Facebook Cryptocurrency Plan Faces Opposition in France
I put this in another thread but I've been shouting it far and wide today.<p>I've lived in China and seen how this plays out. Facebook's new Libra Blockchain will be a centralized bank but way more dangerous.<p>It will allow for a worldwide social credit system. If Facebook decides to remove you for wrong speak or wrong think, your money and many services will be inaccessible.<p>Further, they have no mandate like the central bank does to increase employment. Their mandate is to make money for corporations. This will lead to global social unrest.<p>This will put some third-world countries in complete control by Facebook. I mean, whoever runs the currency, is the country. But in this case, it will be completely controlled, as it's also many of those countries main source of communication. Therefore, if Facebook's Libra is a countries main currency and social network, that country will be owned by Facebook.<p>Finally, the regulations on crypto and blockchain are still new. This is in Facebook's advantage as they can start lobbying to have these laws in their favor. They can argue for less transparency, as they are a bank, and this fits with their new privacy marketing message.<p>This is extremely subversive and Europe is already rightly pushing back. America will be next. On one hand, I love seeing the existing financial system panic when new technology comes out. On the other hand, under no circumstances will I accept a world where Facebook started the one world currency.