Facebook and Libra, that’s like the House of Medici on speed. The Medici family were merchants first. During the Italian Renaissance they became bankers, then princes. Then they produced four popes of the Catholic Church. It took them a few centuries to do all that. But in announcing Libra, Facebook is claiming cyber princedom (cyber papacy even?) barely fifteen years after its founding. No wonder the governments of today are stunned.
Facebook, unarguably one of the biggest overlords of cyberspace, has proposed a cryptocurrency: Libra.
That’s interesting. Why Facebook? What’s happening?
This really very long and quasi-academic post is based on a speech I gave to MBA students of the Management Development Institute of Singapore sometime in 2016. Subject: how do we resolve disputes and what borders, geographical or otherwise, do we cross in doing so? Borders and otherwise, geddit, I was talking about dispute resolution in cyberspace and algorithms.
The space where all data exchange and communication of the Internet happens, cyberspace, is neutral. Nothing insecure adheres to it in and of itself. Insecurity is brought in by man who populates cyberspace, and by the tools that he has brought along. So how to regain security in this space – cybersecurity?