Facebook announce a new cryptocurrency but should we trust them?
Facebook has announced a plan to launch a new cryptocurrency named the Libra, adding another layer to its efforts for world domination - i mean global communications and business. Backed by huge finance and technology companies including Visa, Spotify, eBay, PayPal and Uber – plus a ready-made user base of 2 billion people around the world – Facebook is in a good position to reinvent global financial system.
Facebook is clearly seeking more political power on a global scale, despite the potential dangers to society at large.
No stranger to contraversy, Facebook hasn’t behaved responsibly in the past, and is still wrestling with significant public concerns – and investigations – about its privacy practices, information accuracy and targeted advertising.
The technical details of Facebook’s plans are still emerging, but it seems that the company is not seeking to compete with Bitcoin or other cryptocurrencies. Rather, Facebook is looking to replace the existing global financial system with an all-new setup, with Libra at its center. The company may be counting on increased public interest in cryptocurrencies and financial technologies, and its market strength, to overcome objections.
Humanity needs ethical leadership, and time to think through the potential repercussions of rapid technological change. But convenience will most likely conquer good judgement. Looks like we'll just have to wait and see.