Like you say, Libra will change the game in inflationary countries. Game changer.
With well over a billion users, this will make it more powerful than any single government.
China has the masses and no Facebook and Google. Honk Kong is accessing, the other ones are afraid of the government and the surveillance there.
Also India has over the billion.
What this two countries lack is the financial power of the billion people that facebook has.
The interesting points to view is how this will affect the crypto market and the relationship with the masses. Crypto needs to become easier to use, as Libra will take a chunk out of the users that are not technical versatile.
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That is officially the story but any Chinese citizen will tell you that they are easily accessed. Most Chinese use VPNs and whatnot to get around the blocks. As long as one is not ragging on the government, they usually leave people alone.
Also, while there are more than a billion people. 3/4 of the country is stuck in the past. It is only on the seaboard where the 350 million people are technologically advanced.
Plus Facebook has over 2 billion accounts but nobody is sure how many are duplicates. Then when we factor in Instagram users, it could be well over a billion people in total.
It is hard to tell but it is likely the biggest entity in the world in terms of users.
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I know most people have several accounts because they lose their phone or something and need to get a new account, but I agree with you @taskmaster4450 with a name like Facebook coming out with an alternate banking platform whether actual crypto or not it is a scary thought. I really despise Facebook as they have controlled too many of my posts, I might be a step away from being banned myself. For them and any media and every media base out there to silence the president of the U.S. then publicly humiliate him and let those posts stay. it is ridiculous. I had a post deleted saying something positive about trump... my friend's page had negative stuff on trump and positive on Biden. That showed me the true power of Facebook. Then a week later when the election took place and after he was silenced on tv. It made me wish I had been born 100 years ago or 100 years in the future. I don't even like trump really my point is that Facebook already has too much power.
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Without a doubt they showed themselves to be biased in their views. The problem is that what they are doing is already a weapon against a large portion of the user base. The conversation is one thing when it comes to censorship but another matter all together when we are dealing with financial affiars.
Facebook could shut down the wallets of anyone who goes against their views, thus taking their money from them. Just like people lose their posts, they could lose all the money they have in their facebook wallet.
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Exactly why this is a scary time. I will not invest in Facebook at all, I have been toying with the idea of investing in PayPal since I have had an account with them for about 16 years. I think that it will be a semi-safe investment I certainly feel that PayPal being there for as long as it has and grown as much as it has would be as safe as it gets with crypto. I mean, what could throwing $20-$50 on something, that seemingly reliable, hurt?
I am so astonished at the favoritism the media has shown in the light of this past election and the horrendous way our president no matter how unwanted or unlike has been treated in a public display of the world. I know I am not the only one raised to treat elders with respect, much less a public figure of authority. I understand some people live to tear others down. Some of it is funny but when they cut out the good and leave the bad there is something majorly wrong with this picture. It's like our president was bent over and taken advantage of in front of everyone and most people enjoyed that. Anyway, I am glad it will be over soon. Something will happen and I hope for the sakes of all of America it will happen soon.
The number one is the FED as I think a lot more use the USD. I still have some with meat home, even if it is at the moment for no use.
Facebook is changing the game. I only wonder if the politics will let it happen. Seen some interesting debates between Mr. Zuckerberg and the left wing of the US parliament. What is for sure, is that this move will change the world faster than expected.
Agree, most of mainland China is poor and not developed. Coastal cities are light years ahead. Still, I would not underestimate China, as I think that they are still the most dangerous country in the world, also to the crypto side of it. Mining is tolerated as it brings them more money in the end. If the use case is individual freedom, it will be opposed strongly.
I forgot to the thank you for the information, as I have overseen it.
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This is only if the nation-state is the primary means of governance which I do not believe it will be. In 30-50 years, we will likely see the nation-state as something much less impactful.
Digital networks, which is what Facebook is, will grow in influence. This is where more people spend more time.
Think about it, how many more people are immediately affected by a change in the terms of service by FB as opposed to a law passed by the government. Most will notice the FB change, few pay attention to the new laws.
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Sometimes this type of ignorance is a bliss.
Yes, fully agree, the notion as nation-state is also new in human kind. We had empires, kingdoms, ducats, etc before. They mostly gone or obsolete. Nation-state will follow. There will be some kind of big unions, to hold up some kind of order and infrastructure standards, but else it will be the entities that control the data and the cashflow who will rule.
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Something else that few remember, the corporation is a relatively new innovation, basically less than 300 years old. At some point, this too will drift away.
Perhaps the DAO or some form of it will replace most corporations.
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Right, they will reorganize into something else. Everything is reinvented into something better, even if we might no see it as it.
I wonder if facebook will not be forced to split by the governments, as it can pose an economical threat to many countries.
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