Three big pieces of news this week starting with that Facebook is planning to ICO its own cryptocurrency to use on its platform. I do not know how this will be used but my guess is that it will be integrated into some of Facebook’s games and apps and will be able to be used for virtual money on a large social platform. I do expect the value of this currency to rise at first because it has actual use and being Facebook, it will have a lot of hype surrounding it.
However, this does raise the question if Facebook simply banned crypto ads from its platform just to kill competition instead of actually doing it for people’s protection. I would not be surprised if Google announced its own cryptocurrency in the coming days and that would seal the deal that these two giants simply banned the Crypto ads from their platform to clear competition for their own offerings — a scumbag thing to do.
Google has also banned Cryptomining apps from its chrome store. I actually don’t mind this because browser-based mining sucked anyways and it just hogged up system resources while offering very little returns on the CPU power. But this news probably will cause a slight dip in prices because it is yet another hurdle for Cryptocurrency.
Korea is planning to offer its own cryptocurrency but I still do not see the point and national cryptocurrency. The whole point of cryptos is decentralization so that no one entity controls the coin so if you want a national monetary unit, you already have that. In the United States, its called the dollar, in Japan, its called the Yen, and in Korea, its called the won. Why do you need a national crypto if you already have a national currency? It doesn’t make any sense.
That’s the roundup for news today.