Facebook ensuring Global Dominance through private Cryptocurrency

DanHirschberg

DanHirschberg

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From Coindesk.com

Facebook Registers Secretive ‘Libra’ Cryptocurrency Firm in Switzerland

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John Biggs

May 17, 2019 at 20:45 UTC
According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This coincides with the slow roll-out of their internal cryptocurrency that will define the company’s first foray into blockchain technology.

Facebook Global Holdings is a stockholder in the new company and it will, according to Reuters, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”

Facebook’s march towards crypto has been slow and steady. The company’s latest move, the hiring of two Coinbase compliance managers, happened on May 14.

The Libra project has ruffled some feathers in Congress, as well. US lawmakers sent an open letter to the company seeking clarification on the currency’s purpose and implications.

They wrote:

The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.

Facebook declined to comment on the new company. Recent rumors pointed to a tentative $1 billion raise to be used to build out the technology.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
 
So now they can fully track your transaction habits and sell them to the highest bidders (meaning the ones raking in massive tax revenues - using your own money to spy on you)

In Facebookanistan humans are no longer human, they are simply entries in a database and points on a chart to be tracked and extracted from in any way imaginable.
 
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pillagenburn said:
So now they can fully track your transaction habits and sell them to the highest bidders (meaning the ones raking in massive tax revenues - using your own money to spy on you)

In Facebookanistan humans are no longer human, they are simply entries in a database and points on a chart to be tracked and extracted from in any way imaginable.
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they could do that if they made any money moving service. If this happens to be a trade able crypto it would actually allow more privacy as one could just trade it for an anonymous crypto. If their only goal was data collection I cant see any reason they would bother with a blockchain at all. Unless they are just trying to piggyback off the crypto hype whitch they could easily hype up as much as they want with there deep pockets.
 
cdabc123 said:
they could do that if they made any money moving service. If this happens to be a trade able crypto it would actually allow more privacy as one could just trade it for an anonymous crypto. If their only goal was data collection I cant see any reason they would bother with a blockchain at all. Unless they are just trying to piggyback off the crypto hype whitch they could easily hype up as much as they want with there deep pockets.
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I get what you're saying, I think the only issue being that with crypto, and admittedly I don't know any details of their coin, they could control (through various means) the issuance of this currency and somehow become their own quasi-sovereign "virtual state"

If their platform ends up being a viable mechanism for value creation and transfer on a broad scale, and they control issuance, then I can see some dark times ahead for privacy IMO.
 
DejaWiz said:
Everyone that uses the actual FB app from the Win10 store will see an unusual and inexplicable increase in their CPU utilization, right? ;)
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they wont allow decentralization of currency issuance - they will hold the monopoly on this.
 
pillagenburn said:
they wont allow decentralization of currency issuance - they will hold the monopoly on this.
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My post was meaning that they'll use everyone's computers which their app is installed to mine with for filling their own coffers.
 
DejaWiz said:
My post was meaning that they'll use everyone's computers which their app is installed to mine with for filling their own coffers.
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this would be fairly unnecessary. If they create there own crypto they can make it very computationally light and just run it on there own servers. Thats probably what they would do as there is no benifit to them if they make this coin backed by computing power as most mineable cryptos are. This coin will most likley only be backed by facebook as then they have full control over it.

pillagenburn said:
I get what you're saying, I think the only issue being that with crypto, and admittedly I don't know any details of their coin, they could control (through various means) the issuance of this currency and somehow become their own quasi-sovereign "virtual state"

If their platform ends up being a viable mechanism for value creation and transfer on a broad scale, and they control issuance, then I can see some dark times ahead for privacy IMO.
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that could indeed be the case. However hopefully its a publicly traded coin where it could be exchanged for much better and more secure cryptos. Honestly if its not easily tradable, they dont give access to the private keys, or its backed soley by facebook servers it is no more valuable then monopoly money.
 
cdabc123 said:
they could do that if they made any money moving service. If this happens to be a trade able crypto it would actually allow more privacy as one could just trade it for an anonymous crypto. If their only goal was data collection I cant see any reason they would bother with a blockchain at all. Unless they are just trying to piggyback off the crypto hype whitch they could easily hype up as much as they want with there deep pockets.
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Unlike a Bank or a Credit card company, facebook is one of two online advertising monoliths. It can force companies to participate using it's advertising oligopoly status over consumer objection. If a monopoly in online service is inevitable, it's time to restrict that monopoly to just that business area.

They have the power, after a time, to force out other payment methods. What happens if you go to buy food and Facebook refuses to allow you to transact because you insulted Zuckerberg in a tweet 5 years ago.
 
Jagger100 said:
Unlike a Bank or a Credit card company, facebook is one of two online advertising monoliths. It can force companies to participate using it's advertising oligopoly status over consumer objection. If a monopoly in online service is inevitable, it's time to restrict that monopoly to just that business area.

They have the power, after a time, to force out other payment methods. What happens if you go to buy food and Facebook refuses to allow you to transact because you insulted Zuckerberg in a tweet 5 years ago.
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Wow this thread took off deeper than I thought it would.
I posted this with the subject header in a way that was intended as tongue-in-cheek, however, there was a part of me that carries this concern that SMPs are being utilized for a digitization of humanity-go with me here-we've become dependent on them and this would be a way of drawing clearer defining boundaries of a digital state. Facebook doesn't want world domination, it has world domination. At this point I wonder if the currency is a means by which those who wish to participate in tomorrowland will be ostracized.

I was reading an article by Tika Tiwari that contained orwellian references to keeping people from participating in society who didn't play by it's rules through the use of blockchain tech. (Ostensibly for breaking the law) However, remember in The Running Man, Arnold's character was run on the newsreel for shooting two people at the airport, when the insanely-hot-for-the-80s Maria Conchita Alonso (seen here in GILF status)
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She says "he shot nobody!" Or some such other dialogue-wasn't really paying attention to what she was saying....
the point is dadgummit...her boobies are taking up the top of my screen and I can't type the rest of this without paging down...



















The point is that this FB tech could be the early progenitor for state-level enforced social exile. Then again, I may need to go back to my basement and shut up.
 
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