October 13, 2019

Why You Should Fear Facebook's Libra

“Facebook has unveiled libra, a cryptocurrency that will enable users to make international payments over Messenger and other group platforms like WhatsApp – perhaps from as soon as 2020.

Here’s how it looks likely to work: a user would buy libra and keep a balance of the currency in Facebook’s digital wallet, called Calibra. The user could either transfer currency to another user – say a family member in another country – or purchase items or services from a participating online retailer. Apart from Calibra, users could buy and sell libra through third party wallets or local resellers, such as grocery stores, in the same way as mobile phone owners already top up their data.

A key rationale for libra, according to Facebook, is to facilitate financial inclusion. It would enable millions of users without bank accounts in far-flung parts of the world to transact in ways that formal financial systems have denied them. Because they could send and receive libra on a peer-to-peer basis, without the need for a bank, the transactions would be cheaper and faster, too.”

Read more

JJ Editor's Picks

"Kurds have been staunch allies in America's struggle against ISIS. Without them, America would have paid a far steeper price in blood and treasure to defeat the brutal outfit. That's why President Trump's move to pull U.S. troops out of..."

"For the first time since President Richard Nixon refused to turn over the White House tapes, the United States is facing a genuine constitutional crisis. To be sure, Donald Trump had already created a crisis in the presidency by abusing the..."

"Every October for the past five years, Fat Bear Week has showcased some of the healthiest, hungriest, and chonkiest bears in Katmai National Park and Preserve, a four-million-acre expanse of wilderness in southern Alaska..."

"I sat on my childhood bed, surrounded by 52-year-old stuffed animals, with a smartphone lodged between my ear and shoulder. My father had died unexpectedly the day before, and I was jotting down notes as my rabbi back in Ohio described various..."

"In August, it was SoulCycle and Equinox. The month prior, Home Depot. Back in 2017, L.L.Bean. These are only a few of the companies to ignite the collective ire of progressive consumers over corporate ties to Trump. In the case of the boutique..."

"Movies like Gemini Man are usually ideal airplane viewing. Take a formulaic plot about spies and cloning, then add dialogue so predictable that getting interrupted by pilots’ announcements and turbulence and your seatmate’s need to get up and..."

"It’s still unclear whether Israel’s next election will be in four years or four months. But either way, if the center-right wants a better outcome, it needs to learn the lessons of September’s election. So here are two: First, while center-right..."

"Smart homes, bountiful oceans and casual sexism: the future as envisaged from 1967 ‘Yes, life will be richer, easier, healthier as space-age dreams come true.’ In 1967, the Ford Motor Company (then known as Philco-Ford) released the short film..."