RE: Account Ownership: Undervalued Aspect To Hive
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Australia has deprivation of income laws, I'm not sure other countries have the same but it is pretty much why we haven't tackled cryptocurrancy in Australia.
It has always been given the Green Light but is treated as secondary income so taxed at a higher rate.
If someone is earning an income through an account and this occurs the person could sue and easily win a case of deprivation of income and also file for loss of income requiring the person who shut them down to pay them a % of income they would have earned based off an average.
These laws have never been tested so no one is sure 100% of the outcome, but it is an avenue of protection for people.
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How much would cost and how long would it take?
Do you think the chances of someone with $10,000 in Diem is going to sue Facebook, with all their money and lawyers, and win? They might eventually get a favorable judgement but how long will it take. If your money is locked up one day, how do you even pay the attorney.
Laws end up protecting the ones with the most green since they can manipulate the system to their advantage. Stall tactics by major enterprises are legendary. They know in most cases they can just wait individuals out.
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Well that all depends, say you have 10,000 Diem and then it reaches Bitcoin level. Now we're not looking at current times we are looking at future times and industries so growth is unknown.
A deprivation case as mapped out above would be pretty clear cut. Someone has cash, they were prevented from accessing it. I don't know how it would go with it being seen as an asset.
There are also penalties for depriving someone of income so you would probably see settlement occur prior to it even going to court or the transfer of asset or value to the person effected.
But I think it would be more "you're blocked we're not crediting your account".
Again this is new and it would be a first if this occurred but I think we will see this happen in the future.
My personal opinion and I could be wrong if Facebook did that in Australia I don't think they would win.
If it occured to a group it would most likely be a class action.
I am not sure of legal services in America, but we have legal aid and pro bono lawyers.
This would be a big case and I think a class action with a pro bono lawyer would be the avenue.
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Class action lawsuits take place in the US all the time. They do end up in huge rewards, of which the attorneys tend to get a fair portion of.
Of course they take years before they are in court and then more with appeals. The problem with the scenario you laid out is the impracticality of it.
If I have whatever money in Diem in a wallet, and I am locked out of my account, I am effectively broke. Sure I might win through the courts but how do I survive until then. Plus, how do I make money if my company was suddenly taken from my due to cutting me off from it?
This is the power that a Facebook is looking to amass.
And do not think for a second that Zuckerberg knows he is quickly becoming more powerful than governments. The US has 300 million people; Facebook has over 2 billion.
These mega tech companies are starting to wield a great deal more power than they had before.
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Something similar to the above is currently happening in Australia. Zuck blocked out main stream news but has also caught unions, small businesses, government agencies and sole traders in the crossfire.
I'm interested to see the outcome, one thing I do know is that it is not wise to piss off governments.
This action also only harms his business, I think he will settle.
Governments are slow to react but I bet there are a few laws in the pipe works to get him back open and operating.
https://7news.com.au/technology/facebook-restricts-aussie-news-publishers-c-2187009
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Yes it was a bold move by him to ban the news out of Australia. The guy does have some balls on him.
He basically smirked the entire time he sat in front of Congress knowing they have no clue what he was talking about.
That is true...for now. However, as we head more into the realm of digital, it is quickly turning to "dont piss off Facebook".
As we become a networked economy, the world of physical becomes a lot less crucial. That makes the digital gatekeepers a great deal more important (and powerful).
My guess is that most of the nation-states will be non-relevant by about 2050.
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Zuckerberg won't have a smirk on his face when Australia charges him with criminal cartel conduct and seeks his extradition.
He made a huge mistake waking apathetic Aussies up from their slumber by being an arrogant bully.
Ask Japan and Germany what happened to the last bullies that provoked Australia.
Maybe.
Although his empire gets bigger and more powerful each day while Australia has problems that many nation-states are dealing with. They operate at a much slower pace than these digital entities.
It is good to think the governments and court systems can take these companies down but I think we are close to the point where they are more powerful than the governments overseeing them.
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And Australia is going to have to go through the USG to get to Zuckerberg.
This is not going to happen with the left in charge. Those people cannot risk Facebook deplatforming them.
They will not take that chance.
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If Australia puts out an Interpol notice for Zuckerberg and the Facebook executive team's arrest on cartel charges the US will comply or else risk everyone else refusing US requests.
The US's entire alliance system would be endangered by such blatant protection of a criminal and refusing an Interpol request of an important ally.
The Dems won't have to worry about being deplatformed because Facebook will be destroyed or broken up.
Broken up? By whom?
Not the United States. It is near 40 years since the US did that with Bell telephone. Hell, the US Government doesnt even stop mergers, continually allowing larger entities to get more powerful.
In fact they allowed Mobile and Exxon to get back together which basically put the two most powerful pieces of the old Standard Oil back together.
So I would not count on the USG stepping in and breaking anyone up.
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Also, his numbers don't count when his on an extradition order and his offices are being raided.
Governments have been fearful of big tech for a long time as it is new. But it is not new to our generation.
Look how quickly Leo Finance has popped up. Facebook won't sustain another 10 - 20 years, it is only growing because it buys out the competition.
It is bringing our Diem because it sees things like Leo Finance as a risk to it.
It's time is up, unfortunately this will most likely mean regulations on tech. I don't know what that will look like and I hope they undertake proper community engagement to develop it. Otherwise they could potentially fuck it up completely.
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LOL that is a joke. And I thought I was unrealistic. I can guarantee you that Zuckerberg and those are Facebook dont even know that Leofinance exists.
Dont bet on that. Their social media site could be facing headwinds but they are already leading in areas of VR and AI. That is not something that is going to stop.
And they can keep buying. That is what large companies do. Oculus was a small purchase, proportionally speaking yet is now worth tens of billions to them with it growing each year.
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Sorry brother I fell asleep.
Leo Finance at current isn't a competitor but it is a risk. Any social platform that under takes a swat analysis and a risk analysis that doesn't pick up on social media sites that provide crypto as a financial incentive, isn't properly researching the industry.
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In regards to FB and Australia I don't think it will escalate and FB will back down, an agreement will be met.
In regards to governments ending I don't know about that but keep in mind if Western Governments fall then the CCP and communism reigns.
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Actually, governments are getting closer to their time being up. They are passe and will not survive, many of them, the next 30 years.
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