Bitcoin Forum

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!

First of all, I want to talk about the crypto-regulatory corridor of each country, sometimes this problem is too much interference from the government, leading to some negative views on this market controlled and we are free but only in what is allowed.
I can imagine the environment in which crypto is accepted, there will be some general consensus that needs to be made to harmonize everything, simultaneous development and loss of competitiveness, products exist to serving people loses its greed and envy, but that won't come anytime soon. Social media participation, and the crypto market, or blockchain technology, is probably also a big concern for large corporations, but I find it easier when they wait for the legal issue to clear up, and then Another self will be a coverage of this field in life.

There's nothing bad in that as long as they have all that it takes to launch any, we have the history behind Dogecoin from one of the most recognized social media platforms developer, there are other coins we may not know about them as well but truly exist from the developers of one or two other social media we may not be familiar about, if they have the money, digital skills and the maintenance ability to finances the strength for it existance, why not, just that this doesn't make any difference from falling into wrong hands or not.

In that case there will be another set of shitcoins in the crypto market.
Since there are so many social media platforms the people will become overwhelmed with the number of altcoins to invest in.
Hence the coins won't be valuable. Besides that, I don't think social media platforms like tiktok, facebook and instagram provide any major utility.
So what's the worth of a coin whose platform doesn't have any utility.

I have no clue what you are talking about. Those social media has stocks that exist in the stock market and how can you expect those platforms to launch their own crypto? It sounds non sense for me to hear that.

SEC will be suing all of them if that's gonna happen.

A token needs a reason to exist, so investors will feel encouraged to acquire and hold them aiming long term results, otherwise, why would anyone acquire Whatsapp, Tiktok or Facebook's tokens? They don't offer any services besides a platform where we can interact with each through posts or videos, therefore tokens are useless on this case.

On the other hand, if we were talking about market platforms such as Shopee, Aliexpress and Amazon, then we could think about the possibility of investing on their native tokens, depending the opportunities and benefits offered.

there are lots of mobile gaming apps using this concept, so there will be high chance that platforms and users earn great amount of money through social media currencies if launch in any social media platform

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.

I think it would be awesome if reddit did this. I mean Twitter, Reddit, Discord and Telegram have some of the biggest crypto communities. That would be awesome.

The introduction of cryptocurrency using social networking apps like Facebook can have a significant impact on the industry and its users. The development and adoption of cryptocurrencies on social media platforms could change the dynamics of how we interact, transact, and transact within these networks. If other social networks follow suit and develop their own cryptocurrencies, that could lead to increased competition and innovation in the industry. Each platform's cryptocurrencies can offer unique features and benefits, catering to different user needs and preferences.

Would make sense / dosn't Reddit have some kind of coin (not crypto) system in place yet? So should be easy for them.

They can launch as many crytpyo as they feel like as the space is decentralized and unregulated but without crypto comunity interest such project will end up being worthless. So it is not about launching own token, it is about making such token relevant with utility.
The market is already saturate with useless tokens .

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/

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.

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.

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.

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.

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.

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.

They did but it's a failure.

Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure (https://www.theverge.com/2020/3/3/21163658/facebook-libra-cryptocurrency-token-ditching-plans-calibra-wallet-delay)

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.

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.

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.

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.

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.

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.

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.

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 (https://www.deso.com/)
You can check out some Altcoins that build social media platforms on Coinmarketcap (https://coinmarketcap.com/id/view/communications-social-media/)

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. 

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

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.

It might not stop them, but chances are pretty high that if they launch their own coin it'd end up like Diem coin. Creating an altcoin isn't the problem, but the thing is that they usually do not have any actual use case and survive only on hype, once the hype is gone, the coin is gone too. I would not bet on any social media app succeeding if they launch their own coin, it would survive for sometime, but i am pretty sure it'd not last long, there are already enough altcoins copying one another but solving no problems.

This is the most threat for those social platform, because they are regulated and the government will not allow this not unless they make money here as well. Meta failed on their plan with crypto, though I think they are still considering it and probably just waiting for the right time before they launch it. If other platform will do this, most probably we will enter bull market because those are big companies and that can attract a lot of investors.

Prior to launching Metaverse, Facebook had planned to create their own cryptocurrency called Libra. They said they would ask users to provide a certain amount of Libra to use some features on Facebook such as advertising or subscribing to remove ads. I've also heard that Elon Musk is also planning to use DOGE on Twitter to unlock some features or something. Facebook with their own coin and Twitter with DOGE coin.

I don't know if both are rumors or not, but it's very interesting  ;D

Supporting other cryptos doesn't seem to be an option for big social media like Twitter and Facebook. whether they want to get more profit or not, but follow-up about crypto on social media is nothing was really done. It's as if they stopped supporting crypto.
Now Twitter is owned by Elon musk and twitter will definitely support several crypto assets such as Bitcoin and DOGE which are elon musk's favorite crypto.
The potential for social media for crypto is still there, and the future of crypto still has a long way to go. there will be lots of changes that could happen.

Facebook tried and failed with their project libra but there still might be a chance that social media platform could make their own crypto tokens. Social media platforms CEO like Mark Zuckerberg and Elon Musk surely is aware of cryptro but they know about the risk as well and the pros and cons of it if they will launch it with their platforms. SEC is very hot against cryptocurrency right now and it will be a long battle between social media platforms vs SEC if they introduced it now. I'm guessing that one of those social media platform is developing their own right now and waiting for a perfect timing to release it. I'm speculating things but I know it's possible. Maybe telegram would be the first to release LOL. It's my speculation.

