Should we trust Facebook? | Trends


Facebook speaks, and media from all over the world enter into undisputed effervescence. “Zuckerberg launches a decentralized cryptocurrency based on blockchain that will make transactions cheaper and bankrupt 1,700 million people, ”we exclaim. But euphoria is rather the product of smoke from a communication campaign with words cuckoo as blockchain or cryptocurrency

First, Libra doesn't really use blockchain, does not encrypt transactions or put them in blocks chained together. Nor is it a cryptocurrency like bitcoin, created by miners through proof of work, but fiat money referenced to debt and ... lifelong fiat money.

We reach the second point: Libra is not a decentralized system. It has a private central regulator and 24 partners that have put ten million per beard for being the nodes that validate the transactions, and does not allow external nodes (for now).

Transferring money between countries is expensive. But not only for commissions. Also due to regulatory or political issues. Will Libra be able to charge less than Transferwise, Revolut or PayPal itself (Libra member)? Nor does it seem that the solution for unbanked banking is technological. Education, or solve social and administrative problems are much more important.

"Let us get rid of the money / The greens and the purples / I look at that as a poison / That they take it away from me."

Rosalia, God free us from money.

Which leads us to ask what (...) Libra was created for. And we must trust that it is not an attempt to create a new Federal Reserve and gain control over the money supply by a company that, according to many, already has too much power. And if it's a matter of trust, why should we trust Facebook?

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