Facebook Releases Libra Explanatory Document Scorning Crypto

Facebook's Libra Whitepaper charges against cryptocurrencies, despite relying on the technologies developed for them.

The Libra whitepaper , for Facebook's centralized, crypto-based digital currency, has been released. My intention was to read the document, as I have many others, to form an informed opinion, but I haven't gotten past the introduction. If we disregard the fact that this currency is being launched by a group of private companies, we can begin reading.

It's a huge undertaking, without a doubt, because Bitcoin , Ethereum, and similar cryptocurrencies don't have corporations behind them. They originated from a group of enthusiasts seeking to develop an open, decentralized currency accessible to everyone. Facebook is the complete opposite, since, initially, it's controlled by a group of private companies.

Facebook and its great scam called Libra

They boast in their document of coming to solve the problem of the difficulties of many people to access conventional banking. The problem is that the solution passes through a group of private companies, many related to banking. But the introduction is already the paradigm of hypocrisy at its best.

"Finance charges can be as high as $ 30 just to get a loan of $ 100" You have noses that this is said in a document signed by Mastercard, Visa and PayPal, it is absurd. It would be the same as they say in the United States, that weapons offer security to people, when it is not like that and has been seen so many times.

The ultimate expression of hypocrisy

"The massive market use of existing blockchains and cryptocurrencies has been hampered by their volatility and lack of scalability, which have thus far made them a poor store of value and means of exchange."

I must admit that after this sentence I have not been able to continue reading. First they tell you that blockchain technology is cool, cryptocurrencies are a revolution and then they blurt this out to you. Hi?

Do you know what is the most fun? Well, among the companies that support this thing invented by Facebook is Coinbase. For those who do not know Coinbase, it is one of the most important exchange for buying and selling cryptocurrencies in the world. It will surely be quite expensive to appear associated with this document.

Conclusion

Now Facebook is legitimized to pay us a miserable for our data. It will give us a scratch while they continue to generate millions and millions at the cost of our information. For years we have given it to him for free and that has caused him legal problems. Now they will give us a few cents and we will no longer be able to complain.

But whoever will pay the most, is whoever is associated with this project. Coinbase is sure to be disowned by many. Many of those who have attacked cryptocurrencies, if they jump on this bandwagon, they will be publicly flogged.