October 13, 2019

Would You Trust Facebook with Your Money?

“e’ve known for ages that somewhere in the bowels of Facebook people were beavering away designing a cryptocurrency. Various names were bandied about, including GlobalCoin and Facebook Coin. The latter led some people to conclude that it must be a joke. I mean to say, who would trust Facebook, of Cambridge Analytica fame, with their money?

Now it turns out that the rumours were true. Last week, Facebook unveiled its crypto plans in a white paper. It’s called Libra and it is a cryptocurrency, that is to say, “a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets”.

Like bitcoin, then? Er, not exactly. Like bitcoin, Libra does use blockchain technology, but thereafter the two currencies part company. Whereas the value of bitcoin oscillates like Boris Johnson’s promises, Libra is supposed to be a low-volatility currency that will let its users buy things or send money to people with very low fees. It will be backed by reserves managed by a nonprofit organisation,called the Libra Association, which gives the token real-world value and oversees the governance of the blockchain technology that powers it.”

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..."