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I agree with you on the reasoning, and I absolutely believe that is why Facebook is doing it this way. They know people would never trust a currency soley backe

I agree with you on the reasoning, and I absolutely believe that is why Facebook is doing it this way. They know people would never trust a currency soley backed by them to start, so they solved that problem from the get go. Now it's just a PR problem of everyone believing they are in full control, when they actually aren't.

dannyr 7y ago
FWIW, Facebook for years also said that they care about our privacy. Now, in court, they argue that there's no expectation of privacy on Facebook. They are just now telling you what you want to hear but that's probat not what they will do.
- carlosdp 7y ago
  I don't disagree with you, Facebook should be trusted with a grain of salt when it comes to privacy right now. This isn't relevant to the Libra discussion, because of the way Libra is designed. You don't have to trust Facebook to trust Libra. They built it this way because they know we don't trust them right now.
flensortow 7y ago
Unless you can provide actual legal documents as opposed to whitepapers, your argument is unconvincing. Nobody trusts anything Facebook says, which given their past actions is completely reasonable.
- carlosdp 7y ago
  You can ask Visa, Mastercard, Stripe, Spotify, Paypal, Uber, or any of the other founding members if they feel like their lawyers seem convinced they each have a legal vote equal to Facebook's. Do you really believe that each of these orgs, many traditional with whole legal departments, would sign on to a public association with this potential without crossing their i's and dotting their t's? Don't trust Facebook, trust that the 27 other companies (and their lawyers) don't trust Facebook.
  - flensortow 7y ago
    I trust that they would be willing to cede control of several aspects to Facebook for the sake of being involved and having some cut of the profit for fear of missing out. Unless all the contracts are public you have no idea what kind of backroom deals they have with different organizations. It may sound paranoid but that’s the level of trust many people feel Facebook deserves at this point in time.

dannyr 7y ago

FWIW, Facebook for years also said that they care about our privacy. Now, in court, they argue that there's no expectation of privacy on Facebook. They are just now telling you what you want to hear but that's probat not what they will do.

carlosdp 7y ago
I don't disagree with you, Facebook should be trusted with a grain of salt when it comes to privacy right now. This isn't relevant to the Libra discussion, because of the way Libra is designed. You don't have to trust Facebook to trust Libra. They built it this way because they know we don't trust them right now.

flensortow 7y ago

Unless you can provide actual legal documents as opposed to whitepapers, your argument is unconvincing. Nobody trusts anything Facebook says, which given their past actions is completely reasonable.

carlosdp 7y ago
You can ask Visa, Mastercard, Stripe, Spotify, Paypal, Uber, or any of the other founding members if they feel like their lawyers seem convinced they each have a legal vote equal to Facebook's. Do you really believe that each of these orgs, many traditional with whole legal departments, would sign on to a public association with this potential without crossing their i's and dotting their t's? Don't trust Facebook, trust that the 27 other companies (and their lawyers) don't trust Facebook.
- flensortow 7y ago
  I trust that they would be willing to cede control of several aspects to Facebook for the sake of being involved and having some cut of the profit for fear of missing out. Unless all the contracts are public you have no idea what kind of backroom deals they have with different organizations. It may sound paranoid but that’s the level of trust many people feel Facebook deserves at this point in time.