Trust is earned, Facebook has been in decline due to a history breaching user privacy rights. Project Libra receives global scepticism prior to launch. The reception of Libra has been perturbed by Facebook’s past, and rightfully so. The company that puts a price on its user privacy, Facebook now offers you a bank account without interest rates, insurance, or oversight. There has no term ends on who governs Libra and nothing to stop Mark Zuckerberg from screwing up monetary policy.
Project Libra is not a decentralised project and was started and is being fueled by centralized powers that are frequent violations of privacy and security rights for their own gain, whilst truly decentralized blockchains are controlled by no single person or entity. Users are in control of what they spend, with whom, and on what. compared Facebook’s GlobalCoin to Alipay, which provides digital payments across social platforms however has been linked to the Chinese government surveillance, and cited political lobbying as a foundation of Facebook’s broader effort.
Regulators across the world are waving a red flag over Facebook’s native digital currency. Maxine Waters, chairwoman of the United States House of Representatives’ Financial Services Committee requested that Facebook halt development on its crypto.
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” Waters said.
Facebook has a history of misusing data and now project Libra wants to control its user’s money. If history shows, they will use and share your data according to its own agenda rather than that of the people and the decentralized community. Sources attribute the delay to blockchain industry incumbents being reluctant to work on a project that doesn’t appear to have the hallmarks of a true cryptocurrency.
Facebook’s project Libra seems oddly similar to Element Zero foundation which is a not-for-profit organization with a stablecoin, however, unlike Facebook and all other corporation partners, Element Zero foundation is a not-for-profit organization with a stablecoin that completes removes volatility. The Element Zero protocol is live and did not take Visa and Uber (two main blockchain value violators) to give $10M to complete.