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Facebook's Libra will not help the unbanked
- ptah 7y ago>they are simply unaware of the different benefits of a bank account, such as overdraft facilities or credit schemes. surely that's a good thing? to avoid people getting snared by high interest debt
- krageon 7y agoCredit schemes and overdraft facilities certainly aren't the main benefit of a bank account either, they're more like very dark patterns that you take for granted and turn off where you can.
- seibelj 7y agoHow about we let Libra get released and see what happens before making assumptions about who it will help. Something like this is very unpredictable and it will be great to see what comes of it.
- no1youknowz 7y agoI agree but we need to show some modicum of restraint. Look at all the ICO scams, companies like MtGox, BitConnect, and many others. Only 2% of the worlds population has been exposed to Bitcoin (not sure if correct - going off memory here) and we have still seen a lot of money being scammed away. The people who will be using Libra (especially the unbanked), cannot afford to lose money. This needs to be on-point with respect to regulations so that the vulnerable in society are protected.
- ptah 7y ago"the street finds its own uses for things". possibly it should be piloted in small groups first
- cco 7y agoWhat has Facebook done to engender this level of trust with you? For myself, and I dare say most people paying attention, Facebook has clearly demonstrated they should not be allowed to become a central bank.
- AnimalMuppet 7y agoThe banking phrase "know your customer" suddenly takes on a very ominous ring.