Social media giant Facebook has become a part of daily life for many, part of the mainstream, and at the forefront of transforming every part of our society worldwide. The company has been working for some time to develop a digital currency for it’s network. The proposed Libra coin would expose a large portion of the population to the advantages and benefits, ease and convenience, and potential and promise of crypto-currency.
The implications to the economic and commercial aspects of the Libra coin and what it would mean to marketing and advertising, have the potential to disrupt their respective markets in ways that many have only imagined until now.
Imagine the possibilities for instant trustless verification and exchange without having to go through your bank or paypal, you could just IM your Libra to any entity on Facebook!
If we thought the creators of Facebook came up with a genius idea to start with, imagine what creating their very own money for a large portion of the world’s population to use could do for business!
The Reach of Facebook
Their dominance in the market includes:
- over 2.5 billion monthly logons
- over 1.66 billion daily logons
- 5 new profiles every second
Every 60 seconds on Facebook:
- 510,000 comments are posted
- 293,000 statuses are updated
- 136,000 photos are uploaded.
Facebook estimated that 2.26 bilion people use Facebook, WhatsApp, Instagram, or Messenger each day on average and more than 2.89 billion people use at least one of the Facebook family of services every month on average.
(source: Zephoria Digital Marketing)
These numbers are impressive on their own, but when you consider that they are growing at an average rate of 20% per year since 2012 it becomes staggering to consider what the potential of creating a Facebook currency could mean to society.
It’s popularity and expanding use in social networking communication, marketing and commerce, the economy itself, and it’s constantly expanding influence and application, would make the Libra a game changer for society and digital age commerce.
So what is taking Facebook so long?
Everyday it seems there is a new token or coin on the market. Blockchain projects are among the fastest growing sectors of industry today. Crypto currency trading and use are growing exponentially.
Some recent news from different sides of the story seem to bring to light some fundamental issues for the delay.
From The Block
In a significant disclosure, the LBR will essentially be comprised of those single-currency stablecoins, according to a newly-revamped white paper, which explains:
“≋LBR will not be a separate digital asset from the single-currency stablecoins. Under this change, ≋LBR will simply be a digital composite of some of the single-currency stablecoins available on the Libra network.”
The move –along with other changes noted by Facebook’s Marcus – constitutes a nod to the regulatory pressure the project has faced since its official inception last summer Libra is backed by an international organization of companies that includes social media giant Facebook.
The white paper strongly indicates that Libra could come to serve as a platform for central bank digital currencies. Such moves could change the face of Libra over time if central banks move to launch such initiatives.
As the article indicates, Facebook is looking to structure their coin to fit the system that the central banks have used to control society for a over a century.
It seems to be another step toward a world digital currency controlled by the same bankers with the same paradigm, but instead of having to entice you to spend your ‘money’, they will have full digital control of it, and your use of it.
Facebook won’t have to be ‘linked’ to your bank account, it will be your bank account. And being linked to the central bank currencies, your tax collector?
Who controlled the issue of stimulus checks? Hmmmm?
On April 16, Representative Rashida Tlaib (D-MI) introduced the “Automatic Boost to Communities Act,” or the ABC Act in the House of Representatives.
The bill looks to extend monthly payments of $2,000, called BOOST payments, until at least next March, and further requires the development of digital dollar wallets for citizens to receive them. The bill reads:
“No later than January 1, 2021, the Secretary shall offer all recipients of BOOST payments the option to receive their payments in digital dollar wallets. BOOST recipients receiving their payments through interim BOOST cards shall instead receive a Federal Reserve Account for debit cards and be given the option to sign up online for fully operational digital dollar account wallets.”
The bill goes on to describe those digital dollar wallets as public services accessible at banks and post offices at no cost to users:
“Digital dollar account wallets shall not be subject to any account fees, minimum balances, or maximum balances, and shall not be closed or restricted on the basis of profitability.”
Last week, Rep. Tlaib, who sits on the House Financial Services Committee, led a coalition of representatives voicing their support for recurring monthly payments in the face of the economic downturn in the U.S.
Another issue that may be part of the delay may be finalizing the specs for a digital dollar. Since the aforementioned Libra will be tied to the digital dollar, there has to be a digital dollar. As usual, politicians never let a good crisis go to waste and are taking the current crisis as an opportunity to push this agenda forward.
The article goes on to say that proponents of the program are concerned about the speed of the delivery of the most recent stimulus and the value of the funds distributed considering the economic downturn expected.
They say that the digital dollar and public access wallets will help expedite future payments. But what will happen to the value of a digital dollar that is tied to the trillions that have been added to the debt?
A digital means of exchanging the same old fiat dollars created from nothing at the whim of those who control the resources by those who make the laws. Exploiting people ideas and resources, creating debt bubbles in a vicious cycle. This power is at the root of the ability to oppress individual freedom and the manipulation of the means of exchange and access to resources which allows centralized entities to steal from individuals and consolidate wealth and power.
Facebook may not have been the first social media system or project or the only, but they are by far the most popular and influential.
The fact that they are delaying a concept which could transform worldwide commerce in their favor to an exponential extent in order to align with the central banks of the world should make everyone take notice.
New Facebook Auto Update:
IRS.gov has issued a network update!
Click here to proceed!
ATTN: Clicking Cancel or Exiting this program will lock your wallet!
Smart contract that auto-taxes your Libra wallet for . . ., Ohh I don’t know, your A/C ran too long, or you posted the ‘wrong’ meme, or questioned the wrong policy. Or shared a video on bitcoin!
‘Social Media Credit Score’???
Or maybe lock your wallet until you get vaccinated.
And Yeah, all your bills get paid from your wallet.
A centralized digital currency would create the ability to control individual freedom in ways that removing the gold standard and fractional reserve banking never dreamed of.
Many who don’t understand how centralization drives oppression, inequality, and institutional theft will welcome this idea for the ease and convenience it will provide, willingly surrendering their freedom, identity and their intrinsic value.
The innovations of blockchain offer us the potential to take control of our individual value, wealth and identity, Data is the fuel of the digital age. Even before the current crisis, this technology was ramping up to disrupt every aspect of society, but the crisis is proving to be an impromptu proving ground, and with the ‘global economy’ seemingly on the verge of collapse, the test has only just begun.
The decentralized promise of blockchain is on full display, empowering every sector of society in this unprecedented event. Making the case for collective efforts of individuals engaging collaboratively to find solutions.
Decentralization works! Really well!
And you won’t hear it on the news of course, if you even still do that.
We all know they wouldn’t tell us . . .
Why is it that we are all coming to acknowledge that?
Sweeping change is coming.
What form that change takes is finally up to all of us.
What is it worth to have the opportunity to be truly free?
The promise and potential of these innovations and their adoption require our engagement to move forward.
Now we have the tools to leverage that engagement for our benefit in many ways.
Take advantage of that opportunity and get educated about blockchain and crypto-currency. Right now is the greatest opportunity that mankind has ever had to change the paradigm and overcome all the systems of oppression and their societal impacts on our morality.
A good place to start is the social media blockchain Hive.
There you can engage and interact with individuals from all over the world on every topic you can think of. Share your knowledge and interests and learn from your experience, and experienced users, what blockchain and decentralization is all about and not only see how it works, become part of building it.
And, earn and learn crypto while you do!
Please let me know what you think!
Leave a comment, question or reference.