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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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.