Facebook Global Coin White Paper Release!

Hey you, welcome back to the channel. I hope you all are having a great day. So the Facebook Global Coin, uh, we have now sources citing that the coin's white paper will be available on June 18th. And so we got some information here from Cointelegraph, article here by William Suberg. Uh, Facebook sources say that the stablecoin white paper will come on June 18th. Multiple sources are expecting Facebook to launch its stablecoin on June 18th. IT and fintech magazine TechCrunch reported on June 6th, citing people familiar with the plans. The publication added strength to existing suggestions from both within and outside the company that its secretive cryptocurrency project would appear this month. Previously, rumors had suggested it would be 2020 before Facebook made a commitment to bring its product, which should focus on remittance, remittances, to the market. It's currently scheduled for June 18th release of the white paper explaining its cryptocurrency's basics, the TechCrunch states. That date also came from, or comes from, Laura McCracken, Facebook head of financial services and payment partnerships for Northern Europe, who said in an interview with German finance magazine Wirtschaftswatch, excuse my German, this week the stablecoin would not only involve a US dollar peg The value of the Facebook Coin will be secured with a basket of fiat currency, she told the publication. So I want to stop right there for a moment. That's pretty interesting, isn't it? So not only do we have this white paper, it looks like that's going to come out June 18th, and it looks like Facebook Global Coin is going to be moved up, the project itself. It seems to will be backed by a basket of fiat currencies. Now, not just the US dollar, uh, you know, a lot of the world still considers the US dollar the world reserve currency, right? And that came about in a certain agreement that took place, I believe, in the 1940s or '50s, right after World War II, where many countries met up and agreed that The US dollar should be the reserve currency. But there's been a lot of speculation about the US dollar. Everybody putting so much faith in the US dollar. Wouldn't it make sense to have a basket of them, right? That gives you an average value of what your dollar is going to be. Wouldn't that be the more safer play? And it seems like the Facebook Global Coin has figured that out. So I think that makes a lot of sense. But this even makes this project a great deal more ambitious because just think about that for a second. Not only potentially 2.5 billion people using this, but it possibly being one of the best ways in human history to do a currency, if that's how you're going to do one. Facebook has caused an industry-wide stir with its noises about entry into the payment sector. Not just the social media platform, but sister companies WhatsApp and Instagram would also participate, executives said. Now that makes sense. Why wouldn't you include WhatsApp and Instagram, right? I, you know, I thought, you know, at first they probably would go after WhatsApp because that's what kept coming up. But, you know, obviously, why would you just use WhatsApp, right? You're gonna, you're gonna use all, you know, everything, you know, in your arsenal there. Criticism of such projects nonetheless remains, most recently coming from US ratings agency Weiss Ratings, which in a dedicated blog post claimed tech firms' ultimate goal was not to broaden the appeal of cryptocurrency but to take business away from the banks. Now also, I want to say that this kind of makes more sense too, in a way, because You know, a lot of the conversation, especially in cryptocurrency, has been that the Facebook global coin, you know, would somehow be targeting Bitcoin. And then what it would do is it would be a challenge to Bitcoin. I don't— you know, this sounds probably more accurate though, that Facebook would set its sights higher than probably even Bitcoin, because the problem with Bitcoin is Bitcoin is Market cap-wise, it's not very big. It's easily manipulated. And a large entity like Facebook, it would just come in the game with a market cap probably higher than Bitcoin because number one is the money that's injected into Facebook is going to be real money, right? We're not talking about wash trading. We're not talking about manipulation. We're talking about real billions of dollars. That are going to have a vast market effect. And so this is a completely different animal. Longer term, Bitcoin and other cryptocurrencies are now in a long-term bull market. And one key reason is their powerful potential to truly disrupt the financial system as we know it today, developer Juan Villaverde wrote. Still, many analysts don't see it that way. They think it's apps like Apple Pay, Google Pay and Alipay that could challenge the global financial system, even replacing banks with their new payment platforms, the Post noted. Well, I think maybe the truth lies somewhere in between. Uh, something like the Facebook Global Coin could possibly be a hybrid of all these things, right? The