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Earlier quoted context omitted.
Because not everyone cares about "complete sovereignty"? There's a reason why all these companies are still successful, most people don't care that much about their privacy or other dignities if it means convenience.
Then I see no difference from USD. What exactly is the point? Yet another payment method?
This combined with Whatsapp for Business is going to be game changing for SMEs in developing markets.
Do I want to keep my savings in it? Probably not...
Earlier quoted context omitted.
You're forgetting how much credit card transaction suck. As I see it this is the main problem facebook could solve through sheer volume of use: microtransactions. Granted this is about the worst way this future could come about....
If Libra is a threat to credit cards, then why are Visa and MasterCard investing at least $10M each in it?
I've met a hell of a lot of authoritarians in the crypto scene over the past decade. Blockchain technology is a centralized datastore so of course it's a tool for global authoritarianism; think IBM in the 1930s selling slow databases to the Nazi's so they can keep a universal ledger of the Jews. P2P distributed architectures such as Holochain which actually decentralize data and control are far more positive paradigm…
Will this be a centralized currency?
It’s Mark “I’m CEO B!t(h” Zuckerberg. Do you think he’d start a currency he wouldn’t be able to use to spy on every user?
My interest is in who controls issuance of the currency itself and if that control is decentralized or controlled by a central entity, like Facebook.
Can't read the article. What is it backed by? Where's this information coming from? I can't find any press release or sources that aren't publishers themselves—this smells like insubstantial technology and bought hype (not that it won't work...).
"The financial and e-commerce companies, venture capitalists and telecommunications firms will invest around $10 million each in a consortium that will govern the digital coin, called Libra, according to people familiar with the matter. The money would be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies, they said."