Facebook is about to launch its own coin and its own wallet. Do you want to have it and use it? It is not a cryptocurrency even they brand it to be and the coin is only to further penetrate your privacy deeper into your financial assets.
Facebook is a social media disaster
The beginning of Facebook was not about privacy breaches but finding long-lost friends. The cute idea that made everyone jump on the platform and hopefully connect the long-lost friends and sometimes get laid. It is like a garden to invite people naked but people just self volunteer to become naked.
Cambridge Analytica Scandal
Not until 2016 when the news broke out about how Facebook could influence the political voting system by spreading rumors and fake news. People started recognizing how free of use social media can do to harm society as a whole. No more getting laid and pick up your clothes, leave the party!
Facebook slapped your face
Since then, the reputation of Facebook was ranked and the platform became unpopular among new generations. Not until another trending app Instagram joined Facebook.
Instagram era
Instagram makes the peak of the social media influencer era. However, scammers also follow the trend. Your privacy is still breaching through an inflow of misleading information and modified beautified fake pictures. Your data increases into facial data collection and voice data collection.
Facebook Coin
Formerly known as Libra but it rebranded as Diem, a stablecoin that is running on permissioned blockchain. Facebook is issuing its own centralized token that is solely controlled by the company.
Why is Diem bad?
It is a financial data mining system that once you use, tracks your purchase from beginning to end and the more you use, the more data it will pipeline into the Facebook data reservoir.
Since users are not custodians of the token, Facebook can take away your money or forbid any transactions they believe were wrongful.
Your data will continue fitting into their machine so that they can learn from your habits so that they can continue selling you to advertisement companies. You are paying money to use their token while they can suck out your data that is free for them to analyze you and your network of friends.
Facebook knows you better than yourself
Their machine learning system learns you every day when you are using their services including their tokens. It will learn more about you than yourself. It will quickly reach the inflection point that you will listen to their recommendations without recognizing yourself.
Every tech company are doing it
Google, Amazon, and many other companies are practicing this technology commonly every day.
Do you think you can escape?!
The more ways you supply your own data, the faster you will lose control to receive information that is outside of your belief. It will make your mind think narrower and trapped by your limited thinking.
Cryptocurrency maybe help to escape
Permissionless blockchain may help to protect your privacy and improve social media platforms to become a better place for sharing any news. You may need to also learn how to verify news without turning yourself into a co-conspirator.
In conclusion
We should say no to the Facebook coin as it has nothing to do with cryptocurrency and its purpose is to break our privacy and trust.
Photo by NeONBRAND on Unsplash
Related articles to reference here ⬇️⬇️:
-------------------------------------------------------------------------------------
Stablecoin
Stablecoin is Not So Stable
Stablecoin: We Ever Need Them More Than CBDCs
-------------------------------------------------------------------------------------
CBDC
CBDC: Stablecoin 2.0 or Stablecoin Killer
Chinese CBDC: the Ultimate Financial Weapon or Just another Copycat
CBDC vs Cryptocurrency: the War of Privacy
Game of Three Kingdoms: CBDC vs. Cryptocurrency vs. TechCoin
Why Crypto Got So Political Suddenly: The Beginning Tale of Government Crypto Surveillance Program
CBDC's Cross Border Payments System: Worse than Crypto
-------------------------------------------------------------------------------------
Defi
DeFi Swap: Great Returns come with Great Cost
Defi: A Rainbow 5-Layers Cake
Robot Sucks: How Lousy Jobs AMMs Did to Ruin the DeFi
-------------------------------------------------------------------------------------
Defi Manual
Defi Manual: Part 1 - Cefi vs. Defi
Defi Manual: Part 2 - Regulations
Defi Manual: Part 3 - Financial Weapons
Defi Manual: Part 4 - Market Manipulation
-------------------------------------------------------------------------------------
Inflation
Inflation vs. Bitcoin: How Speculation to Hedge Inflation has Failed in Short Term but may Create Opportunity in Long Term
Hypothetically, What if the Fed Fails to Control Inflation, Will Crypto Save Us?!
Currency Debasement: Cryptocurrency Inflation Hedge Hypothesis Still Hold
-------------------------------------------------------------------------------------
Gold
Gold vs. Bitcoin: Digital Twin or Enemy
-------------------------------------------------------------------------------------
Volatility
Volatility of Bitcoin: Threat or Opportunity
-------------------------------------------------------------------------------------
Recent News
Lesson Learn from Robinhood IPO: Era of Crypto Exchange Comes to an End or a New Beginning?
