Facebook Becoming The Second Most Powerful Financial Institution?

in Threespeak2 months ago (edited)

▶️ Watch on 3Speak


Facebook announced that it will release Libra in January. This is a scaled down version of what originally was proposed. Instead of using a basket of fiat, they will use the USD to back the Libra as a stablecoin.

In this video I discuss how this could propel Facebook into the second position as most powerful financial entity in the world behind the US Federal Reserve. With well over a billion users, this will make it more powerful than any single government.


▶️ 3Speak

Sort:  

If they would hold 5trillion dollars it would make $5000 per user.

There are people rich enough to dump 100's of thousands into a name like Facebook if it was trending. Scary thoughts...

Posted Using LeoFinance Beta

We don't know if LIBRA will be crytocurrency as we now.

Not at all. It will be just a digital currency.
Billion wallet in facebook system will be great, just wondering if we get just 10% active in Hive.

Posted Using LeoFinance Beta

I'm still hoping people realise there are better options than Facebook.

Posted Using LeoFinance Beta

That will be our job to spread the word about Libra, the drawbacks, and what other alternatives are out there.

Posted Using LeoFinance Beta

the power of social media becomes unstoppable: first Twitter has the power to censor the president of the US and now Facebook will become one of the greatest economic powers.

The situation becomes worrying if these centralized platforms take the lead

Posted Using LeoFinance Beta

The news channel I forget which one maybe all of them straight cut him off I was watching not paying much attention then poof he was gone and they were saying he was making wild accusations with no proof, and I wrote above a reply I meant to put here somehow had clicked the wrong spot >.< But basically I agree and all forms of media can shun the president make jokes about the president and humiliate him. It's very disturbing and what brought me to Hive.

Posted Using LeoFinance Beta

Yes very true. It is the phase we are entering. The mega technology companies are amassing more power than governments. This will take them out which means our ultimate target is centralization.

Posted Using LeoFinance Beta

I guess one day they could take over entire countries ...

It is necessary to fight this power in order to guarantee democracy and freedom ... always

Posted Using LeoFinance Beta

Well China and the Koreans might not have an issue since they've banned Facebook in the first place. Inasmuch as I don't like the concept of Libra I feel the whole situation is just a paradox on its own. Facebook is censoring most crypto posts but if Libra isn't a form of crypto then what is it? I still feel it'll be manipulative and it'll control people's life. Banks and institutions would definitely not like the concept

Posted Using LeoFinance Beta

Libra is likely to end up as a digital currency that is controlled. After all the advantage to DLT is that anything that happens cannot really be changed. The immutability of it is amazing.

However, with this, I have a feeling the validators will be able to alter the system how they see fit.

Posted Using LeoFinance Beta

A digital currency that's controlled. It already sounds bad, I mean imagine this going through all these companies using people's data via Google and Facebook how they could literarily turn it to something must would need to spend. Lol like the literal mark of the beast hahaha maybe I'm just exaggerating.

Posted Using LeoFinance Beta

It is bad. Obviously they showed the inclination to shut off that which they disagree with. So imagine being able to stop transactions or close down accounts for, say, gun dealers, the RNC, or religious organizations.

Of course, they could turn on the DNC, the banking system, or pot dealers.

It is all up to them and they answer, basically, to nobody.

Posted Using LeoFinance Beta

Exactly, they could totally shut off deals they disagree with and give petty excuses since it's not something you can take them to court for. Their platform, their currency and one's just a passerby. This might become Centralisation 2:0 in a much more different light.

Posted Using LeoFinance Beta

With their inclination to censor, ban, and close accounts with social media, why do we think they will be any different when it comes to financial matters.

Think of it this way: Dan got his twitter account closed down because they didnt like what he was posting. Imagine if that was his money.

Posted Using LeoFinance Beta

This phrase sounds risky, but I think it can become more than a phrase

With well over a billion users, this will make it more powerful than any single government.

Yes it is risky but the advantage to Facebook, at least one can stop using it.

With governments, we are stuck.

Neither is very appealing but the decentralized community can take on Facebook, in my opinion, easier than governments.

Posted Using LeoFinance Beta

Totally agree

They are using USD to satisfy regulators I guess. Maybe because they remember what happened to Ghaddafi when he tried to use gold instead of USD to trade oil.

Yeah they sent a nice surprise through his window.

They are using USD to satisfy regulators I guess.

I think it was Europe where they had the problem. It would not surprise me if they add others to it down the road.

Facebook is not shy about pushing the boundaries wherever it can.

Posted Using LeoFinance Beta

Like you say, Libra will change the game in inflationary countries. Game changer.

With well over a billion users, this will make it more powerful than any single government.

China has the masses and no Facebook and Google. Honk Kong is accessing, the other ones are afraid of the government and the surveillance there.
Also India has over the billion.

What this two countries lack is the financial power of the billion people that facebook has.

The interesting points to view is how this will affect the crypto market and the relationship with the masses. Crypto needs to become easier to use, as Libra will take a chunk out of the users that are not technical versatile.

Posted Using LeoFinance Beta

China has the masses and no Facebook and Google.

That is officially the story but any Chinese citizen will tell you that they are easily accessed. Most Chinese use VPNs and whatnot to get around the blocks. As long as one is not ragging on the government, they usually leave people alone.

Also, while there are more than a billion people. 3/4 of the country is stuck in the past. It is only on the seaboard where the 350 million people are technologically advanced.

Plus Facebook has over 2 billion accounts but nobody is sure how many are duplicates. Then when we factor in Instagram users, it could be well over a billion people in total.

It is hard to tell but it is likely the biggest entity in the world in terms of users.

