Re:Facebook reveals its cryptocurrency Libra
by codesushi42 on Tuesday June 18, 2019 @01:54PM
(#20216102)
>The vendors are the oligarchs in this scenario.
Wrong, they won't be. See my example above, just wait until everyday merchants only accept this as payment.
>WeChat is not the result of a private endeavor, it is state-sponsored and controlled. It would be way worse for the government to manage Libra than for Facebook to do it. Gov has USD.
Fiat currency is controlled by the Chinese government too. You completely missed the point. The Chinese government does not force businesses in China to only accept WeChat Pay, they choose to do so.
The vendors are the oligarchs in this scenario.
> It is not unrealistic either. When I was in China, I dined at restaurants that would only accept WeChat Pay as payment. Only because I was a foreigner was I able to get a pass to pay in fiat.
WeChat is not the result of a private endeavor, it is state-sponsored and controlled. It would be way worse for the government to manage Libra than for Facebook to do it. Gov has USD. This just plain competes. Competition makes all parties work harder on terms for usage. Its strictly positive.