Facebook Global Coin - Should You Buy It?

Hey you, welcome back to the channel, and I hope you all are having a great weekend. So, um, question had come up about this Facebook Global Coin project. Uh, if the information is accurate that we're getting, and many of us believe it's pretty much spot on at this point in time, um, if Facebook would more so function like a stablecoin. And one question is, then should we buy it? Like, what value would it serve for us to buy, uh, something like Facebook Global Coin, right? So now, me personally, I've been a student, I'd say, of economics. I say a student because although I've worked on money for quite a quite a while, uh, I'm not sure if, uh, there is a certain thing as a perfect economic formula, right? So I'm in a, I'm in a constant learning of, of money in the economy. But I will say this, to, to understand why you would want to buy something like Facebook Global Coin, and this is not financial advice, I don't give financial advice on, on the channel, I don't tell you what cryptocurrencies to buy or what projects to buy into, with the exception of one, and that is our own project, BitcoinNYK.com. And why do I do that? Because the way that the BitcoinNYK.com works on sophisticated economic methods and strategies that doesn't require for you to buy the cryptocurrency. So you don't have to buy cryptocurrency. So you come into our system, if something were to go wrong, if we were to get sued or anything like that, it would really be no, really harsh legal ramifications for us in that, you know, our project is self-funded and, you know, it will function, you know, with or without investment. Now, so in that way, we're willing to take any risks with a project like that. So you will see me bring up price and things of BitcoinNYK.com throughout the channel from time to time, but that is the only one. Now getting back to Facebook Global Coin, this is something that, you know, I would say me personally, I will buy it, but I will buy it more based on research because that's what I like to study systems. And I, you know, I would want to know fully how to use it and how it works and its effect on the global marketplace, right? But, uh, in saying that, what I can do is I can give you some, some reasons as to why people would buy Facebook Global Coin. And I think we can do that in this video, so we're going to get into that. So I, I think the first way to look at something like Facebook Global Coin, or the, the first step we need to take, is first to understand that Something like Facebook Global Coin is going to be a vast system, right? This isn't, uh, you, you have to abandon the traditional cryptocurrency mindset where you come in and you just kind of see this cryptocurrency trading over these exchanges. And if you buy into some, it goes up certain percentages a day and you make a profit, you sell out. And what do you do with that profit? Now here's, here's what a lot of people in cryptocurrency miss. When they make a profit, what they consider a profit in cryptocurrency is not, uh, in the realms of economics where they're thinking of it like, okay, when the price goes up, they're basing the value and price of something like Bitcoin against fiat currencies, right? So The, the thought process is when they make a profit and they sell it, they're going to transfer that back to fiat currency and get so many fiats for so much fiat currency for that. And, and understanding that the reason it works like that is because within crypto, within the cryptocurrency space and within Bitcoin right now, and many of the other cryptocurrencies, there isn't a vast market and utility for for Bitcoin. As to say, if you held on to your Bitcoin and you went to— you wanted to actually utilize it, spend it, use it within its ecosystem, you would— you would— there would be much to be desired because you will— you would find that there are many things you cannot purchase and many things you can't do with your Bitcoin. Like, you probably couldn't even pay your mortgage, you probably couldn't pay your utility bills. There's just a vast amount of things that you wouldn't be able to do with your cryptocurrency, and that would, uh, throw out the, uh, the true value of it, would render a lot of it useless. So the mindset of when we come into cryptocurrency is this is a speculative asset, right? Uh, you know, that is the mindset of it, right? And that is really the only, uh, the major use for at this point in time. And So you would be buying a cryptocurrency just for that. And so that's why it's kind of harder for people in the cryptocurrency space to fathom why would you invest in something like Facebook Global Coin, because they would look at Facebook Global Coin as something that they wouldn't go up because it'll function as a stablecoin, so it wouldn't give them a way to get profits in that way. But let's present another case. Let's, let's get into what happens when you have money that you really are able to use, and it is money that solves many problems that exist in the world today. So we're going to talk a little bit about use over a speculative asset. So some reasons you might want— a person might buy something like Facebook Global Coin. The first major reason is going to be remittances. So what are remittances? You know, That's going to be situations where maybe people around the globe need to send money back home from one place to another. Now, as Facebook Global Coin will be in a competitive market, uh, like this with, you know, many banking wire