What do you think of Facebook's cryptocurrency plan with Libra?
Samson Williams replied:
"What is Facebook's cryptocurrency plan with Libra?"
Short answer: Global Domination.
Long answer: Well, it depends...
First let's break down the question. "Facebook's cryptocurrency plan..." Facebook doesn't have a cryptocurrency plan. It has a business plan that its leveraging decentralized ledger "like" technology to implement. The question really is, "What is Facebook's plans for growth in the 2020s?". That is a much easier answer. Facebook's growth plan for the 2020s is to grow.
How will Facebook use Libra Coin to grow?
Libra Coin isn't a crypto nor a currency. At best it is an encrypted coupon. Its not a cryptocurrency because the term "cryptocurrency" implies some manner of decentralization. Libra Coin is about as decentralized as a black hole. That said, along with folks like Ripple, EOS, etc..., Facebook will push and evolve the very definition of "cryptocurrency" to mean whatever makes the most sense for their lobbying efforts. One of the benefits of being a multinational, billion dollar corporation and media conglomerate is that you can literally define people's reality worldwide, in the push of a button.
So, yes. In the future everyone will "know" that Libra Coin is a cryptocurrency. Because Facebook has said so. In that respects, Libra Coin will also be a currency. Why? Again, Facebook's lobbying arm will tell governments around the world, one donation (bribe) at a time, that it is. Libra Coin is a currency because Facebook says it is. Tada! Facebook's cryptocurrency (which is really a coupon) gets recognized and adopted as a means of transacting, globally.
That helps Facebook grow. Not since the Dutch East India Company and the Hudson Bay Company have private corporations had the the "legal" right to mint their own money. Gaining recognition as a "currency", a global thing of value created out of thin code, is what helps Facebook grow. The additional layer of financial data, combined with the best practices of current surveillance capitalism, will put Facebook in the unprecedented position of not only being able to influence the outcomes of elections...But take it a step further and pay for the outcome...with its own money. And by Facebook's "own money", I literally mean, its OWN money #LibraCoin.
Mark Zuckerberg is on the precipice of becoming this century's Boss Tweed and Facebook this generation's Tammany Hall. But its not just about the politics. Its about the money. After all, money is the fuel of political capital. What will this private, Switzerland based, corporation with hundreds of billions of "real dollars" and the ability to mint new money out of thin code, do with its new found power?
The short answer is: Global domination.
The long answer is: Well, it depends...
Hyperbole aside (of which I feel there is zero in the above) Facebook having the ability and legal right to create it's own currency is a threat to US National Security and global security. Why? How? That could never be? What happens when Huawei or WeChat decides to introduce their own "cryptocurrencies"? Or better yet, some Russian backed company? Now ask yourself how you feel about the idea of a private corporation being able to mint it's own money. After all, what could possibly go wrong? They're just humans with the best intentions, right? #CorporationsArePeople #CitizensUnited
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