What if social media apps start launching their own cryptocurrency?

[Cryptomultiplier]

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!

[bluebit25]

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.

[Doan9269]

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.

[pawanjain]

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!

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.

[Iyeman]

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.

[uneng]

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.

[rahulzx]

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

[ryzaadit]

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.

[BitSwapNow]

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.

[bayudndy]

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.

[SFMHodler]

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

[Bitstar_coin]

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 .

[royalfestus]

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.

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/

[Coyster]

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.)

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.

[TimeTeller]

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.)

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.

[Kelvinid]

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.

[smyslov]

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

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.

[lobo13hf]

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.

[Lagduf]

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.

[Psynthax]

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.