With the success of a private parallel currency, government sanctions could lose their bite. Should Facebook and a supermajority of venture capitalists and tech executives really be deciding whether North Korean sanctions can succeed? Of course not.

    A permissionless currency system based on a consensus of large private actors across open protocols sounds nice, but it’s not democracy. Today, American bank regulators and central bankers are hired and fired by publicly elected leaders. Libra payments regulators would be hired and fired by a self-selected council of corporations. There are ways to characterize such a system, but democratic is not one of them.

Wishing that the title had focused on the stronger impacts of the article. From a glance at the headline, I assumed this would be bashing Facebook rather than the ideas it's putting forth. Glad I clicked through and read further, but I want more people to read this and I don't think the author did themselves a favor here.

posted 380 days ago