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

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not trying to defend facebook but, appears that facebook is simply sponsoring the organization that is responsible for this.

 

Yeah, this is definitely an interesting take on this. We probably shouldn't mischaracterize this if possible. It's actually not clear to me precisely what the different involvement of different parties is.

But I'd also say that it seems like Facebook is deliberately trying to distance itself in ways that may be overstating the distance.

Facebook is launching a subsidiary company also called Calibra that handles its crypto dealings and protects users’ privacy by never mingling your Libra payments with your Facebook data so it can’t be used for ad targeting.

Just like Facebook does a pretty good job of helping people forget that they own Instagram and WhatsApp etc. creating subsidiaries and generally trying to benefit as much as possible without associating so much (due to their own shaky brand) certainly seems like the play they would be making.

Technically their involvement in stuff like this will have to be fairly public because they are a public company, but they will probably try to obfuscate as much as they can as well.

 

you do bring up a good point. i don't trust facebook at all. they have 12 page white paper, hundreds of pages of info, and the source code. i will sift through all of that and write a conclusion later this week.

 

The issue I see with it is the amount of control they will have as, while they have just as many votes as anyone else they have invested the most so will have more control over the project. - I went more in depth about this in my seperate comment.

Either way it will be interesting to see how libra is adopted and what twists and turns it takes in the future.

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