Re:Libra, 2 Weeks In
by hajile on Tuesday July 09, 2019 @12:00AM
(#20388923)
The initial business group is invite only. My understanding is that they get to decide who else (if anyone) joins.
The real money in banking is in giving good loans. The more personal and immediate your info, the better the loan you can make. Reduced losses lower interest rates or boost profits. Facebook data is the big reason this all make sense for them.
Facebook's anonymous claim is simply a lie. Most people will have known accounts at signup. Even if not, the record of their spending habits ties in with their Facebook habits. For the rest, touching known accounts in the network means you know them or have contacted them. Even a very small number of transactions should be enough to identify the user.
The real money in banking is in giving good loans. The more personal and immediate your info, the better the loan you can make. Reduced losses lower interest rates or boost profits. Facebook data is the big reason this all make sense for them.
Facebook's anonymous claim is simply a lie. Most people will have known accounts at signup. Even if not, the record of their spending habits ties in with their Facebook habits. For the rest, touching known accounts in the network means you know them or have contacted them. Even a very small number of transactions should be enough to identify the user.