, 7 tweets, 3 min read Read on Twitter
1. In 2018, Zuckerberg said he understood why people thought Facebook was too powerful. His resolution was to "fix" Facebook because the company had made "too many errors."

Was this a humbler, more responsible Zuck?

Lol

popular.info/p/facebooks-pl…
2. Yesterday, Facebook announced the creation of a new global currency, Libra

If the project is successful, it would give Facebook more power over the global economy than any government

It'll also create an huge new stream of data the company can exploit popular.info/p/facebooks-pl…
3. Facebook claims that they are creating Libra to help the world's poor, who don't have access to banks

But it could provide low-cost money transfers through its apps without creating a new global currency

It's not about altruism. It's about $

popular.info/p/facebooks-pl…
4. Facebook describes the system as "decentralized" and based on "blockchain."

But it is not decentralized. To participate, you need approval from the entity Facebook created (and still controls)

It does not use "blocks" or "chains." It's just marketing

popular.info/p/facebooks-pl…
5. Facebook claims this isn't a power grab because Libra is operated through a foundation that it (eventually) will not control.

But Facebook created this foundation and designed the currency - all to benefit Facebook - before any partners were brought in popular.info/p/facebooks-pl…
6. Facebook also created a subsidiary, Calibra, that will collect all the data about people's financial transactions

It says it won't share the data with itself without the customer's "permission"

Translation: It can use the data for ad targeting

popular.info/p/facebooks-pl…
7. Final note: There is no indication that any of this is LEGAL

Facebook says it's committed to creating a "regulatory environment" that will support Libra

Note: This is different than saying it will follow the law

popular.info/p/facebooks-pl…
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Judd Legum
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!