Facebook Credits is going to change Gov 2.0.

Facebook credits. My definition is a virtual currency. Here is Facebook’s definition. In all transparency: I know of them but have not used them yet. I have personally used Skype credits – and also Google credits – as well as participated in various virtual worlds and made use of those virtual currencies – so I have some understanding at least. All of these are basically re-purposed financial transactions given a virtual edge if you will. I read some of the history of virtual currencies, there have been many false starts, and some minor success stories like Linden Labs. But nothing on the scale of what Facebook might be able to do.

But Facebook Credits is different. Why? Because Facebook is the equivalent of the third most populous country in the real world, with over 500 million people around the world. Already, credits are becoming a money earner for Facebook in real cash.

So when this virtual currency (credits) begin to be used in non virtual situations what happens to real world currencies? How does the value of the credit relate to the item being purchased (swapped/bartered/traded?) How do Facebook Credits relate in price and value to the major currencies of the real world? Who will come up with this formula? If you buy Facebook credits in your home country, in your currency, then travel somewhere else and buy something what is the value of your credits? In which currency?

Already, “Virtual Currency Monetization” is it’s own tiny industry and growing very fast with a handful of start-ups and other companies chasing a market based on converting virtual “credits” to real money and or products. There are even companies touting themselves as “Virtual Currency Exchanges.” How long till the real currency exchanges push into this action? Facebook itself is advertising it’s partnerships with Rixty and Coinstar in supermarkets across the U.S to collect coins and convert to pre-paid Facebook credits debit card. So apparently the move to turn Facebook Credits into at least something like a real currency is already on.

Why this matters to Governments, Gov 2.0 specialists and practitioners, is pretty basic:

A. If a transaction is done in Facebook Credits for a real world item, what is the tax basis and who collects?
B. If a transaction is done in Facebook Credits that results in cash back – what currency denominates as the basis for a “Global currency?”
C. If and when Facebook starts to push to have it’s virtual currency become a real currency, what will it be weighted in? How will this affect real world currency fluctuations and global trading?
D. If Facebook successfully pushes it’s credits into the real world – will they be traded like other currencies? Who will regulate?
E. For all the Government agencies with “Facebook” like buttons on your properties? Did you know that you are part of a virtual economy? Are you tailoring your fee acceptance rules (ie check, cash, credit card) to include Paypal, Google checkout at the least, let alone Facebook credits? If not, why not?

Re-posting of You2Gov CEO Alan W. Silberberg’s blog

Political Power to Real People

Political Power to Real People

Reposted in entirety from:

http://www.you2gov.org/index.php/Blog/Default-Category/Time-to-get-Serious.html

WHAT HAVE WE LEARNED FROM THIS FINANCIAL DEBACLE CALLED THE BAILOUT?

If the $800 Billion + Bailout was not enough, now we learn about the outrageous behavior of the just bailed out AIG executives. Let us all hope that the rest of the bailout money (our money) is not spent so extragavantly or so obviously “in your face”. The “Bailout Bush and Buddies Bill” of 2008 is in future years going to be seen as a total sham. The structural problems in the economy are all too real. But if the “bailout” money is going to secure multi-million dollar executive salaries rather than pension funds, unemployment funds, or re-training funds — then lots of questions need to be asked and they need to be asked now. While the current Congress is in action, we all need to continue to assert our rights as citizens and taxpayers for demanding the truth (truth in lending). We need to show the leaders that the outpouring of anger, angst and the almost meltdown of congressional phone and email servers was not a one time flash, but rather a hot fire on their collective behinds. These people just voted on all this money to “stabilize the financial system” but how many Members of Congress, Republican or Democrat can tell any of us what a derivative swap is, or a fractional loan value, or for that matter the difference between a mortgage backed security and a partially mortgage backed financial instrument? Do they know what they voted on besides fear? How many of them can actually tell us what would have happened if this bailout was not rushed but rather put through the Committee System, be subject to debate and critique from the media, from academia and from other Government agencies?

You2Gov designed tools to make all of us more informed, more powerful. If we have learned anything from these times filled with fear, both literal and imagined – it is that the only thing that matters now is oversight. Not the kind you hear bandied about by this and that Congress person or Senator. No, I mean the kind of oversight a manager effects on his staff, or the kind of oversight that a principal has with the teachers, or even better the kind of oversight the military practises on itself through the chain of command. In this case the chain of command ends with you and me. We are the owners of the United States, the people. There are little read documents, some people don’t even know what they are. The Constitution and the Bill of Rights, If you have not read them lately or never have, now is a good time to catch up. One of the important things you will come away with is how seriously the Founding Fathers took the concept of “Power from the People, to the People.”

We all need to be that serious about this serious situation.

Official You2Gov Youtube Channel Initiated

You2Gov brings power to the People

You2Gov brings power to the People

The official You2Gov Youtube Channel was initiated today. www.youtube.com/you2gov

You2Gov will be using this channel to broadcast important updates as well as to receive incoming videos.

Look to the You2Gov channel on Youtube in the next few weeks as we announce some major initiatives.

Register for You2Gov at

http://www.you2gov.com/index.php/Create-an-account.html

You2Gov to show at NCSL

You2Gov Bringing Power to the People

You2Gov Bringing Power to the People

www.you2gov.com

You2Gov CEO Alan W. Silberberg will be attending the NCSL (National Conference of State Legislators) annual meeting in New Orleans this week, and will be presenting new information to the Legislators and their staffs, as well as the Media and Press in attendance.

www.ncsl.org

You2Gov is already linked to all 50 state legislatures, as well as to the U.S. Senate, and House of Representatives and is poised to provide seamless one touch communications with your elected officials at the State and Federal levels, and within weeks will be rolling out additional new features designed to make You2Gov your one stop place for all things social and political on the web.

We look forward to joining with all of the State Legislatures and the hard working people who work tirelessly in them for all of us, this week in New Orleans. Most importantly we look forward to showing these leaders from all across America, how You2Gov is quickly becoming the site to organize around issues and take action.