Facebook's coin may be the biggest step so far towards a real, functioning technocracy. That is, where a tech company begins to assume roles previously reserved for governments - both issuing a currency, and deciding the rules participants in of the marketplace will need to follow. Are we looking at a privately owned treasury, with a private police force overseeing the market?
Some say - no good could come of this in the long run.
Others say these fears are overblown, at the end of the day, Facebook is bound to US law like anyone else. Besides - governments have done such a bad job managing fiat currencies, could this really be any worse?
Video courtesy of ColdFusion
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