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I share your concerns, but in a rather vague way. I struggle to describe concretely any undesirable scenarios likely to follow from the rise of Libra. I fear
by mac01021 7y ago
I share your concerns, but in a rather vague way. I struggle to describe concretely any undesirable scenarios likely to follow from the rise of Libra.
I fear this limits my ability to influence legislators it anyone else when it comes to this issue.
- lazulicurio 7y agoFrom my perspective, the undesirable scenario would be Libra supplanting Government-issued currencies. As I added in my edit, the idea that companies are moderated by consumer choice breaks down when the companies control the means of transaction. Company towns with company currency used to be a thing, and not a good thing.
- ac29 7y agoOne undesirable scenario that comes to mind is the Facebook et al consortium deciding to break the peg after achieving a large balance of credits. As near as I can tell, there is nothing stopping them from de-valuing the currency at a whim in the interest of reaping a short term profit. Such things happen all the time with reward points/airline miles/etc.