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Libra is the worst of all worlds: all the supposed risks of “fiat” currencies the crypto-libertarians complain about, a cartel of VISA and other payment compani

Libra is the worst of all worlds: all the supposed risks of “fiat” currencies the crypto-libertarians complain about, a cartel of VISA and other payment companies to earn from it, plus an added layer of centralization with the reigns in the hands of Facebook, the world’s least trustworthy company since East India Co. I have no idea why it should succeed. But it probably will because somehow the US still hasn’t figured out how to easily pay back your friend the $10 they gave you the other day.

tcbawo 7y ago
There are products (Venmo, Zelle, Popmoney, Quickpay) that solve problem.
- illumin8 7y ago
  And they are only available to customers that have access to the US banking system.
  - zaphar 7y ago
    Cash works for everyone.
    - GeneralTspoon 7y ago
      Except when you need to buy something online.
      - tapland 7y ago
        Or send remotely.
deleted 7y ago
[deleted]
mathgeek 7y ago
> US still hasn’t figured out how to easily pay back your friend the $10 they gave you the other day. Cash worked pretty well for a long time. Checks, too. The problem isn’t how to pay your friend back, it’s how to make it so that you actually do pay them back in a timely manner.
- dontbenebby 7y ago
  My credit union lets me use a "bill pay" that will send a check drawn on the CU (not my personal account) to any address in the USA. And almost everyone has check scanning apps in their bank apps now. Alternatively, I favor not getting caught up in reimbursing every dime in a friendship and trying to alternate paying for things if you can't split the bill.
ghettoimp 7y ago
> "Facebook, the world’s least trustworthy company since East India Co" We've got big oil ruining the environment, big pharma extorting folks on prescriptions, big defense's insane government contracts, big telecom working with the NSA, credit reporting agencies vacuuming up our info and getting hacked, wells fargo's account fraud and redlining, and HBO with that game of thrones ending... With all of that, we're really going with facebook for least trustworthy? :)
- Chris_Chambers 7y ago
  Nice whataboutisms. Surely now that you’ve rushed to the defense of the fair maiden Facebook, she will reward your bold white knightery with sex.
- dontbenebby 7y ago
  If nothing else, I think Amazon or Google is more of a contender for East India Co 2.0, given their diverse product offerings :) Facebook is not diversified (hence their frantic pivot to "crypto"). Amazon has a wide array of offerings. And Google is often painted as "just an advertising company" but Gsuite and Google Cloud are two independent revenue streams that don't rely on ads.

tcbawo 7y ago

There are products (Venmo, Zelle, Popmoney, Quickpay) that solve problem.

illumin8 7y ago
And they are only available to customers that have access to the US banking system.
- zaphar 7y ago
  Cash works for everyone.
  - GeneralTspoon 7y ago
    Except when you need to buy something online.
    - tapland 7y ago
      Or send remotely.

deleted 7y ago

[deleted]

mathgeek 7y ago

> US still hasn’t figured out how to easily pay back your friend the $10 they gave you the other day. Cash worked pretty well for a long time. Checks, too. The problem isn’t how to pay your friend back, it’s how to make it so that you actually do pay them back in a timely manner.

dontbenebby 7y ago
My credit union lets me use a "bill pay" that will send a check drawn on the CU (not my personal account) to any address in the USA. And almost everyone has check scanning apps in their bank apps now. Alternatively, I favor not getting caught up in reimbursing every dime in a friendship and trying to alternate paying for things if you can't split the bill.

ghettoimp 7y ago

> "Facebook, the world’s least trustworthy company since East India Co" We've got big oil ruining the environment, big pharma extorting folks on prescriptions, big defense's insane government contracts, big telecom working with the NSA, credit reporting agencies vacuuming up our info and getting hacked, wells fargo's account fraud and redlining, and HBO with that game of thrones ending... With all of that, we're really going with facebook for least trustworthy? :)

Chris_Chambers 7y ago
Nice whataboutisms. Surely now that you’ve rushed to the defense of the fair maiden Facebook, she will reward your bold white knightery with sex.
dontbenebby 7y ago
If nothing else, I think Amazon or Google is more of a contender for East India Co 2.0, given their diverse product offerings :) Facebook is not diversified (hence their frantic pivot to "crypto"). Amazon has a wide array of offerings. And Google is often painted as "just an advertising company" but Gsuite and Google Cloud are two independent revenue streams that don't rely on ads.