Zuckerberg’s New Money System: Libra

Is anyone else fascinated by the boldness of Facebook’s Mark Z? This guy is unstoppable! First he creates the most popular and used social media platform at the age of 19. He’s only 35 years old, by the way. Then he becomes the world’s youngest self-made billionaire.

In 2007 at age 23 he became the world’s youngest self-made billionaire. As of 2018, he is the only person under 50 in the Forbes ten richest people list, and the only one under 40 in the Top 20 Billionaires list.[8]

Now he is starting his own cryptocurrency, backed by money from corporations with  a very lofty goal. “The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people. ” I first read about it a few weeks ago and it came back into my mind today so I decided to check on the progress. Well it seems like the US government is not so sure of this idea and held some long hearings.  Here is the video.

The concern seems to be that the people in control are not democratically elected and instead are a bunch of corporations and extremely rich people. A reasonable concern I think. Here is the list of the association members. And guess where they will be headquartered? Geneva, Switzerland of course! Their intentions sound nice in principle, to make it easier for people all over the world to buy and sell,  but it seems like they are attempting to change the whole world economy. This line from the white paper sounds like they are moving towards the broader goal of globalism.

  • We believe that people will increasingly trust decentralized forms of governance.

I find the whole thing a little scary, but fascinating. Is Mark Z. an evil genius or is he truly trying to make the world a better place?

The Vision

Libra is a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. People will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system.

The lovely Alexandria Ocasio-Cortez  has this to say.

And President Trump is not a fan , either.

https://www.ccn.com/news/facebook-stock-trump-libra/2019/07/28/

https://arstechnica.com/tech-policy/2019/07/donald-trump-blasts-facebooks-libra-demands-strict-regulation/

What do you think? Should Libra be allowed? Is a global currency coming one way or another?

9 comments

  1. I prefer cold hard cash. I can see it, touch it, smell it 🙂 But once they started with the good ole cards(credit, debt etc) everyone seemed to love it. But from first hand experience, when the hurricanes hit here, and the power is out, unless you have cash $$$ you don’t have food, gas, or anything else until the power comes back on. OR if a “system” is down, you are held hostage until it goes back up, and then if what you had is not there you have to prove it was. Too much uncertainty for me 🙂

  2. Facebook has a long history of surreptitiously gathering data about you from you or from people you know in ways that you don’t even know about and using it in disingenuous ways to make lots of money. This will be yet another tool for them to continue that and exploit you in secretive ways. You should consider ditching Facebook. Not a trustworthy company.

  3. Of course governmental powers would be opposed because they lose control. However, I don’t really trust these “decentralized” people either, because anarchy isn’t wise and power corrupts. Even if intentions are good, altruism only goes so far before our selfish sin nature rests its ugly head.

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