rmslade@shaw.ca
Date: Tue, 18 Jun 2019 12:00:36 -0700
Facebook wants to start a cryptocurrency, and become your bank. Yes, that
Facebook, the one that has proven to be so untrustworthy with all the data
entrusted to it so far. Now you want to give it details on all your banking
transactions and purchases? Besides, with most current cryptocurrency
implementations, don't you get to "unmask" all the transactions if you own
the whole blockchain? And who is going to own the whole Libra blockchain?
Then there is the spin on this. Facebook is "doing good" with Libra, because almost two billion people don't have bank account, and with Libra, they can! (Only, if they don't have bank accounts now, how on earth are they going to put money into Libra, or get it out?)
And, given that estimates for Bitcoin operation (let alone mining) approximates the power and carbon footprint of a medium-sized country, what is going to happen to global warming with Facebook pushing Libra to all of it's mindless zombie hordes?
OK, Libra is going to be a "stablecoin," and therefore mining isn't an issue, but how extensively has it been tested before you release it for trial by every hacker in the world? OK, yes, the major credit cards are on board (is SET coming back?), but is it really ready for prime time?