Yesterday the worlds biggest social media monopoly company launched its new plan the monopolize the money business. Its plan is to weep-out both the banks and all cryptocurrencies in the world and be the only form of money in the world.
It is doing so just has it has been doing is the social media game where it buys is competitors.
Look At this Facebook first blocked ads promoting cryptocurrencies and initial coin offerings in January 2018 over concerns that users might be scammed by initial coin offerings offered by some crypto start-ups.
New after on year of blocking crypto adds its blanching is cryptocurrency. Can the devil become God overnight? I don't think. There must be something hidden in its agenda. Never the less the Facebook Libra token does not meet the papoose of the blockchain.
First of all, Facebook knows everything about you. It knows how you, your friends and relatives, your Obs, the food you eat, where you spend the most time, your place of residence, and even what you don't know about yourself. More to that they are doing the KYC. They are going to even know what you did not tall them new. The now more about you than the traditional banking system. Therefore you cannot be unanimous with Facebook libra.
It's also not going to work in a country which has burn cryptocurrencies. This means that it is co-repetition with the central bank. At one point they will introduce a tax to transferring the token. Therefore it does not peer to peer just as they claim to be.
The other reason is that the token is going to be a stable token making to good for investment.
No matter what effort is put is stopping crypto how the Facebook libra token as proved that crypto is hare to stay. For the reasons below;
Facebook is the biggest social media in the world today is going to lead to the massive adaption of blockchain technology. This because all the millions of people in the world today who are on Facebook are going to be in traduce to cryptocurrency. They will for the first time all a blockchain wallet. They will be able to transfer funds among each other. This means if you have not been believing in cryptocurrency you by force believe.
The makes the end of paper money.