Security Experts, Cryptographers and Pundits Poke Fun at “Facebook Coin” During RSA Conference
The RSA Conference has been most-anticipated for this year, as cryptographers, security experts and researchers gather to discuss the world of security.
This year, the topics discussed include coming up with solutions that better one’s connection to his or her peers, living safely with digital aspects and changing the world for the better.
Interestingly, talks about the potential “Facebook Coin” came up in which most attendees supposedly mocked its uses and possible existence. One of the speakers who has since shared his viewpoint, is Paul Kocher – who was also interviewed by news outlet, Mashable: https://mashable.com/article/cryptocurrency-experts-mock-facebook-coin/#v1LDfPQiraq9.
According to Mashable, Kocher believes that bringing together, “Bitcoin’s theft mitigation and Facebook’s privacy seems particularly toxic for users.”
Who is Kocher? Kocher is an independent researcher and renowned cryptographer who has devoted a significant amount of time on algorithms, hardware and softwares to help better security. He is widely known for his work on Spectre vulnerability and has since co-authored projects and made different discoveries of his own in relation to his field. Hence, hearing such a negative viewpoint is definitely alarming.
If Facebook Coin is something serious, Kocher openly said, “So, not going to buy any of that.” With such a strong statement comes arguments for backup, which thankfully Kocher has shared with Mashable.
His first supposed argument involves the current stance of cryptocurrencies in relation to protection. In particular, he shared that, “Payment systems need to protect users from fraud,” which he believes cryptocurrencies have failed to satisfy.
The next argument he made involves Facebook’s commitment to user privacy. Not too long ago, Facebook was repeatedly questioned for selling out users’ information. It would have come of surprise if Kocher did not refer to this point. He said,
“Doubtless Facebook would try to claim that they’d do the right thing, but their track record reflects a pattern of disregard for user privacy […] Facebook’s business model has intrinsic conflicts between their interests and those of their users, which would be challenging to navigate.”
What are your thoughts on the potential arrival of a Facebook Coin? Are you convinced by its nature or like Kocher, will you completely disregard it? Let us know in the comments below!