Facebook Unveils Cryptocurrency As Company Faces Privacy Issues | Velshi & Ruhle | MSNBC


BUCKS. WHEN YOU SAY UNPRECEDENTED, YOU WHEN YOU SAY UNPRECEDENTED, YOU OWE ME $2. OWE ME $2.>>LET’S MOVE ON TO A DIFFERENT>>LET’S MOVE ON TO A DIFFERENT STORY. STORY.>>>IF YOU THOUGHT FACEBOOK WAS>>>IF YOU THOUGHT FACEBOOK WAS ALREADY POWERFUL WAIT TILL YOU ALREADY POWERFUL WAIT TILL YOU HEAR THIS. HEAR THIS. TODAY THE SOCIAL MEDIA NETWORK TODAY THE SOCIAL MEDIA NETWORK ANNOUNCED PLANS TO HELP LAUNCH A ANNOUNCED PLANS TO HELP LAUNCH A DIGITAL CURRENCY IN 2020 MARKING DIGITAL CURRENCY IN 2020 MARKING ONE OF THE COMPANY’S MOST ONE OF THE COMPANY’S MOST AGGRESSIVE MOVES YET TO PUSH AGGRESSIVE MOVES YET TO PUSH BEYOND DIGITAL ADVERTISING. BEYOND DIGITAL ADVERTISING.>>THE NEW CURRENCY CALLED LIBRA>>THE NEW CURRENCY CALLED LIBRA WILL BE GOVERNED BY 28 WIDE WILL BE GOVERNED BY 28 WIDE RANGING PARTNERS INCLUDING RANGING PARTNERS INCLUDING COMPANIES LIKE VISA, SPOTIFY, COMPANIES LIKE VISA, SPOTIFY, AND UBER. AND UBER. SO NOW FACEBOOK WILL NOT ONLY SO NOW FACEBOOK WILL NOT ONLY HAVE ACCESS TO YOUR SOCIAL DATA HAVE ACCESS TO YOUR SOCIAL DATA BUT YOUR FINANCIAL TRANSACTIONS. BUT YOUR FINANCIAL TRANSACTIONS. THUS FAR IT’S ONLY BEEN THE THUS FAR IT’S ONLY BEEN THE BANKING INDUSTRY THAT HAS THAT BANKING INDUSTRY THAT HAS THAT DATA AND THE BANKING INDUSTRY IS DATA AND THE BANKING INDUSTRY IS HIGHLY REGULATED. HIGHLY REGULATED.>>A VERY BIG DIFFERENCE.>>A VERY BIG DIFFERENCE.>>JOINING US NOW THE NBC>>JOINING US NOW THE NBC TECHNOLOGY CORRESPONDENT, JAKE TECHNOLOGY CORRESPONDENT, JAKE WARD. WARD. 28 PARTNERS. 28 PARTNERS. WE SAY IT ALL THE TIME. WE SAY IT ALL THE TIME. FACEBOOK UNDER THE GUN. FACEBOOK UNDER THE GUN. THEY’RE IN TROUBLE. THEY’RE IN TROUBLE. THEY AREN’T IN TROUBLE WITH THE THEY AREN’T IN TROUBLE WITH THE LIKES OF VISA, UBER, AND I CAN’T LIKES OF VISA, UBER, AND I CAN’T REMEMBER WHO ELSE. REMEMBER WHO ELSE.>>SPOTIFY.>>SPOTIFY.>>ALL THESE DIFFERENT COMPANIES>>ALL THESE DIFFERENT COMPANIES GETTING INVOLVED. GETTING INVOLVED. FOR ME, THE SECOND I READ THIS FOR ME, THE SECOND I READ THIS NEWS I THOUGHT, WOW. NEWS I THOUGHT, WOW. THEY’RE BECOMING THEIR OWN THEY’RE BECOMING THEIR OWN NATION. NATION. THAT’S WHAT IT FEELS LIKE. THAT’S WHAT IT FEELS LIKE. THEY ARE CREATING A CURRENCY TO THEY ARE CREATING A CURRENCY TO GOVERN A USER BASE OF GOVERN A USER BASE OF 2.2 BILLION PEOPLE. 