Facebook Libra digital currency will carry hidden costs

phys.org | 6/27/2019 | Staff
trainman (Posted by) Level 3
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When Facebook announced its intention last month to get into the money business with its own digital currency, we were left wondering what would be next. Its own court system? Its own standing army?

A world run largely by one or more giant corporations is a common theme in film and literature. And no recent announcement more evokes this dystopian future than Facebook's.

Company - Harvard - Dormitory - Years - Media

The company, founded in a Harvard dormitory just 15 years ago, has become the most powerful media institution on the planet. Each day, hundreds of millions of people use it to get substantial amounts of information—much of it through like-minded friends—that helps mold their opinions and shape their outlooks.

No other media organization comes close in its ability to put people in ideological bubbles. None collects so much data on so many people. And none plays a bigger role in the policing of content.

Country - Facebook - Decisions - Posts - Passions

In this country, Facebook's decisions on incendiary posts routinely evoke passions on both the left and the right. In less stable parts of the world, the company frets that the wrong posts at the wrong time could incite civil unrest, widespread arrests, even wars.

The fact that Facebook is pushing into another endeavor of major impact on people's lives should be seen as creepy, if not downright terrifying.

Facebook - Headquarters - Strategy - Company - Fire

It should also be seen at Facebook headquarters as bad strategy. The company is already under fire from government leaders, both here and abroad, who believe that its powers are too great. Many want heavily regulation. Others think it...
(Excerpt) Read more at: phys.org
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Why do democrats never have to face the reality of what's on the ground, like 2000 years of marriage.
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