It has has been reported that within the next year, Facebook, the 2.38 billion user social networking site is planning to launch a cryptocurrency, called GlobalCoin. The rollout is supposed to be an international payment system using crypto tokens, thus the term “GlobalCoin”. Facebook is said to be seeking “operational and regulatory” advice from the US Treasury according to BBC news who also stated that Facebook is in talks with Western Union, the American based financial services company that is most known for its expensive person to person money transfer services. Facebook has been in talks with banks as well. With Bitcoin being known to the US government and to banks as a disruptor and with Facebook soon to introduce a coin that seems to be in bed with the US government and banks there is a red flag that’s waving high and bright which leads to a burning question which is...What in Cryptoland is facebook trying to pull?
Facebook is known as a control dominant company that likes to govern its users with tactics such as storing user information and using it later for target marketing. Facebook has always seemed to be in cahoots with the government as far as targeting users, storing user information, and keeping track of users in general; as if they are a part of the big brother eye in the sky. So Facebook working with the US Treasury and Western Union two conglomerates that stand to lose to decentralization and Bitcoin seems right up their alley, and it is very suspicious.
The US treasury is threatened by the power of Bitcoin and the freedom that it gives us the people because with Bitcoin we do not need a treasury, we do not need banks, and we definitely do not need the taxman taking money without our authorization. The Western Union is threatened because with Bitcoin and blockchain technology the services and high prices that the Western Union offers will be no longer be needed.
With this in mind, we are left to wonder why Facebook is involved with these organizations in the creation process of this coin. Could it be these conglomerates are going to use Facebook as their face to try and beat out Bitcoin? If so they are in for a rude awakening because Facebook’s piece of junk coin will never beat out Bitcoin. What will happen is Facebook will expose its billions of users to crypto with the introduction of their coin and once their users realize that Facebook is still the same old Facebook using its users for personal gain. The users will look to move away from GlobalCoin and by this time they will already be introduced and familiar with cryptocurrency so all we’ll have to do is welcome them to real cryptocurrency and decentralization with Bitcoin.
So sit tight my fellow crypto family, Facebook is no threat. If anything Facebook will inadvertently further promote Bitcoin. In Actuality, it is great that Facebook wants to introduce its masses to the wonderful world of cryptocurrency.
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