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Re: New facebook cryptocurrency truck system

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> A fair concern, especially in 3rd world countries. It comes down to
> how easy it will be to convert the Libra money into local currency.
> If there end up being Libra ATMs everywhere, then it would be less of
> a worry.
>
> But it isn't until you get to the end of this:
> article that you see one of the main (though perhaps unsurprising)
> catches. They will be charging a fee on each transaction.
>
> In theory, PayPal already solved most problems associated with
> international payments, however the trouble is that they are
> centralised and charge fees all over the place (and if you read
> the full terms and conditions, you'll see how complicated the
> fee structure really is). Now Facebook are discussing a new system
> that is again centralised (only the Libra Association can validate
> transactions, according to that article), and again charges fees for
> transactions. So no surprise that PayPal are working with them (along
> with the credit card companies), it's just an evolution of their
> existing model.
>
> The exciting thing about Bitcoin was that, compared to PayPal, it was
> a true currency rather than a service. You could choose how it was
> processed and what fees were involved, if any (in theory). Now
> Facebook have something that can apparantly be defined as a currency,
> but still has the major disadvantages of PayPal.
>
> It also looks like people doing online transactions may eventually be
> forced into using it, given that the existing service providers are
> all on its side.
>
Interesting analysis.. I hadn't thought of this as an extrapolation
of the current paypal service, but I think you're right.
Maybe it is made possible by a convergence of technologies
from paypal, facebook and the credit card companies involved in
the consortium.  Interesting to see the presence of uber too;
I'm sure that in time they would like to pay their legions of
precariat workers in 'libra'.

I agree about bitcoin, it appeared to be a fully open system not
under any central control, certainly at the start when there was 
some idealism surrounding it.  Yes, the facecoin is a privately
controlled, paid service.  Or in my terms, a truck token, albeit
a sophisticated one using modern technology, spanning a cartel
of multiple companies and having international reach.

The article says employees may "opt" to take their salary in libra.
So you're at a job i/v and you ask to be paid in hard currency
and opt-out of 'libra'.  What are you chances of landing the job?

Where it veers into overbearing control is when employers
demand employees take their wages in it, or one is forced to use
it for purchases by having no other available option, as you mentioned.

-- 
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 trig  -| 555 |- dschrg   $> finger o:sydney@graph.no|tail -1|espeak
  o/p  -|     |- thrsh
  rst  -|-----|- cntrl    Steve555

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New facebook cryptocurrency truck system Steve555 <Steve555@reallybogus.nodomain.nowhere.invalid> - 2019-06-18 16:10 +0000
  Re: New facebook cryptocurrency truck system Huge <Huge@nowhere.much.invalid> - 2019-06-18 18:30 +0000
    Re: New facebook cryptocurrency truck system Steve555 <Steve555@reallybogus.nodomain.nowhere.invalid> - 2019-06-18 18:40 +0000
    Re: New facebook cryptocurrency truck system Steve555 <Steve555@reallybogus.nodomain.nowhere.invalid> - 2019-06-18 18:45 +0000
    Re: New facebook cryptocurrency truck system RS Wood <rsw@therandymon.com> - 2019-06-18 20:36 -0400
      Re: New facebook cryptocurrency truck system Huge <Huge@nowhere.much.invalid> - 2019-06-19 09:10 +0000
  Re: New facebook cryptocurrency truck system not@telling.you.invalid (Computer Nerd Kev) - 2019-06-18 23:18 +0000
    Re: New facebook cryptocurrency truck system Steve555 <Steve555@reallybogus.nodomain.nowhere.invalid> - 2019-06-19 08:51 +0000
    Re: New facebook cryptocurrency truck system Huge <Huge@nowhere.much.invalid> - 2019-06-19 09:10 +0000
      Re: New facebook cryptocurrency truck system Steve555 <Steve555@reallybogus.nodomain.nowhere.invalid> - 2019-06-19 09:33 +0000
        Re: New facebook cryptocurrency truck system Huge <Huge@nowhere.much.invalid> - 2019-06-19 09:50 +0000
      Re: New facebook cryptocurrency truck system not@telling.you.invalid (Computer Nerd Kev) - 2019-06-19 23:56 +0000
        Re: New facebook cryptocurrency truck system Kees Nuyt <k.nuyt@nospam.demon.nl> - 2019-06-23 17:15 +0200
          Re: New facebook cryptocurrency truck system Richard Kettlewell <invalid@invalid.invalid> - 2019-06-23 20:49 +0100

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