Facebook Coin Threat Real - Failure To Act

Hey you, welcome back to the channel. And guys, I hope you're having a great Friday evening. So it would appear that the threat is real. Um, I made, uh, several videos leading up to this point about the dangers of Facebook. And I was quite clear, I felt, in my warnings about Facebook. And, uh, what seems to have happened from my standpoint is a great failure to act, uh, a very lackadaisical attitude and behavior about what the Facebook Coin could make, could mean to cryptocurrency. And whereas some people view this with optimism, unfortunately I do not view this with optimism at all as far as the other cryptocurrencies, because to me it sends a very clear message that it's going to make a lot of cryptocurrencies, if not all, obsolete. Um, the New York Times, um, recently released this article that talked about how Facebook plans to get right the failures of Bitcoin, right? And that's the title of the article. It's very clear, the failure of Bitcoin. They're, they're saying that Bitcoin failed, basically. So here's the problem, and we're going to talk about the failure to act. We're going to talk about the time frame we're in, which is less than about 3 months now, and we're going to talk about what could possibly be a very, very dire situation here. So let me explain what I believe is happening. And maybe kind of get us in the right mindset as to now what do we do about this. Something I think we should have done, uh, 2 months ago, several months ago, years ago, uh, but it's going to be very difficult to do now. So let's talk a little bit about what that— what all this means. So Facebook is supposedly, due to the sources, due to the New York Times, supposed to come out with this Facebook coin by the first half of the year, which puts us around June, which puts us about 3 months now from where we're at now. Um, now Facebook will first launch with a company— they buy every threat that comes to them, and that's why Facebook Facebook has remained relevant. A lot of people say, oh, Facebook is dying. They have no idea and understanding how business works. Facebook is not dying. Facebook just buys every threat that comes its way. It either buys it or is going to do it. And in this situation, it seems that it's going to attempt to do it better, right? In the first launch under the WhatsApp, uh, platform, which holds about a billion people. They're gonna release this Facebook coin. Now overall, we're talking about 2 billion users in the entire Facebook network. So you're talking about one-fourth of the entire globe of human beings, period, right? That's not a business. That's not a company. That's a system, right? If you put a currency in place, that's a system, right? Uh, it's a system that's— that's— in other words, to clarify what Facebook is embarking on here, they're, they're almost set out to get right what governments haven't been able to do. With their currency systems. And in a very weird and strange way, Facebook may be the only entity that can get this right, right? And it might be the only entity that can make this work. So I know a lot of people then kind of move on to the concept and the idea of, uh, oh well, you know, it's just another centralized, uh, cryptocurrency are going to be decentralized stablecoin. And, uh, because of that, uh, it poses no threat to Bitcoin. But let's really take that apart and let's really look at and see what exactly does that mean for it to be, uh, you know, basically leaving us in a state where We don't have our privacy, etc., and all these things. So this entire privacy thing, right, the romanticized idea of it sounds good in nature, right? It sounds like, oh, that's great if we can have all our privacy. But here's the problem: privacy from whom, right? Do you still intend to be a taxpayer citizen? Right? Do you intend to give any data to the government at all? Because if you do, and I don't see any other way you could not be able to do this, but if you do, I would, um, uh, put this out there and help you to understand something that within the United States, uh, not very long ago the government lost millions of Social Security numbers from citizens and data and information, right? Lost all this information. So you know what that means? That means that if you're going to be a law-abiding citizen, if you're going to give data and information to the governments you live in, that you're already at possible jeopardy of that information and data being lost or stolen or what have you from the government. So, uh, even if you think you're moving and operating in a, in a sense of privacy, uh, most of the world is still in danger from that. And unless you're going to be a person who doesn't pay their taxes and doesn't do anything related to the government, you're just kind of off the grid living in the woods someplace This great concern for thinking that privacy is enough to, uh, you know, be something that you think is going to make like Bitcoin be, uh, big and relevant and able to deal with many problems and, uh, might not quite be enough. And let me explain what I mean by that. So blockchain technology is not just used to shield your privacy from governments and people and individuals, although that is a right and a privilege, right? And it's something that many of us desire. The further you go down that road of this idea of anonymity and privacy, the more complicated it gets, right? Impossible it gets to really