,
10 tweets,
3 min read
Read on Twitter
Facebook's plan to create a global currency are insane and must be resisted. Ten good reasons: (1/)
nytimes.com/2019/06/19/opi…
Thread.
nytimes.com/2019/06/19/opi…
Thread.
(2/) Organising a payments system is complicated and difficult, requires enormous investment in compliance systems. Facebook - on compliance? Give me a break
(3/) Historically, many good reasons for prohibitions on the intersection between banking and commerce. Control the infrastructure, control the market. And FB "has a gargantuan advantage on other payments providers" with 2bn users ft.com/content/374a1a…
(4/) It could complicate monetary policy. Of course. "Not just a capture of the banking industry, but a privatisation of monetary policy — a democratically abhorrent prospect in principle." 
(5/) "Libra." Yeah, right, liberty, freedom, and all that. Silicon Valley techno-masturbatory libertarian fantasy. There are different shades of freedom. This is the kind FB is thinking about.
(6/) Mark Carney: "Instantly systemic." FB: it would be backed by hard assets. What if there's a run? "If the Libra system becomes intertwined in our global economy in the way Facebook hopes, we would need to consider a public bailout of a privately managed system."
Whoopee!
Whoopee!
7/ Enabling an open flow of money across all borders is a political choice best made by governments. Not least, to tackle global organised crime.
8/ It won't help the unbanked. That's a sociological, not a technical challenge
ftalphaville.ft.com/2019/06/19/156…
"It's almost as if someone who's never really thought about the unbanked googled up some stats at the last minute."
ftalphaville.ft.com/2019/06/19/156…
"It's almost as if someone who's never really thought about the unbanked googled up some stats at the last minute."
10/ It's FACEBOOK! Why the hell would you trust them with anything?
Good grief!
Good grief!
