Digital currency provides unprecedented abilities to spy on and control what people do, and having that power in the hands of a few people is very dangerous. The Big Tech monopolies of Silicon Valley are building a future where your every action is monitored, and giving Facebook control over what you can and can’t do with your money will be the same level of dystopia as having a politician do the same.
Also Read: Capital Controls in Argentina Demonstrate Dangers of Government-Controlled Money
Libra Is The Exact Opposite of a Cryptocurrency Ideal
There has been a lot of attention given to Libra in the cryptocurrency community ever since Facebook has announced its plans for the digital coin. On social media and forums people were predicting it would be an on ramp to the new economy, and in conferences and other events people were talking about it as evidence that crypto is going mainstream. Some companies servicing the market have even announced that they are set to incorporate Libra into their current offerings. While the attention is understandable as Facebook is a huge company and its choosing to issue a digital token is a major event, the excitement is misplaced.
Cryptocurrency was invented to bring economic freedom to the world and provide people with a way to transfer money without intermediaries that can censor or block them. Libra will most surely be the exact opposite of this ideal. It will be a system for transferring value only between parties that are identified and pre-approved by the controlling bodies. And it may also be far worse than the current banking system.
Facebook makes its money selling your data. Not just your age, gender, and location, but also who you vote for, what causes you
