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> It is a facebook-controlled private currency Can you clarify? Isn't the currency going to be owned by a consortium of various global businesses [1]? Are you
by randartie 7y ago
> It is a facebook-controlled private currency
Can you clarify? Isn't the currency going to be owned by a consortium of various global businesses [1]? Are you unaware of that?
[1]https://libra.org/en-US/association/#founding_members https://libra.org/en-US/association/#founding_members
- Vervious 7y agoYes, I simplified a bit. But remember, they are each paying facebook at least $10 million, who for now controls the development. I would be very surprised, if somehow Facebook maneuvered themselves out of a position of power over the Libra Reserve. Even if the private currency is controlled equally by these companies, I am still fear-struck. Do I want these companies to be setting global economic policy? That implies financial regulation that is even less democratic than it is now!