My guess is even if facebook announces they will pause development, they will still continue working on their infrastructure quietly under the US radar.
Another interesting article:
Stiglitz also notes that “in just a few short years, Facebook has earned a level of distrust that took the banking sector much longer to achieve.”
Jeffries’ survey is the silliest I have read to date.
600 respondents to represent 2 billion Facebook users
Jeffries has no idea how much Facebook knows its users. They have been living under a rock. Seems like they have not heard about any of the following digital payment systems:
- Apple Cash
- Alipay in WeChat
- PayTM (in India, Warren Buffet has invested in it)
and many many more.
All of these services have the concept of digital wallet with human readable addresses using which people can send and receive money.
Libra is just half way between these services and crypto currencies.
Anyone who doubts about how much adoption Libra will see should look into the few I listed. Libra will be adopted by all businesses that are tired of these islands of digital payment systems.
If Libra becomes reality then we’ll see copycats from Apple, Google, and Amazon as well.
This would be the best education for people who know nothing about digital money and wallets. True crypto currencies will become much easier to understand than they are at the moment. At the moment the perception about crypto currencies is that of a “global digital lawless casino”
They will make agreements behind closed doors with government. As we all know various big tech companies have lied to us about the information they collect. They will agree with government to accomplish certain desired spying as well as promise to protect users private information. They may be required to use the token only within their own ecosystem. The scary part is this could be adopted by our govt. I’m surprised Google wasn’t the one who jumped out of the gate first. They are watching what happens with Facebook very closely. Bet your house and kids on that one. These companies are aggressive and ruthless business’s. Both could literally become digital kingdoms with more power and influence than any country on earth. Consider 2.4 billion facebook members. Think that could sway elections and govt policy? If you don’t follow their rules and they institute a credit system as China has this could be disastrous for freedom. If you don’t believe this is a possibility just look at their method of silencing voice they don’t like and how they shut down accounts. You want you money in their wallet? One would have to be stupid or crazy.