Mike Boutwell:WorldCore Gets a Thumbs Downhttps://youtu.be/I9T8eMG6Yc0What’s going on everybody. Thank you very much for joining. Now this video is going to be about WorldCore. WorldCore is a an existing business in Czech Republic, in Prague to pin services company. Subscribers ask a question what do I think about it. I am not gonna like it so if you want watch the video hear me talk why I like something or why I don’t this is going to be I give digenetic thumbs down and I’ll talk about why in this video. I try to be as polite as I possibly can but it is a big downside for me. Ok? And honestly to be fair there is somebody going around and I don’t know what to deal with this person but I was in a telegram chat, chat with people from WorldCore because I had some serious questions. Somebody join there with a name of WorldCore scam and posted links to me like private message with some staff in Russian in various languages to the bitcoin talk forum and it looks like I mean it is an accusation who knows if it is true I certainly don’t.
It is in Russian I didn’t translate it and I don’t really care because there are other reasons why I am not interested in it but that thing said you know thinking both ways I wanna be fair and I wanna get companies a fair chance. WorldCore is by the way before I continue, the point mentioned is there might be some like somebody who has a bond to pick with these guys for some reason I have no idea like maybe there are some persons or what I don’t know. And I don’t care basically because.
It is pre-existing business that already in Czech Republic, there is a bank license from the Ministry of Finances, they have a bunch of words you can…here his guy, talk, he is a marketing executive. Here is a deal I don’t actually think they actually need ICO, there pre-existing business and what they wanna do doesn’t seem like it requires a whole lot of money and they said they wait for ICO which I don’t believe. I just simply do not believe that because ICO money will not have been enough for them to expend the business like they wanna do. What they wanna do they can basically talkanizethe platform and expand business connections, they don’t need that. What they are basically doing is they wow people who invest in their company on dividend on payments through the platform. The problem with this is that 1) payment spaces too crowded. You have four card payment companies already and it is getting more crowded every day. You have one company that already moving to be super dominate which is OMC. Alright? What they have done is they already like WorldCoreexcept on steroids. Ok? So OMC wants to connect all of payment services, providers together so basically be the reason why you don’t need to have a paypal account, ok? Plus you have a bunch of other card services, providers.
Plus you have a bunch of companies like Edge that I just mentioned in a recent video where you don’t need a bank account, you know, they try to solve the paywill problem. So there is a bunch of other competitors they already have already compete directly with them and they have even got started. Not only that. Let’s just jump to this part. Czech Republic Introduces Law Regulating (Restricting) Bitcoin. So this is a big deal, the Czech Ministry of Finance has a bond to pick with bitcoin, they don’t like it. They harass bitcoinbased businesses and businesses around the concept of cryptocurrency. You get harass, you get ordered to death basically. I know a couple of people who been continuously ordered like month after month for no apparent reason and they been ordered it so much that it not a coincidence obviously not and basically the orders do not go away until you pay, no joke. And so I didn’t know this so I went to telegram chat and some messages and basically go back and forth and I asked we will back and forth but this is the message I try to sum up my question because they didn’t seem to get it. It says so they can either order you to death or they some exception with what I refer to is these guys have some sort of special deal with check pack which that was the case I would not be ok with that. Because that mean bribery. But I am not accusing anybody in bribery, it’s just what’s the deal. All I am asking is: “Why do they not have a problem with a company using crypto tag when in general there is a strong stand against it”.
So go back and I say first of all considering the core business model of
WorldCore is not based on the crypto or on the crypto at the moment, it is planned to be properly implemented in accordance with regulations including Ministry of Finance position regarding currencies. Further more the company already has a financial statement ordered by Ernst and Young which will be revealed next week. I see report regarding Ministry of Finance position on crypto currencies and as I said before once a world got crypto currency peace luch there must be a lot of work to be completed to meet local regulations including KYCNL and above that because the
Czech regulators have more than KYCNL.
Finally I would not worry much about as the WorldCore is brand owned and operated by UPS provider which is Czech version of LLC, the Czech Republic licened payment service provider regulated by the Czech national bank. Now here is the deal.
The Czech Ministry of Finance requires by law all payment fees to be sent into the Ministry of Finance so it regulated in pay businesses. There is a lot of competition in this space already, I don’t see a whole lot of innovation been done here and I would never give my etherium to an existing financial institution that basically wants to centralize data and doesn’t want to improve on life for anybody else or anything. I see very very little upside to this, the only upside as a talkingholder would be if not if, would be the interest on transaction payments, that’s it. But there are so many other options out there that provide that and so many other options in payment space provide that already have all these partnerships they wanna talk about and that are building every day that why would I go with this organization. It’s just a big thumbs down to me. I wish them all the best of luck but stiff competition
as I say so these guys are gonna need a lot of Viagra, just a joke. So that’s it. Take care guys and have a great day.