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Author Topic: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends  (Read 7677 times)

Offline sirty143

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Decentralization is a cause, not a buzzword.


Dear Non-Crypto Friend,

You may have heard of Bitcoin – you may even have considered using it as a means of payment, or investing some money in it with the hope that it might rise in value, like a stock. Bitcoin is a cryptocurrency – a digital asset that exists on an immutable ledger, open to all and completely transparent.

And perhaps you decided to pass on Bitcoin for now, until the technology was more mature, or easier to access, or for a dozen other valid reasons.

You may also have witnessed a barrage of attacks on Bitcoin and other cryptocurrencies, particularly after a bubble formed in 2017 that created artificial and unsustainable value for a few (many in the media are currently describing Beyond Meat’s stock in similar ways).

For example, JPMorgan CEO Jamie Dimon described Bitcoin as a ‘fraud’ and Facebook banned cryptocurrency advertising. Now both companies are creating their own cryptocurrencies.

Anything But Libra

In this letter we will focus on Facebook’s new project, something they have been working on in secret for over a year.

They are calling it Libra.

"Ironically the Latin stub for the word ‘Libra’ means ‘freedom, or liberty’ while the zodiac sign – a pair of scales – suggests justice.
Facebook’s version of Libra represents neither of these concepts. But it’s clever marketing."


We’re writing to urge you to resist the ‘convenience’ Facebook will likely offer you in using their Libra cryptocurrency, and to consider the benefits of decentralization.

Payment Processors Join Forces With Facebook To Control, Tax, And Monitor Your Spending

MasterCard, Visa, and PayPal have joined forces with Facebook, and are said to be backing the new Libra cryptocurrency to the tune of $10 million each.

You know those companies well: they have been taxing the global economy, and a large proportion of consumer spending, to the tune of about three percent for the past 30-odd years.

Visa and MasterCard process the bulk of credit card transactions worldwide. In 2018, for instance, there were 2.4 billion MasterCard-branded debit and credit cards in existence generating revenue of $14.95 billion.

As recently as January this year, plans were uncovered by the Wall Street Journal that the behemoths in this industry were considering raising transaction fees. Meanwhile PayPal whacks the average merchant with a 2.9 percent fee plus thirty cents per transaction.

In other words, virtually everything you buy has a pricing premium in-built: a tax of three percent or so, that goes to sustaining these businesses. If your government was to raise your tax rate by three percent, you’d protest with your vote.

In this case, you finally HAVE a vote, and we urge you to use it.

Facebook Sells, Leaks, And Controls Your Data

Forget what Mark Zuckerberg says. From the Cambridge Analytica scandal to the data breach of 50 million users late last year, Facebook’s interest in you is not personal, and he is not sorry. His business is your data, which his company abuses and misuses repeatedly.

Your data, your life, your photos, your friends, your face, your family, your dog, your location, your sexuality, your ethnicity, your ‘secret crush’ – Facebook knows it all, and sells it to the highest bidder.

At the risk of echoing a dystopian undercurrent of fear that pervades our surveillance society, we encourage you to consider whether this is healthy – and whether adding your purchase information into that equation provides more, or less, safety for you and for our society.

Because the way you spend, when aggregated with the rest of the data that Big Tech companies already own, provides an even fuller picture of who you are, what you do, where you go, and what you might do next. Remember – Facebook literally, quite literally, already knows you better than you know yourself. It has been used to predict a depression diagnosis with 70% accuracy – before any visit to a doctor.

Facebook is not necessarily evil: but nor does it exhibit the presence of a moral compass. Its platform has been used to propagate information, much of it false, that has led to ethnic cleansing, murder, suicide, cyber-bullying, interference in national elections. Facebook’s responses to these events has been to prevaricate, to excuse itself, to refuse to acknowledge its responsibility for their existence – and when overwhelmed with evidence, to issue meek apologies.

Facebook is a private company. You agree to its terms of service when you use its platform, and you have very few rights to privacy in exchange for the ‘convenience’ it provides. Your right to free speech, if you are in the USA, is a constitutional right – it does not extend to private companies, and they are under no obligation to grant it, nor to curtail it.

The likelihood of Facebook changing its business model as it adopts a cryptocurrency seems low. Trust is earned, and Facebook is in debt.

Decentralization Is Your Friend

At the heart of cryptocurrencies and much of the blockchain technology behind them is the concept of ‘decentralization’.

Decentralization is a movement: it is a conscious effort by some people across the globe to reduce the control that certain organizations, such as banks and technology companies, exert over our lives. (We’re discussing private businesses, although governments are also often criticized too – but that’s a different argument.)

In truth, decentralization is a dream, an ideal. It is neither practical, likely, nor even desirable that we will realize a fully-decentralized existence. But a degree of control over our own data, our own identities, and who has access to our experiences is – many of us believe – a fundamental human right.

Truly decentralized blockchains, like Bitcoin’s, are controlled by no single person or entity.

Users are in control of what they spend, with whom, and on what. The miners that work to keep the network running smoothly do receive a transaction fee for doing so.

It is minuscule in comparison to that imposed by Visa, MasterCard, and PayPal.

Legacy payment processors have joined forces with Facebook to co-opt the cryptocurrency movement and keep control in the hands of the global conglomerates that have been selling your data and taking your money for years.

Libra will be a centralized cryptocurrency, despite efforts to involve stakeholders such as other payment companies – which is likely a ploy to avoid the regulatory issues that have plagued the cryptocurrency industry to date.

Facebook will be in control of your money, and it will use and share your data according to its own agenda.

In many ways, Libra is a declaration of war on decentralization. We have a clear choice: resist centrally controlled cryptocurrencies, or roll over and accept our fate as pawns in the great game of jurisdiction over our data. And our money.

