What if social media apps start launching their own cryptocurrency?

[jossiel]

My thought happens to be what if a social media app management like Facebook decides to launch its own cryptocurrency?

They did but it's a failure.

Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure

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.

[shinratensei_]

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.

[wxa7115]

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!

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.

[TheUltraElite]

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.

[killerfrost]

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.

[yazher]

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.

[Lagduf]

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.

[terciduk123]

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
You can check out some Altcoins that build social media platforms on Coinmarketcap

[Bolivar_Tony]

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. 

[disconnectme]

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!

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

[kamvreto]

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
You can check out some Altcoins that build social media platforms on Coinmarketcap

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.

[Questat]

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
You can check out some Altcoins that build social media platforms on Coinmarketcap

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.

[Coyster]

The failure of FB won't stop other social media channels in launching their own coin.

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.

[goaldigger]

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.  

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.

[Godday]

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 

[kamvreto]

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.

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.

[abel1337]

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.

[vv181]

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?

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.

[jrrsparkles]

 
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!

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.

[Rengga Jati]

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?

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.