Posted Using LeoFinance Beta

I know most people have several accounts because they lose their phone or something and need to get a new account, but I agree with you @taskmaster4450 with a name like Facebook coming out with an alternate banking platform whether actual crypto or not it is a scary thought. I really despise Facebook as they have controlled too many of my posts, I might be a step away from being banned myself. For them and any media and every media base out there to silence the president of the U.S. then publicly humiliate him and let those posts stay. it is ridiculous. I had a post deleted saying something positive about trump... my friend's page had negative stuff on trump and positive on Biden. That showed me the true power of Facebook. Then a week later when the election took place and after he was silenced on tv. It made me wish I had been born 100 years ago or 100 years in the future. I don't even like trump really my point is that Facebook already has too much power.

Posted Using LeoFinance Beta

Without a doubt they showed themselves to be biased in their views. The problem is that what they are doing is already a weapon against a large portion of the user base. The conversation is one thing when it comes to censorship but another matter all together when we are dealing with financial affiars.

Facebook could shut down the wallets of anyone who goes against their views, thus taking their money from them. Just like people lose their posts, they could lose all the money they have in their facebook wallet.

Posted Using LeoFinance Beta

Facebook could shut down the wallets of anyone who goes against their views, thus taking their money from them. Just like people lose their posts, they could lose all the money they have in their Facebook wallet.

Exactly why this is a scary time. I will not invest in Facebook at all, I have been toying with the idea of investing in PayPal since I have had an account with them for about 16 years. I think that it will be a semi-safe investment I certainly feel that PayPal being there for as long as it has and grown as much as it has would be as safe as it gets with crypto. I mean, what could throwing $20-$50 on something, that seemingly reliable, hurt?

I am so astonished at the favoritism the media has shown in the light of this past election and the horrendous way our president no matter how unwanted or unlike has been treated in a public display of the world. I know I am not the only one raised to treat elders with respect, much less a public figure of authority. I understand some people live to tear others down. Some of it is funny but when they cut out the good and leave the bad there is something majorly wrong with this picture. It's like our president was bent over and taken advantage of in front of everyone and most people enjoyed that. Anyway, I am glad it will be over soon. Something will happen and I hope for the sakes of all of America it will happen soon.

The number one is the FED as I think a lot more use the USD. I still have some with meat home, even if it is at the moment for no use.

Facebook is changing the game. I only wonder if the politics will let it happen. Seen some interesting debates between Mr. Zuckerberg and the left wing of the US parliament. What is for sure, is that this move will change the world faster than expected.

Also, while there are more than a billion people. 3/4 of the country is stuck in the past. It is only on the seaboard where the 350 million people are technologically advanced.

Agree, most of mainland China is poor and not developed. Coastal cities are light years ahead. Still, I would not underestimate China, as I think that they are still the most dangerous country in the world, also to the crypto side of it. Mining is tolerated as it brings them more money in the end. If the use case is individual freedom, it will be opposed strongly.

I forgot to the thank you for the information, as I have overseen it.

Posted Using LeoFinance Beta

...I would not underestimate China, as I think that they are still the most dangerous country in the world, also to the crypto side of it.

This is only if the nation-state is the primary means of governance which I do not believe it will be. In 30-50 years, we will likely see the nation-state as something much less impactful.

Digital networks, which is what Facebook is, will grow in influence. This is where more people spend more time.

Think about it, how many more people are immediately affected by a change in the terms of service by FB as opposed to a law passed by the government. Most will notice the FB change, few pay attention to the new laws.

Posted Using LeoFinance Beta

Think about it, how many more people are immediately affected by a change in the terms of service by FB as opposed to a law passed by the government. Most will notice the FB change, few pay attention to the new laws.

Sometimes this type of ignorance is a bliss.

In 30-50 years, we will likely see the nation-state as something much less impactful.

Yes, fully agree, the notion as nation-state is also new in human kind. We had empires, kingdoms, ducats, etc before. They mostly gone or obsolete. Nation-state will follow. There will be some kind of big unions, to hold up some kind of order and infrastructure standards, but else it will be the entities that control the data and the cashflow who will rule.

Posted Using LeoFinance Beta

Something else that few remember, the corporation is a relatively new innovation, basically less than 300 years old. At some point, this too will drift away.

Perhaps the DAO or some form of it will replace most corporations.

Posted Using LeoFinance Beta

Right, they will reorganize into something else. Everything is reinvented into something better, even if we might no see it as it.

I wonder if facebook will not be forced to split by the governments, as it can pose an economical threat to many countries.

Posted Using LeoFinance Beta

I can just wonder if LIBRA cryptocurrency and Facebook itself puts in danger the free blockchains and cryptocurrencies around in the space. I believe that everything around it will be proprietary and not sure what benefits one would have and if we will be able to transact the toke outside their ecosystem.

Posted Using LeoFinance Beta

It could end up being an onramp to the other blockchain based currencies. To start it will introduce more people to digital payments. Then, it might actually provide them with some resources which to buy Bitcoin or whatever.

Posted Using LeoFinance Beta

Absolutely true. Interesting times ahead indeed. It's really interesting to see this unfold before our eyes. Libra is slated to be released only two months from now!

What this will do is give regulators bigger things to worry about than some pesky DeFi in crypto.

Posted Using LeoFinance Beta

I don’t know if it would be. Companies like BlackRock and Vanguard own majority shares in so many of the companies, with board members being shared on them. They might not have the liquidity or anything to get listed in that manner but they are one of the biggest and most centralized when it comes to having power over trillions of dollars.

Zuckerberg has a major advantage: he owns a majority of the FB stock. His board has no power over him.

He is the show at Facebook. What he wants, goes.

Posted Using LeoFinance Beta

Your current Rank (18) in the battle Arena of Holybread has granted you an Upvote of 16%

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 33 of my contest just started...you can now check the winners of the previous week!
2

Cool!.jpg