Dear @meno
There's just too much money involved for it not to happen, and god knows our governments can be bought.
Indeed. That's enormous war about influence and control over money. However I wouldn't think that Libra and FB can ever win if FED would decide to take them down. Governments can be bought, but FED does not belong to any goverment. Neither european central banks.
Discussions regarding Libra and Facebook are very intense lately and I personally don't know yet what to think about it.
I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.
Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....
Important question I would like to ask you, and hopefully you would share your own opinion:
- many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.
For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.
What do you think? Upvote on the way.
Yours,
Piotr
Well, the answer is quite complex, but to keep it as simple as possible.
Fiat currencies are as you pointed out debt backed for the sole purpose of giving governments the ability to tweak said debt.
It's literally as if you've entered a contract to purchase a home for example, but the APR is adjusted up constantly.
Quantitive easing is nothing more than the sneakiest way of overtaxing the constituency without them even realizing it.
The point behind Bitcoin unlike Libra is to remove this tool of financial oppression. an economic system with rigid supply cannot be used to privatize gains and socialize losses as Fiat currency economic models do.
libra is just a digital representation of the Fiat system, but I consider it a net positive because it normalizes the concept of digital money.
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Great comment. I really appreciate your kind reply @meno
Isn't true, that whoever control debt - will control economy?
I tried to understand QE and I'm failing. I've learned that new money can be "printed" only once there is debt to back it up. But QE doesn't seem to follow that rule ....
Indeed. Especially if we take into consideration that it will be 100% backed by FIAT reserves. So those two will go hand to hand.
I also wanted to make some suggestion.
My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).
Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc. then perhaps you could simply send me memo with link to that post.
This way not only I would have a chance to read your publication, drop a comment but I will also `upvote it right away with almost 20k SP voting power (I also have almost 10k PAL tokens, which may give you some extra benefits is you're using PALnet.io)
Please let me know what do you think. This surely should sound like a interesting offer :))
Cheers, Piotr
One more question @meno
How many tokens daily are you receiving from PALnet? It does look like 20 PAL a day. I've similar stake and I'm making half of it and I'm trying to figure out why ....
for a while I was posting 4 articles a day, so I was growing pretty fast... I've slowed down this week as I've been doing some house remodeling.
But that's "the trick" so to speak.