transfer services and etc., uh, what you probably get in something like Facebook Global Coin then is you would get probably, uh, them competing at a higher level, cheaper fees, much more convenient. The platform would probably be designed more to, uh, um, facilitate, uh, you know, uh, people conveniently in one place. Like if you think of something like, uh, bundling, uh, think about all your banking and billing and everything bundled together, you know, under these accounts. And so what you would have is you would have a product that is much more competitive than many other transfer services because you'll be doing everything from one place. So it will be this neat, convenient user interface and platform, right? So a lot of people will want to transfer their money by use of Facebook Global Coin as opposed to maybe using some of these other payment banking services and the like. Now I know to many that doesn't sound very exciting because we tend to think about cryptocurrency as a gambling casino. You know, the truth of the matter is, if we're— I believe if we're honest, if we really sit back and we're honest, the only reason we're really in cryptocurrency is to make money, right? To make— that's like 95% of us. I'm finding it hard to believe that many in cryptocurrency are really fixed on the idea of economic freedom for everybody. I, you know, that's what they say, but I don't know if I believe that. And by the time I finish the video, I hope I could present some, some real ideas, or what I believe to be some real ideas about economic freedom and how people would think about it if that was the main goal for many of us in cryptocurrency. I don't think it's that at all. I think is a lot of us see, you using this as a way to get rich or to make a good amount of money. And as far as the use of the product, of the cryptocurrencies, those are few and far between. And I'll explain it this way, as just like we just covered using something like Facebook Global Coin as remittance, let's now get into what happens when you have a global And I want to use the word cryptocurrency loosely because a lot of people are saying, well, this is not a cryptocurrency. I would say that it is not a cryptocurrency in the way many of us are accustomed to, but because they will have 100 nodes running and it won't be by definition centralized server, you know, then I think it can fall under the realm of cryptocurrency. Although I would move to say something like it would be levels to decentralization, and this obviously would not be at a high level of decentralization. But in comparison to other projects, we have quite a bit of You know, we have quite a bit of cryptocurrency projects that don't run a lot of nodes, have 10 or 11 nodes running for a variety of things. And, you know, by definition, if that's the type of thought process you would have about decentralization with something like Facebook Global Coin, then there's several dozen so-called cryptocurrencies that would fit that bill, and they still are considered cryptocurrencies. But I would say something to the effect of that it is more likely that Facebook global coin will be presented and will function in a way more like a PayPal-type system. And so this is a— this is going to be a digital money, right? But that's very important. That's very important. And so we're going to talk about that now. So understanding how Facebook Global Coin is going to work, uh, in comparison to other stablecoins, you have stablecoins that might be pegged to the US dollar. They look at the US dollar as the world reserve currency, and that was due to an agreement that was reached right shortly after World War II. Um, now the US dollar in itself, uh, many of us don't feel very secure about, and it's probably not a great idea to be pegged to one particular currency. So what the Facebook Global Coin will do is it will have a basket of fiat currencies, and what we understand about money and foreign currencies versus domestic currencies is they generally trade adverse to one another. And what you will get is if one goes down, the other rises against the foreign currency, right? So what then you have is you have now this balance of a much more stable digital money, currency, global currency, cryptocurrency, however you want to look at it, it all basically would achieve similar to the same goal, and that is having this stable, useful, deflationary money, right? Or as close as that as we can get. Now, that doesn't— might not sound exactly earth-shattering to some of you all, but it is kind of like the Holy Grail of our entire economic system throughout the history of the world. Think about it this way: Facebook Global Coin could be the most stable currency ever created in history. That's saying a lot, you know. And what can you do with that? You could do a vast amount of things with that. Having stable money is probably one of the most important things we can have in our economy because what does that represent? It represents transference of value on a level that allows our value to be moved and stable and, uh, uh, transfer without loss of that value right now. In comparison, something like cryptocurrency, uh, Bitcoin would never work good as a money Because who would want to part ways with using something like Bitcoin as a digital money that, as we just saw this weekend, it went up probably $1,000 or something. And, you know, you're not— that's not a good state. That's not a stable money, right? So Facebook saw the problems of being this stable money, and it