Who is afraid from the Facebook of cryptocurrency, if not Bitcoin?

Although the participation of tech giants in Cryptoprotected seems a positive development for the ecosystem, some opinion leaders are already predicting tough competition for survival in the not so distant future. Andreas Antonopoulos also raised this issue during one of the blitz-sessions on YouTube. The expert shared his view about the potential obstacles that may arise along with the launch of GlobalCoin on Facebook.

Responding to the experiences of one of the spectators that GlobalCoin can surpass Bitcoin, Antonopoulos replied.

I sold all my bitcoins to buy more Globalcoin. The joke, of course.

As he said, it is not a threat to bitcoin, as the coin from the “scriptcombine” like Facebook do not have the fundamental characteristics of cryptocurrency. And they certainly are not built on the five pillars of the open blockchain: openness, publicity, neutrality, lack of boundaries and centrosoyus.

All that created a centralized organization that is subject to specific laws may not have any of these characteristics. And the main reason is that it is prohibited by law.

Why GlobalCoin is not a competitor to Bitcoin?

Antonopoulos also emphasizes the fact that regulated companies are limited by regulations of the office for foreign assets control (OFAC). They prohibit institutions to carry out monetary transactions with a certain number of individuals and entities. Existing laws require from financial authorities to specify the name and location of the sender and recipient, which is impossible without KYC procedure, which essentially turns Facebook into another Bank.

It should be remembered that Facebook, despite the lack of boundaries in social terms, are still obliged to comply with the rules of certain jurisdictions. According to experts, the cryptocurrency on Facebook — not that other, as another PayPal.

It’s not a cryptocurrency, it’s a Bank. Therefore, the only one who is afraid of starting coins from technologically advanced company, it banks.

And how, in your opinion, GlobalCoin can affect cryptoprotection and activities of traditional banks? Visit the discussion in our cryptcat of hontarov.

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