You know that feeling when you have your own community and you guys play by your rules and then some rich outsider appears and suddenly he thinks he’s better than everybody and doesn’t need to play by the rules? That’s pretty much how Facebook is entering the crypto world.
Now it seems that Weiss Ratings, a popular crypto rating platform, has had enough. The platform has slammed Facebook, not exactly for its upcoming product, so-called Facebook Coin or Project Libra, but by not being a part of the blockchain or distributed ledger technology (DLT) discussion.
In the next tweet, Weiss Ratings claims that Facebook is calling several market experts to work on its Project Libra. They have affirmed that the company is “noticeably absent” from the discussions about privacy and the blockchain.
#FB allegedly recruiting financial firms to develop its own #crypto, project codename Libra. Financial firms are being recruited yet, #Facebook is "noticeably absent" from discussions about using #DLT to enhance user privacy. What does that say about #FBCoin? #ThisIsNoCrypto
— Weiss Ratings (@WeissRatings) May 15, 2019
What does that say about Facebook Coin, they asked. The answer is that Facebook is simply not giving a damn to the people in the crypto world. Despite using the hype created by Bitcoin to promote its own project, Facebook simply couldn’t care less about the whole community and its values, as well as its unspoken rules.
Facebook Is Centralized And Have Privacy Problems
The center of the problem here is that Facebook has a very bad history with privacy. The company often sells the data from its users and was at the center of a recent scandal with Cambridge Analytica. Weiss Ratings commented on this case and affirmed that the scandal showed how the company simply did not care to protect the privacy of its users.
Another important concern, according to Weiss Ratings, is how the social media and tech giant will focus on getting more and more people on its centralized network. According to them, Facebook is not focused on what was supposed to be the focus of the distributed ledger technology.
Other Figures In The Crypto World Are Also Concerned
Andreas Antonopoulos, a famous Bitcoin author who wrote the Mastering Bitcoin book, has also attacked Facebook and its project. He affirmed that the social media behemoth will sell the data from the transactions to several commercial companies, so people should not trust Facebook.
Facebook, according to him, is a very centralized company which is too bordered and controlled by completely closed systems. It is basically just like fiat, except digital. How is that revolutionary? Digital fiat already exists in banks and there is nothing inherently new about it, that is the truth.
While people often call Bitcoin digital money, the truth is that 92% of all fiat in the world is actually digital. People are not carrying paper around, they may be using centralized money, but it is obviously digital for several practical reasons.
Despite all the resistance from most members of the crypto community, Mark Zuckerberg is simply pushing his agenda forward as he sees fit. People have often affirmed that Facebook Coin could be worth $19 billion USD, so it is obvious that he will push this project forward.
Facebook Coin, Libra Coin or whatever it will be called will certainly be a huge success, that we do not doubt. Will this be good for the world, though? Not only for the crypto community, for the world as a whole? Probably not, if we are to believe the crypto experts.