An interesting article from TechCrunch on where they thing money is going
IMO: The only reason this could be a success if volume of users. Otherwise it’ll be another ‘bitcoin’ lauded but too far removed from how the vast majority of people understand money. Given how blinkered Facebook can be (why don’t people trust us??) I’m intrigued as to how this will play out.
How much is a banana? Why that’s 0.4422252 of these things now… right…?
Money Should be Free
Well it is isn’t it? From a Macro Level if you keep all the money you are paid - it doesn’t cost you to give that money to someone else for something you want. Now however if you use a bank, you are using a service and therefore some cost needs to be spread out to you (whether that takes the form of an actual fee/charge or a loss of something (cost spreading) that is the natural part of using a service.
Money Should Be Stable
They only mention countries that have recently experienced civil unrest and then also a problem economically. Therefore making the centrally reserved currency unstable. If you had a single global currency, it would still be a problem, wouldn’t it? Bitcoin is/ was at one point ridiculous in the movements it was doing.
I’m quite sceptical as to the whole “universal currency” thing - I just don’t think it can be done, or if it could, that it would ever replace local currency. Something that has no bearing on your personal life in another country, hundreds of miles away, could within a few seconds mean that pint has gone up from X to Y - it just feels to inherently unstable and too reliant on the public view of its worth.