Monetization is what every community is doing, but Facebook is different. It not only implies the ambition of sovereign currency substitution, but also may lead to the reconstruction of global currency circulation. It can be said that a group of Internet people once again * * the world trend on the edge of the world.

Since breaking away from the form of paper money and becoming an electronic signal, the free flow of money has become an irreversible trend and is destined to integrate into the Internet.

It was reported yesterday that Facebook has accelerated this process. It will obtain the approval of Irish regulators to allow the company to issue stored monetary value units representing the company's creditor's rights, which can be circulated throughout Europe. With accumulated transactions and long-term trust, will Facebook become a new world bank, just like Citibank with semicolons all over the world?

Of course, the vision is beautiful. Regardless of the details of the technical level and development path, we must see the following trends and respond well.

Large scale migration of trust agents

The core logic of the industrial era is to extend the value chain and constantly derive new division of labor around the industry. Information asymmetry (the credit of large organizations) and channels (the circulation of large organizations) are important characteristics and value pillars of the industrial society era.

Banks are precisely the * * combination of credit and channels of large organizations. In that era, they integrated the world and semicolons were all over the world; Today, the logic of the Internet is to shorten the value chain, access the Internet, and everything becomes simple.

Today, ask users a question: who are you trustworthy? Is it an individual or service verified by millions of people, or does it make you feel that you can believe it and may not deceive your big organization because of information asymmetry and scale? The post-90s and post-50s will give completely different answers.

Trust is the more important cornerstone of financial business, which is precisely in the data held by Facebook, not in the hands of banks. The advantages of large organizations are gradually dispelled in the hearts of the younger generation, and they may even become the later dinosaurs of this era.

The process of monetary democratization started

Web 2.0 enables individuals to have the democratization of information, and the publishing channels of information continue to sink, contributing to today's spring of we media. As a currency of added trust and value, it is also a kind of information. When technical conditions permit, disintermediation is an important direction.

What is more striking is bitcoin, which took the lead in provoking the banner of currency democratization. The major disadvantage of bitcoin is that it does not have enough trading volume and a solid distribution network. The whole currency circulation and creation are scattered and disorderly, and only circulate in geek and speculators. Moreover, bitcoin will subvert the sovereign currency as soon as it comes up, lacking the appropriate transition and docking with the real economy.

In the foreseeable future, it may be a normal outcome to be destroyed by a sovereign state.

However, Facebook is different. On the edge of the whole world, Facebook chose a corner of Europe and obtained circulation in the form of creditor's rights. There are users, trust foundation and distribution network. As Facebook covers 127 countries and has more than 600 million daily active users, and various marginal countries continue to "access", Facebook will gradually become a settlement bank in some regions and even a super central bank.

Such a situation is unimaginable today, just like Taobao, which did not have any profitability in the early stage, it is like a liar's story from any angle. If, with the more popular connection between Facebook and entities and the cheaper and faster remittance settlement on Facebook, is there any reason for consumers to say no?

The connection between the Internet and finance actually forces the traditional banking industry to a corner. Only if the banking industry operates with the efficiency and rate of today's Internet can it continue to exist in the new round of knockout competition.

The opposition between sovereignty and innovation

Facebook is lucky. Its global layout and Ireland's innovation have laid an important * * step for it to break through the sovereign currency. Such innovation appears in Ireland not only because it is on the edge of the world, but also because of the national strategy of innovation.

From the mid-1990s to the outbreak of the financial crisis in 2008, Ireland's economy continued to grow rapidly for more than a decade, nicknamed "Celtic Tiger". According to the ranking of countries and regions more suitable for doing business in the world in 2013 published by Forbes, Ireland ranked * *, and New Zealand and Hong Kong ranked * *, respectively.

As early as 1980, apple created the tax avoidance structure of "double Irish with Dutch sandwich", leaving tens of billions of dollars of tax burden for itself through Ireland. Today, as the European headquarters base of American technology giants, Ireland has become Switzerland in the field of scientific and technological innovation, gathering a large number of enterprise headquarters, funds and talents.

The resistance of this round of combination of Internet and finance is not technology, but the existing organization and interest pattern. Its more important achievements may come from various "extrajudicial places" on the edge.