Facebook, the more than 2 billion user social networking site is launching a “cryptocurrency” coin; and the world is in a frenzy. Everyone seems to be so in favor of this coin and not many are pointing out the negatives like there will be no decentralization, there seems to be two different coins one for the selected few (the rich) who Facebook noted as their “exclusive audience” and one for the masses in the forms of “Libra investment token” and the regular Libra, also Facebook will continue to collect and probably misuse user data.
The rollout is an international payment system using crypto tokens. Facebook has “founding members” such as Visa, Mastercard, Uber, Lyft, PayPal and others on the project. Companies that should be noted as slowly withering away thanks to decentralized blockchain projects. Facebook has been in talks with banks and different international governments as well. With Bitcoin being known to the US and other governments and to banks as a disruptor, and with Facebook soon to introduce a coin that seems to be in bed with governments and banks there is a red flag that’s waving high and bright which leads to a burning question which is...What in Cryptoland is facebook trying to pull?
Facebook is known as a control dominant company that likes to govern its users with tactics such as storing user information and using it later for target marketing. Facebook has always seemed to be in line with the government as far as targeting users, storing user information, and keeping track of users in general; as if they are a part of the big brother eye in the sky. So Facebook meeting with an array of international governments, and partnering with the aforementioned withering companies that all stand to lose to decentralization and Bitcoin is very suspicious.
Governments are threatened by the power of Bitcoin and the freedom that it gives us the people because with Bitcoin we do not need a treasury, we do not need banks, and we definitely do not need the taxman taking money without our authorization. Companies that will become obsolete due to the freedoms of decentralization and Bitcoin are threatened because with Bitcoin and blockchain technology the outdated services, high prices, and monopolistic treachery of these companies will be no longer tolerated.
With all of this in mind, we are left to wonder why Facebook is even attempting this coin. Is Facebook just trying to gain more power and manipulation over users by having them think they are involved in blockchain technology and cryptocurrency when Libra isn't even a real blockchain and the coin isn’t actually a coin but more of a token? could it be these conglomerates that are linked with this project are looking to use Facebook as their face to try and beat out Bitcoin? If so they are in for a rude awakening because Facebook’s coin will never beat out Bitcoin. What will happen is Facebook will expose its billions of users to crypto with the introduction of their “coin” and once their users realize that Facebook is still the same old Facebook using and manipulating them personal gain. The users will look to move away from this project and by this time they will already be introduced and familiar with cryptocurrency so all we’ll have to do is welcome them to real cryptocurrency and decentralization with Bitcoin.
So sit tight crypto family, Facebook is no threat. If anything Facebook will inadvertently further promote Bitcoin. In Actuality, it is great that Facebook wants to introduce its masses to the wonderful world of cryptocurrency.
