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> Facebook doesn't need an ulterior motive to make a buttload of money off of this, if it works. I don't know why "experts" are looking for one. I would guess
by SquishyPanda23 7y ago
> Facebook doesn't need an ulterior motive to make a buttload of money off of this, if it works. I don't know why "experts" are looking for one.
I would guess that it's because Facebook is a company with a history of selling toxic things and trying to convince people that it's good for them.
In this case, the question is essentially what it means to be one of the other 27 members. If the remaining 27 groups aren't free to take the currency in a direction that undermines Facebook's business, then they really don't counterbalance Facebook. If Facebook can unilaterally shut down the ecosystem, then the other members don't counterbalance Facebook. Etc.
Every major cryptocurrency I'm aware of is essentially controlled by one or two entities. Even Bitcoin's development direction is controlled by a small number of companies, and the business goals of those companies influence what features Bitcoin supports.
- carlosdp 7y agoWell they have just 1 vote in the governing association, so if a majority validator nodes disagreed with Facebook, Facebook can't override. If it took off, unilaterally shutting down the ecosystem (or otherwise hurting it), in a scenario where they are market-place dominant (when it comes to Libra wallet users, which is likely at least early on) would hurt them the most. I get why Twitter users are looking for it, I don't get why people that present as experts are after reading the whitepapers. It's like they aren't actually reading them, or are just arbitrarily ignoring them for the clicks (gasp).