Facebook is planning crypto currency service – what could possibly go wrong?
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- Date published:
9:38 am, June 19th, 2019 - 15 comments
Categories: Economy, Financial markets, Social issues -
Tags: crypto currency, facebook
The corporation that has become renowned as the purveyor of fake news and the underminer of elections is planning to roll out a crypto currency service.
From the Guardian:
… [Facebook] is moving forward on a bold plan to combine remittances and the communication that makes remittance possible, by deploying its massive scale (2.4 billion users), vast collection of cash ($55.8bn in annual revenue), stable of lawyers and lobbyists, and teams of talented engineers to create the company’s own global electronic currency system.
The new currency, Libra, will be managed by an independent foundation via an encrypted blockchain ledger.But unlike bitcoin, nothing about Libra indicates a dream or desire to displace the role of states or state currencies in our lives. The plan is deeply embedded in the global financial and legal status quo.
If it succeeds, however, Libra could scrape away at the status of the US dollar as the universal “reserve” currency and if it takes even 5% of that global role it could affect the status and power of the American economy.
Only a company as global, wealthy, and politically powerful as Facebook could realistically hope to take over the global remittance market and it could do so by lowering fees to almost nothing. Such a move would not only help migrants and their families, it could wipe out all the competing services, including local banks and informal financial networks.
What could go wrong? Handing over to a private corporation control of the world’s money supply? The undermining of every central bank in existence?
I am sure everything will be fine …
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Kua hinga te manawa kairākau o Te Rua Tekau Ma Waru Tiwhatiwha te po! Kakarauru i te po! Ka rapuhia kei hea koe kua riro! Haere e te Ika a Whiro ki o tini hoa kua ngaro atu ki te Pō ...2 weeks ago
- Labour, Greens and Te Pāti Māori call on the Prime Minister to block the Treaty Principles Bill
The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- Release: Labour, Greens and Te Pāti Māori call on the Prime Minister to block the Treaty Principle...
The opposition parties stand united for an Aotearoa that honours Te Tiriti, rather than seeking to rewrite it. Labour, the Greens and Te Pāti Māori are working together against the Government’s divisive Treaty Principles Bill. ...2 weeks ago
- NZ must pursue independent foreign policy
The Green Party says the need is greater than ever for Aotearoa New Zealand to pursue an independent foreign policy. ...2 weeks ago
- Release: Winston Peters must apologise
The Deputy Prime Minister should apologise to the public servant he named and blamed for something they did not do, and for misusing the rules of Parliament. ...2 weeks ago
- Government action provides Southland farmers more time to meet plan requirements
The Government is taking action to ensure Southland farmers and growers are not affected by unreasonable regional farm plan deadlines, Agriculture Minister Todd McClay, Environment Minister Penny Simmonds and Associate Environment Minister Andrew Hoggard say.“Cabinet has agreed to provide more time for farmers and growers to comply with regional rules ...11 hours ago - Bill reaffirms Government’s commitment to crack down on serious youth offending
The Oranga Tamariki (Responding to Serious Youth Offending) Bill had its first reading at Parliament today. The Bill reaffirms the Government’s commitment to crack down on serious youth offending, Minister for Children Karen Chhour says. “In recent years we have seen an unacceptable spike in youth offending. “This Bill makes ...11 hours ago
- Critical milestones for earthquake buildings review
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- State of the art radiology machine for Auckland
People in Northland and Auckland will benefit from a new machine for cancer treatment installed at the Regional Cancer and Blood Service at Auckland City Hospital. The MV5 linear accelerator, or LINAC machine, officially opened today targets cancer tumours with pinpoint accuracy. Health Minister Dr Shane Reti says this new, ...12 hours ago
- Foreign Minister to visit Europe
Deputy Prime Minister and Foreign Minister Winston Peters will travel to Europe for high-level talks with France, Germany and the United Kingdom next week. "Since taking office almost a year ago, the Coalition Government has emphasised the importance we place on New Zealand's traditional and likeminded diplomatic and ...12 hours ago
- First arrests made under gang patch ban
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- Better support for victims of sexual violence
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- Government moving forward with Regional Deals
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- MSA pilot participant update
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- Attendance rates increase, again
Associate Education Minister David Seymour says that school attendance is continuing to rise. In Term 3 of 2024 51.3 per cent of students attended school regularly, an increase of 5.3 percentage points from 46 per cent in Term 3 of 2023. “This Government has prioritised student attendance and it is ...17 hours ago
- Improving the lives of young New Zealanders
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- Government continues work to reinstate livestock exports by sea
