joined:Apr 1, 2016
So its a cryptocurrency without the privacy or a credit token
The two main benefits of cryptocurrency:
1- Decentralized, not control by a governments or other institution. Thus it prevents the currency from being manipulated by a single malicious or greedy actor. (side note: 50+1 attack is possible on a cryptocurrency, so not even it meets this high bar). This would prevent a government or other from devaluing the currency.
2- Anonymous, provides privacy protection yet remains transparent. The hashed key wallet provides a means anonymizing the wallet holders identity, yet all transactions are visible on the public blockchain.
Now with Facebook:
1- Decentralized, not control by a governments or other institution. No the exact opposite, the currency will be controlled by a single source (or consortium, which is likely more about smoke and mirror than anything else). This single source is not even a government (a body elected by the will of the people (at least in most democratic countries)) it is a corporation controlled by the worlds richest people. It can be devalued, revalued, or simply be put out of service at any time.
2- Anonymous, provides privacy protection yet remains transparent. FACEBOOK need we say more.
The currency will be directly linked to your FB account every purchase and all flows of money will be traceable directly to you and only visible to FB and its paying partners. Now FB says they will not use this data to advertise to you, but let us be clear this data will still be collected and used in far more hidden and secretive ways.
This is exactly the Anti-Cryptocurrency.
"Calibra the Anti-Cryptocurrency"
Air Miles was created as means to track peoples purchases by providing marginal rewards in exchange for sharing your personal and private information. This is that on steroids times 100. Unfortunately I fear that many people will be duped by the slick marketing and pie in the sky promises. This will be specially true in third world and developing markets where people have limited access to cash and capital.
This is scary sht