re: Discussing the launch of Libra, "A new global currency" VIEW POST


Adding to many good points people have already made against this development:

  • National currencies and the organizations that control it are under scrutiny by government organizations that, in theory, protect the interests of the people. No such protection exists for cryptocurrency.
  • National currency inflation is, in theory, regulated by government organizations explicitly to benefit the local economy. It benefits workers at the expense of the creditors and money-hoarders. This solution becomes impossible with a 'global' currency. We've recently seen an example with the Greek financial crisis, were Greece would have profited from a higher inflation of the Euro, but this would have harmed Germany (we did get some inflation in the end).
  • A private 'blockchain' is no more than a stack. It only serves as a tech demo or to people into a false sense of security.
  • A 'stablecoin' is just a trust (or fake, if it is self-backed, but that's not the case here). There is no benefit to consumers to using a 'stablecoin' over using a FIAT currency such as dollars or euros.

What's proposed here is a bank that doesn't have to follow any pesky regulations.


Well diagnosed Dr.

What's the treatment?


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