achieve some, uh, uh, some grip and, uh, hold on privacy. You're not going to be able to really hold it like that. Um, but of course, blockchain technology, a big thing about it was our economic freedoms, dealing, uh, with our, with our currencies that were inflated. How we sent our money around the globe, having to pay large ridiculous fees to get money from one point to another. Cryptocurrency and blockchain technology has solved many of those problems, and those are big problems unto themselves. I guess the point I'm making is that cryptocurrency, the fact that it creates this opportunity for deflationary money and being able to send transactions across the globe uh, very little cost, almost free in some cases, uh, is a huge feat, right? So the only thing that I see, and looking at Bitcoin and looking at Facebook, the only advantage Bitcoin would have would be the anonymity. And of course, not even that, because we know Bitcoin itself is not a privacy coin, right? That it can be tracked. Um, so what am I saying here? What, what's going to happen with this Facebook coin? Well, here's the, here's the problem, right? And here's what a lot of people miss when they go, well, why do they need a cryptocurrency, right? Couldn't they just have an internal payment solution or internal payment system? Why do they need, um, to go about it this way? Well, the thing is, my, my ideas about it is that face— the Facebook coin is going to kind of work more like how Ripple works, right? So to ask the question, why would Facebook need that, it's going to be similar to asking why Ripple XRP token needs to do what they do, right? Um, the idea that Facebook can have this system where everybody in the world can receive this cryptocurrency, right? They can have this, this ecosystem where they can market and sell goods in their cryptocurrency all across the globe. With a quarter of the entire Earth, right? Uh, if you, if you don't see the, the impact of that, right, the large impact of that, of an entity like Facebook having their own currency, it, it kind of harkens back to what you got with the Dutch East India Company, right? The Dutch East India Company were like the first entity international corporation to, to, to kind of do what Facebook's headed doing right now, and that is having pretty much a business that was bigger than governments and had its own system, uh, its own economies that rival the globe. And, uh, even nations and countries and kings couldn't do much with the Dutch East India Company, right? They were everywhere and they were controlling everything. Now Facebook with a currency, I see that on a similar— because we've never had anything quite like this. So I don't think people quite understand the significance of what the Facebook cryptocurrency is. When people say, oh, but it's, it's too centralized and that's why people aren't going to like it. Well, if you look at a token like XRP, where Ripple controls over 60% of it, but somehow they still got listed on Coinbase even though that's supposed to be against the rules. If some people may consider that more centralized, yet they still have a cryptocurrency, right? And they're still able to send these cross-border payments, which is what Facebook is basically going to be doing. It's going to be a money, a cross-border money that goes out to everybody. Now, some people from the investment point side say, well, it's just a stablecoin, we can't make money off of that. But that is an incorrect notion as well. When stablecoins get a great deal of demand, they— their value goes up and investors make money pretty much like any other cryptocurrency. And although they print more stablecoins to keep the price stable at that point in time, imagine what happens We've never seen a stablecoin as popular as what the Facebook— even if it is a stablecoin, we don't even know that yet. But if it is a stablecoin, we haven't seen a stablecoin like Facebook, you know, as of yet with the kind of money and reach and backing like Facebook. This could be the international banking that solves everybody's issues. People are going to use the Facebook cryptocurrency in 3 months to send money back home for remittance, right? That means like if I'm in another country and I want to send money back to my family and friends, I want to be able to do it for a little or nothing with Facebook, cheaper than PayPal, cheaper than— so it's, it should be putting all these money wiring services out of, out of business pretty much. Right? Everybody has a Facebook account. Facebook will probably more than likely design a very user interface system. So that means that all these people who don't know anything about cryptocurrency, they're going to first learn about it and how to use it from Facebook. But not only that, once they learn about how to use it from Facebook and that's what they want to do, they're not gonna, uh, be interested in all these other cryptocurrencies. A lot of people think, well, oh yeah, they're going to get in and then they're going to go and buy Bitcoin. They're going going to buy? No, they're not. They're, they're going to get in and they're probably going to find many of these other cryptocurrencies obsolete. They're going to stay with what they're accustomed to working with. That's probably more likely what they're going to do. And if it's serving their purpose, if it's stable, it's not all over the place, they didn't send money home and then the next day it was