It's hard to imagine any company more opposed to all the values Satoshi's whitepaper and Bitcoin were founded on, than Facebook.
So what is bad about Libra?
Well, for starters let's take a look at Facebook's core values or the lack of core values:
- Facebook violates your privacy;
- Facebook spies on its users and sell their data to the highest bidder;
- Facebook censors and manipulates information;
Will the same apply to the Libra and Libra Foundation, which is founded in Switzerland?
- It is founded in Switzerland to bypass US legislation: red flag;
- It will violate your financial privacy;
- Your financial data will become a commodity and you won't get the benefits from it;
- It isn't backed by anything, not by gold or Bitcoin and therefore isn't sound money;
- Without a governmental overview and/or audit by a third party, both Facebook and Libra are a pest to human privacy and other core values;
- They will pump it and dump it;
- It will be abused to exclude countries access to the financial system;
- It is a censorized and monitored attempt to catch a share of the financial market;
- Libra claims to be backed by USD and EURO: the USA dan EU don't need this shit-token and can digitalize their own currencies and will do so;
- Libra will only be a honeypot for government surveillance;
- Libra's partners who will operate a node will be able to push out network changes not beneficial for its users;
- Libra is appropriating words from the crypto world to give credibility to the project,
- DANGER: if Libra succeeds, we're stuck with a monetary system built on the infrastructure of a centralized company that has previously had its software turned off by governments looking to better control their citizens;
- Facebook can lock you out of this monetary system if you don't obey by their stupid rules;
- The monetary transfer from current governments to a corporation like Facebook would be a disaster.
This is my opinion, if Facebook doesn't like it so be it, I don't use their apps anyways. This is me letting off some steam!