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Facebook Takes Life Seriously and Moves To Create Its Own Virtual Currency, Increases UltraCoin Valuation Significantly

Reggie Middleton's picture




 

The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow Facebook to issue units of stored monetary value that represent a claim against the companyThis e-money would be valid throughout Europe via a process known as “passporting”.

Facebook has also discussed potential partnerships with at least three London start-ups that offer international money transfer services online and via smartphones: TransferWise, Moni Technologies and Azimo, according to three people involved in the discussions.

In the case of Azimo, Facebook offered to pay the company $10m to recruit one of its co-founders as a director of business development, according to people familiar with the situation.

 Yes, this space is heating up. It makes me feel good! You see, the Visas, Mastercards, Western Unions and Paypals of the world make a lot of money selling a relatively cheap services for a relatively large amount. BUT!!!! The Goldmans and JP Morgans of the world make much more money by selling very deep margined products and services for a lot more while paying a lot less to create them. It is here where UltraCoin has staked its ground. As the competition amongst the big boys starts to heat up, they will want to crawl up the food chain and I already have the ladder built! 

Ultracoin dektop

Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion,” said a person familiar with the company’s strategy. Facebook recently passed 100m users in India, which is its largest national market outside the United States.

 

My last post on this topic illustrated how UltraCoin will operate in developing markets by allowing currency, stock and financial asset exposure trades of anywhere from $5 dollars to $5 million, as well as sending money to others for just a little more than nothing, as excerpted from "Hardware IS Dead" Thesis Has Now Torn Through All Handset Providers & Now Everyone Can Act On It:

I've created an infrastructure that significantly expands these investment markets by allowing anyone, anywhere with an Internet connection (of almost any speed) to participate in almost any of the world's public financial markets. Taking the subject matter of this article into consideration, we can short Samsung on its own home exchange of Korea for nearly any amount, from $10 million US down to $8 ...

manage currency risk in Ultracoin while using it to short Samsung

 Back to the FT article:

 

It also comes as other internet groups – in particular, China’s Tencent and Alibaba – race to turn their sites into mobile payment platforms.

Google has reiterated its commitment to expanding its mobile payments and wallet products, which have yet to be widely adopted by consumers. It is registered in the UK to issue electronic money, in a process similar to the authorisation which Facebook is seeking in Ireland.

 

In 2013, the company  [Facebook] facilitated $2.1bn worth of transactions, almost exclusively from games, according to documents filed with the Securities and Exchange Commission.

Vodafone has acquired an e-money licence for the phone company to operate financial services in Europe.

“It’s great news that non-banks are challenging the traditional banking monopoly,” said Simon Deane-Johns, a UK-based lawyer and European payments expert at law firm Keystone Law.

 It will be interesting to see how the potential bidding contest will form as these companies compete to build the next generation financial infrastructure. I believe that I am very well positioned, as excerpted from yesterday's missive:

 Related BoomBustBlog research

 

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Mon, 04/14/2014 - 13:44 | 4657498 bluskyes
bluskyes's picture

Bitcoinoma, Litecoinoma: Just another financial cancer.

Mon, 04/14/2014 - 12:08 | 4657146 Reggie Middleton
Reggie Middleton's picture

Amazon is following Google, Facebook, Vodafone and eBay into this space: @BloombergTV: "Is Amazon phone about mobile payments?" #AMZN following #GOOG #FB into virtual currency, I benefit

bloom.bg/Q6GKjK

Properly positioned startups should be sitting well if they execute aggresively.

Wed, 04/16/2014 - 06:50 | 4664360 Skin666
Skin666's picture

Can you give me any further info on ultracoin Reggie? Sounds interesting.

 

Much obliged

Mon, 04/14/2014 - 12:05 | 4657137 SpanishGoop
SpanishGoop's picture

Fartbook to launch Fartcoin.

 

Mon, 04/14/2014 - 12:05 | 4657135 Madcow
Madcow's picture

anyone long Facebook needs to watch this immediately - 

 

 

https://www.youtube.com/watch?v=itvvFfeLh84#t=131


Mon, 04/14/2014 - 12:20 | 4657211 Grosvenor Pkwy
Grosvenor Pkwy's picture

Gotta give the guy credit: he claps on 2 and 4, but no one else in the audience was clapping. Good try!

Mon, 04/14/2014 - 12:08 | 4657153 SpanishGoop
SpanishGoop's picture

Ouch, that hurt.

 

 

Mon, 04/14/2014 - 12:01 | 4657112 Australian Economist
Australian Economist's picture

Reggie please go

Mon, 04/14/2014 - 12:09 | 4657161 fonestar
fonestar's picture

BITCOIN!!!!

 

(Sorry, it's been a long week and fonestar has nothing else right now).

Mon, 04/14/2014 - 12:50 | 4657330 Raging Debate
Raging Debate's picture

Fonestar - I have said this more than once to you so let me repeat it: JMP thanks the BRICS for the free research and the pump and dump of Bitcoin. I said soon there will be JMP coin. I am not surprised they are using a surrogate tech company tech is not really their fortay. The best opportunity to invest in Bitcoin has passed. Now, I won't invest in either but will continue stacking hard currency. Any war where even oen WMD or nuke goes off say the ME or anywhere else will collapse markets overnight. Perhaps that is the plan of those at the top of the food chain. Perhaps not to me the outcome looks the same. There always seems to be three big players in this world via for domination, history rythmes. Any of these three making miscalculations now or betraying one another turns into a global mexican stand-off. I predict that is precicely what will occur. Get the three B's:

Beans, Bullets, Bullion

 If you can afford it, move to the outskirts of the big cities. If not, have a bug-out backpack ready to get 30 miles away from big cities, chlorine is a cheap way to purify a lot of water. I view being on the outskirts not only as hedge but to have less of the gestapo constantly being in my face on prison planet. I will be purchasing one this fall for just this reason. I want to hedge but I want to also enjoy life, it is short after all. I do like gardening and seeing the animals/birds in someplace quiet.

 Another thing of import if I may on the last statement. I believe it is important to live your life in faith, not in fear. That doesn't mean you have to be religious all of a sudden. Have faith man will come out the other side of this into a brighter era. I like to pray and find much truth in "seek God and you will find him" but I do not attempt to convert people of one faith to the other. Collectively, we all seem to be waking up that we are all one. The evolutionary cycles for us are shortening down to decades from thousands of years from hundreds and this was not long ago at all. But do pay attention to what is going on and hedge accordingly against the statistical probability of history rythming.

Mon, 04/14/2014 - 12:50 | 4657329 Raging Debate
Raging Debate's picture

Dupe

Mon, 04/14/2014 - 12:20 | 4657210 bcking
bcking's picture

Fonestar for President. Or Dictator like me!

Mon, 04/14/2014 - 12:11 | 4657172 DoChenRollingBearing
DoChenRollingBearing's picture

fonestar, welcome back.  Should we BTFD?  I am considering it...

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