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You know, strategically, when you’re about to get super regulated and the government is touting antitrust probes: maybe don’t start something that competes with
by leshokunin 7y ago
You know, strategically, when you’re about to get super regulated and the government is touting antitrust probes: maybe don’t start something that competes with the Dollar.
- buboard 7y agoBut how does the US get there first before china does?
- toyg 7y agoI thought the same, but then it makes sense if you look at it from the sort of fuck-you attitude that FB leadership tends to have: "So you want to undermine us, fine. But what if we undermine you first?"
- olivermarks 7y agoMy read is that it IS the USD. '...it may actually cement the dollar as the world currency once and for all. As the Association mops up all the fiat in the world they’ll likely turn it into dollars on the back end anyway, so Euros and Yen become Dollars and cents.'
- toyg 7y agoBut it would still give them leverage, because cutting FB to size would then hit the USD.
- olivermarks 7y agoThe USD and petrodollar are under great pressure as reserve curencies at this point in history, this could be an effort by the globalized elites to create a new world currency. I suspect this FB initiative will fail but set up a next generation with similar size and heft
- est31 7y agoYeah, being a western currency, Libra competes more with RMB than with Euros or Dollars. It's more what the CFP franc is to Euros than an anti-Dollar. If the power grows too big, it may get nationalized like how the BEIC got nationalized.
- koboll 7y agoThis, I think, is the value proposition to the USG. Facebook is primarily aiming Libra at foreign markets. Americans don't really particularly need a better way to pay for things online.
- sitkack 7y agoThey want regulation so they can capture the Gov, this is move is meant to accelerate this process.
- DyslexicAtheist 7y agoBingo. Next stage too big to fail. In the current climate of accelerating a new cold war, and potentially a hot one with Iran, the gov needs to take back control of all it's propaganda channels. FB has proven itself here as very valuable asset for disseminating view-points and is "too valuable" not to be unregulated
- m463 7y ago"it may actually cement the dollar as the world currency once and for all" On the other hand, "we respect privacy" != "panopticon money."
- ilaksh 7y agoIt absolutely does not compete with the dollar. And that is very deliberate. Because it's not a cryptocurrency. Its a scam that Visa and PayPal designed so that they could block Bitcoin etc. and continue to get a cut of digital transactions.
- Animats 7y agoThis is a good time for disruption at scale. The current administration has no follow-through and Congress is deadlocked.
- baby 7y agoSo these things should prevent us from innovating? That’d be sad. It’s pretty cool that we can still work on projects like that and I would even say that thanks to the spotlight we already had, it puts even more pressure on us to do it right. Which is a win win imo.
- millettjon 7y agoThey are competing on a world wide stage larger than any one government.