"The real risk is crooked developers", and other gems! Apparently Facebook has already forgotten how allowing anyone to build on the Facebook app platform and its low barriers to “innovation” are exactly what opened the door for Cambridge Analytica to hijack 87 million people’s personal data and use it for political ad targeting. for : josh constine techcrunch the real risk of facebook's libra coin is crooked developers (they'll steal your money, not just your data) We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. — Senator Sherrod Brown, a Democrat from Ohio The lesson, as if we needed yet another example, is that whatever scandals may trail the big Silicon Valley companies they are not scaling back, whether that means studying how to read their minds or building a currency to circumvent borders and national regulation. Call it the philosophy of corporate growth, taken from the high-risk, high-reward strategy in the card game Hearts—you either thoroughly dominate the opposition or you crash in flames. You know what should keep us up at night? What if Facebook actually succeeds? to eavesdrop on people’s brainwaves shoot-the-moon — for : noam cohen wired facebook's libra reveals silicon valley's naked ambition Whelp, we created THE UBER of Central Banks! #blockchain #Libra Creating a global currency is a bold move on Facebook’s part, given that this announcement is happening as Facebook is being criticized or investigated for , , and . However, it is consistent with Facebook’s goal of continuing to connect the world no matter the consequences, by creating a medium of exchange that can potentially bypass central banks, bank regulators and existing currency systems. massive privacy violations anti-competitive practices in the advertising market eroding the free press fomenting ethnic cleansing Years ago, Mark Zuckerberg made it clear that he doesn’t think Facebook is a business. “In a lot of ways, Facebook is more like a government than a traditional company,” Mr. Zuckerberg. “We’re really setting policies.” He has acted consistently as a would-be sovereign power. For example, he is independent tribunal to handle content moderation. And now he is setting up a global currency. said attempting to set up a Supreme Court-style — for the : matt stoller new york times launching a global currency is a bold, bad move for facebook Libra isn’t, strictly, a cryptocurrency (for tediously technical reasons). Unlike the yo-yoing bitcoin, its value is set against a basket of what we’ll call “real” currencies such as the peso, pound and dollar; that’s decided by the Libra Association of about 100 organisations including Facebook, Visa, Mastercard, eBay, PayPal, Spotify, Uber and others. They’ve each paid at least $10m to be involved and thus endowed the project with a $1bn pot. — for : charles arthur the guardian alarming and unnecessary: facebook’s new cryptocurrency must be resisted

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