worth nothing or half its value was gone. No, they're going to send that Facebook cryptocurrency over there and it's going to be the same amount of money and they're going to like using it because it's going to be integrated into their applications that they use with Facebook and many of these cryptocurrencies. So why do I call this— why did I call all of this a failure to act? Because if you watch the channel and what I've been doing with outreach to try to warn the cryptocurrency space of the dangers of what happens when these social media ecosystems create a cryptocurrency and do it right and have the ability to do it right, right? Facebook now has over 50 people, developers just working specifically on this, right? And they can add as many as they want, I'm sure. Um, but when it's done right, this is a very crypto-killing weapon. This is a Bitcoin killer, right? In my opinion, it's a Bitcoin killer because these people that we're talking about don't care about privacy as much as you all do. When people say, oh, because of the privacy, it doesn't have the anonymity of Bitcoin, Those people don't care. They're only going to be looking at it as like, what can I use this for? Okay, what can I do with this? Oh, that's cool, I can send money back and forth to everybody instantly, quick, easy, and I don't have to worry about these large fees I got to pay at Western Union and all of that. Everybody already has a wallet, everybody already has a Facebook account, it's easy to use. I sent it, you got it in a second, just took me long enough to log on. That's what, what it is, guys. That's what's going to happen with that. And all these cryptocurrencies that want to help the unbanked and do all these variety of things, why won't people just be able to do that with this Facebook cryptocurrency, right? They're all going to have bank accounts then through Facebook. And they're, um, so the reason I called it the Fair Data Act, guys, because if you're looking here on your screen here, the project I launched, BitcoinMYK. And it's no accident that when I launched this months and months ago, well before we started even talking about this Facebook cryptocurrency, how we're talking about now, you see it kind of bears a very striking, striking resemblance to Facebook. I had discovered the dangers of this then, and my outcry to the cryptocurrency space was get involved, join this site, But what did they do? They said, oh no, uh, we don't like Facebook, we hate Facebook, uh, we don't want anything like that, uh, we're all for our privacy, right? And that's great, but the problem is we live in a world and in a society where people have made a decision that they understand that they have to give up certain levels of their privacy in order to have certain levels of better economic freedoms and securities as well, right? It's not, it's not so well balanced where you can just go, give me all my privacy, give me economic freedom. Take something like Facebook. The reason they got the 2 billion users is because they were incentivized to market to get the 2 billion users, right? And that's how come it works. We're not incentivized to get people to use Bitcoin. It's totally decentralized, hence the idea of it. But we are now— Bitcoin is now having things come up on the horizon that's flanking it that is going to make it quite difficult for it to operate on the level that a lot of people were hoping it would, right? I, you know, I can't see any very practical uses to Bitcoin, uh, Now the store of value idea could still work, right? But then couldn't that work with anything? I mean, that could work with a lot of other cryptocurrencies, right? Why couldn't that work with Facebook? Facebook would be deflationary. Now, of course, if it's like a stablecoin, they're printing more, more of this, you know, then, you know, obviously then it wouldn't be able to— Bitcoin would have a great place still. But we don't know what this is gonna be. You know, we don't know if there's going to be a finite amount of these Facebook coins. If it's a finite amount of these Facebook coins, then it does represent not only store value, but a great way to send money back and forth, right? Uh, you know, and again, I get that people, uh, you know, have a problem with the centralization. They use that term centralization. All these cryptocurrencies have a level of centralization in a, in a, in a perfect system, they go from a form of centralization to decentralization, right? And you get more and more decentralized. That's the same thing with Bitcoin, right? With the mining operations, it goes from the mining to, uh, more decentralized mining. Um, so it's not so much that it starts off at a central centralization, it's that how well is the distribution and who holds how many tokens. Again, kind of going back to the Ripple XRP example, right? They hold over 60% of the tokens. That hasn't stopped Ripple XRP from being the top number 2 spot cryptocurrency. It hasn't stopped a very large-scale community of people supporting Ripple, right? And so I think that we kind of have, um, kind of maybe put a little bit too much stock into the idea of that if it's more decentralized and if it's more, less decentralized, more decentralized, and that if it's more private rather, that that's going to make a bunch of people flock and want to use it. But I don't know if that's 100% sure. And, uh, I don't, I don't think it holds up so much either, that the fact that