Is Mark Zuckerberg's new cybercurrency the start of the return to feudalism?

The potential is there that he will pay staff in his currency which they can spend at his associated shops, and if you try to spend elsewhere it will need to be approved by his bank- maybe one of those banks in trouble will be bought by him in some bailout arrangement where people's homes and mortgages will be part of the purchase equation, and all you do will be at the behest of your new 'feudal lord'.

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Keraunos · 36-40, M

If I had to pick a "start", I'd say the monetary policy response to the 2008 financial crisis was the point at which it became apparent that our path-of-least-resistance was one leading to conditions that could be fairly termed "neofeudalism".

I think it's going to be damned hard to divert the trajectory at this point, and usually when I contemplate what would be required to do so, I end up thinking of Nietzsche's old line, "A German is capable of great things, but it is improbable he will do them".

LeopoldBloom · M

He can’t pay his staff that way, it’s illegal. Wages must be in cash or equivalent, meaning no private company vouchers that can only be redeemed at certain places.

Mahdkvp · 26-30, F

@LeopoldBloom who has the money the corporations with the power?

LeopoldBloom · M

@Mahdkvp That's a different issue. Of course it's a powerful corporation. But the law is very clear on this. Title 29, Code of Federal Regulations, Section 531.27 requires wages to be paid in "cash or its equivalent." This means wages must be free and clear, in a form universally accepted as legal tender, with no processing fees or deductions not required by law, like taxes. So scrip redeemable only at a company store is not permitted. It's even illegal for an employer to pay workers using a debit card if that card has a fee.

This is in the United States; if you're in another country the law could be different and possibly allow this.

SatanBurger · 36-40, FVIP

Ug I hope not but I could see it knowing corporations and what they do to developing countries with different laws.

Andy72 · M

I think you are correct.
A currency that is so potentially limited is going to be undervalued, and no doubt you will need to exchange at one the associated banks. The return is unlikely to be parity.
If it became a mainstream currency then things may improve.