social network along with the payment system. And this kind of Holy Grail, I think, of you know, what these— what, what the whole idea of cryptocurrency was trying to do. Um, and, uh, and so in that way, uh, I, you know, I think it could be a real threat to the banks. I think people would find it more safe to use something like Facebook Global Coin, something that they know is going to be legally compliant, uh, and regulated, but at the same time offer them the ability to move, uh, money in a deflationary manner. from place to place. Uh, and so in that fashion, uh, I, you know, I think that, you know, they may be underestimating it. I believe that's a collective delusion. Truth be told, they're not replacing banks, they're becoming banks. Uh, I could go with that as well, but what type of banks, right? And that seems to be all of the article. Um, so yes, it would operate, I think, like a bank, right? In fact, it would be a bank. It would be a big bank. It would be a bank, but it probably would end up being a, a lower fee bank, right? It will probably end up being a, a bank that where a lot of unbanked people will now have access to a bank account, uh, and a variety of things like that. Um, you know, so the, the big issue, I think, when when we compare this or when it enters into the cryptocurrency world, you know, why is it using blockchain technology at all? I think that's where a lot of confusion comes from. Is it just a kind of a play to steal the thunder of cryptocurrency and to say to the globe, uh, that, uh, this is the type of cryptocurrency you want to use, or you want to use cryptocurrency in this way? Maybe that could be the case because When we take apart what's happening with an idea like Facebook Global Coin, uh, why wouldn't it just operate something like PayPal, uh, where it would be just this payment system? It clearly has thought about reasons why it doesn't want to do that, and we're not 100% clear as to what those reasons are right now. A lot of people say it's not decentralized, uh, because it doesn't have, uh, uh, because, you know, it's going to be centralized to Facebook, but that's not true. It's not going to be centralized to Facebook. So that's a, that's a misconception. What it's going to be is it's going to be 100 different entities running it. It may not be as decentralized as we'd like it to be, but it still, that still makes it not centralized in the idea of like what we get with something like PayPal or a banking institution or something like that. So it's going to be 100 other partners We're gonna invest $10 million each to run these nodes. And that's a great deal of money. And so that's gonna knock out a lot of, you know, people who can run these nodes. But to be fair, to be a little bit fair, if we compare that to something like Bitcoin, how many of you all are running Bitcoin nodes, right? How many of you all are doing that with Bitcoin? You know, the reality is Bitcoin itself, Uh, it has become a minoritized, uh, project for certain people to run, you know, their mining machines and ASIC miners. But the average person you talk to, he's not running a mining Bitcoin or anything like that. So he's out of the loop. And this is comparably, I know, like apples and oranges, but, uh, there is another theory. There's the theory of decentralization of value and the cryptocurrency itself. Whereas it is true that, uh, there are only going to be, uh, 100 nodes running Facebook Coin, what is also true is that the Facebook Global Coin is going to have a great deal more distribution than Bitcoin and many of the other cryptocurrencies in value and wealth as well. You know, we went over statistics where there are only about 4 million Bitcoin wallets with over $100 in it. So in comparison, I think we're going to see a great deal more money in Facebook Global Coin spread over and distributed and decentralized over a vast amount more people than what you're going to get with something like many of the cryptocurrencies exist. Also, there have been legal concerns about, well, what's going to happen with all the legal problems? You know, how can Facebook do this and that and the other? But here's what I'll say to that. That's probably one of Facebook Global Coin's least worries. And I can tell you this, if they're not worried about it, we certainly shouldn't be worried about it. Because number one, they probably, they gotta, they can hire hundreds of lawyers. They can hire people who work for the government to help them in this. Uh, they have all the resources they need to fight against the government and make this regulatory compliant. And if it's something that can be solved with money, Facebook can solve it. So I don't, you know, I don't think some of those concerns are going to be going to affect Facebook at all. I think the major concern for cryptocurrency is going to be how does it affect cryptocurrencies itself. Uh, and I think Bitcoin is going to be around, but I think Bitcoin is going to pretty much function and work like it works now as something that the majority of people don't use, and the people who use it are