What the actual....Facebook is starting its own currency.

[Coventina]

If Americans (or anybody for that matter) fall for this crap, I officially give up all hope.

I grew up in Fundy culture, being constantly warned about the coming antiChrist. It was always expected to come from the government.

If there is one, it will be from the corporate world.

If you want to trust your life (and let's face it, under Capitalism, your money is your life) to a corporation, you are seriously sick in the head.

[riverine]

1. It is not meant for Americans to use

It is meant for the billions of people in unstable countries where Visa charges 30% in cross-border transfers if you are one of the few that have a Visa/Mastercard.

It is sorely needed (or something like it).

[Coventina]

2. Bullshit. It's a money making scheme off the backs of the poor.

What, you think Mark is doing this out of the goodness of his heart?

[riverine]

5. You've obviously never been poor in a 3rd world country with 2000% inflation

FB will probably be too far behind other micro-payments systems but the poor need one to escape their shitty governments.

[Coventina]

9. If you think Facebook is there to help you seriously need education on how corporations work.

I have been to a number of third world countries, I've participated in NGO efforts to help them.
I am very much aware of the problems of government corruption, etc.

Making them slaves to Facebook is not the "help" they need.

[riverine]

19. Unbeknownst to you

Facebook's Dollar pegged currency will be far more trusted than some tin-horn despot's crap currency and payment system.

You don't understand that but you are not the one living with the problem.

[Coventina]

20. I am not advocating for "tin-horn despots", and if you don't think Mark Z fits that to a T

then YOU are living with a problem.

[Hortensis]

22. Coventina, the world's not a fraction as black or white

as you're depicting, nor are people. The assumptions we all start with before informing ourselves are always different from reality, and the more limited our knowledge when beginning the more dramatically so.

So maybe just go read more about this, the way others do. You've been given some interesting search terms in this thread that will take you on what hopefully will turn out to be exciting, mentally adventurous explorations. "Cross-border transfers." What's that all about? You're not entirely wrong about everything, there are real issues with digital currencies, and you'll better understand the why of that also and be able to explain it to others.

Quora's a fun place to start exploring from because it's full of people around the planet who are usually talking about the issues searched on in terms of their own experiences. Of course, Amazon's crypto hasn't been out, but Amazon has been.

https://www.quora.com/search?q=amazon+cryptocurrency

[Coventina]

23. Facebook undermines our democracy. That is a fact. It has been widely reported over and over again

in depth and detail.

Some very token "reforms" have been done, window dressing at best.

I have educated myself about Facebook, and I know that they are evil. They treat people as commodities.
And now you want to give them even MORE POWER?

No way, not happening from me. If you want to sell yourself to them, then fine. That's your choice. You certainly have that choice, although it is unfathomable to me.

[Hortensis]

25. Do you remember tests in school and how the answers

with the absolutes ("always," "never," etcetera) were always wrong? Of course Amazon has caused harm and threatens harm to many. No surprise with so little regulation to protect whole populations. It's also wonderfully increased individual freedoms and wellbeing. Go see how.

[Coventina]

26. I'm not talking about Amazon, I'm talking about Facebook.

So, you are willing to allow attacks on our democracy because somehow, Facebook might be good for someone somewhere?

That's ludicrous.

[Hortensis]

27. Oh, sorry, attention wandered. Amazon's doing it also,

in partnership with a bunch of other companies. Catholic church also.

[Recursion]

6. OK, you figure out a way to transfer money from one part of India to another

Go on, I'm waiting. Please explain how it will work better than what Facebook is proposing, and cost a villager less.

[Coventina]

12. Sorry, not buying that selling themselves to Facebook is going to "help" them. nt

[Recursion]

10. It can be used worldwide for microtransactions

Americans might start actually making those (and so requiring this coin) if there were a convenient way to do it that didn't have absurd merchant fees.

[Coventina]

13. And the "fee" for Facebook is that they get to sell you forever as a commodity.

Sounds like slavery to me.

[Recursion]

15. Right, compared to the "fee" for MPesa, which is 50% of what you send

Some people are more than willing to make that call

[Coventina]

16. So, the answer for needed reforms is that we just sell ourselves to Facebook?

No thanks.

[SouthernProgressive]

28. No one told you to sell yourself to facebook.

You don't have to take part in it at all.

[Coventina]

29. And I'm not, I'm just astounded that some people are stupid enough to do so. n/t

[dewsgirl]

3. Doesn't bitcoin/crytocurrency have origins in Russia or at least links? Is that fake news?

[Coventina]

4. No idea about Russia & Bitcoin. But the Facebook currency is real:

https://techcrunch.com/2019/06/18/facebook-libra/

[Recursion]

11. Bitcoin is completely different and not really related to this

Bitcoin is decentralized; not really comparable to this except that a few of the algorithms are the same.

[Voltaire2]

24. No.

[Recursion]

7. Not a "currency" strictly, since it will be pegged to the US dollar

It's a securitized ledger that will make verifiable microtransactions possible.

[riverine]

14. Exactly. And maintaining that peg means FB has to invest in US Treasuries

or the USD.

I wouldn't buy it because the USD is the most stable currency in the world (Swiss don't need it either).

[2naSalit]

8. Well, people won't get off of fb so...

I suspect they will fall for this latest scheme. It is a population control device that has wormed its way into all facets of life for many and it has nothing to do with improving your ( or anyone else besides Z and his crew) lives. The whole fb thing is there to convince you that you want to be controlled and it's working... now, on to your total assets.

The best way to deal with it is to refuse to participate.

[dlk]

17. Corporations Exist for One Reason Only-to Make Profits-First, Last and Always

Anything else is a distant second.

[Coventina]

18. Thank you. I'm pretty shocked that people think this is a good thing.

Why bother with financial reforms when Mark Z will come to the rescue!!!

[Recursion]

21. Which is how they are able to feed the world

You say that like the existence of profit is evil