Home » Adam Stokes on Money Language Facebook’s Failed Libra Cryptocurrency Adam Stokes on Money Language Facebook’s Failed Libra Cryptocurrency Steven Anderson
Adam Stokes in his You Tube Channel expressed: Money is merely a language, a method of exchanging value from one party to another.When we look at what Facebook did and I think that the Libra project will go down as the history of the right business plan at the wrong time that is all these mega companies were watching very keenly about how Facebook’s Libra payment system is going to play out in the big picture.And, what we saw was it was so powerful that it scaled it up to the government and they came in and stopped it very quickly.What we also saw was that a social media was so big and powerful that when they were entering a completely different sector primarily banking that it was going to build but was successful, the biggest financial institution in the world.
Think about that for a second.You have banks that have been building up their business for decades and even centuries and suddenly you have a competitor who is not even a bank.
Had they been successful in launching the Libra would have been bigger than many of the banks combined and most certainly bigger than the biggest bank in all of the world.
And, we can see this pattern forming all over the world with different businesses.
Netflix as an example, which came in and tried to compete with Blockbuster and not only did they knock out blockbuster out of the water and destroy the whole video renting industry, but now, they are so big that they are competing with Hollywood.
The idea is Netflix was first established as a competitor to a video store and now it has so much money.
So much power and so much reach that it just makes its own movies.And, we can see over time how more and more people are using Netflix not just to watch videos from another provider and all the production from Hollywood Netflix are now in to making their own movies.
Compared to the rule with money, the same rule applies.
Facebook who came to provide the social media platform, then they decided they could provide a banking service and on top of the banking service, they could in fact create their own money.This freaked out the big guys particularly the banks and it shut down quickly.But that doesn’t mean that other companies are not considering this and mark my words, they will succeed.Not only will they get in to the banking sector, but they will use their own money.
It already exists.Just look at any gaming platform out there that has its own currency within the games.
There are other value like credit card points, gift vouchers, frequent player points these are all forms of money that are already operating working outside of the fiat system.Then we realized that digital money is already here.We already use digital money.It is that just majority of people use digital fiat.
But why would we use digital fiat when we can of course use digital crypto and then the next question to consider is why do we have to use their money, when we could use our money.This is where crypto is turning everyone’s understanding of money.
The younger generation already gets this.When we go to the gaming sector we will see that people will use their fiat dollars like the in game dollars.
You might call it points, you might call it credits, you might call it diamonds, gems or simply some type of money within the game.It does not matter what value you give it.The reality is money is a language.
So, by looking at what Adam Stokes has stated we can state that cryptocurrency is another version of the same language.Advertisement.
