Facebook's Cryptocurrency Global Financial System

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Jul 25, 2018
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#1

SLVRBK

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Oct 16, 2003
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Why in the world would anyone trust FB not to collect their data regarding spending, wealth, etc and find a way to monatize that info.
 
Jul 25, 2018
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Boulder, CO
#3
Why in the world would anyone trust FB not to collect their data regarding spending, wealth, etc and find a way to monatize that info.
Yeah, that concern is definitely addressed in the article for obvious reasons.

It's definitely got me thinking about potential ramifications. A worldwide, off the books monetary system that's mainstream & not a niche, could have huge implications.
 

SLVRBK

Johnny 8ball's PR Manager
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Oct 16, 2003
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Yeah, that concern is definitely addressed in the article for obvious reasons.

It's definitely got me thinking about potential ramifications. A worldwide, off the books monetary system that's mainstream & not a niche, could have huge implications.
Phil Chen, Decentralized Chief Officer at HTC, said the move was part of a "dangerous" power grab by Facebook.


"If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information," he told The Sun. "It’s not just access to the information of your transactions, it’s direct access to your wealth and capital.

If the top-line question about Facebook and antitrust is about whether to break it up and spin off the likes of WhatsApp and Instagram – well this global coin is the most invasive and dangerous form of surveillance they have devised thus far. This will easily become the most dangerous antitrust case in history.

If this is launched and adopted worldwide, we’re bound to see Facebook as the top 10 biggest companies for the next 100 years that have complete ownership of the customer and their data from their social graph to every transaction recorded through Facebook, WhatsApp and Instagram.

This project is the antithesis of bitcoin and is another step towards total control of data and users.

https://www.thesun.co.uk/tech/9319668/facebook-launch-libra-cryptocurrency/
 

SLVRBK

Johnny 8ball's PR Manager
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Caitlin Long, a former Wall Street executive who blogs about blockchain, a public ledger for bitcoin, said Facebook left many questions unanswered.

Facebook "didn't lay out its regulatory strategy... but I think the #crypto industry just gained a powerful new ally in our quest to fix outdated laws that stand in the way of progress," Long said on Twitter.

"I do worry about other govts viewing #Libra as a giant data honeypot for govt surveillance & tax reporting purposes. Will you encrypt customer spending history so you can't see it or report it to govts? You didn't answer that."

https://phys.org/news/2019-06-virtual-money-facebook-disrupting-world.html