Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin

Notes on the 21st Century (CBRI)

8 Pages Posted: 4 Apr 2019

See all articles by Usman W. Chohan

Usman W. Chohan

UNSW Business School; Critical Blockchain Research Initiative (CBRI); Centre for Aerospace & Security Studies (CASS)

Date Written: March 12, 2019

Abstract

There is a marked philosophical distance between social media monopolies and cryptocurrencies, the former being of digital capitalist persuasion while the latter being of cryptoanarchist provenance. This discussion paper considers an important case of the melding of the two: Facebook’s proposed cryptocoin, finding that this represents a co-option of decentralized blockchain technologies intended for autonomous user participation by large systems of profit-making expansionary enterprises. The paper suggests that this may generate significant profit if mirrored upon previous Facebook monetization efforts, but philosophically, it is a distortion away from the original intent of cryptocurrencies.

Keywords: Facebook, blockchain, cryptocurrencies, ICO, DAO, cryptoanarchism, digital, social media

Suggested Citation

Chohan, Usman W., Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin (March 12, 2019). Notes on the 21st Century (CBRI). Available at SSRN: https://ssrn.com/abstract=3351630 or http://dx.doi.org/10.2139/ssrn.3351630

Usman W. Chohan (Contact Author)

UNSW Business School ( email )

UNSW Business School
High St
Sydney, NSW 2052
Australia

Critical Blockchain Research Initiative (CBRI) ( email )

Centre for Aerospace & Security Studies (CASS) ( email )

Rawalpindi
Pakistan

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