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Literally what they say it's designed for: giving access to the digital economy to the 500m+ people in emerging markets that have internet + phone, but no banki

Literally what they say it's designed for: giving access to the digital economy to the 500m+ people in emerging markets that have internet + phone, but no banking services.

fbi-director 7y ago
It's dauntingly scary that people seem to have already forgotten that FB is known and has been ousted for abusing every bit of power and information they are given. And now you're excited that there's another aspect of your personal info, perhaps the most important part that they'll get (some kind of) control over? Increasing their power as a company overall as well.. Really mind blowing!
- carlosdp 7y ago
  I don't have to have a Facebook account to use Libra, I don't have to give them any additional information unless I use their app.
MuffinFlavored 7y ago
> giving access to the digital economy to the 500m+ people in emerging markets that have internet + phone, but no banking services. I don't really understand the flow. They are paid in cash for working their low wage jobs now. How is the cash going to become Libra? Through... what is basically a banking service? Which they don't have access to now?
- dx87 7y ago
  Might be like how people without a bank go to various businesses that will cash their check for a fee, except they'll give the business cash and get Libra transferred to their account.
- the_watcher 7y ago
  Yes. Read the OP. As Marcus points out, oftentimes "lacking access" means "can't afford the consequences of not having any assets on deposit".
unwrap 7y ago
I am confused. I live in a country with "banking services", but almost nobody here uses them. We get paid on debit cards, and then we immediately withdraw the sum in cash. We pay for everything in cash, why would we ever switch to something different? I can only see the negative consequences: the usual privacy implications (some guy can see what I spend my money on); the danger of not being able to spend money at all if they decide so (like the famous Visa/MasterCard WikiLeaks fiasco); fees (2-3% on every purchase? No, thank you.)
- H8crilA 7y ago
  So you can participate in the digital economy, like using (the local equivalent of) Amazon or Spotify.
  - orbifold 7y ago
    Both of those don’t seem super essential if you don’t even have a bank account. maybe get a bank account first and then think about a subscription music service, also both amazon and Spotify sell prepaid gift cards for this purpose, which you can buy in any super market here.
    - H8crilA 7y ago
      Dude but that's the point. They want to give people in developing markets a bank account (equivalent), to skip gift cards.
- carlosdp 7y ago
  "Banking services" does not mean just bank accounts, it means any services that depend on money being elsewhere, not in your hands. That debit card you use, it's backed by a bank. Most credit cards are backed by banks. Economic censorship is certainly a valid concern, I think that's the kind of stuff we should be talking about with Libra. Fees on Libra would be way way cheaper than fees on credit cards, I don't think that's a huge concern. (most of the fees on credit cards come from the underlying banks, not the payment networks themselves)

Literally what they say it's designed for: giving access to the digital economy to the 500m+ people in emerging markets that have internet + phone, but no banking services.

fbi-director 7y ago

It's dauntingly scary that people seem to have already forgotten that FB is known and has been ousted for abusing every bit of power and information they are given. And now you're excited that there's another aspect of your personal info, perhaps the most important part that they'll get (some kind of) control over? Increasing their power as a company overall as well.. Really mind blowing!

carlosdp 7y ago
I don't have to have a Facebook account to use Libra, I don't have to give them any additional information unless I use their app.

MuffinFlavored 7y ago

> giving access to the digital economy to the 500m+ people in emerging markets that have internet + phone, but no banking services. I don't really understand the flow. They are paid in cash for working their low wage jobs now. How is the cash going to become Libra? Through... what is basically a banking service? Which they don't have access to now?

dx87 7y ago
Might be like how people without a bank go to various businesses that will cash their check for a fee, except they'll give the business cash and get Libra transferred to their account.
the_watcher 7y ago
Yes. Read the OP. As Marcus points out, oftentimes "lacking access" means "can't afford the consequences of not having any assets on deposit".

unwrap 7y ago

I am confused. I live in a country with "banking services", but almost nobody here uses them. We get paid on debit cards, and then we immediately withdraw the sum in cash. We pay for everything in cash, why would we ever switch to something different? I can only see the negative consequences: the usual privacy implications (some guy can see what I spend my money on); the danger of not being able to spend money at all if they decide so (like the famous Visa/MasterCard WikiLeaks fiasco); fees (2-3% on every purchase? No, thank you.)

H8crilA 7y ago
So you can participate in the digital economy, like using (the local equivalent of) Amazon or Spotify.
- orbifold 7y ago
  Both of those don’t seem super essential if you don’t even have a bank account. maybe get a bank account first and then think about a subscription music service, also both amazon and Spotify sell prepaid gift cards for this purpose, which you can buy in any super market here.
  - H8crilA 7y ago
    Dude but that's the point. They want to give people in developing markets a bank account (equivalent), to skip gift cards.
carlosdp 7y ago
"Banking services" does not mean just bank accounts, it means any services that depend on money being elsewhere, not in your hands. That debit card you use, it's backed by a bank. Most credit cards are backed by banks. Economic censorship is certainly a valid concern, I think that's the kind of stuff we should be talking about with Libra. Fees on Libra would be way way cheaper than fees on credit cards, I don't think that's a huge concern. (most of the fees on credit cards come from the underlying banks, not the payment networks themselves)