[Insert company, bank name] has a new cryptocurrency! Yay! Now let's turn our brains back on: Does it have centralized control? [Yes] Then it might as well be a database. Does it do anything novel? [Nope] Then it's an underperforming duplicate.

Don't get hyped on Suckerberg coin or any other company/bank coin trash. These corporate assholes aren't creating anything new. They hire sub-par devs and build these projects to get a 2% bump in their stock price.

In reality when we get Nikeshoe coin or Starbux coin, they just dilute the space and are not interoperable. It's basically a punch-card rewards program with a fancy name.

When they do this, it confuses new users and falsely give them the idea that crypto is about trust and centralized control.

The very structure of Bitcoin (Cash) means that it is outside the control/capture of any one entity, whether that be a company or a dictatorship. Bitcoin Cash has decentralized development that must be defended by miners willing to protect those protocol upgrades over time. Bitcoin Cash needs a decentralized network for security purposes, which is why it uses a blockchain.

Permissioned entities don't need a blockchain if they plan to freeze or rollback any transactions they don't approve of.

If it's centralized, it's no different than ApplePay or Paypal or Square or Blockstream or Ripple any other attempt to control people and the money they earn. Only Bitcoin Cash (BCH) is decentralized in development and operation. All other coins have been captured and subdued.

submitted by /u/masterD3v
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source https://www.reddit.com/r/btc/comments/bk9nya/insert_company_bank_name_has_a_new_cryptocurrency/