Mainstream media was abuzz last week with the news that Facebook has plans to launch its own digital token, ‘GlobalCoin’. This highlights the ignorance that big news outlets have, as Facebook really is ill-suited to have anything close to what we consider cryptocurrency.
Cryptocurrency by nature is a mathematically secure, disruptive peer to peer technology designed to act as a decentralized form of finance. Facebook is a million miles away from these concepts as it is highly centralized, highly censored, highly insecure, and largely untrusted. Any currency the social media monopoly produces of its own are likely to have the same traits.