Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin
Notes on the 21st Century (CBRI)
8 Pages Posted: 4 Apr 2019
Date Written: March 12, 2019
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: Suggested Citation