”Handing a large chunk of the global transaction system over to Facebook would be dangerous for the entire society. Regulators must act swiftly to freeze the project.”
@JohnPhilpin Agreed. This is dumbing down the crypto-currency scam to clip money from the vast masses of FB users: little old cat ladies, widows and orphans, the unsophisticated, unwary and unwise FB users.
"Nobody ever lost money underestimating the intelligence of the American consumer." Witness pet rocks.
@JohnPhilpin Unless Fb’s partners adopt Libra on the backend, I don’t see it going anywhere. Fb tried something similar before with payments in Messengar and no one used it.
There just isn’t much of a case for cryptocurrencies in any stable market. I like the ability to reverse charges. I like FDIC insurance. And I’d rather have the Fed managing my currency than Zuckerberg. 💸 //@bradenslen
@Bruce I'm with you Bruce. I had much that same reaction back when the UK was considering adopting the Euro as currency. My opinion was then as now, not to do it and the UK was wise to stay with the Pound Sterling. My reasoning is that a currency like the US Dollar or UK Pound is backed by "the full faith and credit" of the nation. The Euro is not, and if things ever got really bad the Euro states would cut and run, going back to their own national currencies. We almost saw this happen with the Greek crisis. Mind you, full faith and credit, only works with nation states that have lots of cultural, financial and political legitimacy.
Cryptocurrencies, unregulated and unaccountable, are just electrons on somebodies laptop and I'm not willing to bet my fortune on Zuckybucks. @JohnPhilpin