Ten Years From Now, Facebook Will Be Your Bank

bankoffacebook-erica_glasier“Why is its important to have a Facebook profile? They are going to start using that to determine what your credit worthiness is.”

The tin-foil-hatted nuts at BusinessWeek explain how and why Facebook will become the largest bank in the United States. (Perhaps most disturbing is the thought of a universal currency called ‘the zuckerberg’.)

Becoming a financial powerhouse would help Facebook avoid the fate of many once-popular networks. AOL, Friendster, Second Life, and MySpace all dreamed of growing forever, too. To survive, Facebook must become more than glorified e-mail. Sharing photos and gossip with friends might make Facebook hard to leave. But upload your checking account and Facebook may just be forever.

Nongamers may have missed Facebook’s clever foray into the world of “virtual currency,” where Facebook Credits cost 10 cents each and can be exchanged for game points or cartoony gifts. Those dimes are adding up—the U.S. market for virtual goods will reach $2.1 billion in 2011. Facebook’s currency, while just part of that market, is getting real. You can now purchase gift cards for Facebook Credits at Wal-Mart, Target, and Best Buy.

So why couldn’t Facebook use them as real currency, too? In fact, why couldn’t Facebook become your bank?

Facebook today both owns the Web—where 500 million-plus users now spend more time there than on any other site—and is a dominant app on smartphones. Beyond this customer base, Facebook has embedded “Like” buttons on almost every major website, becoming the only real product praise utility. Facebook has persuaded large retailers to build sites, called Facebook Pages, within its platform. Facebook already has a currency, its Credits. And Facebook recently expanded its monetary systems with Facebook Payments, purportedly for paying app developers. But the incorporation documents state that Payments is “organized for the purpose of transacting any or all lawful business.” Hmmm.

If only one of every five Facebook users adopted Credits to buy things, Facebook would be as big as PayPal. And once Facebook makes us comfortable with Credits, it could then transition to a “traditional” global bank, storing your financial assets like gem points in Bejeweled Blitz.

More than a billion-dollar prize, the finance industry would also be a brilliant defensive move for Facebook. The company’s main challenge is that it may be overvalued, based on investors hoping for future growth, while current revenue models do not scale exponentially.

40 Comments on "Ten Years From Now, Facebook Will Be Your Bank"

  1. Anonymous | May 11, 2011 at 6:13 pm |

    Facebook is truly a force for evil

  2. MoralDrift | May 11, 2011 at 2:13 pm |

    Facebook is truly a force for evil

  3. lalalateeda | May 11, 2011 at 8:25 pm |

    You know the economy can’t be all that bad if people are buying “virtual goods”. How crazy is that? Try explaining your amazing cache of virtual “stuff” to a person who wonders where ther next meal is coming from.

  4. lalalateeda | May 11, 2011 at 4:25 pm |

    You know the economy can’t be all that bad if people are buying “virtual goods”. How crazy is that? Try explaining your amazing cache of virtual “stuff” to a person who wonders where ther next meal is coming from.

  5. I cannot over-emphasize how Facebook and its sheeple disgust me.

  6. I cannot over-emphasize how Facebook and its sheeple disgust me.

  7. Miketomlison | May 11, 2011 at 8:44 pm |

    I’d rather die first

  8. Miketomlison | May 11, 2011 at 4:44 pm |

    I’d rather die first

  9. Grooveboss | May 11, 2011 at 9:15 pm |

    facebook is going to be taken over by the government first.

  10. Grooveboss | May 11, 2011 at 5:15 pm |

    facebook is going to be taken over by the government first.

    • Br0wnb3rry | May 11, 2011 at 6:31 pm |

      why would they take over something they helped to start and have complete access to under the table 😀

    • DillonMaxwell | May 11, 2011 at 7:23 pm |

      It already has been, I’m sure. What other network has as much information about each and every individual who is on it? How many HUNDREDS OF MILLIONS of people are on there now? Closing in on a billion in the next couple of years, I’m sure. Maybe less than a year. It’s any advertiser and intelligence department’s dream come true.

  11. Anonymous | May 11, 2011 at 9:27 pm |

    Facebook is a toilet that needs a good flush….

  12. GoodDoktorBad | May 11, 2011 at 5:27 pm |

    Facebook is a toilet that needs a good flush….

  13. If this does happen, it’ll be an absolute travesty!

  14. If this does happen, it’ll be an absolute travesty!

  15. Br0wnb3rry | May 11, 2011 at 10:31 pm |

    why would they take over something they helped to start and have complete access to under the table 😀

  16. Br0wnb3rry | May 11, 2011 at 10:31 pm |

    why would they take over something they helped to start and have complete access to under the table 😀

  17. DillonMaxwell | May 11, 2011 at 11:23 pm |

    It already has been, I’m sure. What other network has as much information about each and every individual who is on it? How many HUNDREDS OF MILLIONS of people are on there now? Closing in on a billion in the next couple of years, I’m sure. Maybe less than a year. It’s any advertiser and intelligence department’s dream come true.

