On June 19th, I wrote a piece arguing that Silicon Valley firms could easily disrupt Wall Street. I suggested potential successful opportunities and some businesses to avoid. Lo and behold, that same day Facebook (FB) launched Libra. To my amazement, Libra seeks to implement none of my recommendations. It plans to offer an alternative payments mechanism for the unbanked; a service that has been beaten to death by the financial incumbents.
In the earlier article, I made two suggestions.
- Accept a reasonable return for your services. Replace a service that costs too much