to get people to trust a Facebook/Coinbase relationship and essentially give Facebook access to all of their cryptocurrency and then the next thing you know, there is some kind of "breach", and millions of people lose their cryptocurrency. To me, this is like a trojan horse. This is like giving the fox the key to the hen house.

This is true. I mean how many crypto exchanges have been hacked? The majority of them - I believe even coinbase has been hacked a few times. The only reason Facebook is "valuable" is because it has 4 billion eyeballs on their app everyday and which would be huge for crypto. 

Don't get me wrong I see there being both huge positive and negative implications if they do acquire coinbase. 

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3 minutes ago, HermitMunster said:

I'll just say that I hate the fact that Facebook could be at the forefront of all of this. The company is basically worthless and Zuckerberg is a scumbag. And would anyone really trust Facebook being in control of Coinbase? I trust him less than I trust Mark Karpelès. This is probably a clever way to get people to trust a Facebook/Coinbase relationship and essentially give Facebook access to all of their cryptocurrency and then the next thing you know, there is some kind of "breach", and millions of people lose their cryptocurrency. To me, this is like a trojan horse. This is like giving the fox the key to the hen house.

I don't necessarily see it like that - All USD wallet holdings are FDIC insured, and, well, crypto funds, you shouldn't store them with Coinbase anyway, but if you did, they do store funds offline and claim it is insured - but there is a major centralization/privacy risk. 

Coinbase is already as centralized as it gets (as a part of Digital Currency Group), so I don't think adding yet another corprate tech giant on top of it will do any good to decentralize the space. 

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@HermitMunster Yes of course - I don't disagree with you. They are a monopoly 100%.
But going back to it's acquisition with Coinbase - it could be huge for crypto worldwide.  

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1 minute ago, CMOP said:

@HermitMunster Yes of course - I don't disagree with you. They are a monopoly 100%.
But going back to it's acquisition with Coinbase - it could be huge for crypto worldwide.  

I do not trust him. People are easily convinced though. Would it give it some legitimacy? Not to the people who already know and/or believe that Blockchain and crypto's are the future. The detractors don't like it because they haven't yet figured out a way to control it. This is a step in that direction--to have control over it. So, on the surface it looks/sounds good, but, I am unconvinced that it will ultimately be a good thing for the average crypto investor.

 

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@HermitMunster We'll have to see how it plays out. I honestly feel it can go either way at this point. 

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some people allready made their millions and lost it again.. most didnt see it coming, its as people think Z has a crystal ball? lol

 

of course its control, isnt it al;ways?

e

 

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Zuckerberg has turned a decentralized technology (the internet) into a centralized monopolistic monster (Facebook).

Doing the same thing with the cryptocurrencies would be a logical next step

 

Facebook launching it's own cryptocurrency with the aim of creating THE new world currency to facilitate financial transactions between its more than 2 billions customers could be a serious threat to national currencies and a big blow to the other cryptocurrencies suddenly transformed in dwarfs trying to survive in the shadow of the giant.

 

In the January post mentioned in The Independent article Zuckerberg said :

"One of the most interesting questions in technology right now is about centralization vs decentralization. A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people's hands. (The first four words of Facebook's mission have always been "give people the power".) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force.

But today, many people have lost faith in that promise. With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.

There are important counter-trends to this --like encryption and cryptocurrency -- that take power from centralized systems and put it back into people's hands. But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services."

 

I suspect that in the end it could be decentralizing the power from the States to the People and then recentralizing the power to Facebook.

 

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