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The Dark Side: Why You Wouldn’t Want to Live in Pre-Blockchain VR
Let’s imagine for a moment that you’ve decided to expatriate the real world and move yourself online to a world much like that created by Second Life, a VR platform that gained crazy numbers of adopters back in the early 2000s. Now, everything may be cool and groovy for a while with this centralised setup. But humour me and hang on before you cut all ties with reality.
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Would you really want to spend countless hours building up a life complete with a house, possessions, and social connections - essentially, what you spent your 20s doing! - and feel your stomach drop as a gaming platform suddenly fails?
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Or, choose to place the final brushstroke on your artistic masterpiece, sell your first business product, or film your first movie...and feel helpless to stop others from copying and profiting off of your creative talent?
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Or, remain unsure that the people you interact with on a daily basis are who they claim to be — that is, who’s to say that someone hasn’t suddenly decided to impersonate your beloved mother, business partner, or romantic interest?
(If you answered any of those with a resounding NO, you’re not alone.)
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Libra is in direct competition with government based fiat currencies (and they all know it).
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Consider what a population in a jurisdiction with a weaker national currency would do if LIbra launches there. Why would a citizen hold their hard earned wealth in something that’s depreciating by 10 - 20% per annum?
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You quickly come to the realisation that there would be a “bank-run” on the national currency, with all the capital flowing onto Libra. The result would be catastrophic for the government in power, as it’s economic lever is the basis of its control of the population.
- Libra is in direct competition with government based fiat currencies (and they all know it).
- Consider what a population in a jurisdiction with a weaker national currency would do if LIbra launches there. Why would a citizen hold their hard earned wealth in something that’s depreciating by 10 - 20% per annum?
- You quickly come to the realisation that there would be a “bank-run” on the national currency, with all the capital flowing onto Libra. The result would be catastrophic for the government in power, as it’s economic lever is the basis of its control of the population.