2.2 BILLION PEOPLE. THE INCREDIBLE POWER THAT IS THE INCREDIBLE POWER THAT IS GOING TO LEVERAGE AND I THINK GOING TO LEVERAGE AND I THINK WHAT IS REALLY INTERESTING AND WHAT IS REALLY INTERESTING AND WE HAVE TO GET A LITTLE BIT INTO WE HAVE TO GET A LITTLE BIT INTO THE WEEDS TO MAKE IT CLEAR IS THE WEEDS TO MAKE IT CLEAR IS THAT IT CREATES ALL OF THESE THAT IT CREATES ALL OF THESE WEIRD FINANCIAL POSSIBILITIES, WEIRD FINANCIAL POSSIBILITIES, THESE NEW FINANCIAL VEHICLES. THESE NEW FINANCIAL VEHICLES. YOU THINK LEVERAGE BACKED YOU THINK LEVERAGE BACKED SECURITIES ARE WEIRD WE’LL GET SECURITIES ARE WEIRD WE’LL GET INTO THE WEIRDEST INTO THE WEIRDEST CRYPTOCURRENCY, SECOND MARKETS CRYPTOCURRENCY, SECOND MARKETS AND STUFF, THAT IS GOING TO AND STUFF, THAT IS GOING TO GOVERN THIS STUFF. GOVERN THIS STUFF. THE FUNDAMENTAL THING TO THE FUNDAMENTAL THING TO UNDERSTAND, WHY THEY’RE DOING UNDERSTAND, WHY THEY’RE DOING THIS, IS THAT THEY SAY THE THIS, IS THAT THEY SAY THE 1.3 BILLION PEOPLE IN THE WORLD 1.3 BILLION PEOPLE IN THE WORLD DO NOT HAVE ACCESS TO A BANK BUT DO NOT HAVE ACCESS TO A BANK BUT EVEN IF YOU DO AND YOU LIVE EVEN IF YOU DO AND YOU LIVE OUTSIDE OF THE UNITED STATES WE OUTSIDE OF THE UNITED STATES WE AMERICANS JUST DON’T REALIZE IT AMERICANS JUST DON’T REALIZE IT IS REALLY HARD TO GET YOUR MONEY IS REALLY HARD TO GET YOUR MONEY ON TO THE WEB, HARD TO BUY STUFF ON TO THE WEB, HARD TO BUY STUFF AND SELL STUFF VIRTUALLY WHEN AND SELL STUFF VIRTUALLY WHEN YOU ARE NOT DEALING IN AMERICAN YOU ARE NOT DEALING IN AMERICAN DOLLARS. DOLLARS.>>RIGHT.>>RIGHT.>>THEY’RE TRYING TO GET ALL OF>>THEY’RE TRYING TO GET ALL OF THOSE PEOPLE NOT DEALING IN THOSE PEOPLE NOT DEALING IN AMERICAN DOLLARS ON TO THEIR AMERICAN DOLLARS ON TO THEIR PLATFORM. PLATFORM.>>PERFECT EXAMPLE DELL COMPUTER>>PERFECT EXAMPLE DELL COMPUTER WILL TAKE BITCOIN BECAUSE THEY WILL TAKE BITCOIN BECAUSE THEY SELL COMPUTERS IN NIGERIA AND SELL COMPUTERS IN NIGERIA AND RUSSIA WHERE CREDIT CARDS RUSSIA WHERE CREDIT CARDS WON’T — YOU CAN’T BUY A DELL WON’T — YOU CAN’T BUY A DELL COMPUTER FROM THE UNITED STATES COMPUTER FROM THE UNITED STATES SO THEY’LL TAKE BITCOIN. SO THEY’LL TAKE BITCOIN. THIS IDEA IS ANYBODY ANYWHERE THIS IDEA IS ANYBODY ANYWHERE CAN BUY ANYTHING. CAN BUY ANYTHING. WE USED TO HAVE THESE SORT OF WE USED TO HAVE THESE SORT OF UNDERGROUND DARK WEB MARKETS IN UNDERGROUND DARK WEB MARKETS IN WHICH YOU REALLY COULD BUY WHICH YOU REALLY COULD BUY ANYTHING. ANYTHING.>>THAT’S RIGHT.>>THAT’S RIGHT. IN THIS CASE IMAGINE THAT YOU IN THIS CASE IMAGINE THAT YOU HAVE, SO THEY HAVE THIS WHOLE HAVE, SO THEY HAVE THIS WHOLE CONSORTIUM DOING THE PAYMENTS CONSORTIUM DOING THE PAYMENTS AND TECHNOLOGY AND TRANSFER AND AND TECHNOLOGY AND TRANSFER AND BANKING. BANKING. THEY’RE GOING TO TIE IT TO THEY’RE GOING TO TIE IT TO CURRENCY SO IT WON’T FLUCTUATE CURRENCY SO IT WON’T FLUCTUATE AS MUCH AS IT HAS WITH BITCOIN AS MUCH AS IT HAS WITH BITCOIN AND OTHER THINGS. AND OTHER THINGS. HERE’S THE PART THAT I FIND HERE’S THE PART THAT I FIND REALLY WEIRD. REALLY WEIRD. SO THERE IS A THING THAT CAME UP SO