Jump on Bitcoin or a fatal mistake? What the experts think about cryptocurrency Facebook

The network appears more and more information about the project, Facebook, which, though remote, but still associated with the Bitcoin. As announced on Tuesday morning, Libra is steilcoom with reference to several traditional assets. This presumably indicates that the coin is different from the rest of scriptaction.

The giant social network is joined by several major corporations, including from the cryptocurrency industry. Visa, PayPal, Spotify, Uber, Lyft, Procrypto a16z, Xapo and Coinbase even so eminent a list of those who have already invested heavily in the project Libra.

And although the Bitcoin community is fundamentally opposed to the adventure, considering that LBR has nothing to do with the “real” cryptocurrencies, there were those who wanted to Express a different opinion. Someone perceived as threatening to society as a whole; others saw the project as a catalyst following the rapid bullrun BTC.

Financial privacy? What is this?

Head of decentralized technologies the Taiwanese giant HTC Phil Chen in his comments to the online Platform explained why it is not impressive cryptocurrency project Facebook. Chen also once again emphasized on the fact that Libra — in contrast to projects like Bitcoin — is unlikely to enhance users ‘ privacy on the Internet.

If you are concerned that Facebook at the disposal of too much of your personal data, or excessive access to the social graph, then GlobalCoin will provide corporations virtually access your financial information. And it is not just access to information about your transactions, but wealth and capital.

In the project join dozens, if not hundreds, of millions of dollars. Because of this, it makes me think that Facebook and its countless partners from the Fortune 100 benefit from Libra? Due to its relatively low transaction fees — one of the main differences between the payment processors like Visa or PayPal — we can conclude that the main asset of the project is to user data.

Some fear that in the age of digitalization such cash, the company will have access to all of your social and financial data at the same time. Just last week on the Wall Street Journal wrote that mark Zuckerberg is presumably a few years was aware of the problem of privacy on Facebook, but have not given this sufficient attention.

So all we have to be prepared that something similar will happen with Libra.

If the main objective of Facebook is to get rid of mistrust and further promote WhatsApp and Instagram, it’s not the smartest move. This so-called GlobalCoin is the most invasive form of surveillance used by the company to the current moment. It will be the largest case of loss of confidence in history. If they do launch this project and the weight it will take in the next century, Facebook will enter the top ten largest corporations who hold all our data and our transactions via WhatsApp or Instagram.

Source: Bitcoinist

It seems that Chen is not the only one who thinks so. Part of his attitude to the project Facebook agree with the views of Andreas Antonopoulos. In a recent video known Bitcoin Evangelist and supporter of decentralisation noted that “this project goes against the principles of open networks”. In addition, it is not likely to be infinite, will be relatively private and is likely to be censored.

See also: GlobalCoin from Facebook will destroy all that is good in the cryptocurrency.

Also negatively on the prospects of the impact of a centralized cryptocurrency to niche said Arthur Hayes of BitMEX, mark lamb from CoinFLEX and Alex Vern from IDEX. By the way, the chances of life Libra in Russia.

In our cryptodata of hontarov you will find lots of other useful information.

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