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What about privacy? Most of these Internet giants make money hoarding user data; will Libra open up a new dataset to collect and monetize for these companies? W
by bndw 7y ago
What about privacy? Most of these Internet giants make money hoarding user data; will Libra open up a new dataset to collect and monetize for these companies? Will Libra transaction data be more thorough than what they're currently able to get from 3rd parties?
- drcode 7y agoNo worries, they're just gonna take a pic of your government ID and fingerprints for KYC requirements which are securely isolated in a vault in Switzerland where they will remain 100% safe, except in that rare instance where you need to buy a cup of coffee, and they therefore need to inspect all your records to make sure you're not funding terrorism. /s
- MBCook 7y agoFrom the various articles I’ve seen it looks like they don’t think they need to follow KYC because it’s not ‘real’ money. I’m sure the government will have something to say about that.
- drcode 7y agoYeah, that's really what this is all about- Zuck probably keeps asking stuff "can't we just have a payment button right here in an FB baby shower announcement?" and his legal departments says "you can't do that for lots of regulatory reasons, including KYC" and so Libra was born.
- jacques_chester 7y agoNew York State already requires KYC for crypto transactions. And since a certain amount of banking takes place hereabouts, that law has wider influence than New York.
- scarface74 7y agoAnd how is this is different from the credit card companies? They’ve been selling transaction data forever.