Facebook's new crypto currency is not mined. Rather offered by FB. And transactions are blockchained. Will be backed by real fiat money, but more likely this backup won't continue for long. That's reality.
Would I be taking it? I won't have accepted it, had it been mined like bitcoin. Bitcoin is more like : who can waste more electricity to prove himself worthy of a coin. Leading to at one time 20% of total world energy being wasted behind it. But this one's different. And I probably will be taking it -- if I had the spare money.
FB could have just decided to NOT use blockchain, instead use a simple database like PayPal and things would have been the same. But bringing in a jargon like blockchain increases the product's worthiness, if only for that term.
Give people the impression that they have power and they will come in flocks.
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