Libra, the cryptocurrency of Mark’s monopolies

Although Facebook isn’t at its best momentand the trust of their users is relative, Zuckerberg will launch Libra

It’s said that ambition is an intense and vehement desire to obtain something hard to get, especially wealth, power or fame, but this aspiration or accentuated need is understandable in someone who doesn’t have much or maybe nothing. Then, how could we interpret this eagerness to get, have or achieve everything, coming from someone who has it all already? And not just for him, but for quite a few of his following generations too.

Power corrupts, say the wise, experts and knowledgeable people of the paths and shortcuts of daily life. When you can, you do things even if you don’t need them, just to satisfy the emptiness of having it all.

Such is the case, as it seems, with the young multimillionaire owner of Facebook, Instagram, WhatsApp, and others. We’re talking about Mark Zuckerberg, who started plagiarizing his friends, the Winklevoss twins, after creating the prototype of what would end up being one of the most important social media of the world. A personal-data file thattodayhe uses at his willto take advantage of all the information thatthe users providecarelessly.

Feeling under the coins

Now, not satisfied with being the administrator of an unimaginable amount of information captured by his digital monopoly, he also crystallizes an idea that he has been chewing from a few years back: to enter the crypto-assets world. He gave the first steps with the experiment that many saw as a failure, as it was canceled after two years of being implemented. We are referring to Credits, a digital currency destined for virtual goods and premium functions that stopped existing due to its lack of success.

It’s also good to mention another pretty interesting example, called Project Libra, a cryptocurrency that Facebook was developing for WhatsApp last year, and which was going to be backed by the dollar, although there hasn’t been news ever since. Today, it’s worthto wonderif they were really a failure or rather a trial of the market, while the behavior of the masses and the market regarding cryptocurrencies werestudied, in order to eventually launch Libra.

That’s right, Zuckerberg takes hold on Facebook to bring one more cryptocurrency to the ecosystem, called Libra, which is presented as an alternative for the millions of people that don’t have bank accounts around the world. The promise is simple, bilateral transactions without fee payment to the banks. Negotiations in its main platforms, in which the major beneficiaries will be the subscribers (and obviously Mark himself).

He resumes negotiations with the equally multimillionaire Winklevoss twins that are already running their own exchange, known as Gemini, which fits like a globe on Facebook’s project, to position itself within the crypto-asset ecosystem. Libra intends to be backed by the U.S. dollar and the euro, which pretends to provide some security and tries to avoid the well-known volatility in the cryptocurrency market.

Now, what’s interesting out of all of this is asking, what else does Zuckerberg want? 

For the experts in these matters, it’s not a secret that Facebook isn’tat its best moment,the trust that of the users is relative. The social media has been harshly criticized in the last years due to the poor handling of the user’s personal data, which makes quite probable for the regulators to examine this launch with a microscope, very, very closely.

If he’s capable of negotiating with personal data, why wouldn’t he do it with a currency of his own, in a blockchain of his own, that breaks what was established by Satoshi when he created the first decentralized currency of the history

Monopolies within monopolies

The social media of his property today can be considered like great monopolies that he uses in his favor. Decentralization will be canceled in this proposal, as the CEO of Facebook presents negotiations within a blockchain with a cryptocurrency of its own that will work as a supposed solution for the millions of people that are alien to bank accounts for infinite reasons, but whichin the endwill be part of an agenda in the hands of a boy that, ifthere’s anything that he has shownis thathis users areonly figures that produce some income for him.

Although there has already been some talks with high officials of the U.S. government and the project is devised to be launched in at least 12 countries simultaneously in the first quarter of the year 2020, Facebook won’t have it easy, as it will have to work very hard to fulfill an endless number of regulations in the countries in which it wants to launch Libra, and the most difficult and important test will be if the people will have enough trust in its system to change their cash for the new cryptocurrency.

Let’s analyze and question

We have to ask then, would we be willing to change our dollars or euros for Libra? Will Facebook’s new cryptocurrency be a solution for users? Or will it be nothing more than a pro-ambition tool for Mark?

There are still many questions to answer about this project. Some experts criticize the decision to back this cryptocurrency in a determined currency because it prevents its growth. Do you believe that this time Facebook will think more in the users that in the value of Libra? If so, it’ll possibly be tied to the dollar.

But, as we said at the beginning of this article, “ambition is the intense and vehement desire to obtain something hard to get, especially wealth, power or fame”

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