If the world lasts long enough for us to get the chance to look back on our current dumb era, it’s going to be wild realizing just how much Facebook screwed everything up. From decimating the media industry to poisoning enough brains with misinformation to vote for fascists, The Social Network 2 is going to be the Dr. Strangelove/Network spiritual successor we didn’t know we needed. Plus they put a lot of money in the pocket of evil boy genius Palmer Luckey.
You’d think being partially responsible for the ongoing crumbling of political order (to the point of being hauled before Congress) would convince long ago potential presidential candidate Mark Zuckerberg to ease back on his company gaining more control of unstable but essential social institutions. But because we’ve all learned nothing, Facebook is about to roll out its own cryptocurrency.
First reported by The Information, an official announcement of Facebook’s cryptocurrency GlobalCoin could come as soon as this month. I would’ve called it “Zuck Bucks” but whatever. But already details have begun to leak out and they are… interesting. The thing about blockchain and cryptocurrency is that while more people than ever at least have some vague idea of what it is, all but the most hardcore GPU-mining weirdos have any real experience making transactions with internet monopoly money.
With GlobalCoin Facebook is making some steps towards presenting a cryptocurrency you might actually use. Tying it in with a platform as prominent as Facebook certainly helps. The initiative is apparently spearheaded by former PayPal executive David Marcus who you assume knows a thing or two about online payments. The company is targeting areas around the world where cryptocurrency is potentially more stable than local economies. And physical ATMs where users could get the currency would make it seem even more…