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Dumbest move ever by Facebook to preanounce and give governments time to complain. They should have moved fast and dealt with the consequences later. They had

Dumbest move ever by Facebook to preanounce and give governments time to complain. They should have moved fast and dealt with the consequences later. They had a reasonable chance of being the dominant cryptocurrency, and instead they get to spend a year apologizing and backtracking before they ever deploy.

TazeTSchnitzel 7y ago
“Move fast and break things” is a massive liability when it comes to financial law.
- xhgdvjky 7y ago
  "invest a lot of money and get fined"
noname120 7y ago
Alternatively, they should have worked with governments to make sure to address their worries before announcing it publicly.
- lacker 7y ago
  That would just never happen. The French government doesn’t have some minor worries that can be resolved by changing an API. They are going to oppose anything that is cryptocurrency plus Facebook.
- pjkundert 7y ago
  There is no “working with government”, for any proposed money substitute that gives normal people a place to hide from central bank inflationary policies.
  - gjulianm 7y ago
    Our current capitalist system does not work without inflation.
    - pjkundert 7y ago
      Correct. What’s going to be really fun, is when normal people do have powerful, practical, scalable and unstoppable non-debasable options. The poor slobs left holding the Fiat waste-paper...
SanchoPanda 7y ago
Had they done this, they might have risked a full on ban on any monetization in those nations. The blue app has negative growth in those markets, and no surplus of goodwill.
_jal 7y ago
Even if FB were willing to take the risk, they partnered with institutions that understand the world a bit better than that. Would-be volcano-dwelling evil geniuses in the tech world will learn patience eventually. (Arguably, some are - that's why Palantir is such a frightening entity that I'd like to see reigned at least as much as FB.)
- deleted 7y ago
  [deleted]
orbifold 7y ago
Dealing with the consequences of messing with sovereign nation states might not be a great idea: Move fast and die of pollonium poisoning...
JMTQp8lwXL 7y ago
I'm surprised people disagree with this statement since blitzscaling seemed pivotal to Uber's growth. However, FB is already in hot water. Maybe the pre-announcement was to prevent further damage to the brand.
buboard 7y ago
That's ... not how you build trust, and things like monetary power are all about trust

TazeTSchnitzel 7y ago

“Move fast and break things” is a massive liability when it comes to financial law.

xhgdvjky 7y ago
"invest a lot of money and get fined"

noname120 7y ago

Alternatively, they should have worked with governments to make sure to address their worries before announcing it publicly.

lacker 7y ago
That would just never happen. The French government doesn’t have some minor worries that can be resolved by changing an API. They are going to oppose anything that is cryptocurrency plus Facebook.
pjkundert 7y ago
There is no “working with government”, for any proposed money substitute that gives normal people a place to hide from central bank inflationary policies.
- gjulianm 7y ago
  Our current capitalist system does not work without inflation.
  - pjkundert 7y ago
    Correct. What’s going to be really fun, is when normal people do have powerful, practical, scalable and unstoppable non-debasable options. The poor slobs left holding the Fiat waste-paper...

SanchoPanda 7y ago

Had they done this, they might have risked a full on ban on any monetization in those nations. The blue app has negative growth in those markets, and no surplus of goodwill.

_jal 7y ago

Even if FB were willing to take the risk, they partnered with institutions that understand the world a bit better than that. Would-be volcano-dwelling evil geniuses in the tech world will learn patience eventually. (Arguably, some are - that's why Palantir is such a frightening entity that I'd like to see reigned at least as much as FB.)

deleted 7y ago
[deleted]

orbifold 7y ago

Dealing with the consequences of messing with sovereign nation states might not be a great idea: Move fast and die of pollonium poisoning...

JMTQp8lwXL 7y ago

I'm surprised people disagree with this statement since blitzscaling seemed pivotal to Uber's growth. However, FB is already in hot water. Maybe the pre-announcement was to prevent further damage to the brand.

buboard 7y ago

That's ... not how you build trust, and things like monetary power are all about trust