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.

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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


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