art by Alotta Money https://twitter.com/money_alotta
I stayed up all night when Zuck's FaceCoin launched.
I have mixed feelings. If FB normies wake up, and then gravitate to Bitcoin and other cryptos, then my fears might not be so bad (this is what I think will happen). If, on the other hand, FB co-opts the entire crypto movement, and people are brainwashed, plus if Zuck and his buddies get in control of govs, and begin influencing policy to destroy other cryptos, hmmmm, maybe this is too pessimissistic.....maybe I've just watched too many episodes of Black Mirror but I along with others are pretty shaken up. I think people are not that stupid, but...............then again, look at the Orange Buffoon..
The Sci Fi writers of the past have predicted this. We are now entering a dystopia where our bank is tied to our social data, and none of us is in control of it. The Social Credit score is now poised and ready to snuff out whatever freedoms were left. If Facebook decides to ban you, your bank account goes too. Out of all the responses so far from people, I feel most closely aligned with Alotta Money's art.
Now, for a bit of fun. Facebook Libra has been trolled on Github, as i first learned this from Twitter, which prompted my comment, "selling souls has a price tag."
See thread on Twitter:
And here's the Github that shows how people are trolling the FaceCoin engineers:
https://github.com/libra/libra/issues/102
You may not see this right now, but we are frogs sitting in lukewarm water with a dull flame under our asses. As the years go on, the water will be too hot for our survival.
This is all you need to understand about FaceCoin (Libra):
You will not be earning interest or benefitting from buying FaceCoins. Other cryptos like EOS and others pay dividends, like bank interest, for you to hold your crypto, but FaceCoin doesn't. FaceCoin has made it clear that regular people will not be earning any interest from holding FaceCoin. FaceCoins will only be benefitting the rich people (you have to have $1B to be in their club), because they will be earning interest on the money you pay to get FaceCoins.
Here's how it works:
You pay Facebook $1 USD to get 1 Facecoin (for example, I don't the exact exchange rate). Facebook deposits your $1 USD into their bank account. Now, let's say 2 billion people do this. That's now $2 billion USD that Facebook starts earning interest on. That interest will not go to you, it will go to Zuck and his filthy AF rich friends who are "in the network". If you had invested in Bitcoin, you would have earned more (most likely) as Bitcoin prices have tended to up over time. (not investment advice). Zuck has stated that they will be printing as many FaceCoins as needed, so in essence, they will not be worth much over time. It's like a fake crypto that is backed by the most value-less fiat that has ever existed on the planet. If you really want to understand what money is, and what it has been and what it is to become read this thread, it's incredible:
What should you do then? -------------------> Buy Bitcoin and definitely #DeleteFacebook
Cheers,
Stella
none of this is financial or investment advice. please DYOR (Do your own research)
Ever since I have heard of this, I just lost interest in it totally. You made a valid point there, with the number of users they have, imagine 2billion people paying $1, and some will even pay more anyway.
They have proven to be unreliable. Giving them more money is like empowering them to perpetuate more evil.
This reminds me of a quote from Time Berners-Lee, the guy who "invented" the Internet. In a Vanity Fair interview last year, he talked about how he envisioned the Internet to be this open, free, and democratic thing that was supposed to serve humanity, but ended up being misused. So, instead of serving humanity, big companies like Facebook use the Internet today to take advantage of humanity and profit while doing it.
I hope the blockchain doesn't end up going the same route. But, Facebook getting its claws in cryptocurrency is cause for concern. I mean, in the Vanity Fair article, Berners-Lee said the Internet could be a destroyer of worlds in the wrong hands. I feel like blockchain technology has the potential, too. It's for this reason that I definitely don't want blockchains and cryptocurrencies to be controlled by untrustworthy, if not nefarious, companies like Facebook. I mean, we already know Facebook could be used to manipulate elections, and spy on people. Imagine what they could do if they become a de-facto global bank or something like that.
And on that note, maybe you're not being too pessimistic. Or maybe you're right and this is just the beginning of another Black Mirror episode?
Oh, and if you're interested, here is the link to the Vanity Fair article on Tim Berners-Lee: https://www.vanityfair.com/news/2018/07/the-man-who-created-the-world-wide-web-has-some-regrets
I have been saying non stop that there is only the corporations to benefit from this. There would be no other reason so many top level corps would sign on. They are not altruistic entities. They are blood thirsty greedy as fuck groups of people out to bleed every last drop of humanity. But likely the masses of sheep will follow along and think they are getting gold when all they are getting is played.
I dont trust Facebook with my data and I'm sure as hell ain't gonna trust 'em with my money. Imagine having all your money frozen simply because they disagree with your choice of post on fb? So nah, I'd pass on Libra "stablecoin" or whatever the heck Mark is trying to sell us :(
Lol more than enough normies and noobs that don’t know a crypto from their big toe and would be convinced to use Libra they going to make bank if this thing gets rollled out
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Thanks for this article, you have basically put together everything I've wanted to explain, but in an understandable way.
And thanks for the follow, don't know when it happened, but it really surprised me.
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