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

FULL DISCUSSION
 

If it helps people in 3rd world countries have access to wealth-growing opportunites they wouldn't have otherwise, I'm all for it. Facebook has a presence in almost every corner of the globe, so it stands to reason their involvement would be critical for wide adoption by people who lack access to the global economy.

How Facebook will choose profit from this, however, will be another matter entirely. Only time will tell, but I am skeptical that their involvement is purely altruistic.

 

Facebook has a presence in almost every corner of the globe

that's scary though

 

Coming to from a 3rd world country, I’m still not buying. There is absolutely nothing in it for “us”, no possibilities beyond what we can already do. A lot better than relying on a foreign game coin (because it’s not much more than that) would be to actually pay taxes, as we already do, and develop these countries, as we are already doing, since the 1st/3rd world classification exists.
Say tomorrow everybody in X developing country moves to FaceBucks. What happens? The country is broke, there is no money for streets, safety, health systems, etc. Instead of helping the poor country, it’s destroying it, and giving all the profits and data to BigCo instead.
People in developing countries don’t need more opportunities via internet coins, they need their country to develop. And that’s only done through local commerce, startups, entrepreneurs, and fair international business (which a mostly American big corporation owned coin isn’t)

 

Since I'm also from a 3rd-world country (though I live and work in the US), I will say that if I felt there was a way to make money that Facebook unlocked, I would take it. Making money is making money, as the bill collector doesn't care how you made it. The question is, can Facebook unlock any opportunity that is not already available through regular banking systems or bitcoin? That remains to be seen.

FWIW, I am keenly aware of the history of 1st world countries "helping" 3rd world countries. It's not a pleasant trip back through history, and the world is still actively dealing with the damage wrought to this day.

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