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Facebook's currency: Implications for Banking

Watis
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Re: Facebook's currency: Implications for Banking

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Postby Watis » July 25th, 2019, 12:31 pm

I have no information aboout the proposed 'Libra' currency but I'm guessing that it will require an app, which will itself require a smartphone to run on.

I know from my work with a charity that provides support in another African country that most of the population could not afford a smartphone. And that's without considering the requirement for data connectivity over and above that for calls and texts.

Watis

gryffron
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Re: Facebook's currency: Implications for Banking

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Postby gryffron » July 26th, 2019, 5:15 pm

I would think it probably has more implications for governments than banks. After all, banks can transact in anything, even Libra. But if people stop demanding your national currency then governments are in real trouble.

I fail to see how having a tiny amount of underpinned assets is going to prevent wild speculation on the currency. Even economies as big as UK have seen their currencies attacked by speculators (ERM), so surely Libra could suffer the same fate?

Do we really want Facebook (google etc) knowing where we spend our money?

Gryff

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Re: Facebook's currency: Implications for Banking

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Postby Snorvey » July 26th, 2019, 5:21 pm

'Libra'?

Pfft.

I prefer the term 'Zuckerbucks'.

In nerds we trust.

TheMotorcycleBoy
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Re: Facebook's currency: Implications for Banking

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Postby TheMotorcycleBoy » July 29th, 2019, 6:54 am

Watis wrote:I have no information aboout the proposed 'Libra' currency but I'm guessing that it will require an app, which will itself require a smartphone to run on.

I know from my work with a charity that provides support in another African country that most of the population could not afford a smartphone. And that's without considering the requirement for data connectivity over and above that for calls and texts.

Watis

Perhaps not brand new ones right now. But unsurprisingly 2nd hand ones sell like hot cakes over there, from what the google has just told me.

https://medium.com/@GalaxyeSolution/nig ... fe88e67cf7
https://dir.indiamart.com/impcat/used-mobile-phone.html
etc.

One just has to imagine what happens to "last year's model" in the developed world after it's no longer required. Ebay then beyond.

gryffron wrote:Do we really want Facebook (google etc) knowing where we spend our money?

I think that for the most part they (well the amorphous fuzzy logic run on various connected servers) already do. If you do much buying online, you quickly notice how ads for recent and related purchases follow you around at various sites and logins etc. I assume that you are well aware of the existence of data collection and AI type algorithms in the background which already associate MAC/email/postal addresses with purchases?

Matt


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