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Facebook isn't making a cryptocurrency to get your data
IT ALREADY HAS YOUR DATA
It's making a cryptocurrency so no one else can get the kind of data that would threaten Facebook's existing ads business
IT ALREADY HAS YOUR DATA
It's making a cryptocurrency so no one else can get the kind of data that would threaten Facebook's existing ads business
Imagine being in such a strong market position that it is a smart move to BUILD A CRYPTOCURRENCY CONSORTIUM JUST TO CLOSE OFF A POTENTIAL VECTOR OF ATTACK AGAINST YOUR COMPANY
That's Facebook
That's Facebook
I'll explain further
Facebook's ads business is built on the massive amount of data they have on you
Every like, every sign-in with FB, everything you already use Facebook for gives them this unbelievably rich portrait of you
And what you like to buy
Facebook's ads business is built on the massive amount of data they have on you
Every like, every sign-in with FB, everything you already use Facebook for gives them this unbelievably rich portrait of you
And what you like to buy
That's why FB/Instagram ads are so good!
They ALREADY HAVE the data they need with their monopoly on family/friends social networking and their other businesses.
What keeps Zuck up at night, competitively speaking?
The possibility that someone else might get there too
They ALREADY HAVE the data they need with their monopoly on family/friends social networking and their other businesses.
What keeps Zuck up at night, competitively speaking?
The possibility that someone else might get there too
Say Google decided to build a world-class cryptocurrency, and it was quickly adopted, while retaining the right to use the data
They could see every transaction using the currency
Which would give them a richer data set for ad purposes than Facebook
They could see every transaction using the currency
Which would give them a richer data set for ad purposes than Facebook
Zuck is not a stupid man
Facebook realized that one of the few threats to its business would be a world-class cryptocurrency owned by one of its competitors
So it's creating Libra as a *defensive* measure to close off that threat
Facebook realized that one of the few threats to its business would be a world-class cryptocurrency owned by one of its competitors
So it's creating Libra as a *defensive* measure to close off that threat
Libra is run by a nonprofit, with dozens of stakeholders, none of the data goes to Facebook
They are trying to protect their monopoly
They don't need the data they'd get from a privately-owned cryptocurrency
They just need to make sure no one else can get that data
They are trying to protect their monopoly
They don't need the data they'd get from a privately-owned cryptocurrency
They just need to make sure no one else can get that data
