“Encryption and cryptocurrency take power from centralized systems and put it back into people’s hands,” wrote Mark Zuckerberg in his 2018 mission statement, “but they come with the risk of being harder to control.”
Yeah, Zuck, that’s kind of the whole point of decentralization!
His secretive project to launch a so-called cryptocurrency next week has people speculating.
When details leaked and rumors began emerging about Facebook’s “GlobalCoin” I couldn’t help but laugh, as if they’re not even trying to hide it anymore. While the term “globalism” is used broadly in different ways, there’s no denying the message here.
As the name suggests, it sounds about as close as it gets to a one-world-currency, to be controlled by one single World Government.
If you haven’t heard, Facebook has now confirmed plans to unveil their own digital currency, which I’ve been calling GlobalistCoin, and a white paper for the token will reportedly be published on June 18. The news has many wondering, what are the implications of the largest (and most diabolical) social media platform entering the “crypto” space?
“For the love of god, don’t give Facebook your money,” writes Matthew Beedham for The Next Web:
“Given its history of managing our data, it shouldn’t take much to convince you that Facebook managing our money is probably a terrible idea.”
Does anyone believe it’s going to be a real, decentralized cryptocurrency where insiders don’t already own a huge chunk from the start? This is known as “pre-mining”, and it’s basically when those who create a digital asset mine a bunch of it before anyone else can.
While it’s true that Bitcoin did, in a way, have some pre-mining by its anonymous inventor Satoshi Nakamoto, the circumstances were much different, in that it was the first cryptocurrency ever developed, so essentially no one knew about it in the early days.
FakeBook’s big scam is positioning itself as a “stablecoin” akin to centralized bankster trash like Ripple (XRP) or JPMorgan’s JPM Coin. It will be pegged to various government-controlled fiat currencies, in other words, a basket of crap.
Now reports are saying FaceBerg’s garbage coin will be called LIBRA, not GlobalCoin as the BBC had claimed. Perhaps the globalist agenda was too obvious?
The company’s reputation for censorship, colluding with governments, and pushing polarized political views will certainly tarnish its venture into the burgeoning blockchain market.
Still, it’s clear that the tech monster has been trying to sink its teeth into this opportunity for some time, considering the now defunct Facebook Credits, released publicly in 2011.
“Credits” were simply digital tokens used mostly for playing games on Facebook, but quickly shut down by 2012, a sign of just how challenging it is to create a successful currency—even when you’re one of the biggest corporations on Earth.
Part of the problem for any new form of money is the tendency of its users to inevitably convert it to dollars (or bitcoin) instead of spending the token itself. If this is also the case with Libra or whatever its called, I highly doubt it will catch on.
Even if FBI-coin does gain some traction, can anything ever “kill bitcoin”? I address this concern and much more in my recent vlog, which I recorded while walking along the beautiful beach of Roatan, Honduras with my lovely wife.
There’s several reasons why all of this could actually be great for crypto in general. It may even cause bitcoin and some altcoins to skyrocket in value!
One of the video’s top comments: “If Facebook spies and controls the narrative of what you can say and do on its platform what do you think it’s going to do with it’s coin?”
It was only a few months ago when the company banned all advertising related to crypto and blockchain technology… now they want everyone to use theirs!
At the end of the day, FascistBook’s desperate undertaking feels like just another bandwagon hop. Yet it’s always reassuring when massive corporations finally jump into crypto after years of establishment mocking and belittling from phony economists like Krugman the Clown.
Back in 2011 when the “experts” were calling cryptocurrency a joke, we recommended Bitcoin in our Newsletter—and BTC was only $3 at the time!
Needless to say, I and many TDV members have enjoyed significant returns from being at the forefront of a movement instead of trailing behind it.
This journey is far from over, though, and enormous opportunities still await, so be sure to SUBSCRIBE to The Dollar Vigilante for the latest and most valuable insights on investing, crypto, precious metals, privacy, and more.
It’s your freedom that hangs in the balance.