City Coins: Are they the Era of New Coins?
The End of Era for Crypto Exchange Platform?!
Crypto Hacking: How Did it Really Happen?
Jack Dorsey’s Ambitious: Twitter wants to Become a Place of Freedom of Speech
Legendary Hacker: the White Hat into the Rescue
The Future of Cardano: as Clear or as Uncleared?
Patent the Blockchain: the Nonsense Action Shows a Worry from Big Tech Companies
Forget about Trade War: New Era of the International Trade
Epic Games vs. Apple: Tech Companies Crypto Adoption May Begin
Litecoin Fake News: How Fake it is?
-------------------------------------------------------------------------------------
China FUD
China FUD: Are We Done Yet?
Bitcoin Mining Recover?! The Chinese vs. The U.S Strategy of Blockchain
Red Alert: Lesson Learns from the Nearly Cashless Nation
-------------------------------------------------------------------------------------
SEC FUD
SEC vs. Ripple: the Endless Game of War
SEC vs. Defi: What is the goal of the Defi?
The SEC Defi Investigation: The Decentralization Theater
Coinbase Regulation Probe: The Future of Crypto Lending
-------------------------------------------------------------------------------------
NFT FUD
NFT: Digital Solution or Delusion?
NFT: The Future of Gamers' Assets
NFT Bubble: Does it Really Matter ?!
NFT Bubble May Just Almost Pop
Are We Popping NFT Bubble Yet?!
-------------------------------------------------------------------------------------
FOMO FUD
The World Without An Expert: Expert ≠ Rich
Satoshi Nakamoto's Statue: Should We Worship Him/Her?!
-------------------------------------------------------------------------------------
Miscellaneous
Where are We Position Crypto at : the Problem with Money and Wealth
What Categories Does Bitcoin Belong to or Does it Really Matter?
Quantum Financial System: The System Lost Itself in Quantum World
Crypto Hot Hub: The Best Place to become Crypto Incubator
Break the Fourth Wall?!
We Are Short for the Dollars: The Dollar's Liquidity Issue
Fiat vs. Crypto: Religion vs. Science or Vice Versa
-------------------------------------------------------------------------------------
Bitcoin Digest
Is Bitcoin Untraceable Anymore?! It Depends!
Currency Comparison: Bitcoin vs Dollar
Bitcoin ETF May Not Be Such a Great Idea
Bitcoin Lightning Network Explain
-------------------------------------------------------------------------------------
Ethereum Digest
Ethereum London Hardfork: How Hard does It Actually Fork?
Did the U.S. government just thumbs up on Bitcoin and down on Ethereum after the London Hardfork?
EIP-1559: The Future of Ethereum Economy
Ethereum Got Update Bug: A Blockchain Synchronization Problem
Buterin's Regret: Ethereum 8 Co-Founder Things
Can Cardano Really Kill Ethereum?!
Cardano is Smoking or Vision the Future
-------------------------------------------------------------------------------------
Shitcoin Economy
The Legendary of Shitcoin: Meme to the 🌓 or Unique of 💎 or Simply just 💩
Crypto Economy: the Untold Speculative Financial System We will Live?
Shitcoin Economy: Part 1 - Category
Shitcoin Economy: Part 2 - Regulations
Shitcoin Economy: Part 3 - Environment
Shitcoin Economy: Part 4 - Technology
Shitcoin Economy: Part 5 - Detokenization
-------------------------------------------------------------------------------------
Doge Economy
Doge 2.0: Who Let The Dog Out?!
Dogecoin 2.0: Doge Breeder Era
-------------------------------------------------------------------------------------
Energy FUD
Bitcoin's Energy Concerns, Scalability and the End of Bitcoin Prediction
Unknown Author’s Hypothesis: Creator of PoW and PoS Hybrid Blockchain
-------------------------------------------------------------------------------------
Tokenoconomy
Tokenism: An Old Idea Get A New Invention
-------------------------------------------------------------------------------------
Crypto-regulation
Legal Framework of Virtual Currency
The Cantillon Effect: The 18th Monetary Curse About to be Broken
-------------------------------------------------------------------------------------
Machine War
Artificial Intelligence vs. Blockchain: the Future of Machine War
Crypto War I: Birth of Public Key Cryptography
Crypto War II: Birth of Decentralized System
-------------------------------------------------------------------------------------
Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