The Government is reinstating the trade of livestock exports by sea while ensuring the highest standards of animal welfare, says Associate Minister of Agriculture Andrew Hoggard.“The Government will introduce legislation changes to reinstate the trade, enhance oversight, and strengthen requirements for exporters to identify risks and manage the welfare of ...1 day ago
- Speech to the National Quality Forum 2024
Tēnā koutou katoa – it is a pleasure to be here today. I would like to begin by acknowledging the important leadership role you all play in ensuring a quality health system New Zealanders can trust. There is enormous clinical expertise in this room covering a wide range of disciplines. ...2 days ago
- New Zealand’s COP29 National Statement
Tēnā koutou katoa. Mr President, Excellencies, Delegates. New Zealand, and all nations represented here today, are already dealing with the impacts of climate change. Our households, businesses, and economies are bearing the costs of its effects. The choices we make now will shape the severity of these impacts for generations ...2 days ago
- Latest Quarterly Investment Report released
The Government has released its second Quarterly Investment Report (QIR) which shows substantial work still to be done by agencies to improve investment reporting and meet the Government’s expectations, Infrastructure and Acting Finance Minister Chris Bishop says. “New Zealand has significant infrastructure and investment needs. The Government is determined to get ...2 days ago
- New Zealand supporting loss and damage fund
Climate Change Minister Simon Watts announced New Zealand will contribute NZ$10 million to the new Fund for Responding to Loss and Damage while at the annual United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. “New Zealand is joining the global effort to address the significant challenge of responding to ...2 days ago
- Gang crackdown begins at stroke of midnight
The free ride for gangs is over when the clock strikes midnight tonight, with tough new laws officially coming into effect, Justice Minister Paul Goldsmith and Police Minister Mark Mitchell say. “Gang patches will no longer be able to be worn in public. To earn the right to wear a ...2 days ago
- LGFA increases borrowing capacity to support high growth councils
The Government is welcoming the decision by the Local Government Funding Agency to increase access to financing tools for fast growing councils to support greater investment in critical infrastructure, Local Government Minister Simeon Brown says.“Communities across the country are facing an infrastructure deficit and significant population growth is projected in ...2 days ago
- Temporary Traffic Management costs revealed
The Government has revealed that over the past three years, the New Zealand Transport Agency (NZTA) has spent an eyewatering $786 million of taxpayers’ money on road cones and temporary traffic management (TTM), Transport Minister Simeon Brown says.“When I became Minister, I was surprised to learn that that NZTA did ...2 days ago
- Jurisdiction of Disputes Tribunal to double
Legislation that will double the financial jurisdiction of the Disputes Tribunal from $30,000 to $60,000 has passed first reading in Parliament today, Justice Minister Paul Goldsmith. “We need to improve court timeliness and access to justice so that Kiwis and get on with their lives. Court delays affect everyone, the ...2 days ago
- Protecting New Zealand from foreign interference
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Transport Minister Simeon Brown has welcomed news that the NZ Transport Agency (NZTA) Board has approved funding towards pre-implementation and early works on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance (RoNS). “Reaching this significant milestone is a reflection of our Government’s ...2 days ago
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- Next steps for Regulatory Standards Bill
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- Better coordination of anti-scam efforts
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Minister for Children Karen Chhour will consider the recommendations made by the Social Services and Community Committee in its report back to Parliament on the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill. “I want to thank the people who made submissions and those who appeared before the committee in ...4 days ago
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- Launching the White Ribbon Ride
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- Construction to begin on next stage of Papakura to Drury
Construction on the next stage of the SH1 Papakura to Drury project will begin early next month, with the contract for works awarded to Fulton Hogan, Transport Minister Simeon Brown says. "SH1 Papakura to Drury is a key project that will drive economic growth and productivity, reduce congestion, and enable people ...6 days ago
- NZ signs trade deal with Costa Rica, Iceland and Switzerland
Trade and Agriculture Minister Todd McClay has signed a pioneering trade agreement that prioritises New Zealand’s sustainable exports at a ceremony during APEC in Peru today. “The Agreement on Trade and Sustainability (ACCTS), between Costa Rica, Iceland, and Switzerland was concluded in July of this year and opens up significant ...6 days ago
- Government and iwi work together on aquaculture
Five new Aquaculture Settlement Areas will help ensure Ngāi Tahu shares in the opportunities aquaculture offers for Southland’s economy, Oceans and Fisheries Minister Shane Jones says. “The Aquaculture Settlement Areas (ASAs) I’m announcing today set aside space so the Crown and Ngāi Tahu can assess their potential for aquaculture development. ...7 days ago