people feel it's centralized, there's no reason for Facebook to have a cryptocurrency. But we don't know how, how far, uh, to decentralization the Facebook cryptocurrency is going to go. It might become a well-distributed cryptocurrency Uh, that's deflationary, uh, and that will be better than every fiat currency that exists today. So I'm not, I'm not upping Facebook. I'm not saying— but they are doing something unique that we've never seen done before that could be very, very significant. And I, I think the, uh, the— it's, it's not— we, we aren't fully grasping the uh, the full effect of what this could mean, right? I don't think we've really sat down and thought about this, right? When that article reads it's going to succeed where Bitcoin fails, I think it— I think that's really the idea behind it, you know? Uh, and I don't, I don't think we're taking in the full magnitude of this, right? We don't have a great deal of time left either, guys. 3 months is nothing. And they said they're going to be done in first half of the year. They got 50 people working on this, right? This is one of those projects where they got 4 or 5 people working on it, 10, 12 developers, 50 developers, right? And Facebook has a war chest of money, right? And they can get to the people who got all the money they need. Um, so this isn't one of those projects where They're going to be waiting around hoping an ETF brings some money in or somebody brings money in. Um, and so we don't have much time here, guys. Now BitcoinMYK is probably the last bastion to try to fight this in a similar way that can work, and that's kind of having this social network that incorporates Bitcoin and makes a very user interface for people to use. And, uh, been pushing this a while now. People have been sitting back playing around with their little altcoins hoping that they're going to make them rich. And now we have a real threat here on the horizon, right? This is very serious, you guys. Very, very serious. A lot of people think Facebook Coin is going to create a trickle-down effect there might be some trickle-down effect. There might be a little bit more money coming in to some of these, uh, these altcoins, perhaps. Maybe. That's a very small maybe. But these people who know nothing about cryptocurrency going to mass adoption, which is what Facebook's going to achieve— once they achieve that with Facebook, they understand how to use cryptocurrencies and they have this ability and access to move back and forth. I really don't I don't see the point of them playing Russian roulette, which would essentially be penny stocks, right? They could just do that in their regular— the whole purpose of cryptocurrency was to try to create this economic freedom, this deflationary money across the globe. My opinion is that made more sense than the entire privacy thing, um, and even to some degrees the censorship resistance because we're always going to live in governments where a lot of our personal information has to be handed over, where the government is going to somewhat control what we're able to say or do, right? So it's gonna, it's gonna always be a level of that. But having this system where our money couldn't be controlled, which is one of the most important things that we can stop and control, and our value, the value that we put out Uh, that was something that cryptocurrency was able to achieve, right? And something governments couldn't really do anything about, because once your money's gone and they can't find it, they can't see it, and they don't know where it's at, it's not a whole lot they can do, right? But, uh, that can be achieved now with Facebook, right? So that's what I mean by the, the, the impending threat, the doom here that we could possibly be at the, at the gates here with. And, uh, this is our last time to make a stand to try to create a system comparable to what Facebook, uh, is doing in hopes that it's not too late to create a very user interface to move these people over, uh, without them having the issue of going through all the technical learning and know-how and lack of education, all of which they're going to get from Facebook in less than 3 months. This may very well be the last hope Bitcoin and YK to stop Facebook before they become this dominating world power of cryptocurrency. And even, even at this point in time, it would be very difficult for us to be able to stand up to them like I would want them to. I was hoping maybe we had another year with this. We got 3 months. So if you haven't signed up already yet, now is the time to take your stand if you're going to take it. Um, and, uh, we can only wait and hope and see what's going to happen, guys, over the next 3 months. Some people are happy about it. I don't think this is, uh, something that's a good thing for cryptocurrencies, right? I see obsolete in the future. I do not see, oh, it's gonna make all of our money go up, right? This isn't— this might be different from how it works with Bitcoin. When Bitcoin goes up, it pulls everything up with it. Facebook Coin may not work like that. It might just be its own thing and everybody goes into the collective, right? So we'll have to find out and see. But that's all I want to say in this video, guys. Guys, let me know what your thoughts are on this and how you feel about this and what are your, your, your, um, your points of view on this. But, uh, guys, I hope you have a great weekend, and until next time, take care.