Facebook’s Libra Reveals Silicon Valley’s Naked Ambition
BUSINESS · TECH
June 20, 20196 min read, 1172 words

Facebook’s Libra Reveals Silicon Valley’s Naked AmbitionFacebook’s Libra Reveals Silicon Valley’s Naked Ambition

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Published: June 20, 2019  |  6 min read, 1172 words
As David Mamet once wrote, “Everybody needs money. That’s why they call it money!” And when you have more money than anyone could ever need, you call it Libra. Facebook on Tuesday introduced a comprehensive, borderless economic system for its platform, which is based on a new cr...
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critic reviews: 0
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public reviews: 3

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PUBLIC REVIEWS

Generalization
June 25, 2019
I don't think this article says much more than what previous articles have said. The quotes used even feel like the same quotes I've seen in other places. The one thing I do like is the comparison the PayPal. It's not a perfect one since PayPal started as nothing and went big, and Facebook is starting huge and getting huger, but seeing that comparison is interesting.
June 25, 2019
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Hit Piece
June 25, 2019
Reads more like a high tech scare piece than the substantive analysis of Facebook's new Libra currency it purports to be. The gist here seems to be "Facebook has done bad stuff with data in the past, and now its trying to create a currency! Awful!" The reality is, regardless of what Facebook calls this new currency, it is definitely not the "cryptocurrency" all the marketing materials claim it to be. Cryptocurrency is decentralized, uncensorable, and transparent. Libra uses a centralized group of validators, will be able to censor transactions/users at will, and there is no way to control the issuance of new assets. Pretty much the definition of fiat currency (and why real cryptocurrency like bitcoin exists in opposition).
June 25, 2019
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Great Context
June 20, 2019
This article provides good context on Facebook's new cryptocurrency Libra, as well as how it relates to Peter Thiel's (Facebook Board Member) previous company PayPal. It misses out on five stars because it fails to honestly portray how a Facebook currency would do fantastic things for the unbanked people of third-world countries that already have Facebook profiles. I understand that we should be very wary of Facebook having any more control over the global financial situation, but it's important that those of us with access to sound financial institutions and banking not ignore the need millions of others around the world still have for these solutions.
June 20, 2019
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