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Facebook Operates on NTFS And Stable Coins Rather Than Bitcoin
During a long discussion with Bloomberg on Tuesday, David Marcus, a co-creator and board member of the platform Diem (previously identified as Libra), a centralized virtual currency competitive workforce by Facebook, emphasized that the business does not know Bitcoin, but that the country plans to circle the drain on having to deliver including its altcoin proposal or a separate NFT. And before we get ahead in our guide, register yourself on the yuan pay team and learn all there is about the stable ways to earn in the bitcoin currency.
With Bitcoin and the Lightning Network about to become legal money in El Salvador, a massive display of all of the qualities that Bitcoin has had to offer for years is taking place. Facebook is completely befuddled. We’re slipping behind at an alarming pace, as Marcus himself has observed. However, when asked why it hasn’t been released, he responded as follows:
“We want to make certain that we can gain people’s confidence over an extended period.” This statement should be given in its entirety without further remark. More than any other business in the world, Facebook has repeatedly shown an interest in violating the privacy of as many individuals as possible over the course of many years. This practice of using hot wallets to distribute NFTs, and an in-house proof-of-stake cryptocurrency is evidence that Facebook is essentially a surveillance organization in its core operations.
So, What Exactly Is Diem?
In recent years, Facebook has been “investigating” blockchain technology and promising to bank the world’s unbanked and eliminate remittance costs via this initiative, yet the company has failed to produce any real goods.
It was clear from the beginning that Diem’s and Libra’s intentions were doomed from the outset. Facebook’s proposed centralized, stable currency will not be based on mining or proof of work, and as a result, it will be no different from any other initial coin offering (ICO) fraud if they are successful in bringing it to market. By creating and managing Facebook tokens, they will essentially become a miniature digital form of fiat currency that will function on a proof-of-wealth notion. Stakeholders like Visa and Mastercard would pay to run huge “nodes” that will serve an unknown purpose.
If Facebook had examined the reasons for putting such a foolish project on the blockchain, it is unclear what they would have come up with. Blockchains that are not associated with Bitcoin are pointless since Bitcoin already exists. Bitcoin, the first use of blockchain technology, was created partly to repair money by eliminating the influence of centralized businesses from issuing new money. We do not need Facebook or any form of Facebook money centralized, regulated, and extremely private, with permission to be used.
NFTs On Facebook
The CEO of Facebook’s cryptocurrency division, according to Business Insider, has said that the company is “looking at developing NFT-related services” on Diem. Marcus declined to provide specifics about Facebook’s NFT product ambitions since the project is still in the early stages of development, but he did tell Bloomberg that the company’s “developers are on the case.” “It’s something we’re certainly thinking about,” he added. “It’s a fascinating subject that deserves more investigation and one in which we can make a big difference for both artists and customers.”
Is the use of NFTs even considered a trend anymore? For years, Facebook has passed up chances to purchase Bitcoin or conduct an initial coin offering (ICO), but to fail to sell even a single NFT? Isn’t Facebook meant to be a technological business, not a social networking site? It isn’t difficult at all. Middle school students are in charge of the design and selling of NFTs. Granted, there is no logical, legitimate use case for blockchains outside of Bitcoin; nevertheless, Facebook does not grasp this, and they have not only missed the boat, but they are also not even close to reaching the shores of revolutionary monetary technology at this point.
The issue with NFTs is that they cannot link digital things to their physical counterparts without the intervention of a person. It is worth noting that Bitcoin makes no effort to allocate ownership in the actual world in this manner. In the case of the oracle issue, Bitcoin provides an excellent answer. Bitcoin contains digital addresses that are secret and separated, and they are protected by encryption.