{
  "$type": "site.standard.document",
  "canonicalUrl": "https://numergent.com/2024-06/Libra-Facebook-and-greed-blindness.html",
  "path": "/2024-06/Libra-Facebook-and-greed-blindness.html",
  "publishedAt": "2024-06-04T10:38:16.000Z",
  "site": "at://did:plc:cf6futaebyc2k4wgzsr4v42k/site.standard.publication/3mp2ewx43js2g",
  "tags": [
    "privacy",
    "libra",
    "sui",
    "aptos",
    "backlash",
    "musings",
    "facebook"
  ],
  "textContent": "Over at BlueSky, Dell Cameron brought up that Facebook's involvement in crypto, VR, and GenAI aren't working out because they are only secondary to their main business purpose: surveillance. (link)\n\nI disagreed.  Cameron was right in that it failed because their main business is surveillance, but I suspect they screwed it up because it was such a great fit that they got too greedy.\n\n<blockquote class=\"bluesky-embed\" data-bluesky-uri=\"at://did:plc:cf6futaebyc2k4wgzsr4v42k/app.bsky.feed.post/3ku3gjlr3p32z\" data-bluesky-cid=\"bafyreihfniwgntqg35ktqfcdrm3ovwv5btqmnva33okqzp537ccocn64fm\"><p lang=\"en\">Crypto would have been for them - if Libra had taken off, Meta would have gotten access to their users&#x27; transaction information, something they don&#x27;t necessarily have right now.\n\nThey luckily came out the gate too hard and scared everyone off by making it too obvious it was a supranational currency.<br><br><a href=\"https://bsky.app/profile/did:plc:cf6futaebyc2k4wgzsr4v42k/post/3ku3gjlr3p32z?ref_src=embed\">[image or embed]</a></p>&mdash; Ricardo J. Méndez (<a href=\"https://bsky.app/profile/did:plc:cf6futaebyc2k4wgzsr4v42k?ref_src=embed\">@ricardo.bsky.social</a>) <a href=\"https://bsky.app/profile/did:plc:cf6futaebyc2k4wgzsr4v42k/post/3ku3gjlr3p32z?ref_src=embed\">Jun 4, 2024 at 9:08</a></blockquote><script async src=\"https://embed.bsky.app/static/embed.js\" charset=\"utf-8\"></script>\n\nWould it have been different if they'd seen it as a technology investment?\n\nTwo projects grew on the compost of Facebook's Diem open source dump: Sui and Aptos. As of June 4, 2024, their combined fully-diluted valuation is about $10 billion. Facebook could have captured that value if they had spun it out from the start, even as a subsidiary where they control most of the token supply.\n\nBut Libra was never a tech investment. You don't get to have an arms-length independent company and share data.\n\nWhen all you have is surveillance, everything looks like a data trove.",
  "title": "Libra, Facebook, and greed blindness"
}