https://www.wired.com/story/facebooks-libra-reveals-silicon-valleys-naked-ambition/

As David Mamet once wrote, “Everybody needs money. That’s why they call it money!” And when you have more money than anyone could ever need, you call it Libra.

Facebook on Tuesday introduced a comprehensive, borderless economic system for its platform, which is based on a new cryptocurrency, Libra. The company plans to sit ostentatiously on its hands when it comes to governing the project, just one member of the so-called Libra Association, with a total of 28, to emphasize the separation between the currency—which will have a record of your every purchase—and the company, which has an oft-told history of privacy breaches and disregard for rules and regulations. A new subsidiary, Calibra, will be Facebook’s way of accessing the currency, which itself will be run out of Switzerland.