Although Facebook's cryptocurrency has not yet been born, blockchain and cryptocurrency enthusiasts have exuded deep hatred and anger.
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Non-Facebook Coin Fans
Jake Yocom-Piatt is one of these fans, and he is the co-founder and project leader of Decred. In a recent interview, Yocom-Piatt described Facebook as the "opposite side" of cryptocurrency. His comment:
“Facebook is the opposite of decentralization, privacy and security represented by cryptocurrencies. Facebook is a corporate entity with centralized control that has been censored for serious violations of user privacy and security. Now they want to invade users more Life. If you think that Facebook used to know that you have too many things, then Facebook Coin will only make things worse."
Demetrious Skalkotos, global head of Ledger Vault, also made some unpleasant remarks about Facebook's entry into the cryptocurrency sector. He said that cryptocurrency is based on the idea of bringing security to all users, and Facebook "is not known for this concept." He said:
“As large organizations continue to enter this space, it is important to pay attention to security. The secure storage of large digital asset funds is complex, and established companies such as Facebook need secure storage solutions.”
In addition, other sources said Facebook was not eligible to enter the encryption field after a scandal with Cambridge Analytica last year. The idea that a company monitors users and sells their private data to third parties for advertising purposes is a complete violation of the privacy and security protocols of cryptocurrencies. Therefore, there is no place in the Facebook encryption world.
Ronil Rumburg, co-founder and chief technology officer of Audius, is also skeptical about Facebook's entry into the encryption space, saying Facebook doesn't know what decentralization means. He claims:
“I’m excited about Facebook’s prospects of bringing its user base into the programmable currency space. It has legalized our industry to a more mainstream audience, which is good news for encrypted native products like us. However, I Do you suspect that Facebook can create truly decentralized, unlicensed or private things. These goals contradict the actions they have taken recently as a centralized company that monetizes data. A centralized payment disguised as a cryptocurrency The solution could hurt us who are trying to embrace the novelty of these open protocols from a governance perspective."
However, others do not think so. They think that Facebook's entry into the cryptocurrency field is another example of the growing legitimacy of the field.
Zebpay CEO Ajeet Khurana is convinced of this, he commented:
"Facebook's encryption ambition is another validation of the blockchain and encryption ecosystem. From JPM Coin from JP Morgan to the IOTA program from Jaguar, to everything in between, At the beginning of 2019, the organization's enthusiasm for encryption has been greatly improved. For those of us who are in this field, it is obvious that encryption and tokenization are the future trends. It is good to see our beliefs every day. Confirmed."