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A quick thread on Libra, the new "currency" proposed by Facebook
Market Cap of Competitors ($ bn)
Visa 359
Mastercard 266
Paypal 137
Libra 0
Facebook itself has market cap of 549, but would like some piece of payment system action.
Market Cap of Competitors ($ bn)
Visa 359
Mastercard 266
Paypal 137
Libra 0
Facebook itself has market cap of 549, but would like some piece of payment system action.
Now the dodgy bit.
Market cap of "crypto" nonsense competitors
Bitcoin 201
Ethereum 33
others about 150
Libra 0
Facebook hopes that its currency will also go into the stratosphere from 0, based on computer bits, blockchain and bullshit, when people invest in it.
Market cap of "crypto" nonsense competitors
Bitcoin 201
Ethereum 33
others about 150
Libra 0
Facebook hopes that its currency will also go into the stratosphere from 0, based on computer bits, blockchain and bullshit, when people invest in it.
To be fair, Facebook say investments will be backed initially by "real money" investment fund .
But the investment in Libra could go up due to manipulation, irrational speculation, greed, and bullshit (see bitcoin), so divorcing itself from underlying value.
But the investment in Libra could go up due to manipulation, irrational speculation, greed, and bullshit (see bitcoin), so divorcing itself from underlying value.
Plus, you have the lobbying power of one of the biggest companies in the world, backed by allegedly another 100 companies.
On that market concentration power alone, Libra should be banned.
On that market concentration power alone, Libra should be banned.
Which brings me to the question, why are bitcoin and other crypto-fraud-coin-currencies even allowed in the first place? Libra certainly should be banned.
Only 5 countries in the world ban crypto.
Why are they not banned in UK, @Frances_Coppola or @izakaminska ?
Only 5 countries in the world ban crypto.
Why are they not banned in UK, @Frances_Coppola or @izakaminska ?
@Frances_Coppola @izakaminska "It is a giant leveraged rent seeking activity " - This is Richard Murphy, talking about the deposit arrangement of Libra.
He is right - that is also true of the payment part of it. If you want Mark Zuckerberg taking 0.6% as net profit of all your payments, sign up!
He is right - that is also true of the payment part of it. If you want Mark Zuckerberg taking 0.6% as net profit of all your payments, sign up!
@Frances_Coppola @izakaminska Here is the full piece from @RichardJMurphy, setting out how Libra will undermine the power of the state, as Libra will undermine national taxation, fiscal policy and exchange controls. All outside the regulatory power of the state.
taxresearch.org.uk/Blog/2019/06/2…
taxresearch.org.uk/Blog/2019/06/2…
