Libra Isn't the Worst that Can Happen
It has been a terrible year for Facebook, almost every week you’ll find a new article detailing a new finding about some secret shady deal they’ve been running in the background.
When it’s not Cambridge Analytica, it’s data mining. When it’s not data mining it gets worse, it’s actually data selling. When it’s not data selling, it’s outright spying.
I’m gonna stop here but notice that I didn’t even need to bring up any of the banning, deplatforming, censorship… Etc.
So it’s bad. It’s really bad.
Even Wired Magazine have written an editorial titled The 21 (And Counting) Biggest Facebook Scandals Of 2018
Needless to say, you won’t find me defending Facebook any time soon. Though I have to say that Libra doesn’t necessarily have to be a terrible thing.
I know that it’s easy to be black and white about things these days and reject any product or idea that comes from someone you hold in low regard.
But in real life things are rarely a 100% black or a 100% white.
Let’s take for example the very same Facebook. It’s easy to forget, but Facebook played a major role in the emergence of new products, new alternative media and new
Before Facebook, YouTube and the first wave of social media revolution, this is how the merchandise market looked like:
The information market looked even worse, as it was dominated by a handful of conglomerates that control just about anything you could see or here.
In that sense, Facebook, Amazon and the others did wage a war on two extremely centralized industries and won that war. In the way , they managed to open a lot of possibilities to a lot of businesses that otherwise wouldn’t have stood a fighting chance.
And now Facebook is trying to take on the central bankers (not cryptocurrencies) and that would open a lot of possibilities for the rest of the crypto sector.
Think about the millions of unbanked citizens in the world, If Facebook manages to navigate the bureaucracy and cut through the red tape, the gate will be open for the rest of the cryptocurrencies to pursue new opportunities that would take years otherwise.
Maybe they win, maybe the central bankers win. At the very least, I’m happy they’re not teaming up to fight the blockchain sector.