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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Facebook’s Double Standards: Banning a News Platform While Preparing to Launch Decentralized Crypto

  • Yuri Molchan
    📰 News

    ⚡⛔This weekend, the team of Zero Hedge found out that Facebook had banned their links on the platform, showing censorship and a deep centralized approach

Facebook’s Double Standards: Banning a News Platform While Preparing to Launch Decentralized Crypto
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At the start of this week, online news outlet Zero Hedge (ZH) found out that Facebook has banned some of the links to its website that users had shared. The Facebook message which states that the link has been shared leads to a page saying the content goes against Facebook’s community standards.

Facebook never got in touch with the outlet to explain what exactly ‘community standard’ was violated and why all articles by Zero Hedge have been blocked.

Banned for criticizing Facebook’s censorship

Trying to figure out the reason for Facebook banning them, the news site mentions its recent articles about Facebook, criticizing the social media platform for the scandals when violation of user privacy took place, as well as regular censorship against certain user accounts and cooperation with the US government.

These stories, ZH claims, have been published over the last several weeks. Previously, there were even more articles about Facebook.

ZH has made several consequent attempts to get in touch with Facebook and clarify the reason for getting blocked, but the IT giant has so far responded to none.

Hard censorship while talking of decentralized crypto launch

Recently, Facebook founder Mark Zuckerberg wrote a post in which he said that Facebook is turning towards decentralization. Besides, it has been running a blockchain department since mid-2018. And users already for a long while can exchange messages protected by end-to-end encryption.

At the end of last year, Facebook even stated its plans to launch its own crypto coin for its WhatsApp messaging app, possibly to be used in Messenger and Instagram apps too.

Another curious detail is that in spite of message encryption offered by Facebook, there is also the option of reporting a secret message if a user who receives it believes the message goes against the Facebook community standards.

Hard censorship while talking of decentralized crypto launch

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Trying to please users and the government

Earlier, U.Today reported that many members of the crypto community on Twitter took the news of Facebook launching a coin ironically.

Many called it just another ‘data grab’ and assumed that Facebook, trying to sit on two chairs simultaneously, will implement hard KYC/AML measures for those who decide to start using the ‘Facebook Coin’.

This way the company will be able to get even more detailed user data. Taking into account that in the past Facebook was involved in a scandal with a security breach and that it widely uses targeted ads based on its customers’ personal info, people are getting more and more skeptical as to whether Mark Zuckerberg and Facebook are going to enter the crypto sphere with pure intentions and not merely to raise the company’s revenues.

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Facebook Acquiring a Blockchain Startup Is Big News for Cryptocurrency Adoption — Here’s Why

  • Darryn Pollock
    🤷 Opinions

    Facebook once seemed very anti-cryptocurrency a while back, but acquiring Chainspace seems to suggest they are changing their mind.

Facebook Acquiring a Blockchain Startup Is Big News for Cryptocurrency Adoption — Here’s Why
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A report doing the rounds has suggested that the social media giant that is Facebook is getting more and more invested into the cryptocurrency and startup space with the acquisition of a small blockchain startup called Chainspace.

This may be small, both in terms of the size of the start up and the effect on the social media company, but it is a big step for the adoption of cryptocurrency and blockchain as it shows that major tech companies are actively getting involved in the space.

Facebook once banned the advertising of anything related to cryptocurrencies, but it has since reneged on that stance. In fact, Mark Zuckerberg, the well-known head of the company, has even insisted that he wanted to learn more about cryptocurrencies and blockchain.

Now, Facebook is putting its money where its mouth is by hiring the team behind Chainspace, which was founded by researchers from University College London.

Building their blockchain business

Facebook’s acquisition of Chainspace’s team, a move known in Silicon Valley as an acqui-hire, is the clearest sign yet of Facebook’s ambition to be a big player in the nascent blockchain industry.

Facebook has set up an entire group to deal with blockchain growth within the company, putting David Marcus, a Facebook executive and former PayPal president, at the head of its blockchain enterprise group.

So, Facebook has done a bit of a complete turn on its interest in blockchain, but the acquisition of Chainspace also points towards where it sees value in the distributed ledger technology.

Chainspace’s white paper explained that the team wanted to build a “distributed ledger platform for high-integrity and transparent processing of transactions within a decentralized system.” This essentially means they were trying to make transactions on the blockchain quicker and more functional in terms of a payment system.

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Facebook transactions?

This direction into blockchain transactions with cryptocurrencies could be a huge boost for Facebook. The possibility of, for example, a native Facebook blockchain token on the social media platform would allow for them to monetize a lot of aspects upon their platform.

It could indeed transform the face of social media, which has predominantly been about acquiring user data, and change it to receiving cryptocurrency as payment. This is especially prevalent with the increased focus on the value of users data in the wake of the Facebook-led data hack through Cambridge Analytica.

Already in the works

It has actually been reported that Facebook is interested in forming its own cryptocurrency, a stable-coin type currency that would operate in the messaging app WhatsApp, also owned by Facebook.

In terms of fueling adoption, the use of cryptocurrency and blockchain on two hugely popular apps, such as Facebook and Whatsapp, would see millions of people enter the sector and thus legitimize it far more.

More so, the value and price of the cryptocurrency would surely soar should this form of adoption come to be, as it would open the door to people not only on Facebook’s potential native token, but the entire cryptocurrency market, causing a huge demand rush.

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