More

    Mark Zuckerberg Says Facebook's Libra Project is Trustworthy, Being Backed by Big Name Players

    It should be pointed out that established crypto projects such as Bitcoin, Ethereum make use of an open-source design that goes against everything that Libra essentially represents (i.e. the centralization of the crypto industry).

    • Most of Libra’s high-profile backers such as Uber, MasterCard, Visa, eBay have previously been involved in numerous multi-million dollar frauds, scams.
    • While the mainstream media is trying to portray Libra as being a totally decentralized currency, the fact of the matter is, the digital offering is eerily similar to JP Morgan’s JPM coin in its design.

    Late yesterday afternoon, Mark Zuckerberg, released a tweet in which he mentioned that by fostering an independent organization such as the Libra Association, his company was trying to create a global financial ecosystem that is built on the principles of consumer trust and transparency

    On the subject, the billionaire was quoted as saying:

    “… the Libra Association is an independent organization, and we will have one vote in it… By the time it launches, hopefully we will have 100 co-founding companies.”

    More on the Matter

    In the quote presented above, Zuckerberg claims that because a lot of established firms have partnered with the Libra Association, the common man should trust his latest project. However, it should be pointed out that two of Libra’s largest backers — namely Visa and Mastercard — have both previously been accused of monetary fraud (a number of times).

    For example, the Equifax data breach from a couple of years ago, saw the details of more than 200k Mastercard and Visa users being leaked online and sold on the darkweb.

    Other Companies Associated with Libra that Have a Shady Past

    eBay: Back in 2014, hackers were able to steal eBay’s entire customer database (thereby compromising the personal info of more than 145 million individuals).

    Uber: A few years back, hackers were able to steal the account details of more than 50,000 Uber drivers. However, what is most shocking is the fact that, the firm did not disclose this information up until the following year.

    Facebook: As is well documented by now, the premier social media platform was involved not only in the Cambridge Analytica scandal but also in an episode where hackers were able to compromise the details of more than 50 million FB customer accounts late last year.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Shiraz J
    Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,368FansLike
    2,785FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.