Minds CEO: Facebook Needs to Follow Same Philosophy of Bitcoin When Creating Own Crypto Asset

The cryptocurrency market has grown and evolved in the last decade of activity, taking it from a simple one-asset market to a booming industry with hundreds of options for consumers.

As major companies like Facebook, JPMorgan, and Goldman Sachs break into the market, the dynamics have been changing even more.

Anthony Pompliano of Morgan Creek Digital recently interviewed CEO Bill Ottman of Minds, discussing the ways that crypto is rising as a payment option, and what would change with Facebook entering the industry.

The first topic that the twosome discussed was on the regulations that have been hotly debated throughout much of the world for cryptocurrencies.

The Securities and Exchange Commission (SEC) has been one of the main regulators taking action to govern the market. Ottman said that the inclusion of the SEC is helping to increase transparency, and that Facebook’s cooperation with them would improve their trustworthiness in the market.

The improvement in their reputation would be necessary to gaining interest from the consumers that have previously been wronged by privacy leaks on the social media platform.

Ottman explained that his company is hoping to “educate people on how to go on-chain with the aim to distribute rewards on-chain.” He is realistic about the adoption from the rest of the world, considering that he does not see decentralization being implemented or blockchain solving everything. Instead, he believes that bringing in decentralization in some areas would realistically solve this issue for the company.

When Pompliano spoke about the way that Facebook would be moving into the crypto sector, noting the blockchain team, Ottman said that the only thing that the platform was doing is proving value.

In doing so, Ottman says that Zuckerberg has the youthful nature needed to see the “dynamics of the industry,” adding that it is more likely that he will adopt cryptocurrency, following in the steps of Jack Dorsey.

Some of the issues that plague blockchain technology for social media is the immutability, primarily arising in the context of erasing images. Furthermore, since the GDPR does not cover anything in fintech, there is a matter of incompatibility.

Ottman added that no one should even be making proprietary product, which has been a majorly controversial issue for the crypto world. Instead, Ottman commented that Facebook should “stick with the concept of decentralization and get on the same train that Bitcoin was built on.

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