Friday, June 21, 2019

ProfG Coin — Scorpio | No Mercy/No Malice

An excerpt from a wide-ranging Libra reality check by Scott Galloway:
"The Libra coin is simply brilliant. Other than education and healthcare, the industry most ripe for disruption is financial services. It’s figured out a way to avoid 1.7 billion people — a quarter of the planet — whom we refer to as "unbanked." Yet two-thirds of them own a mobile phone that could help them access financial services. Within financial services, the remittance industry (wires, sending money home) is a $500 billion industry where the unbanked (the poor) are molested with 7% fees.
A stablecoin that facilitates inexpensive transfers of funds across borders could be the largest tax cut for the poor since vaccinations. In addition, hundreds of millions of banked people are vulnerable to poor governance and unstable currencies that result in vaporization of their savings (Argentina) or eating trash to survive (Venezuela)."
ProfG Coin — Scorpio | No Mercy/No Malice

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