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.

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  • Anonymous

    Facebook is truly a force for evil

  • MoralDrift

    Facebook is truly a force for evil

  • lalalateeda

    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.

  • lalalateeda

    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.

  • Nunzio X

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

  • Nunzio X

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

  • Miketomlison

    I’d rather die first

  • Miketomlison

    I’d rather die first

  • Grooveboss

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

  • Grooveboss

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

    • Br0wnb3rry

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

    • DillonMaxwell

      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.

  • Anonymous

    Facebook is a toilet that needs a good flush….

  • GoodDoktorBad

    Facebook is a toilet that needs a good flush….

  • http://strictlyapathy.comoj.com SoulArbiter

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

  • http://strictlyapathy.comoj.com/ SoulArbiter

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

  • Br0wnb3rry

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

  • Br0wnb3rry

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

  • DillonMaxwell

    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.

  • Navysealteam7

    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 :D

  • Navysealteam7

    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 :D

  • chinagreenelvis

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

  • chinagreenelvis

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

  • Freedomfighter

    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

  • Freedomfighter

    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

  • Godozo

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

  • Godozo

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

  • Jake

    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

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

      • SHEeple

        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…

  • Jake

    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

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

  • Padraig22

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

  • Padraig22

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

  • SHEeple

    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…

  • SHEeple

    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…

  • Hadrian999

    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

  • Hadrian999

    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

  • Galaxy Walker

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

  • Galaxy Walker

     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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