segregated to people who either want to shelter their money, or people who want to get their money out of a country, or people who want to put their money in a gold alternative. And those particular people, I think, are a segregated bunch as well. I don't think the average, uh, person in their personal finances are probably even putting their money in gold. Um, they're using tradable assets that trade a great deal like the US dollar or the euro. And if they're going to do that with a cryptocurrency, they're going to probably do a similar thing, uh, with a cryptocurrency that moves that way, that moves and works more like a money. Uh, I think short term is going to be some good benefits to, uh, the cryptocurrency market with Facebook Global Coin, but only in the cryptocurrencies that are modeled like Facebook itself. So what I mean by that, I mean cryptocurrency projects that are set up like Facebook, whether it be some type of social media platform with an easy payment gateway or wallet or something to that degree. Projects like BitcoinNYK.com, uh, the project I'm involved in, which almost identically mirror what Facebook Global Coin will become, I think they will inherit that, as well as a few other easy-to-use social media networks type sites and platforms, because if we were to deduce this logically, let's kind of compare it to operating systems. You remember like back when a new operating system would come out and you would go, this is a really crummy operating system. What would you do? Well, you would probably use an operating system that you like. You probably try to use a prior operating system, or you would prompt the company who created the operating system you didn't like to create one that's more user-friendly that you do like. So the point I'm making is that people are probably gonna flock to those projects that are similar to what they've been educated to use. So if you've been educated to use Facebook Global Coin in its setting, in its environment, then you're probably gonna be moved to use similar projects in that way. And the benefactors in cryptocurrency, I believe, that will benefit from this, if we want to call it a spillover or carrying over, or an adoption process from Facebook Global Coin are going to be those projects that are easy to use, almost mirrored like Facebook Global Coin. But what I don't think is going to happen is that, uh, people are going to come in and say, well, you know what, I like Facebook Global Coin, but let me go over here and find out how to use this other cryptocurrency that is complicated to use. It's nothing like this, it's a totally different system, totally different project, under the idea that these people are more concerned about censorship or privacy. Let me tell you something, this is my theory. People who are really concerned about privacy and censorship, they've probably already sided out and they've probably already seeked it out and they're probably already in cryptocurrency. And I always give this example about how societies work with this little town. I was talking with somebody about where there were no traffic lights at certain intersections, and the people never went to their local officials and said, you know what, there needs to be a traffic light up here, somebody's gonna have an accident, you know. Or maybe they did and it wasn't a priority for the local government at that time, or they didn't want to put the resources there. Whatever the case was, uh, eventually somebody did have an accident, they died there, and then they, at that point in time, they put the traffic lights up there. Um, and comparing that with what's happening, uh, with privacy and censorship, we're kind of in a similar place right now. The reason there's so many people on Facebook and Twitters when they can be on private peer-to-peer networks that have always existed— this is not something that just came up with cryptocurrency, we've always had the access to private networks, uh, but people, we haven't used them because I don't believe people have yet seen the devastation that lack of privacy and censorship can have, uh, as of yet. But we are going to get there, probably eventually, at some point in time. But at the point in time we get there with that, in, in need of use of that technology, that's still not necessarily saying that it will be relative or needed to the cryptocurrencies that we use or exist day. Could be totally different cryptocurrencies. It could be totally different blockchain technology. We do not know. But in any event, I do think in the short term we're going to see great gains in our cryptocurrencies. I think— not financial advice, just all speculation, not based on a whole lot— but I wouldn't be surprised to see Bitcoin even get to $10,000. But I do think it's going to come a point in time really fast here and probably sooner than later, uh, after this initial spike we get from introductions of the Facebook Global Coin and even what's happening with the trade wars with the US and China, which I think both of these factors have contributed greatly to the, uh, rise of value of Bitcoin. But