Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin
Notes on the 21st Century (CBRI)
8 PagesPosted: 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.
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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
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