probably would end up being the best money in the world. Now, now again, what does that mean? It means a lot because when you can transfer your value without losing it, uh, that creates economic freedom and that creates, uh, a better economy, right? We can't achieve that with cryptocurrency right now because cryptocurrencies are not stable. They certainly just aren't. And no, and it makes it too hard to use them. So you're, so you're not going to want to use them. And then in comparison to that, the other stablecoins that are to represent some level of stability. Well, we've seen the problems with our stablecoins, haven't we? That they don't inspire a lot of confidence. Most stablecoins are looked at almost like, are looked at almost like traditional cryptocurrencies, right? They're not exactly that stable as well. So, um, so that's why it's so important that we have just, you know, money that is stable, that is reliable, so that we don't lose our value. Now, the thing about something like Facebook Global Coin is it would also be a good solution to Many of these people around the world, around the globe, who need a place to put their money, who need banking services, you know, I would imagine that these services are going to be literally free, and it's going to solve a lot of problems for these users. They already have Facebook accounts and the like, and so it's going to create economic freedom for them to move their money safely and hold value in Facebook Global Coin. So in short, to kind of wrap it up, The reason that you might want to buy Facebook Global Coin, it might end up being much more trustworthy and hold much more value than your traditional currencies of your land you use today. You know, generally what happens with our currencies is after years down the road, we have less buying power, you know, obviously with that currency. But imagine something like Facebook Global Coin that won't be backed by the US dollar in a year or two or three years. That Facebook global coin could potentially, uh, would save your buying power, right? Uh, and whereas if you held your money in something like the US dollar or some currency of around the world, uh, that would, uh, um, you know, not be as safe, right? You will lose some of that value. Now some people say, oh, just put in a cryptocurrency, but Here's the, here's the next problem, uh, with that. You know, we've already discussed when we put our money in cryptocurrencies, it's trading against something. It's more so now just to— we see profits in fiat currencies, right? So, you know, in that way, that means the majority of cryptocurrencies don't make good money, and we need good money. Some economic theorists say that without having a certain acceptable degree of being a useful money, then you will have no store value. And my honest opinion is that cryptocurrencies, for the most part, have failed being a usable money. And the ones that are efficient and have the potential to be that, they won't— they still won't have the scale and stability of something like what you're going to get with Facebook Global Coin. So in short, my theory is that Facebook Global Coin would make probably the best money in the world, and you will probably end up in a better situation or a safer situation just keeping your money in, uh, something like, uh, Facebook Global Coin, which is going to hold that value. Now if you put it in something like Bitcoin and we go on the narrative that Bitcoin is going to keep increasing in price That may be the case, but it could also be the case that you put your money in cryptocurrencies or Bitcoin or the like, and what happens is they lose 20-30% of the value. You know, uh, we understand that even at this point in time, it is possible that one whale could decide to drop the price of Bitcoin by about 20% for whatever reason, and we don't even know who's in control of these cryptocurrencies, so we can't even really form a narrative as to why or why they wouldn't do that. There have actually been cases where we've seen trades go on from big, uh, well accounts that have actually lost substantial amounts of money on the trades, which made no sense. Some say it was an accident. Maybe it was, maybe it wasn't. The bottom line is we don't know that. And in that way, something like Facebook Global Coin would be, uh, probably a more user more useful as a money, if that makes sense. Um, the next part is the full use of something like Facebook Global Coin, right? So you would have something now like 2.5 billion people can use on the platform, and that could be saying a lot because now you could potentially have all types of vendors part of the platform. Uh, you can have everyone from your grandma, Grandpa Joe, to, you know, your, uh, you know, to the, uh, plumber selling stuff on Facebook. Uh, you know, this would be the perfect use of a digital money used under something like Facebook. You know, it would be better than PayPal could have ever been, or many of the other, uh, financial systems, because of the social community aspect and how we can navigate around it, all integrated into one thing. Like, I, I heard people mentioning about certain, certain places in Europe how everything is kind of linked together— their bank accounts, the insurance companies, kind of all bundled together. And something like Facebook Global Coin is going to be that. Now, it's not going to be this speculative gambling asset, right, that we put a lot of stock and value in, because I think the reason we do that is because we don't fully