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Fwd: [Internet Policy] Is Facebook’s proposed cryptocurrency a bad idea?

Barrack

Interesting conversation going on in Linkedin.

The champagne from the Libra launch hasn’t even had an opportunity to ferment further in our stomachs and the first salvo from European Central Bankers has been unleashed.

Here’s how I see this.

1. No doubt about it. This is a big deal. Facebook has lined up impressive partners. From Visa, Mastercard and Vodafone to PayPal. That will not. I repeat. Will not guarantee their success..The problem with #BigTech is that they have proven despite their success that they don’t play well with partners. The lure of OpenSource not withstanding.

2. An unlikely alliance is starting to build up. Central Bankers, Bankers and The Original CryptoCurrency Pioneers seem to be in agreement. This is not a good idea.

3. Will the 2 billion Facebook jump onto the Libra bandwagon? Assuming just 10% adapt that would be 200 million customers. Not a number to ignore. And will make it the largest bank by far. Not to be ignored.

Read on:-

www.linkedin.com/feed/update/urn:li:activity:6546801335692509184

Ali Hussein
Principal
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+254 0713 601113

Twitter: @AliHKassim
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LinkedIn: ke.linkedin.com/in/alihkassim

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Sent from my iPad

> On 20 Jun 2019, at 1:25 PM, Barrack Otieno via kictanet <kictanet@lists.kictanet.or.ke> wrote:
>
> Listers,
>
> Might be of interest.
>
> Regards
>
> ———- Forwarded message ———
> From: Richard Hill via InternetPolicy <internetpolicy@elists.isoc.org>
> Date: Thu, Jun 20, 2019 at 9:43 AM
> Subject: [Internet Policy] Is Facebook’s proposed cryptocurrency a bad idea?
> To: <internetpolicy@elists.isoc.org>
>
>
>
>
> Here is the white paper explaining Facebook’s cryptocurrency: libra.org/en-US/white-paper/.
>
> Here is an article criticising it: www.nytimes.com/2019/06/19/opinion/facebook-currency-libra.html :
>
> ‘Launching a Global Currency Is a Bold, Bad Move for Facebook
>
> The way we structure money and payments is a question for democratic institutions, not technology companies.
>
> By Matt Stoller
>
> Mr. Stoller is a fellow at the Open Markets Institute.
>
> · June 19, 2019
>
> ·
>
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>
> —
> Barrack O. Otieno
> +254721325277
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