THERE IS A THING THAT CAME UP UNDER THE JOBS ACT, OBAMA’S JOBS UNDER THE JOBS ACT, OBAMA’S JOBS ACT HAD A PROVISION THAT WOULD ACT HAD A PROVISION THAT WOULD ALLOW YOU, SAY YOU WANTED TO ALLOW YOU, SAY YOU WANTED TO START A GROCERY STORE AND DIDN’T START A GROCERY STORE AND DIDN’T HAVE ENOUGH MONEY AND YOU WANTED HAVE ENOUGH MONEY AND YOU WANTED TO RAISE MONEY. TO RAISE MONEY. YOU COULD OFFER SHARES IN YOUR YOU COULD OFFER SHARES IN YOUR GROCERY STORE ONLINE, RIGHT? GROCERY STORE ONLINE, RIGHT? CROWD INVESTING IT’S CALLED. CROWD INVESTING IT’S CALLED. IT HAS REALLY FLOWN UNDER THE IT HAS REALLY FLOWN UNDER THE RADAR BECAUSE THERE HASN’T BEEN RADAR BECAUSE THERE HASN’T BEEN A BIG ENOUGH REACH FOR IT TO A BIG ENOUGH REACH FOR IT TO SCALE AND IT COSTS TOO MUCH TO SCALE AND IT COSTS TOO MUCH TO MARKET IF YOU’RE OFFERING IT MARKET IF YOU’RE OFFERING IT CHEAPLY. CHEAPLY. FACEBOOK IS THE PERFECT SOLUTION FACEBOOK IS THE PERFECT SOLUTION TO THAT. TO THAT. OUT OF THIS IS GOING TO COME OUT OF THIS IS GOING TO COME THIS CRAZY, SECONDARY WORLD OF THIS CRAZY, SECONDARY WORLD OF INVESTMENT OPPORTUNITIES, USING INVESTMENT OPPORTUNITIES, USING CRYPTOCURRENCY. CRYPTOCURRENCY.>>EXCEPT, IN THE TRADITIONAL>>EXCEPT, IN THE TRADITIONAL WORLD OF INVESTING IT IS HIGHLY WORLD OF INVESTING IT IS HIGHLY REGULATED. REGULATED. KYC, KNOW YOUR CUSTOMER, IS A KYC, KNOW YOUR CUSTOMER, IS A MAJOR PORTION OF THE INDUSTRY. MAJOR PORTION OF THE INDUSTRY. BASED ON JUST SO WE CAN EXPLAIN BASED ON JUST SO WE CAN EXPLAIN IT, BASED ON YOU HAVE TO TAKE A IT, BASED ON YOU HAVE TO TAKE A LICENSING EXAM SO YOU ARE NOT LICENSING EXAM SO YOU ARE NOT SELLING SUPER RISKY PRODUCTS TO SELLING SUPER RISKY PRODUCTS TO SENIOR CITIZENS ON A FIXED SENIOR CITIZENS ON A FIXED INCOME. INCOME. WHO IS GOING TO REGULATE THIS? WHO IS GOING TO REGULATE THIS?>>THAT IS WHAT KICK-STARTER>>THAT IS WHAT KICK-STARTER DOES. DOES. IT’S NOT REGULATED AND PEOPLE IT’S NOT REGULATED AND PEOPLE START THEIR BUSINESSES. START THEIR BUSINESSES.>>WHEN YOU DO A KICK-STARTER>>WHEN YOU DO A KICK-STARTER YOU DO NOT OWN A SHARE IN THE YOU DO NOT OWN A SHARE IN THE COMPANY. COMPANY. IT’S LIKE THE NPR PLEDGE DRIVE. IT’S LIKE THE NPR PLEDGE DRIVE. YOU GET A T-SHIRT. YOU GET A T-SHIRT. IN THIS CASE YOU’RE TALKING IN THIS CASE YOU’RE TALKING ABOUT OWNERSHIP OF A COMPANY. ABOUT OWNERSHIP OF A COMPANY. THERE IS A LITTLE S.E.C. THERE IS A LITTLE S.E.C. REGULATION THAT GOES INTO IT REGULATION THAT GOES INTO IT RIGHT NOW, CALLED REGULATION A RIGHT NOW, CALLED REGULATION A PLUS FOR A $50 MILLION PLUS FOR A $50 MILLION INVESTMENT. INVESTMENT. THIS IS RIGHT. THIS IS RIGHT. I’M GOING TO OWE YOU TWO BUCKS. I’M GOING TO OWE YOU TWO BUCKS. IT IS UNPRECEDENTED. IT IS UNPRECEDENTED. THIS IS GOING TO BE A