understand how money works. Money is a measure, uh, um, of our use and our exchanges, our exchange and going back and forth, right? So it, it is not in itself the value. It is a representation of what we do with it. But the reality of the situation is we would be doing more with Facebook Global Coin than what we're going to be doing with Bitcoin. Right. The next thing a lot of people would lead us to, and I'm not making a case that Facebook Global Coin is, you know, better than Bitcoin. I'm simply saying that Facebook Global Coin would definitely be a lot more useful than Bitcoin, right? There's gonna be people actually using this all the time. And the problem is use is very much relative to the value of something, right? Um, and, um, generally the next part of it goes something like, well, well, you know, you know, Bitcoin is private and it's secure and the like and a variety of things like that. Well, it is private, but it is not anonymous. So a lot of the conversation we get is we get people saying things like, oh, with Facebook Global Coin, uh, they're going to be tracking everything and they'll know what we're doing every step of the way. But the reality of the situation is they're able to track us now with Bitcoin. If the government really wants to target you, if a government really needs to come after you to pay taxes and the like and a variety of things like that, Bitcoin will not provide the anonymity, you know, you would need. And if you don't have the anonymity, what is the point? You know, you're still not safely out of the scope of any government regulators. And, you know, they know you have the money in Bitcoin. They know that it isn't being accounted for, and they're going to require you to turn over those, you know, that information and those records, because they're going to know it's you, and they can still see the transactions over the blockchain. So I guess the point I'm making about it is that, uh, um, ultimately I think use is— when something is useful, uh, is going to really at the end of the day be where the true value lies. And what is going to be useful and what is going to be the winning, uh, situation is how many wallets does the cryptocurrency hold and how many transactions does it do and how useful is it. And, uh, many of them are going to probably fail a great deal in comparison to what you're going to get with something like Facebook Global Coin. The next part, and the final part, I think that, that appeals to me and what's made me, uh, quite the optimist about Facebook Global Coin and made me support it, is that of the economic changes, uh to the system. I would say Facebook Global Coin is going to get us as close to economic freedom as any cryptocurrency can. Uh, and I say that because just take a look at what it's going to do. It's everybody who didn't have a bank account who needs to safely transfer their value around the globe, they're going to like immediately probably end up having access to that. right? Um, and your money is going to be kept in the— on the Facebook— in the Facebook account. So it's not going to be like your government can really, you know, do much about that. Uh, I mean, they'll be able to, you know, make you pay taxes and, and, you know, the legalities of what has to happen, they could control that to a certain degree. But, uh, I, I mean, that, uh, as far as access you know, these people would be, uh, uh, you know, able to, uh, be in a better situation. Um, you know, another thing is if you study people like Mark Zuckerberg and Elon Musk, these are— they're big advocates for things like universal basic income. And I think what has been a, uh, a false narrative has been this idea of linking wealthy people to evil corporations, right? Where it is true, somebody like Mark Zuckerberg, Warren Buffett, Bill Gates, they have fiduciary responsibilities to their shareholders. They have to do things in the best interest of the shareholders and the company as these people invest the money and the likes. At the end of the day, the mindsets that are at the helm and running many of these corporations are evil people. They aren't people who are seeking global domination. It may actually be the opposite, where they are more charitable and are more so trying to create economic models that help the globe and change our economic system to a place that has never been before in human history. And someone like Mark Zuckerberg speaks a great deal about universal basic income. Now, in a system like Facebook Global Coin, uh, I would imagine they follow a similar route to probably what you get with something like the Litecoin Foundation. So more than likely it's going to end up being something like the, the Global Coin Foundation. And I could tell you right now from how Mark Zuckerberg sounds, and if you can study, you can study him, some of his videos, you can study my last video, but This is somebody who's gonna, in my opinion, use the Facebook Global Coin model, uh, as a means to distribute a great deal of money and wealth throughout the globe. And if you don't understand how economics works, when you have great distribution, you have healthy economy, you have a more stable world, you have a healthier economy. So the Facebook Global Coin could end up being the next economic system. Uh, and I know a lot of people say, oh no, they, they, they got this narrative about, uh, Big Brother is in control of us in 1984 and this very Orwellian future. And you know, there are dangerous things, there are corrupt— there is corruption and evil