ZuckCoin part 3: - where do fiat currencies used to buy ZuckCoins live? on a bank balance sheet somewhere, in a segregated account & invested in ultra safe assets. - what of the credit & counterparty & invesmtent risks associated w/these fiat deposits? massive all around! - ZuckCoin needs c-banks, instead of or in addition to banks, as partners. - the systemic risk of 2.7 billion users with their ZuckCoin wallets (spending, investing, paying, saving, borrowing) outstrips any one bank or group of banks. - the complexity of the ZuckCoin governance (basket of fiat, how managed over time, burning & issuance of Zucks) will challenge economic policy makers on monetary or fiscal matters. - i was focused on the data privacy issues (duh, FB) but the macro and micro economic issued & money creation issues via banks are as important.
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