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With Libra cryptocurrency Facebook is the new owner of our lives. Do you agree?

The Libra cryptocurrency, its creation Facebook and dear to many companies - giants, claims to be able to resolve the issues of traditional currencies, while at the same time overcoming its obstacles Bitcoin and other large ones cryptocurrencies towards mass adoption.

With more than 2 billion application users owned by Facebook throughout the world, many have already announced Libra's ability to become the first mainstream cryptocurrency but others questioned the incentives behind the initiative.

Unlike bitcoin, the Libra value is associated with a collection currencies, in order to avoid price volatility - one of the main reasons why people consider Bitcoin unsuitable for use as the principal currency.

Although several large retailers accept the bitcoin, the world's first cryptocurrency is more used for speculative investments.

The Libra may not be the first stablecoin but it will be the biggest and most ambitious to date.

The Libra release comes in a hectic period for Facebook, as we had one year ago Cambridge Analytica scandal which exposed private information to its tens of millions of users. Since then, the giant of technology has been plagued by a series of data breaches that have fundamentally undermined confidence both in its name and in the applications that accompany it.


Critics of the new cryptocurrency include Phil Chen, one blockchain expert who pioneered the first encryption smartphone for HTC. Mr. Chen claims that Facebook's participation means Libra is "The opposite of bitcoin" and another step towards full control of them data and users.

«If until now you were worried about Facebook knowing too much or having too much access to your personal data… the world currency is the most invasive and dangerous form of surveillance ever designed"Said Chen at The Independent.

«If approved globally, we are forced to consider Facebook as one of the 10 largest companies for the next 100 years that have full ownership of the customer and its data. "

It remains to be seen whether Mr Chen will be right. What do you say?


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