The only true ally you have in the future is your freedom.

And decentralization equals freedom.


Update: We have deleted our Facebook page and will no longer offer the company
the opportunity to profit from our content. We hope you will continue to engage with our team
on Twitter or Telegram.

Source: CRYPTOBRIEFING

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Offline BitCrow

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #1 on: June 20, 2019, 08:05:08 PM »
I also do not get carried away with this project. Facebook already has an immense database where it records many things that people do daily and probably with the pound they will know what we buy, where and when. A great way to earn even more money from our data.
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Offline damsix

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #2 on: June 21, 2019, 03:37:40 PM »
Libra in Latin is Freedom and Libra for cryptocurrency is to look for something very free not constrained by a financial order.
Facebook wants to free its users from time and financial constraints with the advantages of cryptocurrency developed and producing more dominant Libra compared to other cryptocurrency.

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Offline BitCrow

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #3 on: June 21, 2019, 06:51:03 PM »
Libra in Latin is Freedom and Libra for cryptocurrency is to look for something very free not constrained by a financial order.
Facebook wants to free its users from time and financial constraints with the advantages of cryptocurrency developed and producing more dominant Libra compared to other cryptocurrency.

..and will there be data constraints or will they just increase the billing with our data?
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Offline damsix

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #4 on: June 23, 2019, 09:11:38 AM »
..and will there be data constraints or will they just increase the billing with our data?
Very good question bro!
I also don't understand this but certainly this limit is very disturbing for all Libra coin users.
Limitation of the use of coins that might result in later this coin being centralized and not decentralized (the basis of cryptocurency).

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Offline mimikri

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #5 on: June 30, 2019, 08:19:56 PM »
Libra in Latin is Freedom and Libra for cryptocurrency is to look for something very free not constrained by a financial order.
Facebook wants to free its users from time and financial constraints with the advantages of cryptocurrency developed and producing more dominant Libra compared to other cryptocurrency.

..and will there be data constraints or will they just increase the billing with our data?

If guys, who work with the cryptocurrencies trust crypto, why are do they worry so much about Libra? The new project will help people from poor countries with a bad economy. It is not a threat.
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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #6 on: July 26, 2019, 05:22:14 PM »
Libra in Latin is Freedom and Libra for cryptocurrency is to look for something very free not constrained by a financial order.
Facebook wants to free its users from time and financial constraints with the advantages of cryptocurrency developed and producing more dominant Libra compared to other cryptocurrency.

..and will there be data constraints or will they just increase the billing with our data?

If guys, who work with the cryptocurrencies trust crypto, why are do they worry so much about Libra? The new project will help people from poor countries with a bad economy. It is not a threat.

If this is the only goal, they could use an existing cryptocurrency. I honestly do not trust this project. I believe they want to expand the database and profit more and more.
« Last Edit: July 26, 2019, 05:25:23 PM by BitCrow »
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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #6 on: July 26, 2019, 05:22:14 PM »


Offline masudginanjar

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #7 on: January 05, 2021, 04:57:22 PM »
I think Facebook is more greedy than the various cryptocurrency projects that already exist.
Facebook is eager to dominate the cryptocurrency market by launching the LIBRA sacrifice which is on its way. Reject is good better than laucnhing . lol

Isn't that right?
LIBRA is a sacrifice from Facebook because until now LIBRA has not been able to talk about their trading in various markets. Annoying!
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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #8 on: January 17, 2021, 03:19:23 PM »
I think Facebook is more greedy than the various cryptocurrency projects that already exist.
Facebook is eager to dominate the cryptocurrency market by launching the LIBRA sacrifice which is on its way. Reject is good better than laucnhing . lol

Isn't that right?
LIBRA is a sacrifice from Facebook because until now LIBRA has not been able to talk about their trading in various markets. Annoying!
Libra has not yet been released and therefore no one can report on the exchanges on which it is listed.
The raised issue of possible abuse of this stablecoin is absolutely real. In this regard, the countries of the European Union have long stated that they will not allow its circulation on their territory.
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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #9 on: January 18, 2021, 08:23:24 PM »
It seems that Facebook is less successful in building their Cryptocurrency project, currently the name LIBRA has been changed to the name DIEM.  And I don't think it will be easy for LIBRA / DIEM to get strong support from Crypto, a project whose process takes too long to bore people for waiting.
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Offline Senin

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #10 on: January 22, 2021, 07:00:56 AM »
It seems that Facebook is less successful in building their Cryptocurrency project, currently the name LIBRA has been changed to the name DIEM.  And I don't think it will be easy for LIBRA / DIEM to get strong support from Crypto, a project whose process takes too long to bore people for waiting.
The as-yet-unreleased stablecoin with the new name DIEM is facing further difficulties. On December 1, it was announced that the coin is slated to launch in January after receiving the required permits from Swiss regulators. However, then it turned out that in England for some time there was a company that already had a token called DIEM. Changing the name again, in my opinion, is no longer an option. It will probably be better if the team returns the old name Libra.
As for the centralization of this coin, almost all stablecoins are centralized if they are backed by the currencies of states. In this case, there is a great threat of concentration in private hands of a large amount of confidential data on a significant part of the inhabitants of our planet, if this coin works in conjunction with Facebook.

Offline jonathancool220

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Re: Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
« Reply #11 on: January 30, 2021, 11:35:14 AM »
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Not apparently but it has been proven that until now if LIBRA failed to create cryptocurrency.
The reason is that it is very strict to create new altcoisn because of various regulations from financial institutions, especially the creation of coins from America which has its basecamp from the SEC.

 

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