- Cryptographers, security professionals, and researchers who attended this year’s RSA Conference condemned Facebook’s upcoming Stablecoin
- The idea of blending Facebook with its lack of privacy issues and bitcoin’s volatility is crazy, a crypto guru says
- It is too early to dismiss the impact of large corporations in the crypto space
Facebook Coin turned out to be a laughing stock at the RSA conference this year where none of the cryptography gurus present seemed to like the ambitious project of developing a stablecoin.
The RSA conference happens annually where several experts discuss the world’s security. In this year’s event (March 5), cryptographers around the world gathered with about 45000 IT security specialists to discuss AI, Blockchain and other technological issues affecting the fintech world. Surprisingly, among all the experts who attended the conference, none of them seemed to like ‘Facebook Coin’ with its claims of being the ‘Bitcoin killer.’
The worst of blockchain and corporate culture
Paul Kocher, an American cryptographer, claimed that blockchain makes things trickier. He went on and explained how the combination of the social media giant (which makes its money killing privacy) and Bitcoin where you can lose your money as a heightened frenzy that he will not be considering.
“When you add the froth of blockchain as well, these sorts of things that seem crazy just keep amplifying. I think the latest one that I saw is one where you can take Bitcoin where you can lose your money, Facebook you can lose your privacy, and now there’s ‘Facebook Coin.’ And it’s not even a joke, and it’s apparently coming. So, not going to buy any of that.”
Adoption at any cost?
While Facebook’s intentions may be unclear, it would be unwise to dismiss the opinion of one such as Kocher who co-discovered spectre – a security vulnerability affecting modern microprocessors. However, there is still a huge possibility that Facebook coin will play a role required in the mitigation of theft in the cryptocurrency world, a new approach that will see many people embrace crypto.
Allegedly, Facebook plans to roll out an altcoin only known for now as Facebook Coin, a stablecoin, in the first half of 2019 by integrating it into social media accounts including Instagram, WhatsApp, and Facebook Messenger. These apps have a substantial monthly audience totalling to 2.7 billion. This vast audience is the baseline of its possible success and cryptocurrency at large.