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When Libra was originally introduced, it was simple to be ecstatic: “This has to mean a lot for Bitcoin and other cryptocurrencies.” That giddy feeling passed fast.
It's a pity Facebook even refers to Libra as a cryptocurrency. It's just one giant ruse. A decentralized, untamperable digital currency is what they offer, but all you get is a glorified PayPal that exploits your privacy and re-sells your data at a brisk rate of knots.
I don't blame anyone for viewing Facebook's Libra as a significant advancement for blockchain and decentralized technologies. They notice that Libra has crypto on her mind. People will be willing to use Bitcoin if they are willing to utilize Libra, they believe. I understand.
Libra, on the other hand, is not a gateway cryptocurrency. It isn't the beginning of a global shift toward digital currencies. In actuality, Libra is the very reason why cryptography is so important. It's a reply to the age-old question, "Why do we need Bitcoin?"
Why would a firm that is routinely chastised for censorship, election tampering, and data abuse suddenly branch out into finance?
Why would Facebook risk it in a climate where people are already skeptical of social media platforms that ask them to sell their souls?
They knew it would be a costly struggle through a complex regulatory environment, they decided to take on the Securities and Exchange Commission and the House Financial Services Committee. This is something that I'm sure Zuckerberg dreads. For something that is scarcely distinguishable from PayPal?
No. After a quick glance, it's clear to conclude that Facebook made a mistake in this regard. Then then, it could have been a sheer chance. Leap before it's too late. Promote crypto-fundamentalists and Facebook stockholders by leading regulatory measures.
Nevertheless, that's not the case. As a result of these efforts, we are not only trying to be the first to do something, we are trying to be the best. It will be part of a larger Facebook effort if the Feds decide to hop on the Libra bandwagon (which they may or may not).
In my opinion, our legislators don't have a good enough grasp of economics or technology to recognize what's coming.
However, Facebook's price to pay is public outcry over data issues and the regulatory shitshow, and not an unintended consequence. Everything seems to be going according to plan if you ask me.
Since its start, Facebook's economic model has radically changed. In addition, FarmVille has long since sunk into irrelevance. With billions at their disposal as well as a keen eye on the social media landscape, they often purchase up those companies that are lightning in a bottle (think Instagram, WhatsApp, etc.). In exchange, the company makes them an irresistible deal, and then they add that app to the United Apps section of Facebook.
The all-in-one digital identity manager, I believe, is what Facebook has in mind. Already, they're doing it. The "Login with Facebook" button is everywhere. When using dating applications, you can utilize Facebook to verify your identity. With each new data collection effort, Facebook's cash cow continues to grow.
When it comes to collecting data, Libra is the equivalent of an oil rig. "Censorship-resistant" and "decentralized" are just two of the terms used to describe it. Right. If Libra works, that's great. You may sign up for digital subscriptions by clicking on the "Sign up with Facebook" button. It's as simple as clicking a button to sign up for Netflix, Spotify, or Tinder Gold. The only thing you need to do to get started is log in with Facebook. But this isn't Venmo 1.0, this is Venmo 2.0.
As an added bonus, consider that Libra is the piece of the puzzle that integrates financial data into the digital identity picture for all Facebook users. You can only imagine the worth of these digital identities when you factor in purchasing habits and financial measurements. Facebook owns them all. It's like waking up in a Facebook puddle. That Facebook board room meeting would have been fascinating if I had been there.
In the end, I expect the Feds will support Libra. When they're confident that Facebook will follow their rules, they'll guffaw and huff until they're satisfied. And why wouldn't they? As the world's largest data field, Facebook is trying to tap into it. Libra's classification as a cryptocurrency will be welcomed by the Federal Reserve since it will relieve them of the burden of regulating Bitcoin.
We're not anti-crypto! ", they scream. "See, we allowed you to have Libra!" they said. But only if it has a Libra-like quality to it, they'll tell us, as long as we follow their rules.
All of us will benefit greatly if Libra succeeds. What Libra is can't be forgotten. An attempt to compile an exhaustive profile of every Facebook user is a ruse. It's just another step in the direction of massive data exploitation.
Go ahead and double-check your private keys right now, please. This isn't a lecture on how to cancel your Facebook account or how to stop using Libra. It's likely that I'll use it. But know what you're doing before you start. Facebook owns whatever you give it, so keep that in mind. You'll want to be very careful about what you give them. Lastly, don't let anyone refer to Libra as a cryptocurrency.