Facebook - First Universal Crypto? Bitcoin End?

Hey you, welcome back to the channel. And guys, I was just, uh, looking at some of the Ivan on Tech, uh, channel, uh, a YouTube personality who talks a great deal about cryptocurrency. And, um, in one of his latest videos, he's talking about possibly a situation with Mark Zuckerberg versus the Fed. And trying to understand what would Facebook get out of having its own cryptocurrency. There has been recent news of an acquisition with Facebook. It's not technically an acquisition, but there is a company called ChainSpace where many of the blockchain developers are now partnered up with Facebook. Facebook and working on some future projects with Facebook. And of course, many are saying this is this, um, cryptocurrency that's going to be used on, uh, several own Facebook platforms. Um, and in this video, Ivan Ortega tries to understand what is the business model behind it, because at the end of the day, Facebook is a business. And so, uh You know, if you're a business and you're making moves like this, you have your responsibility to investors. And so it has to be some value or profit coming out there some way, right? Now what's kind of funny is that, um, Chain Space, I think Ivan Atet mentions Chain Space at the part of this, right? And he may, I think he mistakenly says, uh, says the Space Chain and then corrects it. But what I find so funny about that is because A lot of people who, um, had been hearing this news about Facebook, uh, if you look at SpaceChain, it's an actual cryptocurrency. It's not ChainSpace, but it's one called SpaceChain. Somehow I think people got confused, and like, for no reason at all, when this announcement came out, uh, it went up 10%. And so that's kind of funny. People thought SpaceChain was related to ChainSpace. Many of us believe that's what happened, but that wasn't the case. Uh, I'm gonna let you hear just his intro into the Facebook, um, uh, situation with, um, what's maybe behind Facebook making this move, and we're going to discuss that a little bit and see, uh, we can figure out what Facebook might exactly be up to.

Okay guys, yo yo yo, we're live, we're live from New York, we're live from Manhattan. We're gonna wait for people to join a bit and then we're going to get into the show because the show today is about Facebook. It's about Facebook's new acquisition of Space— what is called Space Chain— Chain Space. It's a startup done by a researcher and this is very interesting development we're seeing right now with Facebook. But we will get into that, we will get into the fact that Facebook is now a serious player in the blockchain space. No question about that. And what does it mean? What does it mean for blockchain? What does it mean for crypto? And also, what does it mean globally? Of course, we have people joining in. Welcome, welcome, guys. Amazing to have you here. We have 127 people watching right now. Welcome, guys. I cannot see the comments. Where are the comments? Previously, I could see all the comments right here. Tell something in the chat, guys. Tell something in the chat and we will get right into the topic and talk about ChainSpace, talk about Facebook, the acquisition, and also what does it mean. Because you understand that Facebook is a huge company, has many users, has a lot of adoption, and them adding a cryptocurrency would mean that suddenly they might be— they may be the biggest crypto out there with the most users. But at the same time, what does it mean for crypto? Because you understand that there is no reason for Facebook to make a decentralized cryptocurrency. What is the incentive for them to really make a cryptocurrency that they just let go and let live its own decentralized life. Obviously there is some—

