Stupid because the whole point of cryptocurreny is decentralization. So, one might ask - if Facebook doesn't control it then what is the point of this?
But that's where the whole point of a blockchain comes in. Many people I know believe cryptocurrency to be anonymous. What they don't realize is blockchain is a public ledger. Everything they do is visible to everyone. Blockchain is pseudo anonymous at best. Sure, every now and then someone jumps and asks - But what about creating new addresses? New addresses are still pseudo anonymous. So, once I collect enough data I can find who is doing what on a blockchain. Now this is what will be smart about a Facebook blockchain.
Facebook can build tools to collect people's data; all the while everyone believing cryptocurrency is somehow making them anonymous.
In that way, going to blockchain for everything is a bad idea. There will be no privacy on a public database.
>"Many people I know believe cryptocurrency to be anonymous. What they don't realize is blockchain is a public ledger."
"Public" and "anonymous" are orthogonal concepts. They are not mutually exclusive. There are many examples of this from letters to the editor, graffiti, donations etc. The fact that something has both the property of being public and anonymous does not make it "pseudo anonymous."
Stupid because the whole point of cryptocurreny is decentralization. So, one might ask - if Facebook doesn't control it then what is the point of this?
But that's where the whole point of a blockchain comes in. Many people I know believe cryptocurrency to be anonymous. What they don't realize is blockchain is a public ledger. Everything they do is visible to everyone. Blockchain is pseudo anonymous at best. Sure, every now and then someone jumps and asks - But what about creating new addresses? New addresses are still pseudo anonymous. So, once I collect enough data I can find who is doing what on a blockchain. Now this is what will be smart about a Facebook blockchain.
Facebook can build tools to collect people's data; all the while everyone believing cryptocurrency is somehow making them anonymous.
In that way, going to blockchain for everything is a bad idea. There will be no privacy on a public database.