Facebook’s Libra Cryptocurrency Explained by Rap Journalism


Facebook is introducing new cash: a digital currency that you’d have to imagine will manifest traction with over two billion people already
actively using their platforms meet Libra: a nonprofit entity that’s technically connected to,
but legally separate from the rest of these apps
under the shady umbrella of a dynasty that many see as an enemy to free speech and privacy and it’s right to be skeptical —
but let’s not pass judgement ‘til we understand what it is so we can
ask what it could mean will it summon a dream of fiscal freedom? or will suffering increase? or something in between? let’s start with the facts,
then check opinions and conclusions — the only way to logically appraise the way
the world is moving otherwise we’ll just inflate the conversation
with flagrant commentary and mistaken observations the story goes like this:
Facebook made Libra to address a global crisis see, most countries lack the means to hold the prices of their goods at stable rates as inflation rises and more than four billion are underbanked
that’s more than 50% of all people stuck in the ranks that they were born in with little chance of progress no credit, no investments, just the cash in their pockets But they’re not even asking for profits
when the value is dropping they’re just asking to stop it from crashing to the bottom so that they don’t have to barter or starve. That’s the heart of the challenge being
solved with Libra or Bitcoin… or any other cryptocurrency that disjoins money from government though some admit that there are plenty of reasons to believe that Libra’s gonna win it all begins with stability,
which rules out Bitcoin’s extreme volatility while Libra’s price won’t change much backed by a reserve of global currency
advised by a brain trust and Libra will be easy to use while Bitcoin leaves most people really confused and it’s true that real progress can’t be rushed but in a decade it’s been less played than
Candy Crush the game is numbers and Facebook’s hand is a flush of royal blue they toy with you but you just
can’t stand up from the table even though you know the house always wins ’cause THIS house is where
YOUR friends will ALWAYS live and for those who can’t afford to use the
internet, Facebook let’s ‘em access for free — how
considerate! surely to empower and facilitate connection! and not at all related to data collection… even so, access is a positive especially when on top of it there’s a digital wallet which can send funds to anyone, anywhere with negligible fees. It’s tough to beat, let’s be fair Yeah let’s be fair by comparing the logistics
of Libra to the various systems
that we’ve run for upwards of a decade like Bitcoin and Ether and then claim a difference between a properly decentralized blockchain network and a group of 27 nodes
chosen for their platforms and net worth like Paypal and Visa and Uber and even nonprofits like Kiva we need to use common sense and question: what would be the consequence if we let this conglomerate moderate monetary exchange without a proper say in how they propagate change through the network ‘cause that’s barely an improvement over centralized systems that we’re already using and could actually be worse,
considering the data they’ve collected
and the places they’ve delivered it they claim they’ll separate Facebook and
payment data but there’s really no way to trust them when time and again we’ve seen our privacy spent like a commodity upon which their profits depend and what happens when a government decides
to undercut the rise of this other kinda money by shutting off the sites of the companies supplying their people with a means
of cutting off ties to the country? We’ve seen it happen before: like China blocking Facebook to dampen reform. And if that happens with Libra, people will have to resort to the cash they stored at home
and hope it’s actually a source of value in this brave new world where if they post or buy the wrong thing,
they can be hurled from the platforms controlling not just data
but money too It’s not the case yet, but that may be what
it’s coming to. As for now, it’s just too early to tell whether Libra will deceive us or if it’s really here to help Or whether it’ll even gain traction. We’ve seen plenty of big companies launch products that were flattened. But considering the millions who depend
on Facebook alone just to access the internet, it does seem that Libra could be a net benefit if only for those already facing greater deficits.

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