Introduction and summary
"Facebook puts on brave face with Libra" is about potential investors dropping out of Facebook's planned crypto-currency. The article says that traditional credit firms such as Visa and Mastercard dropped out of Facebook's plan following warnings from the US government about how disruptive Libra, the name of Facebook's payment system, might be to government controlled money systems.
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Response: What is your opinion?
Although I think these innovations need to be approached with caution, I'm also glad that Facebook is trying something new that offers to make it easier for poeple to buy and sell things and to move money around the world. Governments have traditionally controlled money supplies and I don't think they are have a great record, so letting private groups in might be very healthy. There is a risk, but that is not a good reason to ban things. Cars are also risky, and were very dangerous when first invented, but that would have been a very bad reason to ban them or make it impossible for customers and businesses to take the risks that have brought us the modern car, which is very safe, convenient and relatively cheap so that most people in developed nations can buy a car if they want to.I think that we should also be allowed to use different payment options with minimal government oversight. If a system does not work well, it will quickly fail, as it should be allowed to and as businesses not run by governments stealing from tax payers do fail when they do not offer a valuable service to customers.
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My introduction and summary is 57 bwords, which is fine. You want to tell readers the topic and main idea, and although the maximum number of words is 120, there is no minimum word count.
ReplyDeleteMy response is 201 words, and that is appropriate. The response should be at least twice as many words as the summary. This is similar to the IELTS writing tasks: the description in part 1 that introduces, summarizes and gives important details is at least 150 words, but the writing task 2 is at least 250 words because you have to state and support your opinion about something.
I party agree with your opinion, but I am still worried that market mechanism might change the meaning of the currency, for example, property prices are incredible high these days. It is not a facility people live in, is a facility for investment now. I wonder if same changes will happen on the currency due to management of private companies.
ReplyDeleteJunko's comment reminds me of Bitcoin, which effectively stopped being an actually useful currency when it became an investment tool hijacked by people hoping to get rich quick. I think that is a risk, but the same also applies to traditional currency trading. For example, currency investors did much to cause the 1997 financial crisis that began in Thailand, with disastrous results for millions of ordinary people. (It was actually good for me, but that does not seem to me a good reason to approve of the crash fuelled by greedy investors hoping to get rich without working for it.)
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