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The radical idea hiding inside Facebook’s digital currency proposal

By MIT Technology Review

The Libra cryptocurrency was unveiled on a wave of hype and speculation. But what its white paper suggested about Facebook’s vision for how we manage our identifying credentials may be just as impoRead full story

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  • More colour on Facebook's Libra stating that at the core is digital identification. Many people are not going to trust anything that FB does with data. And it was obvious that they were going to get a huge amount of resistance from regulators and Congress. I personally favour Bitcoin but I haven't written

    More colour on Facebook's Libra stating that at the core is digital identification. Many people are not going to trust anything that FB does with data. And it was obvious that they were going to get a huge amount of resistance from regulators and Congress. I personally favour Bitcoin but I haven't written FB off yet. They've seen the writing on the wall - hiring a new team and are trying radically new models to survive the onslaught on big tech which has only just started. If they come up with a halfway house between completely decentralised crytocurrency and fiat currency, maybe some governments and regulators will see it as a lesser of two evils!

  • There is a massive movement in the internet and crypto space called #DeFi or decentralized finance, where an #alternative #decentralized #market structure away from traditional #financial instruments and market structures are created. Finance effectively becomes a decentralized architecture that is not

    There is a massive movement in the internet and crypto space called #DeFi or decentralized finance, where an #alternative #decentralized #market structure away from traditional #financial instruments and market structures are created. Finance effectively becomes a decentralized architecture that is not controlled by Major financial institutions or governments. However as much as the radical idea for a decentralized financial ecosystem might be hiding (not really hiding as it is heavily viral marketed as defi without using the term as yet) it is important to recognize that the #Libra ecosystem is a totally #centralized monopolistic oligarchical consortium. While already obvious to regulators and politicians, already facing an investigation from the FTC, and is at risk for an investigation for anticompetitive business practices, and monopolistic hegemony the reality is that there may not be much that any of the #regulators can do.

  • Facebook’s Libra is not just about a coin. It’s about a “decentralized and portable digital identity,” something of a holy grail in the world of internet technology.

  • Facebook’s vision for how we manage our identifying credentials may be just as important.

  • Perhaps cynical view but looks very much a way to push more targeted advertising and financial services to the group that can't afford loans today. How will they be able to do that under #Libra?

  • Given the way face book and google have handled our privacy so far I could never trust them as they are biased and lack integrity

  • The Circle was a flawed movie, but I always wonder if art imitates life or that perverse humans live to imitate dystopian warnings.

  • awWqAq

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