Is Libra one toe away from the cliff? Libra真的悬崖咫尺了吗?

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Libra’s proposal to Congress last week was met with heavy criticism as it was hijacked into a hearing of the company’s past mishandling. For those of you who have not read previous Simon Says articles, I shall give a concise explanation on what Libra is to help you catch up.

上周,Libra向国会上交的提案遭到了严厉的批判,因为它牵涉到其所在公司曾经处理不当的一场听证会。对于那些之前没有阅读过西门说法文章的人,我将给你们简单介绍一下Libra以跟上节奏。


In a nutshell, Libra wants to be the new Dollar. It wants to be backed by real-world currencies, namely the US Dollar, Euro,  Japanese Yen, British Pound and Singapore dollar. Unlike Bitcoin and Ethereum, it will be relatively stable unless there is a global recession. You will not wake up to see Libra decrease by 10% or increase by 50%.

简单来说,Libra想成为新的美元。它希望得到跟美元、欧元、日元、英镑和新加坡元等实际货币一样的支持。与比特币或以太坊不同的是,除非出现全球经济衰退,不然Libra将会是相对稳定的。你不会有天醒来看到,Libra减少了10%或增加50%。


So what is the problem here? The problem is that Facebook, as a global platform, has over 2.7 billion users, will easily overthrow banks and dismantle the traditional currency system easily.

那么它的问题是什么呢?问题是,Facebook作为一个拥有超过27亿的用户的全球性平台,它很容易就能打倒银行,摧毁传统的货币体系。


The next problem is that Facebook has had a troubled past with privacy issues. The Cambridge Analytica Scandal, which cost spilt user information of millions of people was directly linked to Facebook’s carelessness. If such an incident were to repeat, billions of users’ spending habits and big data would be used against them.

还有一个问题,过去Facebook曾出现隐私泄露的问题。导致数百万用户信息泄露的剑桥分析公司(Cambridge Analytica)丑闻,与Facebook的做事不慎撇不开关系。如果同样的事件再次发生,数十亿用户的消费习惯和大数据将成为抵抗它的工具。


The lack of regulation to cryptocurrencies means easy money laundering and black market deals for illegal purposes. The money is basically untraceable, which means governments would not be able to do anything to control transactions. It is also an easy channel for tax evasion, as transactions leave no taxable trace.

对加密货币缺乏监管,意味着很容易出现洗钱和基于非法目的黑市交易。这笔钱基本上是无法溯源的,这意味着政府将无法采取任何措施来控制交易。加密货币交易也是一个方便逃税的的渠道,因为这种交易不会留下纳税的痕迹。


To add oil to fire, big players in the Libra Association like Paypal, eBay, Visa and Mastercard have pulled out as Germany and France announced that they both agreed to block Libra in September. It is particularly dangerous for a private entity to claim monetary power, which is inherent to the sovereignty of nations.

更坏的消息是,Libra协会中的一些大公司如Paypal、eBay、Visa和Master card都退出了协会,因为德国和法国宣布,他们同意在9月份抵制Libra。对于一个私有性质的实体说,主张货币的权力是特别危险的,因为货币权力是国家主权所固有的。


What is next for Libra? On one hand, big banks have finally come to meet their nemesis – competition from an internet giant and Libra may really change the fate of the banking industry. On the other hand, the financial sector is the most heavily regulated sector and Libra may have bitten off more than it could chew. This could go either way.

Libra接着面临的是什么?一方面可能是,大型银行终于受到了他们的报应——来自互联网巨头和Libra的竞争真的会改变银行业的命运。又可能是,由于金融业是监管最严格的行业,Libra在监管面前太不自量力了。正所谓,水能载舟亦能覆舟。

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