I got a question today: "D, what do you think about Facebook Libra"
I think it is the second most dangerous enemy to cryptocurrencies space, and mankind freedom through crypo, next to governments/banks.
Here's why: It is not privacy concerned (your transactions will be as known as reading a brochure of what kind of underwear your girlfriend wears through her credit card statement). Facebook was never privacy friendly, it was often Big Brother ally.
There is no better secret agent, spy, privacy-poker than Facebook - where at the click of a button Facebook insider can know:
What you type with your girlfriend.
What you type with other girls. (yup, you do!)
What you look for (even if you hold yourself tied to the invisible chains of monogamy, you still day dream about that busty blondes you see out there... or your highschool crush)
Messages about meetings.
Who your friends are.
How you look.
Where you move.
Heck, where you are right now.
Oh, it has access to your mobile phone picture gallery (nice porn btw, lacks proper lighting though)
"But, I have nothing to hide..." - I already hear stupid brainwashed kid yell back at these concerns.
It is not that you have to hide, but that you have RIGHT TO PRIVACY.
Do you want to show a pic of you taking a shit in a toilet shown to your business partner, potential creditor? Your friends? Why the heck would some nameless Facebook "nothing-to-hide" privacy intruder see what you're up to.
Where you moved.
Who you visited.
And it's all in the powers of one COMPANY. Not even government. It's what Mark Zuckeroni decides is for you... and those that influence him and the company around it.
So privacy problem verified.
Second big thing is centralization - only bodies allowed by Facebook, and paying big sums (tens of mils) will be able to run full nodes.
Facebook Libra Is Not Cryptocurrency!
Get this straight. It is not crypto.
Crypto is trustless. It is privacy oriented. This is neither.
Facebook Libra is dangerous for crypto for only one reason, as through it the governments and big banks will be able to access your crypto, get to know your transactions... and make you less free.
But you have nothing to hide...
Alright, then why are you interested in crypto in the first place?
You then LIKE to send invoices to the bank to allow you swift international bank transfer.
You then LIKE when stupid bank official has to know what you are paying and if HE (the dumb he) doesn't understand it, he asks you again. For you this means extra 3 days (plus two during the weekend banking holiday)... five days extra when your recepient will receive your funds... or you... regardless in what kind of rush you are.
You then LIKE when they tell you nah... we don't want it. And reject you for no reason (happens daily. Often)
You then LIKE when fucking swift you pay $50-$100 and have to wait at least ONE day, during which the bank uses your money.
Oh yes... ever tried to get like $50k out of your bank account?
Finally, the payday... time for me to celebrate, let's organize some big boobies and booze.. right - you can't!
Because you have to give Big brother two days to take the funds from other pyramid scheme suckers so they can give to you... while... at the same time they USE YOUR MONEY without giving you profit. Yes, you do need to ask them if you want bigger amount of cash even if you hold it in that account at that time.
Oh let's see what else you like you "nothing to hide" guy...
You like to be ass searched at the airports.
You like to .. let's get back to banking... you like to have laws apply to you, and not to them.
Banks are the only institution in the world that doesn't have to pay fines for: MONOPOLY or PONZI SCHEMES.
First let me tell you why the only ones? Because the courts worldwide tax even Microsoft (for monopoly), even Google (for monopoly)... you think "oh some fairness"... while this is the ordinary "give me some money" by the government taxation.
And now let's come to talk about government's partner - Banks...
Pyramid schemes, many of you would end up in jail paying fines etc... but not banks.
What is the definition of the ponzi scheme?
"a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors."
Are you ready?
Your $100 is given away to other people for using, so the $100 in your account is actually not in your account.
Here comes the worse part...
That $100 that person has on the account, is also further given away... so it says $100 for you and $100 for them, while in fact no one has your $100.
What happens to the banks if everyone at the same time comes to withdraw?
Exactly - they collapse - because the money you deposit in your bank is the money you GIVE to your bank.
But what about government bailouts, insurances, the central bank.
Lol - what about paying russian mobster to guard you while you extort highschool kids? An accomplice. They all get their share of your funds.
But it ain't it... yet.
What about those $100... who printed them?
Is it backed by anything scarce?
Last time I checked cotton and paper are not scarce resources. Neither is ink.
You have been sucked into the biggest ponzi scheme of all... and you're like lamb, ass stretching and saying it's for your safety.
Well, if you'd ask me - Id rather take 1 in 10,000 bet that my plane will be blown up and go without delays, security, bs... not waste two hours before flight and half an hour after the flight on checkings... than to risk one random idiot doing bs in the plane.
Speaking of which.. then he wouldn't be the only one carrying a gun and someone would probably shoot the idiot of passengers before he could threaten the other guy. It is all a circle. But don't worry, your big brother is protecting you, just stretch your ass and obey.
So how does it connect to Libra and Facebook?
Facebook Libra is nothing but game credits... in some game credits.. a number.
here you go... since it gives you such a hard on.
There is a currency called BS Money. I am the issuer of it and...
Your account balance is: 10 Million.
You happy now, Millionaire?
Because that's how much Facebook Libra is worth - 10 million of bullshit money (nothing).
Why is it so dangerous then?
Because Facebook has reach... and now after Satoshi... 10 years ago... has developed a revolutionary technology... after sacrificial lambs have passed the test (you, me, every other crypto believer)... what now? Now they see that crypto is not going anywhere, and they want to come in and suck-in stupid sheep by solving one of the problems the original crypto does - worldwide, instant payments.
Except one trick:
It is not for everyone, but for everyone Facebook allows.
Everyone that complies to ass searches.
And this, ass-searching-alone... is the reason why I see Facebook Libra being a massive success!
Because people love to be ass searched.
And regardless of that, I will not touch it with a stick:
It is not private
It is not crypto
Its marketcap is huge (where is growth potential)
KYC, really? :) hahaha god bless Monero, BTC, and freedom of me, you and whoever to be able to pay our money to whoever we want, whenever we want without having to ask someone "can we?
P.S. This whole article is MY OPINION!! To deter those FB corporate rats, this is my OPINION ALSO. Nothing here is verified by facts. But I believe anyone can quickly verify and tell how inaccurate this story is... or accurate. Until then... line up by that wall, your ass is next!
(But not us, not the BCW followers, not the crypto believers, not good men and women who love people, do good to people, but still want to keep their butts their own!) Love you!