Facebook’s Undemocratic Currency
The way we structure money and payments is a question for democratic institutions, not technology companies.
Next, Facebook will announce formation of its own army: Launching a Global Currency Is a Bold, Bad Move for Facebook
Great piece by
reminding us that tech giants like Facebook are not elected or accountable, and are riddled with conflicts of interest, but are increasingly ruling our lives like governments
A critique of Facebook's new currency, Libra, by
: 1) It's Facebook. 2) Erodes historical separation of banking & commerce 3) Wide adoption exposes economy to added risk 4) Undermines government sanctions against rogue states & criminals
Lawrence H. White
Weird. Author Matt Stoller is a fellow of the Open Markets Institute, whose mission is "to expose the dangers of monopolization." But here
he says that no private firm should be allowed to challenge the currency and payment system monopoly of the Fed.
I wrote a piece for the New York Times on why Facebook's global currency is ridiculous.
Too late, the Cathedral has understood that their most treasured institution – the Fed's exorbitant privilege of unilaterally printing the world's currency and distributing it unevenly – is coming to an end
New York Times Opinion
Any company big enough to start its own currency is just too big. By
In case you missed it, Zuckerberg wants to be emperor. He’s got enough resources so that some of our clueless elites are willing to let him try it | Launching a Global Currency Is a Bold, Bad Move for Facebook
NYT: Launching a Global Currency Is a Bold, Bad Move for Facebook
So much wrong with this article... but it's emblematic of a status quo that is extremely uncomfortable with Libra. I love it.
4. Two, we separate out banking/payments from commerce so banks don't compete with their customers. FB's new subsidiary destroys that separation, and would allow FB to see into every commercial transaction and use that data to serve itself. That. Is Crazy.
6. Finally, this new global currency undermines sovereignty. Maybe you like or maybe you don't like U.S. sanctions regimes, but do we want techbros in Geneva determining whether sanctions work against North Korea? I didn't think so.
3. There are four problems off the top with Facebook's global currency. First, bank compliance for counterfeiting, fraud, terrorism, privacy laws, etc is hard and complex. Facebook is bad at complying with laws and protecting privacy.
"The way we structure money and payments is a question for democratic institutions. Any company big enough to start its own currency is just too big".
A lot of smart, tough questions about Facebook's new currency in this
op-ed. You quickly start to wonder how many of them Facebook has grappled with.
I wonder what Mark Zuckerberg’s approval rating is.
Facebook’s undemocratic currency. The way we structure money and payments is a question for democratic institutions, not technology companies. Any company big enough to start its own currency is just too big —
How soon before Facebook announces it is going to create its own military?
Pretty important op-ed here. Down with corporations acting like governments!
Dave "Identity is the New Money" Bi
““In a lot of ways, Facebook is more like a government than a traditional company,” said Mr. Zuckerberg. ”