Libra: The social global currency

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  • #28830

    So, I have been thinking for a while that the hype over cryptocurrency was a potential out for the USA. Rack up a bunch of debt, consolidate government power, and then when you bankrupt your government and your currency is worthless, you switch to a crypto in which the blockchain is private and you can monitor all citizens and force cooperation by deplatforming which would also lock an individual out of the currency… it looks like that is actually happening:

    https://libra.org/en-US/

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    • #28834

      Monica Perez
      Keymaster

      You saw deeper than I but I was skeptical too that it would turn into a cashless society of total surveillance, highly tailored taxation that could not be avoided, and social credit scoring that could lock one out of the marketplace a la Black Mirror. I also scratch my head over the debt problem-noting that the solution does not lie within this paradigm- you may have cracked the code in that one

    • #28835

      Well, if you’re a government and you declare bankruptcy, and kill your currency… you would repay your creditors with a new currency at set exchange rate. You could also, more easily, just pay out in the old currency before you kill it off… just print a ton of it, let it inflate, but no one would even be using the old currency anymore.

      The problem I was faced with was this: with 22 trillion in debt, 100 trillion in unfunded liabilities, escalating costs, the inability to raise rates due to the inability of government to service said debts with any significant interest rate… how do the ruling elite maintain their living standard in a downward spiral? I figured that there must be some plan.

      Cryptos offer just such an avenue with a few added benefits: greater surveillance/control if the blockchain is private, truly global reach, and the ability to continue economic exclusion (governmental enemies locked out more easily than with Swift, and political dissidents through deplatforming).

      Additionally, it’s worth noting that Facebook is releasing the first wallet for this currency, and that Uber, Visa, and Mastercard have also signed on.

    • #28840

      Galactus
      Participant

      I can’t see mass adoption of this. Not with FB’s current privacy issues. That’s what I see it as a tool for as well. De-platforming. Say the wrong thing to someone and next thing you know, you can’t access you wallet to pay your bills.

    • #28848

      So, while Libra may not be the crypto for the dollar’s death, bitcoin might just be. Jack Dorsey, as well as ATT have endorsed bitcoin. Any thoughts?

    • #28857

      Galactus
      Participant

      Possibly. I think they’re all vying for what replaces the dollar and most other currencies for that matter. All following the same script. Race to the bottom with interest rates. I think we’ll hit trouble once people domestically or internationally lose faith in it. Whichever comes first.

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