I'm gonna stop right there because I don't wanna— I'm gonna leave a full link to this video, uh, in the description, and I don't want to get in trouble with Ivan on Tech, but I love his channel. He does good. I love when he says smash the likes. And, uh, but I wanted you to see what a lot of conversation is about because I've mentioned Facebook many, many times. And I think that it's like this silent thing creeping up that we're not gonna see or we're not taking it serious or we don't quite understand what's going on with it. So as you can see in the video, when I had spoke about him mistaking SpaceChain for ChainSpace, you kept, in the beginning he keeps saying SpaceChain, right? Well, that token actually went up about 10%. It has nothing to do with ChainSpace again. But, uh, that was kind of funny. But, you know, uh, mistakes happen, uh, and we think that was one of them. But so let's try to figure this out a little bit. Um, I'm going to try to get my thoughts on it and see, um, you know, where we end up with this at. But, um, you know, as Ivan's mentioned, he talks a great deal about it in this video. It's a good video. He talks about, um, you know, why would Facebook do that and what does it mean for the cryptocurrency space? Because Basically what would happen is Facebook, with its large reach, its many users, and I spoke about this many times, that we have a very hypocritical, if you will, cryptocurrency community that slams Facebook. But when I'm over on Facebook, I see it's just teeming with, there's just many cryptocurrency communities. Everybody I know is still on Facebook. And I'm not saying that's a bad thing, but I'm just saying it doesn't fit the narrative of how people try to say that they're not interested in Facebook and they're not using Facebook. I think people are still using Facebook, great deal of them, and it's going to be just so easy for them to adopt and send money back and forth to each other for free that has value. The Facebook dollar, you know, it could be the Facebook dollar. And so from the business standpoint with investors, of course the next question would be how do they make money from this? Like, why, you know, why would they do this? So I think there's a few things that, um, gets brought up, and some people believe is that, you know, what happens in, in our, uh, day and age today, we have these super gigantic corporations that are, uh, larger than nations, entire nations. You know, Google and Facebook is probably larger than a lot of European nations, larger than many South American nations, larger than many African nations, you know, and that is a lot of power. It's a lot of control between Facebook and Google. They know everything it is to know about us. They control all our data, all our information, and the closest we can get to this in the scope of history is something called the Dutch East India Company, right? You probably heard about that in history, that it could rival nations, that they had more money than entire nations, they had more money than the king. So some believe that this is a transition from a super enormous corporation into a complete system. A universal currency outside of governments, right? But who will control most of this money? Probably would it be a situation kind of like with like Ripple? You know, Ripple has like 60% ownership of the XRP token. Would it be possibly like that? The problem with Facebook doing it is Facebook would do it with billions of people, right? Um, and this would no longer be, you know, cryptocurrencies would no longer be a joke anymore. It would, it would be something that is very serious. I would imagine Facebook could implement this into their already existing structure very easily and very user-friendly for people. They would keep in mind the people who— they will make it very easy, probably just when you log into Facebook, there's a pay button, you hit the pay button and everything's moving across the blockchain, right? And, and that's pretty much how it would go. So when Facebook launches, they will be the number one cryptocurrency. Um, they're moving into a system now. It's out of just making a few bucks, or will we acquire mass adoption? Facebook will be a global system now. I gotta tell you, that doesn't make me feel all warm fuzzy inside, right? Because as many, uh, um, see it, they see it more like Facebook would then— it would be the centralized authority, right? So now we're— we've, we've moved from one, uh, uh, control to another, right? So now it's very centralized Facebook, and they're probably controlling this now to some extent. Now I'm a bit, uh, uh, held back a bit by, um, this idea that, uh, Facebook— I'm sorry, I was getting a call— poor, uh, that ideas like Mark Zuckerberg and people like Elon Musk, they are big proponents of universal basic income. And so it puts me under the idea of, um, it places me under the idea of that, uh, if that's the case, then Facebook could possibly use this as a way to usher in universal basic income. Some people don't like that. Uh, they might see that as wealth being stolen from one area to the next. I'm kind of, you know, accepting of it to a certain degree because I'm trying to do it in my program as well. But I'm concerned with Facebook doing it with all this centralized power in one place like that. You know, our project BitcoinNYK is kind of laid out like a social network, similar idea to what Facebook's doing. But created to be, uh, more so connected to, uh, decentralization and everybody controlling and owning it. So I think we do a much better job at that. But that's all— it's all very interesting. It's all very interesting to, to, uh, to think about what's going to happen if Facebook becomes this one universal currency and to see how that works. Some people believe that it could possibly make their token, tokens, uh, you know, introduce more money into the cryptocurrency space for their particular tokens. I don't know if that's the case or not. Probably what would happen, people would just use the tokens that are easier to use for them. So I would think that Facebook would pretty much just be, uh, you know, more so looked at, uh, as just an easier go-to thing to use in that case. So some concern to that and the state of the cryptocurrency markets and affairs. But I have spoken to the idea, and I'm sorry guys, I keep getting this annoying phone call, but I have spoken to the ideas that cryptocurrency should be in a form of a social media type site. And where it would be a structure where people can move their value quite easily on part of a network they participate in. And that's what we try to do with BitcoinNYK. But very interesting, something to pay attention to, guys. And if you like content like this, don't forget to like, subscribe. And again, I apologize, guys. I'm— lots going on around me. I'm getting an important call I will take, but we will talk to you very soon. Take care.