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Sure, look, I'm not saying the Libra plan is perfect and unable to be corrupted, I'm just saying most of the "critical analysis" I've seen thus far doesn't go t

Sure, look, I'm not saying the Libra plan is perfect and unable to be corrupted, I'm just saying most of the "critical analysis" I've seen thus far doesn't go this deep into how Libra could actually go wrong. They just say "Facebook controls this and they just want your data" and either conclude that it's stupid and will fail or it's evil and must be stopped, with no other reasoning.

tehjoker 7y ago
I don't think that you need an in depth analysis to understand that Facebook and a consortium of powerful private interests are looking to wrest further control of the world financial system from local control. Corporations are the opposite of democracies, so allowing a group of unaccountable players looking after only their own interests to control the world money system would be a disaster. To the extent the economy is already set up this way, it is already a disaster.
- carlosdp 7y ago
  By that logic, it's already a disaster, so this doesn't really change things? All it does is allow more people to engage in payments online. Even in that view, it seems like a potential net benefit to the world economy, maybe.
CaptainZapp 7y ago
I argue that it must be stopped in its tracks right now for two reasons: It has potential to undermine the monetary systems of poorer nations, in essence (re-)colonialising them on the currency front It has the potential to destroy decades of efforts in achieving monetary transparency and fighting money laundry on a global scale. Even though some of the more libertarian minded contributors here seem to think that fighting money laundry is a bad thing I can assure you that it's not. In addition I'm a bit flummoxed about the trust you seem to have in Facbook and they doing the right thing. A trust which is absolutely not warranted when I look at the short and dirty history and the constant lies and evasions of this company.

tehjoker 7y ago

I don't think that you need an in depth analysis to understand that Facebook and a consortium of powerful private interests are looking to wrest further control of the world financial system from local control. Corporations are the opposite of democracies, so allowing a group of unaccountable players looking after only their own interests to control the world money system would be a disaster. To the extent the economy is already set up this way, it is already a disaster.

carlosdp 7y ago
By that logic, it's already a disaster, so this doesn't really change things? All it does is allow more people to engage in payments online. Even in that view, it seems like a potential net benefit to the world economy, maybe.

CaptainZapp 7y ago

I argue that it must be stopped in its tracks right now for two reasons: It has potential to undermine the monetary systems of poorer nations, in essence (re-)colonialising them on the currency front It has the potential to destroy decades of efforts in achieving monetary transparency and fighting money laundry on a global scale. Even though some of the more libertarian minded contributors here seem to think that fighting money laundry is a bad thing I can assure you that it's not. In addition I'm a bit flummoxed about the trust you seem to have in Facbook and they doing the right thing. A trust which is absolutely not warranted when I look at the short and dirty history and the constant lies and evasions of this company.