This is not the Quote of the Day:
[Facebook] unveiled an ambitious plan Tuesday to create a new digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms.
Facebook claims it will keep your personal data separate from your financial information when you use their new cryptocurrency, and holy crap I managed to type all that without my eyes rolling out of my head
I had further commentary, but it had too many problematic keywords (“Congress,” “Anti-Trust hearings,” “Inexorable Hammer of Mighty Fun”). But I suspect that you can probably figure it out anyway.
Printing your own currency has traditionally been a very effective way to have the federal government descend upon you like the wrath of God.
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The legality of their doing so has generally been questionable at best, but that has yet to be shown to matter.
(Kind of like the income tax is a “voluntary” tax, with numerous irregularities involved in the passage, no rights upon appeal, and the whole thing a direct violation of your 5th Amendment rights. Doesn’t matter. Pay it, or be made an example of. Unless you’re politically connected, anyway…)
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Yeah, I’m torn between wanting to preach about the wrongs done Lysander Spooner, and grabbing a bowl of popcorn to watch hubris do its work.
Can…. can they both lose?
*brings extra popcorn*
I find it hard to see much difference in bitcoin and, say, travelers checks. No one is required by law to accept them, and they are ultimately going to have to be backed by some form of hard currency, otherwise I would think abuse will turn it into a smoldering crater sooner rather than later.
I’m still confused how people can observe the fate of numerous bitcoin-esque currencies (spoiler: dumpster fire, sometimes interrupted by grand theft currency) and then declare that Facebank is going to replace traditional currencies.
I mean, it’s *possible*, but at this point purely theoretical.
Company that exists solely to monetize your personal information promises not to monetize your personal financial information? Sure, I know exactly how much I believe that.