> Facebook’s currency may not expire or be limited to one place, but it does seem to me that “it does the same thing [as money], only not as well.”
I don't know but each time I try to show my cash into the computer... nothing happen.
Libra does the same thing as "Paypal" would be more fitting, but then you forget that not everyone can use Paypal and that's where your logic fail.
Venmo is always my best example for that, because I do have a Visa card, I do have a Paypal account. I'm in a developed country, thus I don't have issues to do transactions online. I still wouldn't be able to use Venmo though. If you were to only accept my transaction from Venmo, because you didn't like Visa and Paypal (yeah I know Venmo is owned by Paypal but you understands the point). Now imagine this world, but without any of theses.
- Anyone can own a Libra wallet, me, you, someone in the middle of a third world country.
- Anyone can transfer from a Libra wallet, to another, me, you, someone in the middle of a third world country included.
That means that anyone can arbitrage values of Libra, anywhere in the world, whether Visa, Mastercard or Paypal decide that market worth it or not.
Thus, anyone can pay using Libra, which make Paypal, "the same thing [as Libra], only not as well."
Alice: A gift certificate is completely different from cash.
Dilbert: No, it's not. They're both pieces of paper you can exchange for goods and services.
Alice: You're missing the point.
Dilbert: Actually, a gift certificate is worse than cash, because you can only use it in one place.
Wally: And it expires.
Alice: At least it shows some thought.
Dilbert: It shows defective thought. You're trading perfectly good money for something that does the same thing, only not as well.
Facebook’s currency may not expire or be limited to one place, but it does seem to me that “it does the same thing [as money], only not as well.”