- Government launches review to ensure electricity market is fit-for-purpose
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- Speech to Social Investment Hui: Jack and his whānau need our help
Kia ora koutou katoa. Nau mai, haere mai, piki mai. Ki te mihi atu ahau, ki te manwhenua nei, Te Atiawa, Ngāti toa rangatira, tēnā koutou, tēnā koutou, tēnā koutou katoa. Thank you, Andy, for your introduction. Let me acknowledge you as the new Chief Executive of the Social Investment ...7 days ago
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Minister of State for Trade Nicola Grigg has travelled to Australia to attend the PACER Plus Ministers Meeting in Brisbane. “Trade plays a critical role in driving employment, economic growth, and improving the standards of living in the Pacific Region. The Government is strongly committed to supporting Pacific Island countries ...7 days ago
- Proposals to modernise conservation released
Toitū te taiao – Our environment endures The Government is consulting on proposals to modernise New Zealand’s conservation management system, aiming to protect relevant natural areas while supporting sustainable growth in tourism and regional economies, Conservation Minister Tama Potaka says. “Today, the Department of Conservation – Te Papa Atawhai is ...7 days ago
- Grattan on Friday: Marles plays a defensive bat on nuclear as the government rushes to get though la...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Richard Marles is an ambitious man who hasn’t given up the dream of one day reaching the top job. But, despite being deputy prime minister, his profile is much lower than that of Treasurer Jim ...4 hours ago - NEW POLL: Kiwis Overwhelmingly Support MPs’ Expenses Transparency Law Change
62% of respondents support the extension of the OIA to cover MPs’ spending, compared to just 13% opposed and 24% were unsure. ...6 hours ago - The House: Meanwhile, a week of passing law
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- Shorten declares himself ‘a proud moderate’, saying Australians ‘in the middle’ shouldn’t ...
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- National’s Erica Stanford allegedly calls Labour’s Jan Tinetti a ‘stupid bitchR...
The Education Minister has apologised in Parliament for her remark. ...11 hours ago
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What indeed could go wrong
+100
i think that the post heading says it all.
Facebook is virtual and importantly dosnt possess a military…..they may dream but it aint gonna happen, another bitcoin to milk the mugs
Sounds like an argument for the state to issue currency. Assuming we are uncomfortable with a private company influencing money supply.
On the other hand… As the Christchurch murders showed us, the sheeple will not raise a whimper of negativity against FB because…inconvenience?…ingrained habit?
Tactical play from the Zuck empire as the calls to break FB up grow with each latent discovery of their inability to police their own ecosystem.
Makes sense on some level for Facebook to exploit its customer base – 2.38 billion apparently. If they do so however, they will challenge or need to find common cause with Google, who also have 2 billion plus clients. If they avoid fratricidal competition there is every reason they could make it work, the short term losers being credit card companies and the likes of Paypal. There is a bit of a credibility gap to overcome however – cryptocurrencies tend to make junk bonds look blue chip.
I can bet Facebooks 'vast collection of cash' wont go anywhere near a crypto currency.
Just because it has $58 bill of revenue doesnt means its a 'pile of cash' : that sort of reporting is dumbing down to 10 yr olds.
Amazon and other e-tailers are already big in currency conversion. They encourage people to shop online in your local currency while buying goods offshore.
But guess what, you are committing to currency conversion at the rate that favours Amazon.
If you say buy in $US dollars the credit card company will do the conversion plus fees.
A better choice is a local credit card which is preloaded with the foreign currency at better rates, then spend offshore in that currency . No conversions required
Only an idiot would consider using this.
However Facebook is not short of idiots. This will be a huge success. For Facebook.
its open source and on a public block chain. so there's that.
be interesting to see how it will impact the other cryptos. it will be good I think. The crypto world needs some competition. Bitcoin had a chance and blew it.
most people commeting here have no understand of the block chain or crypto in general.
See also Apple, Google, Amazon, and WeChat already. Traditional banking industry will be lobbying lawmakers all over the world.
Potential risks of a privately owned currency include various forms of corruption due to lack of oversight, self-interest, and profit opportunity via arbitrage and inside information,
Ask a former money trader..
You do realise that the Federal Reserve is not part of the government? Yeah, the name fooled you didn't it. Suggest everyone do their own check into the history there.
Our money has been gamed and it's time we woke the hell up.
The real benefit of Libra will be that it will bring crypto to the general public, their smartphones and everyday coffee type purchases. That's the point when things will get interesting but mostly because once they master one crypto, they can move to others and out of fiat.
Hey, just heard the :"house financial services committee" has sent facebook a C&D order. I guess Libra has just been permanently nixed.