Facebook could have taken over the world

1. 2022-02-10 at 11:16 AM UTC

   #1
   

   the man who put it in my hood Black Hole
   All they had to do was say "No"
   
   https://arstechnica.com/tech-policy/2022/01/metas-cryptocurrency-plans-all-but-dead-with-libra-diem-looking-to-sell-assets/
   
   Within months, though, the association lost Visa, MasterCard, Stripe, and eBay from its ranks.
   
   Still, the project soldiered on, making tweaks here and there and changing its name to Diem. Yet, none of those moves addressed the key problem, which was that Libra/Diem concentrated economic power in the hands of member companies.
   
   “The combination of a stablecoin issuer or wallet provider and a commercial firm could lead to an excessive concentration of economic power,” the President’s Working Group on Financial Markets said in a November report. “This combination could have detrimental effects on competition and lead to market concentration in sectors of the real economy.” In other words, stablecoins like Libra/Diem could create systemic risks to the economy, making companies like Meta/Facebook and its partners too big to fail.
2. 2022-02-10 at 11:52 AM UTC

   #2
   

   Bradley Black Hole
   No means no.
3. 2022-02-10 at 11:56 AM UTC

   #3
   AngryIVer African Astronaut [my jade controlled morrigan]
   I'm not really seeing where they were faced with a decision that really effected this. It looks like from the start the regulatory commissions didn't want a handful of companies to literally control the worlds currency.
4. 2022-02-10 at 11:57 AM UTC

   #4
   

   Bradley Black Hole
   OP doesn't really see it b either.
5. 2022-02-10 at 3:11 PM UTC

   #5
   

   the man who put it in my hood Black Hole

   Originally posted by AngryIVer I'm not really seeing where they were faced with a decision that really effected this. It looks like from the start the regulatory commissions didn't want a handful of companies to literally control the worlds currency.

   
   When they decide the regulators can get fucked things will be interesting
6. 2022-02-10 at 10:14 PM UTC

   #6
   AngryIVer African Astronaut [my jade controlled morrigan]
   It could, yeah. The shift in power would be interesting.
7. 2022-02-10 at 10:52 PM UTC

   #7
   

   the man who put it in my hood Black Hole
   I would rather have society laws and rules dictated by the company with the most powerful rypto currency. Fuck the actual democratic faggots that keep cocaine illegal. I bet Jeff Bezos would make meth legal