in both of these cases, I think both of these factors are going to be, uh, reversed, and Bitcoin is going to be affected. What I mean by that, I think Facebook Global Coins going to harbor in its own users, and I don't think many are going to empty over into other cryptocurrencies. I think they're just going to work and use what's easy and what's familiar and what's convenient. Uh, I think the trade wars with the United States and China will be resolved because Trump's going into a 2020 election, uh, and the economy is not looking good. His theory about the trade wars not working, and, uh, people are suffering and complaining and, uh, threatening not to vote for him. So I think he's going to be forced, uh, either through he's going to have to change his policies or he's going to be leaving the White House real soon here. And, and because of that, I think, uh, these factors that have pushed Bitcoin up and a lot of other cryptocurrencies are going to reverse on them. And the only cryptocurrencies and projects are going to share the benefit and value with Facebook Global Coin are going to be the projects that are exactly like Facebook Global Coin. And that is my theory. Uh, I love to hear you all's theory about how you think this is going to go. Do you really think that Facebook Global Coin users are going to adopt cryptocurrency projects with complicated wallets, uh, with the inconvenience of using them, uh, with the immense learning curve they're going to have to use, um, to, uh, adopt over to that? Or are they going to find use in something like Facebook Global Coin, uh, in, in by way of, uh, being able to send money back home for remittance, sending money to other countries, paying very little to no fees. Uh, also was saying that the Facebook Global Coin is going to pay out interest, it's going to pay out interest, but the price of Facebook to the users, um, as I understand, it's going to pay out, um, interest to all the users, but the, but the price of Facebook Global Coin is not going to reduce. It's going to be deflationary and stable. So that's going to be safer than holding a cryptocurrency that you can lose value in the next day. So you're going to have that working alongside with it. And so we're going to have to determine if people are going to find it more useful to use something else other than Facebook Global Coin. Not to mention, a lot of people don't know that Facebook has a very successful project like YouTube going. And people who post videos and do a variety of things are now being compensated. And as I understand it, some are making pretty darn good money and uploading posts. And so what's going to happen is I think they're going to start to pay these people in the Facebook Global Coin, and there's going to be an expansion of people gaining value and use of this Global Coin. And I don't think it's going to be a whole lot of use left for a lot of cryptocurrency projects except for a few. I think Bitcoin will make it through. That's the good thing. It'll make it through, but it will be just like how gold is, but it'll be gold versus the US dollar and euro. And guess who's going to be the US dollar and euro being used the most? Probably Facebook Global Coin. And guess what's going to be gold? Bitcoin is going to be gold, but you don't even use gold, do you? When's the last time you put money in gold? You've never put any money in gold. You use money that you can move around and do things like that. Well, some of you have, but for the majority of people, probably haven't. So that's the only point I'm trying to make in all this. But if you really look for a cryptocurrency project that's going to succeed, that won't get left behind, that you, in my opinion— now this is not financial advice, but this is my opinion— that you won't be in as much danger of the projects fading away into obscurity and diminishing. You want to look at projects like BitcoinNYK.com. That is a universal bridge cryptocurrency that uses Bitcoin, creates a sidechain for Bitcoin. You don't have to buy it. If you hold Bitcoin, you get it for free. And it's integrated as an easy-to-use social network with universal basic income coming from the people who don't claim their tokens from Bitcoin, creating a more mass adoption situation as UBI will gather and grow in more people. Projects like that are what's going to last and be around. Many other cryptocurrencies that are attempting to be your banks, uh, I think are going to become obsolete when you have basically the biggest bank in the world now, Facebook, with lower fees than anybody else, uh, with a better payment structure than anybody else, with maybe even a better, uh, currency than everybody else because it's backed by a basket of fiat currencies, uh, uh, being used by people and, and usefully used, right? Utilized, actually utilized, not just the idea. But that's all I want to say, guys. I love to hear your, your opinions. If you like content like this, don't forget to like and subscribe. Don't forget to join BitcoinNYK.com. Don't get left behind with what's about to happen next. Until next time, take care.