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by rangeofmotion
2552 days ago
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How crazy is it that we allow companies to take a percentage cut of EVERY transaction we make? How often do you NOT use a credit card or some other payment system with a middleman? It's become so commonplace that the idea of replacing cash entirely seems normal to people. And yet this normal state of things involves a middleman taking a cut of EVERY transaction! Jurisdictions literally have to enact laws today to prevent businesses from going completely cashless, which essentially means jurisdictions have to enact laws to prevent middlemen from taking a cut of EVERY transaction made. The cash system does not require middlemen in order to transact. And people have historically not been denied the ability to handle cash, as they are denied credit cards or bank accounts today (yes, a sizable number of people are denied even bank accounts and/or are forced into bank accounts with high monthly fees in order to just get a debit card, which is arguably the most basic requirement for purchasing most things today). With cash, people who had some financial difficulty do not get extorted even more (in the form of having to pay for "subprime" services) on top of an already existing percentage cut of every transaction that the middlemen already take. Unless a new platform can reliably offer a no-fee or at least an absolutely ridiculously low fee transaction platform that absolutely does not deny anyone access nor extort anyone for the ability to gain access, AND we can be reasonably assured that no central organization is using it as a tool to load people onto its platform for later extortion....essentially unless we can get almost exactly the same open access as cash...unless we can get that, I don't support it, and probably neither should you. (Disclaimer: I admittedly haven't looked into the details of Libra yet) |
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