Miscellaneous
The concept of BoP was first introduced by C.K. Pralahad in his book The Fortune at the Bottom of the Pyramid. The underlying idea behind the concept is simple: markets at the bottom of the social pyramid are a source of unexploited entrepreneurial and business opportunities. Some of the brightest minds in the Bitcoin community have argued that Libra, a virtual currency managed by the Libra association – a Switzerland-based foundation initiated by Facebook – with no control from government authorities, will be beneficial to financial inclusion, to the world of cryptocurrencies, and more specifically to Bitcoin, by raising people’s awareness about central banks’ monopoly over monetary supply and giving the general public exposure to the world of cryptocurrencies. NARRATIVE The role of business to meet social needs. In this context, fostering financial inclusion. RISK Adverse incorporation: inclusion in markets with no protection, no recourse. NARRATIVE Business’ responsibility to replace the failing state. In this context, challenging central banks’ monopoly over monetary system. RISK A risk to public accountability, as businesses cannot be held accountable as easily as public sector institutions. NARRATIVE Revamping the concept of poverty, more specifically increase the productivity and unleash the potential spirit of the poor. RISK Accumulation by dispossession: users of the Libra coin will generate value for the project, while granting the Libra association vast amount of data on their behaviour, daily habits, etc. Hence generating a new source of potential revenues for the Association and its members. The informal subjects then more legible become easier to govern. NARRATIVE The creation of innovative (often technology-focused) business solution. In the Libra example, this involves the creation of a digital currency based on a permissioned blockchain. RISK Attack the symptoms of poverty without changing the underlying structure by hiding behind open source and technological idealism. NARRATIVE Legitimate initiative supported by renown academic and not-for-profit institutions. RISK Unconventional partnership with NGOs (e.g. Mercy Corps, Women’s World Banking) and supposedly independent institutions (e.g. University College London, MIT) to legitimise and hide the rent-seeking nature of the initiative.