Facebook’s libra cryptocurrency coalition is falling apart as eBay, Visa, Mastercard and Stripe jump ship - ok now this is epic

DumbDude42

kiwifarms.net
I think Facebook is already myspace'd. It's still make money off all the data it's collected, but it's already faded with the younger generations in the US.
they dont care lol
facebook is gigantic in asia, the vast majority of their users are third worlders. they could drop the NA market entirely and still make crazy cash due to their near monopoly status in overseas markets
 

Pissmaster

True & Honest Fan
kiwifarms.net
I think Facebook is already myspace'd. It's still make money off all the data it's collected, but it's already faded with the younger generations in the US.
It's even become fairly trendy to not be on Facebook anymore. It's now more or less a platform for aging millennials to post pictures of their children.

Too bad they own Instagram too, that's gotten a hell of a lot bigger
 
they dont care lol
facebook is gigantic in asia, the vast majority of their users are third worlders. they could drop the NA market entirely and still make crazy cash due to their near monopoly status in overseas markets
Zuckerberg is trying to crash into these markets, because he's peaked in NA and Europe was always a slower in its adoption rate, so now the developing world is really going to be his only market for growth in user. That was partly why Facebook started offering Free Basics.

It was an internet service provider that they controlled without any adherence to net neutrality laws, so not only did they control the internet and thus anything access through that internet, but also could monetize all of that sweet information.

This was why the Indian government banned it, though a little influence from local ISP with kickbacks also probably ultimately helped that decision.

I also think it's part of the reason for the push for Libra. Realistically when you think about it, it makes the whole process of remittance payments abroad a lot easier, and the largest markets for remittance payments from economic migrants is back to their home countries. With an international form of electronic currency backed by the almighty dollar and Zucc, with the right minimal fees applied it would become the favored form of currency exchange, and further entrench the usefulness of facebook in those developing markets where they control internet access, money access, and social access.

In regards to China I'd say it's a bit different, in the fact that it would most likely be used as a money launderer for the Chinese to move currency outside of China without the grabbing hand of the CCP taking its share.

It's very easy in China to make a massive fortune with the right connections, but maintaining it without landing yourself in a labor camp if you piss of the party elites is exceptionally difficult. The Chinese are already very expert at land banking, and Canada is the main country of choice for this, but land banking can only go so far, and it's costly to move money out of the Chinese economy.

Also the beauty of Libra is, is that it being a US brand it's not going to draw the attention of US firms and businesses in much the same way Chinese money does. Chinese wealth comes at a price, human rights violations, wage slave labor, environmental damage, etc. It's much easier for that money to have a mask to hide behind that will obfuscate where it comes from.

It's even become fairly trendy to not be on Facebook anymore. It's now more or less a platform for aging millennials to post pictures of their children.

Too bad they own Instagram too, that's gotten a hell of a lot bigger
Instagram was a smart purchase from Facebook's perspective. It essentially had something that Facebook has lost over a period of time and that was user interaction. A lot of people post stuff to instagram, but aren't bothered to put it up on facebook, which itself became inundated with the "share" posts that spread like cancer.
That doesn't help Zucci boy because he wants peoples personal information to sell, and he only gets that if people actually post pictures and videos.

I haven't had any form of social media in 10 years so suck it Facebook quitting hipsters.
I've kept mine because my parents use it as there main form of communication when I can't see them.
And to keep up professional appearances, but I honestly only use it as a glorified place holder and address book at this point, excised of all relevant information.
 

Manwithn0n0men

kiwifarms.net
It's been pretty obvious from the start what the game plan was with Libra.

  1. Create a form of e-currency exchange that can be pushed through because of lobbying power and donations to key figures in government, in order to create a form of exchange that will crush any potential crypto market from ever becoming mainstream.
  2. Create market accessibility by having strong partnerships in the financial world with all of the major big players in terms of payment processing, something crypto has never been successful at doing, and thereby opening up a global market with their finger on the button of the exchange, instead of the bank. (China and Chinese exchange market, plain and simple.)
  3. Create it so that it is useable with all major platforms, including Facebook in an attempt to create global growth for Facebook, since it's reached saturation and decline point in most western countries and the US.
  4. Track the financial spending of Libra holders at points of sale, and then offer that up with other additional bits of information to firms interested in the spending habits of the said user. IE targeted advertising.
TLDR; Don't buy into it, it's a way for Zucc to allow dirty Chinese money to be laundered out and get paid for the privilege. All the while tracking you, your spending habits, and selling that info to the highest bidders.
They also planned to use it for GOOD BOY BUCKS ala social credit for FB users
 
If Zuckerberg though the CCP was just going to allow money to flow out of the country with his Zuckels, then he really is a fucking exceptional individual.
Your forgetting that the CCP has a large hand in a lot of capital flight out of China. It's a constant battle among the party elites to appear non-corrupt while siphoning off as much cash as possible, and that is particularly why things like land banking and crypto currencies in particular are a god send for the Chinese.

Not only does it allow them to facilitate a form of currency retention outside of all but the most stringent of government crack downs, but it also allows for the movement of said money with much greater ease than it would be in the form of Yuan.

This flexibility plus dirt cheap prices on electronics and coal fueled energy is another reason why the Chinese now form the backbone of crypto-mining.

Even if Zuckerberg isn't able to leverage his existing relationships with Chinese tech firms and incidentally the CCP who at their core have a hand in these industries, it doesn't matter. As long as Libra is interchangeable with the most commonly mined and valuable forms of crypto currencies, then he will have a huge inflow of Chinese money regardless of how the CCP feels about it.
 
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