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Facebook scrutiny. Why everyone, not just the governments should do it

23 Oct

When it comes to foreign election interference, data theft, and broken promises about safeguarding privacy it’s Facebook and not just some secret government surveillance program we have to guard against. Mark Zuckerberg has become the face of a privatized Big Brother. Ironically it’s the government that’s now trying to peel back the curtain.

As Zuck faces questions on Capitol Hill this week this week, the questions about Libra, it’s cryptocurrency product have been asked. This blockchain product “could create a whole new threat to Americans and national security,” said Carolyn Maloney, Democrat of New York. Libra’s mission, according to the Facebook White Paper, is a simple global currency and financial infrastructure that empowers billions of people.”

The blockchain on which it is based is Libra, and the unit of its currency is also a ‘libra.’ It’s backed by Lyft, Spotify, Uber, and Farfetch among its tech partners.  But others are not well known, such as Bison Trails and Xapo which is a very large crypto storage service.

Much of this –and the lack of trusted names that are part of this group –should give us reason to read behind the lines of what comes out this week. Worth reading the article on The Verge, that called it an attempt to build the ‘Bank of Facebook.’ Or more to the point, that this blockchain move is its secret weapon that will help Facebook “to create a quasi-nation state ruled by mostly corporate interests.” Reuters reports that France and Germany have pledged to block Libra in Europe. Do they know something we don’t?

 

 
 

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