16 thoughts on “Facebook Unveils Cryptocurrency As Company Faces Privacy Issues | Velshi & Ruhle | MSNBC”

  1. Cryptocurrency! Myself, I'm old fashioned & still prefer good old fashioned dooh ray me me me or like some like to say "cash on the barrelhead."

  2. it's all about CONTROL!!! There will be people partnering up with this because they too want to be in the controlling circle. In the mean time, the 99% should ask themselves: where does the wall street money comes from? Where do the enormous monetary giveaway come from? Who's going to put in the HARD LABOR to pay for those IOUs? YOu guessed it, the 99% all over the world. And they kept people starving in many areas so that at the opportune time they can then go it and open more slave labor camps..err…factories whereby people who have been starving and dying every day will be happy to work for a dollar per month. Enjoy it folks!

  3. TAX EVASION by any other name is still tax evasion…
    I smell self-dealing and dark deals in cloud environments!

    Say GOODBYE to the REAL WORLD!!!

  4. Progress is good, but not everything under the progress banner is such. This cannot be allowed to go ahead until there's been a serious public audit on the implications for all of us. Afterall, it's our personal information, our privacy, and if this system causes a financial catastrophe, guess who gets the bill to sort it out? I'll give you a clue – it's not the guys who caused it.

  5. Yup. Because the best way to allay our privacy concerns is hand over our financial and purchasing data.
    We see you Facebook! 👀

  6. This isn't revolutionary or new. Facebook is just trying to corporatize decentralized cryptocurrency and remove the anonymity so they can sell financial data to god knows who. Anybody with a brain won't touch their coin

  7. As long as the sheep keep flocking to the the platform, why should the company care? After all in the capitalist empire, money and power are gods. Any wealthy people in prison?

  8. MSNBCannobals would be pushing Mark of the BEAST (Cant buy or sell) currency.. Imagine saying something like "MSNBCannibals Eat Illegal aliens" and then Facebook shuts you off from buying or selling because of your views toward cannibals disguised as journalists .. I do own lots of Crypto Currency but wont own FaceBook crypto at all because FACEBOOK is a NSA/CIA creation (ZuckerDork did not create Facebook) ZuckerDork is the Genetic clone of Caesar augustus

  9. Now they can take payments from Russia without all those pesky digital trails. Cryptocurrency is great for illegal transactions.

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