UTC-05:00,Monday , September 16th 2019

Banks Should Be Very Afraid Of Facebook's GlobalCoin, Cautions Andreas Antonopoulos

08:08 Wednesday , June 12th 2019
Andreas Antonopoulos, during one of his Q&A sessions, discussed the expected disruptions associated with Facebook's GlobalCoin launch.
Answering one of the viewer's concerns relating to GlobalCoin overpowering Bitcoin (BTC), Antonopoulos responded, "I've sold all my Bitcoin in order to buy Facebook’s GlobalCoin. No, I’m just kidding."
Antonopoulos substantiated his belief in it not being a threat to cryptocurrency by stating that coins launched by non-crypto companies such as Facebook lack the fundamental characteristics of cryptocurrency and do not stand on the five pillars (open, public, neutral, borderless and censorship resistant) of the open blockchain.
“They are not a cryptocurrency, they are a bank. So, banks should be really scared of an experienced technology company.”
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