Friday, 21 June 2019

Just Libra me alone, OK?

It seems that  Facebook project (Libre) to manage finances internationally was announced this week as Calibra. While listening to the wireless during the drive to work I caught Mark Carney, (American) governor of the Bank Of England talking about it with an interviewer, though I'd managed to miss out on the strat of the interview, so only put the information together retrospectively.

Would you trust Facebook with your financial data?

Exactly.

But on the basis 50 billion flies can't be wrong, you KNOW this is going to take off, don't you? Trump is in the White House, Boris (how appropriate his initials are BJ) is likely to become PM here in Blighty. QED.

Y'know, it could be a genuinely useful service. As Mark Carney said in the interview, this is the financial sector, and there are rules that business follows - it's not the wild frontier of internetland. Paypal because a (mostly) reliable, useful entity, though it's conception and birth occurred in the financially oriented operation. Facebook's background is data mining and selling the user as the product, so how might that work out?

Some have suggested the service would be 'free' because your data would be used to pay for the cost.

The worst part about this is, like Western Union and all those other 'helpful' firms, you know some parts of the world will embrace it with open servers arms and not care, making it difficult for the rest of us to completely avoid.


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