  18. Navysealteam7 | May 12, 2011 at 1:36 am |

    Next they’ll have a smartphone that installs onto your left forearm w/ your facebook app. and is routed to your google electronic contact lens in your eyes 😀

  19. Navysealteam7 | May 11, 2011 at 9:36 pm |

    Next they’ll have a smartphone that installs onto your left forearm w/ your facebook app. and is routed to your google electronic contact lens in your eyes 😀

  20. chinagreenelvis | May 12, 2011 at 2:11 am |

    No, no and no, and fuck you very much for suggesting it.

  21. chinagreenelvis | May 11, 2011 at 10:11 pm |

    No, no and no, and fuck you very much for suggesting it.

  22. Freedomfighter | May 12, 2011 at 3:11 am |

    If your on Facebook, get the f**k off asap, the shares in FB are being brought up by military and spy agencies and the only thing this place is good for, is giving over your personal information by proxy! Get your freedom back, delete your profile and live life again! All hail the resistance, down with authority

  23. Freedomfighter | May 11, 2011 at 11:11 pm |

    If your on Facebook, get the f**k off asap, the shares in FB are being brought up by military and spy agencies and the only thing this place is good for, is giving over your personal information by proxy! Get your freedom back, delete your profile and live life again! All hail the resistance, down with authority

  24. Would make sense. And I’ll bet THEY’D take over the government before the government takes them over.

  25. Would make sense. And I’ll bet THEY’D take over the government before the government takes them over.

  26. So much scaremongering and non-informed speculation

    “Facebook is truly a force for evil”

    Pahaha! Can’t believe people actually think like this.

    Brilliant

  27. So much scaremongering and non-informed speculation

    “Facebook is truly a force for evil”

    Pahaha! Can’t believe people actually think like this.

    Brilliant

    • Padraig22 | May 12, 2011 at 9:52 am |

      would really like you to expand on this cos i am thinking similar thoughts

      • Facebook is not intrinsically “good” or “bad” but can have a positive or negative effect on your life, depending on how you use it. You can create an account using false information…for instance, I once set up an account for one of my drag characters. “She” had a made-up b-day and birthplace, etc. so anyone keeping tabs on “her” account would not be collecting any sort of relevant data. If you are foolish enough to use your real name and personal contact information on a site like that, then you deserve whatever you get. Sheeple, indeed…

  28. Padraig22 | May 12, 2011 at 1:42 pm |

    facebook is the incarnation of of George Orwell’s newspeak; designed to prevent original thought and rid ourselves of BIG words lol

  29. Padraig22 | May 12, 2011 at 9:42 am |

    facebook is the incarnation of of George Orwell’s newspeak; designed to prevent original thought and rid ourselves of BIG words lol

  30. Padraig22 | May 12, 2011 at 1:52 pm |

    would really like you to expand on this cos i am thinking similar thoughts

  31. Facebook is not intrinsically “good” or “bad” but can have a positive or negative effect on your life, depending on how you use it. You can create an account using false information…for instance, I once set up an account for one of my drag characters. “She” had a made-up b-day and birthplace, etc. so anyone keeping tabs on “her” account would not be collecting any sort of relevant data. If you are foolish enough to use your real name and personal contact information on a site like that, then you deserve whatever you get. Sheeple, indeed…

  32. Facebook is not intrinsically “good” or “bad” but can have a positive or negative effect on your life, depending on how you use it. You can create an account using false information…for instance, I once set up an account for one of my drag characters. “She” had a made-up b-day and birthplace, etc. so anyone keeping tabs on “her” account would not be collecting any sort of relevant data. If you are foolish enough to use your real name and personal contact information on a site like that, then you deserve whatever you get. Sheeple, indeed…

  33. Hadrian999 | May 12, 2011 at 7:53 pm |

    facebook is just a tool, if you use it for public level conversation and to keep tab on your friends and family it’s quite useful, but if you are one of those people who puts up all their movements and private personal conversations well no way to really help that kind of person anyway

  34. Hadrian999 | May 12, 2011 at 3:53 pm |

    facebook is just a tool, if you use it for public level conversation and to keep tab on your friends and family it’s quite useful, but if you are one of those people who puts up all their movements and private personal conversations well no way to really help that kind of person anyway

  35. Galaxy Walker | May 13, 2011 at 3:42 pm |

     Sorry to Rain on your parade, but the new currency soon to be Announced will be called “RAINBOW CURRENCY” Backed by Silver And Gold…….

  36. Galaxy Walker | May 13, 2011 at 11:42 am |

     Sorry to Rain on your parade, but the new currency soon to be Announced will be called “RAINBOW CURRENCY” Backed by Silver And Gold…….

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