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The upsetting part, to me anyway, is not that it uses blockchain. It's because: a) not a true crypto-currency because it's centralized b) such currencies are

The upsetting part, to me anyway, is not that it uses blockchain. It's because: a) not a true crypto-currency because it's centralized b) such currencies are not regulated yet in the slightest c) the centralized authority is a consortium of private corporations of which one, Facebook, is providing the entire infrastructure d) Facebook is known to not handle data appropriately and is not well regulated when it comes to privacy and data protection e) I haven't seen any method to allow other people to invest or directly convert the money back to nation currencies which makes it easy for the consortium to just decide to pull the plug and exit scam with no insurance for people who bought Libra f) The consortium have essentially become a bank out of thin air and that comes with a whole slew of regulatory issues

vasilipupkin 7y ago
Not following why any of this any more upsetting than any product created by one or more private companies or entities. Don’t like it or it’s not for you - don’t use it.
- jshowa3 7y ago
  Because banks are insured by the government per FDIC, companies aren't. That's just one example I know of off the top of my head and probably hundreds more I don't know. Facebook is not just any company either. It holds world wide dominance in marketing, advertising, and communication. It is also accessible through a wide age range. If Libra becomes the only way to interact with Facebook, what do we do about children on Facebook who are often, in the eyes of the law, not able to handle financial responsibility? Due to the current problem with loot boxes and in game gambling in video games, I can see this becoming a problem. Libra apparently isn't pegged to a specific currency but fluctuating assets that are claimed stable. So if you put 10 fiat currency into Libra, you're not guaranteed to receive or get 10 out (even if we account for a transaction fee) which would normally happen when interacting with a bank and its services. One poor investment by some random company, and your Libra tanks.

vasilipupkin 7y ago

Not following why any of this any more upsetting than any product created by one or more private companies or entities. Don’t like it or it’s not for you - don’t use it.

jshowa3 7y ago
Because banks are insured by the government per FDIC, companies aren't. That's just one example I know of off the top of my head and probably hundreds more I don't know. Facebook is not just any company either. It holds world wide dominance in marketing, advertising, and communication. It is also accessible through a wide age range. If Libra becomes the only way to interact with Facebook, what do we do about children on Facebook who are often, in the eyes of the law, not able to handle financial responsibility? Due to the current problem with loot boxes and in game gambling in video games, I can see this becoming a problem. Libra apparently isn't pegged to a specific currency but fluctuating assets that are claimed stable. So if you put 10 fiat currency into Libra, you're not guaranteed to receive or get 10 out (even if we account for a transaction fee) which would normally happen when interacting with a bank and its services. One poor investment by some random company, and your Libra tanks.