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BANG FOR YOUR ZUCK? Facebook unveils ”its most invasive and dangerous
form of surveillance
yet’ with launch of Libra cryptocurrency

Original Article

Posted By: M2, 6/18/2019 4:58:58 PM

FACEBOOK is launching cryptocurrency next year that will allow people to move money from their smartphone into a digital "wallet". The currency is known as Libra, which the social network says it has "no special role" in governing and will manage equally with a group of big companies. Experts have branded the move a dangerous power grab that marks Facebook's "most invasive" form of surveillance yet. So far, Facebook has enlisted 28 firms, including Spotify and Uber, who each had to invest a minimum of £8million to be a founding member of the Libra Association, an independent not-for-profit membership organisation. It wants to attract 100 businesses in time for launch,

Comments:

The mark of the beast.

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Reply 1 - Posted by: chumley 6/18/2019 5:06:02 PM (No. 100976)
I may be a bit old fashioned, but my biggest complaint with our money now is that it has no value in and of itself. Coins are made of worthless pot metal and bills are made of paper. The gold standard is gone and our money could become worthless instantly. Cryptocurrency has the same problems but a thousand times more. It has no physical presence at all. It is blips over a wire and can disappear with a power bump. Then what do you do? I want something I can hold in my hand that has value.
6 people like this.

Reply 2 - Posted by: TrueBlueWfan 6/18/2019 5:06:39 PM (No. 100977)
Will someone rid us of this monster, Facebook? Why does anyone need this, and anyone who uses Libra is an idiot.
8 people like this.

Reply 3 - Posted by: Newtsche 6/18/2019 5:25:19 PM (No. 100984)
Zuck needs more power and money? He seems to have designs, a control freak who may one day make Soros look like a piker.
4 people like this.

Reply 4 - Posted by: Trapper 6/18/2019 5:33:04 PM (No. 100986)
National currencies are backed by the economies and governments of entire countries, which at the very least have territory, land. And the dollar is backed by the largest and strongest economy on the planet, which is why the dollar is the standard global currency, backed by a $21 TRILLION GDP economy. This stuff will be backed by what? Zuck's latest whim? Facebook's 2018 revenue was $56 Billion. That's a "B." Facebook is three tenths of one percent the size of the US economy. Why in the world would anyone consider ever for a nanosecond abandoning the dollar in favor of Zuck's crypto delusion? This is a belated April fools' joke, right?
3 people like this.

Reply 5 - Posted by: Omen55 6/18/2019 5:35:16 PM (No. 100988)
Yes,by all means,all you criminals please allow yourselves to be tracked.
1 person likes this.

Reply 6 - Posted by: Hermit_Crab 6/18/2019 7:06:42 PM (No. 101035)
Indeed. Fiat currency is bad enough when backed by governments. Bits and bytes created by a computer system (and cryptocurrency advocates; please spare me the 'the block-chain makes it real" arguments) is even more useless in the long run. like with any ponzi scheme, early adopters CAN make big bucks if they cash out in time. And at least the worthless pot-metal coins that #1 mentioned, if worse comes to worse , you can drill a hole in them and use them for washers with nuts and bolts. And the paper money can be used for toilet paper or the ink bleached out and the paper re-used as a high quality note paper when the government issuing it fails. so at least that can have SOME utilitarian value. Zuckerberg already tried to get everyone's banking records through the banks. Failing in that (hopefully he failed completely), he hopes the suckers will open an account at the Suckerburg Bank so that he and his CIA buddies will be able to track your supposedly secret and untraceable transactions. think I'd maybe even prefer to 'invest' in Maduro's Venezuelan "Petro" cryptocurrency than something Fakebook would be running.
2 people like this.

Reply 7 - Posted by: Hermit_Crab 6/18/2019 7:12:53 PM (No. 101039)
I miss the "Preview" button that was in the old comment software on this site but not in the new system. Sorry about the errors I made in the formatting of my post above.
2 people like this.

Reply 8 - Posted by: DVC 6/18/2019 8:56:27 PM (No. 101086)
You would REALLY have to be ultra stupid to fall for this scam.
1 person likes this.

Reply 9 - Posted by: FLCracker 6/18/2019 9:14:25 PM (No. 101099)
considering Facebook's trac record with just personal info, why on earth would anyone trust them with money (or a money-like substance)? And again, like with the personal info, what is facebook REALLY selling to make oodles of (real) money to provide this "wonderful" new service to its marks?
1 person likes this.

Reply 10 - Posted by: hammondb3 6/18/2019 11:36:52 PM (No. 101145)
Bitcoin was conceived in 2008 as a result of institutional and governmental failures of epic proportions. Its purpose was to create a means of storing and transferring value than can succeed and be both totally transparent AND opaque at the same time. Every single Bitcoin transaction is stored in the blockchain ledger and anyone can look at any transaction at any time they wish. However, they can only identify their OWN transactions. Facebook's Libra is NOT an attempt to further the decentralization aspect of Bitcoin and other common cryptocurrencies. It is not an attempt to empower the individual as almost all true cryptocurrencies to. It is an attempt to gain more information, exert more influence and I simply see no way in which the rotten and diseased organism called Facebook can produce anything not likewise diseased. To a broader point. Say what you will about Bitcoin, Ethereum, Litecoin, Ravencoin et al. They are here to stay and they will survive the collapse of banks and governments as long as a computer network exists. Those who claim that crypto is a thieve's playground forget that exists not just because crypto offers fairly strong anonymity, but also because banks and governments have their noses in everybody's business. There was a time when crooks used cash. I do not remember people complaining that cash was bad because crooks used it. IMHO, everyone should own SOME cryptocurrency. I have about 3% of my net worth in various cryptocurrencies. Those with even a rudimentary knowledge of what crypto is all about know that the term 'Corporate Cryptocurrency' is a complete oxymoron. Crypto is for the individual. Period. Please consider what I said about owning SOME crypto and just hold into it for a long time.
0 people like this.

Reply 11 - Posted by: Trigger2 6/19/2019 3:54:44 AM (No. 101193)
Put any real money in this scam and it'll go poof. The investing firms will be become rich. I want them all named so I can avoid them.
1 person likes this.

Reply 12 - Posted by: ussjimmycarter 6/19/2019 4:38:40 AM (No. 101201)
We complain that our fiat currency isn't worth anything... 1's and 0's on a computer somewhere are worth far less! Are they based on anything? Gold? Nope! Good luck on that giant gamble...I'll keep my money on things that actually have value. Metals...including lots and lots of lead attached to brass!
1 person likes this.

Reply 13 - Posted by: DVC 6/19/2019 11:08:59 AM (No. 101457)
#9, you said "trust them with money or a money like substance"...you will have to give them REAL money to get some of their fake money. You are exactly right, who would be that stupid?
1 person likes this.

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