Every big corporation these days is launching its own cryptocurrency. Even Burger King and Kodak are in on the game. Everyone wants to be the one to usher in the next chapter in the human economic history. Bitcoin, being the most popular option out there is not without its problems, which is why every big tech whiz is up to the races to create its own Bitcoin alternative to fix all of the market volatility problems associated with Bitcoin. The reason being is that Bitcoin is backed by nothing of substance. As Forbes states that the current crop of cryptocurrencies are "great as speculative vehicles, but they’re useless as real money.” It is just numbers game being solved by a massive pool of computing power.
Facebook decided to jump on the bandwagon with the launch of its own blockchain-based digital currency called Libra.
The main purpose behind cryptocurrencies is to take away power from traditional banking and government systems, and give that power back to the people. At least in theory that is what's the purpose behind it. Block-chain technology on which cryptocurrencies operate, do not have a central location. It is a decentralized currency based system, and there are no decision makers anywhere in the process that get to decide how your money is handled. There is no central bank that can freeze or steal your money. Block-chain is like a transaction ledger, and every person in the world has a copy of that ledger. That, in a nutshell, is how transactions are kept track of, requiring no need of a central banking power.
Forbes wrote and open letter to Mark Zuckerberg in which he made big claims:
Libra, or another new digital currency, could revolutionize the world economy in ways not seen since Henry Ford, and might someday replace established currencies – maybe even the U.S. dollar, according to Forbes, striking a somewhat messianic tone. Zuckerberg’s vision for a universal digital currency could be a boon to economic growth, digital innovation, social mobility, and global commerce. However to do so Libra must avoid the pitfalls of other digital currencies, including cryptocurrencies, and especially bitcoin.
To avoid that fate of all other cryptocurrencies Forbes advises Zuckerberg to back his currency by gold..oh and rename his currency to “Mark.” As in the "Mark of the Beast?" "Mark" was formerly claimed by Germany.
Libra has several distinctions to other digital currencies. Libra is not just a monetary system it also operates like a Chinese Social Credit System that will “reward” users for their activity on the platform and beyond. It acts more like a centralized digital currency than decentralized cryptocurrencies currently in operation. It has Orwellian implications. It is has built-in mechanism via the power of the social network, to blacklist anybody from byuing or selling based on the person's political views, opinions, and social status in the society.
These are only a few examples of how centralized digital currencies and platforms can be used to shut down targeted groups or individuals and cut them completely off from the monetary bloodline.
Should Facebook’s cashless currency become a dominant force in our society?