October 09, 2019 Daily Post
Libra is a pretty good idea.
By ‘Libra’, of course, we mean the idea of a simple global currency powered by secure blockchain, governed by an independent association.
Except we don’t trust it. Facebook’s involved and people don’t trust Facebook with their photos, never mind their dollars.
It needs your trust and, unless you’re an early-adopter, it needs the trust of those you trust too.
You don’t use Square’s ‘Cash’ app because nobody you know uses it. No clear benefit over Apple Pay? Cash back in bitcoin? Great, another thing nobody you know uses (aside from your hacker buddy).
But you use Apple’s ‘Apple Card’ because you trust Apple. The stores you visit accept it and you love your iPhone. Cash back is given in…cash. That’s something you can use.
Modern breakthroughs that create progress need our support. But all modern breakthroughs need an old-fashioned component that Libra forgot: trust.