Thread by @JuddLegum

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…