that goes on in our government systems. in our economic systems. But there are— there's also good that goes on in our corporations and government systems. So it isn't a black and white topic. It's— these are— it's very much a gray area, and you don't know what you're necessarily going to get from one minute to another. But it's not this simple concept of the villainy that exists in corporations and CEOs and evil people that are out to, uh, give you vaccinations that you don't need that's killing everybody. And all of that. I think with Mark Zuckerberg, what we're gonna get is we're gonna actually end up getting something like a way to distribute and create more economic stability, more economic freedom, more value in people's work and transference of value. Think about people in developing nations, the third world countries, they'll have a much easier system probably throughout the Facebook system to now trade their goods and services across the globe. Right? And so many of the goals of cryptocurrency, I think Facebook's gonna beat them to that, and they're gonna do a much better job at it. But where I think cryptocurrency is gonna still have its carved-out market is in those areas where people want to remain anonymous to a degree, in those areas where people still value certain levels of privacy. And there is value in that. and in those, uh, regimes, uh, in oppressive governments where reporting your money in Facebook Global Coin is gonna offer a way for them to still, uh, be able to, uh, usurp and, and take money from the people. And so in that sense, there will be, uh, groups of people in communities where they still want to use Bitcoin to try to get their money out of such situations, right? But those are specific areas and situations, uh, that I cover in a lot of past videos where we kind of put the, the price of Bitcoin around $800 based on some of those dynamic uses, uh, and, and those are specific cases. But though that's not the same as having a universal money, right? Because a universal money is not about hiding your money from the world and the globe. It's about the global economy being able to function and move in a way that's better for all of the citizens of the globe. And, you know, whereas Bitcoin and other cryptocurrencies serve many purposes, they're not going to really serve that purpose of being out there and being the, the, the global currency that's going to maybe allow for a better economic system in the future. So I think we're going to see a lot of positive things happen with Facebook Global Coin, which might be some reason to buy it, you know, as a, you know, as a, you know, also keeping an idea that it's going to probably be safer to keep your money in Facebook Global Coin than any other currency. And if you think about that, if you think about all the money is in the bank right now, just think about if all those people took all that money out of the traditional bank and put it in something like Facebook Global Coin. Um, you know, that would be a tremendous value. Um, and then what I believe would happen is we'll get someone like Mark Zuckerberg, uh, using some of his, uh, intentions for the well-being of the globe and putting a lot of that money into a foundation that gives universal basic income to a lot of globe. Uh, and universal basic income is a mass adoption vehicle. I stand by and all the economic theories I've studied, that universal basic income will offer one of the best economic models to go on. As far as cryptocurrency, it would offer probably mass adoption, but cryptocurrency doesn't look— looks like they're going to be beat to the punch. And I think cryptocurrency was a little bit too slow on catching on to that. I think the mistake cryptocurrency made, it was too much caught into old models, old economic models where they're just gonna make money on cryptocurrency and cash it out to fiat. Because we can't say that people in cryptocurrency are really keeping their money in cryptocurrency, because if they do, what would be their use to it? They don't have very many uses, so they have to move it out still to fiat currency for uses. Something like Facebook Global Coin, I would imagine it's going to come a point in time you won't even have to do that. And then there's going to be a good redistribution back of a lot of this value throughout the globe. And I think that's going to be great for humanity. Now, if, uh, I'd love to hear you guys' opinions about it and where I went with this and if you agree with it. And, uh, if you're one of those people who still just, uh, don't like the idea of, uh, a corporation like Facebook having access to your data and now controlling a big area of banking and, and and the like and things like that. We have a similar project called BitcoinNYK.com that's based on more the core principles of cryptocurrency but offer many of the similarities of what you're going to get with Facebook Global Coin, which we think is a more efficient model and way to moving towards mass adoption and true economic freedom and value to the masses. We'll leave a link in the description to our project so you can try that out. But we do think it's coming a point in time where all of these things are going, going to converge and a lot of cryptocurrencies are going to be left obsolete. And I can, we can just kind of follow that through deductive reasoning to see where this is going. But I would love to hear you guys' opinions. If you like content like this, don't forget to like, subscribe, and until next time, take care.