Facebook's Libra Coin Is Both 'Vampire Project' And Regulatory Nightmare

Coatsink

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Jun 22, 2019
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Another fantastic post by Forbes for why we should all be wary of project Libra "[Facebook's Libra Coin Is Both 'Vampire Project' And Regulatory Nightmare](https://www.forbes.com/sites/kenrapoza/2019/06/20/facebooks-libra-coin-is-both-vampire-project-and-regulatory-nightmare/#70ce53c31067)", Like I mentioned in a previous post here I have strange alarm bells ringing because It seems similar to another project white paper that I have been following, Element Zero - whether there's an actual correlation or not who knows! [Element Zero foundation is a not-for-profit organization with a stablecoin that completely removes volatility.](https://www.elementzero.network/) So, I'm not too keen to get on board, knowing that solutions are already out there, who don't have a bad history. Facebook had a big name and following once, but the platform is declining in popularity and many of its recent developments seem to be grasping at straws. Libra as development is not strong enough to bring a company that's already in decline back. Moreover, blockchain adoption at the cost of enforcing centralized surveillance so big powers can keep their monopoly on society is unacceptable. we ought to contemplate whether this is healthy and worth giving away our purchasing information.
 

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  • Facebook Libra Coin is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. Backed by a reserve of various assets designed to give it intrinsic value, it is governed by the independent Libra Association tasked with evolving the ecosystem. Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members. While final decision-making authority rests with the association, Facebook is expected to maintain a leadership role through 2019. The Libra mission is to reinvent money and transform the global economy so people everywhere can live better lives.

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