So I guess Silicon Valley has decided to go straight into the teeth of the payments industry.
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In typical SV fashion, looks like Libra decided to put user privacy pretty much last on the list.
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I don’t think it’s possible to express what a catastrophic regression this thing is going to be. Say what you want about Visa and the legacy banks, they don’t broadcast your transaction details to the world.
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The best way I can understand this is: the Libra “privacy” story is going to be that you can deposit your money into Facebook. At which point you’ll enjoy their world-leading privacy protections.
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Replying to @matthew_d_green
I wonder if they’ll manage to avoid the massive speculation-induced volatility that made most cryptocurrency effectively useless as an payment medium.
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Replying to @mattblaze @matthew_d_green
Does anyone else just see this as a way to tell convincing investor stories about getting a further 1B people into Facebook?
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That is what I think, yeah. I keep remembering their billboards plastered all over Yemen just before the war. Free internet for all if you went through Facebook. It was the creepiest.
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