Facebook’s digital currency Libra — just for suckers or a global economic revolution?

14 Sep, 2019 at 19:04 | Posted in Economics | 1 Comment

zuckMit 20 Partnern hat Facebook die digitale Weltwährung “Libra” angekündigt … Mit einem Schlag kann das Konsortium alle nur denkbaren Netzwerkeffekte im digitalen Zahlungsbereich ausschöpfen. Damit ist Libra unmittelbar und überall präsent. Eine globale ökonomische Revolution.

Die Digitalökonomie folgt der Regel “The winner takes it all”. Wer die Netzwerkeffekte auf seiner Seite hat, schafft ein Quasi-Monopol. Facebook ist außerdem ein Meister nutzerfreundlicher Interfaces. Gleich mehrere Libra-Partner beherrschen die hier notwendige Massendatenverarbeitung. Es gibt hinreichend Erfahrung mit digitalen Währungen wie Bitcoin und der Nutzung von Blockchains und Messengerdiensten zur Geldübertragung. Erfahrung, Technologiekompetenz, weltweite Nutzerbasis, Lobby- und Kapitalmacht machen das Libra-Konsortium also außergewöhnlich stark.

Sarah Spiekermann

Interesting view. But obviously not all economists are convinced that Libra would be a blessing:

Every currency is based on confidence that the hard-earned dollars “deposited” into it will be redeemable on demand. The private banking sector has long shown that it is untrustworthy in this respect, which is why new prudential regulations have been necessary.

Speech bubble on blue background, Thumbs DownBut, in just a few short years, Facebook has earned a level of distrust that took the banking sector much longer to achieve. Time and again, Facebook’s leaders, faced with a choice between money and honoring their promises, have grabbed the money. And nothing could be more about money than creating a new currency. Only a fool would trust Facebook with his or her financial wellbeing. But maybe that’s the point: with so much personal data on some 2.4 billion monthly active users, who knows better than Facebook just how many suckers are born every minute?

Joseph Stiglitz

1 Comment

  1. Here is what I said in my op-ed on Facebook’s Libra, “Privatising money threatens development”, http://www.newagebd.net/article/78885/privatising-money-threatens-development


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