Facebook initiated Libra/Diem. It is a failure and we barely heard about it right now.

The main question is what are the use cases? Can we be sure those centralized monopolistic platforms are able to develop a cryptocurrency that competes with Bitcoin decentralizedness? I doubt so. There is no utility if popular social media create their own cryptocurrency, there are no motives that pressure them, they should make it. So the chance they would make cryptocurrency is very unlikely. Besides, there is no significant benefit for them by creating a cryptocurrency.

Actually Facebook developed their own cryptocurrency project which is named as Libra later but at the end the project was dropped due to regulatory issues from governments across the globe so that is the problem if company tries to launch their own project with stable value whereas they can create a token which value determined by its own demand and supply however it will become just another project nothing else.

As far as I know, there are indeed several social media that are trying to create their own crypto, one of the most famous of which is Facebook. But what happened was, failure. Yes, because it was hindered by several problems and because there were several regulations that affected it. Making crypto for social media is not that easy, especially if they are already well-known, there will definitely be pros and cons, and will be associated with various regulations. And if one day it actually exists and does well, I don't think it's a big deal for crypto. In fact, it might attract more public attention.

Though most of the Social media today are being owned by a big company and with Meta, they already had plans before about creating their own crypto unfortunately, it didn’t turn to reality as the government intervene the plan and prevented Meta from pushing it. I still see this as a possible scenario in the future and this can be a big opportunity for us, let’s just hope that more government will fully support crypto because we can benefit from this as well.

We used to hear rumours of Facebook developing their own coin called meta in the early days of their name change, but that idea died off as natural courses have melt a heavy blow on the idea and that could have been influenced by the crash of altcoins in the last couple of months and years back and the social media already know that there is no future for them in the cryptocurrency market and at that, the re channelled the energy into something else.

Most of the coins they have tried, like with facebook and telegram have failed. Facebook tried to fight but launching their version of stable coin, even though basket of rather stable assets was a good idea, i can't see how involving facebook to anything like that would be a good idea.

Telegram returned the money they rised on the sale but chose to let people use the code while they are not integrating it to the chat after all, TON is being used with semi active community.
I personally don't see any reasons for social media sites having their own coins or tokens. They serve no purpose. If they want they can integrate other existing coins.

Reddit don't have their own token but reddit NFT avatars have over 10 million users and they are trading quite actively in the opensea.
reddit communities however can launch their own tokens like r/cryptocurrency has "moons", those are being used to buy ad space from the subreddit.

So many countries were against the decision that already taken by facebook to issue the new token. many parties were trying to threatened facebook to stop their project. Many big companies have been learning from facebook's mistake and they will not repeat it again soon.

it will be sos tupid if they will repeat the same mistake by facebook.

Oh, I thought the developer just gave up the idea, I never know countries already warned Facebook about the coin development and I know the reason is not far from regulations concerns and since Facebook is already a global brand it becomes hard for them to penetrate some regions that have strict laws on cryptocurrency, this is going to be a lot of set back for Facebook in that regards.

It is important to note that the success and impact of any social media-based cryptocurrency will depend on a variety of factors, including user acceptance, security, regulatory framework, and the value proposition offered by these platforms. While the idea is attractive, it remains speculative, and the true consequences need to be observed if and when such an initiative is implemented. For Economic impact whare The rate of adoption will determine the impact on a country's economy, potentially impacting online advertising, e-commerce, and digital payments.

Social media lunching their own cryptocurrency would be a plus to the cryptocurrency industry as it would make cryptocurrency more popular as most persons would be forced to learn how it works Inorder to use premium functions on the said social media. The coin market cap would also experience flow of new funds from these social media and since bitcoin is the most accepted coin, it would likely lead to an increase in the value of Bitcoin.

Joke? No, it isn't. There were some non-mainstream social media platforms that I see who have their own crypto. One that I remember is Clouch.com. For the mainstream one, we have Facebook. Yes, you heard it right. Facebook also planned it before but I'm not sure if the plan was postponed or what, since I never heard an update about it. Their use case is obvious already and that is, they will be used as a currency inside the app.

Mainstream social media sites are mostly centralized but again, there are non-mainstream social media sites I see that are decentralized. They are related to crypto of course, so users have the ability to earn free coins by simply becoming active to it. It's twice better than on what is popularly used today.

In theory such a thing could bring new people to become part of this market, but I doubt it would happen that easily, right now the first coin that people adopt most of the time is bitcoin, if a social media website which was extremely popular released their own coin then it is to be expected for this behavior to switch.

However once people could use that currency to buy and sell on that social media platform there will be little incentive to adopt bitcoin as their needs will be already met, so on average the adoption of bitcoin should slow down instead of accelerating under this scenario.

Good for crypto and bad for government. I must try to remind you that if the fact that if so many times the big companies are trying to launch their crypto but the main problem was in the regulators.

The regulators are so greedy. They were labelling those companies violated the rules.

social media is used all over the world, if you use crypto then there is a bad possibility that social media will not be able to operate in the future in countries that prohibit crypto what else to do with transactions,
but all of us return to the users , if social media uses crypto I personally will definitely be lazy to use social media because it takes 2x the transaction process

This idea is not new and we have previously seen attempts to launch our own cryptocurrency by Facebook. But after the problems with the authorities, they had to abandon this idea a few years after the announcement. But I think that in the future we will again see an attempt to launch our own cryptocurrency by another social network, since this is associated with a very large profit.