> If we have a big privacy problem with Libra in the future, we might be able to find a way around it.
When major government policy proposals are brought into the public discourse, we argue endlessly about the edge cases, downstream effects and hypothetical scenarios that may in turn cause future problems. Universal healthcare is too expensive, the green new deal won't work, bring the troops home, etc. People argue forever around the hypotheticals of these ideas.
But when one of the most powerful and consistently nefarious companies in the world starts to build a system to cut out the global banking system, we're fine to say that we "might be able to" find a way around major problems facing the platform if they gain too much control.
The inconsistency in the level of scrutiny that we levy at companies compared to governments is shocking given the influence that the public has over government policy and operations compared to a private, multi-billion-dollar company.
"might be able to" isn't good enough when it comes to building systems that undermine the current financial system. All aspects of the system need to be spelled out in concrete terms, and safeguards must be put into place to ensure proper implementation and alignment of incentives. This must be regulated, without question.
Yes, big banks are greedy and corrupt and aren't looking out for the little guys. But neither is Facebook, and if there's an institution out there that is less fit than the banks to control the global financial system, it's Facebook.
When major government policy proposals are brought into the public discourse, we argue endlessly about the edge cases, downstream effects and hypothetical scenarios that may in turn cause future problems. Universal healthcare is too expensive, the green new deal won't work, bring the troops home, etc. People argue forever around the hypotheticals of these ideas.
But when one of the most powerful and consistently nefarious companies in the world starts to build a system to cut out the global banking system, we're fine to say that we "might be able to" find a way around major problems facing the platform if they gain too much control.
The inconsistency in the level of scrutiny that we levy at companies compared to governments is shocking given the influence that the public has over government policy and operations compared to a private, multi-billion-dollar company.
"might be able to" isn't good enough when it comes to building systems that undermine the current financial system. All aspects of the system need to be spelled out in concrete terms, and safeguards must be put into place to ensure proper implementation and alignment of incentives. This must be regulated, without question.
Yes, big banks are greedy and corrupt and aren't looking out for the little guys. But neither is Facebook, and if there's an institution out there that is less fit than the banks to control the global financial system, it's Facebook.