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Facebook Value Goes Crypto

Written by Staff Writer
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facebook box 1334045 640Facebook value goes crypto -Ponte/WND
"Facebook, the social network, announced on Jan. 30, 2018, that it would ban all ads for Bitcoin and other cryptocurrencies in order to stop promotions that it sees as 'frequently associated with misleading or deceptive promotional practices.'...Eighteen months later, on June 18, Facebook planned to issue a White Paper unveiling details of its own cryptocurrency, to be known as Libra....

Unlike wildly speculative cryptocurrencies such as Bitcoin, the Libra will be a 'stablecoin' whose value is reliably pegged to a 'basket' of various government paper fiat currencies, as well as low-risk stocks, and perhaps even gold to provide the new coin counter-cyclic insurance....On the day it launches, Libra will have a larger customer base than most of the world's central banks. This could be the entire population of every nation south of Earth's equator plus India - one-third of humankind....Because the Libra coin will be openly trackable and taxable by government, and will offer no more privacy than Facebook grants its other customers, critics say it should not even be called cryptocurrency....Libra could quickly become widely used money in many Third World nations, where banking is unreliable, corrupt, expensive or difficult to use. This means that Libra joins Russia and China in undermining America's lucrative 'exorbitant privilege' as printer of the U.S. dollar, the world's reserve currency, as well as speeding the 'cashless society.' Mark Zuckerberg could expand from being only the world’s leading left-leaning free speech censor to one of the world's most powerful bankers, which could make him emperor on a par with China's 'social credit' conformist dictatorship."