Facebook is about to get its own cryptocurrency called Libra. In a sense, Facebook CEO Mark Zuckerberg is declaring that he wants his platform to become a virtual nation, populated by users, powered by a self-contained economy, and headed by a CEO – Zuckerberg himself – who is not even accountable to his shareholders.
Facebook has announced a plan to launch a new cryptocurrency named the Libra, adding another layer to its efforts to dominate global communications and business. Backed by huge finance and technology companies including Visa, Spotify, eBay, PayPal and Uber – plus a ready-made user base of 2 billion people around the world – Facebook is positioned to pressure countries and central banks to cooperate with its reinvention of the global financial system.
In my view as a social media researcher and educator, Zuckerberg is clearly seeking to give his company even more political power on a global scale, despite the potential dangers to society at large.
[referenced url=”https://www.lifehacker.com.au/2019/06/facebooks-new-libra-coin-how-does-it-work-and-should-you-buy-it/” thumb=”https://www.lifehacker.com.au/wp-content/uploads/sites/4/2019/06/Screen-Shot-2019-06-20-at-11.45.19-am-410×231.png” title=”Facebook’s New Libra Coin: How Does It Work, And Should You Buy It?” excerpt=”On Wednesday, Facebook announced Libra, a cryptocurrency that it will launch (along with 27 other partners) in 2020.
A little like Bitcoin and a little like PayPal, Libra will be a new digital currency, one available to people without bank accounts or credit cards, but that could potentially be a major force for the rest of us, too. But first you have to trust Facebook with yet more personal data. Here’s what you need to know.”]
Facebook hasn’t behaved responsibly in the past, and is still wrestling with significant public concerns – and investigations – about its privacy practices, information accuracy and targeted advertising. Therefore, it’s important to see through the hype. People must consider who is reshaping the world, and whether they are doing it in the best interests of humankind – or whether they are just seeking to benefit the new class of elite technology executives.
Humanity needs ethical leadership, and time to think through the potential repercussions of rapid technological change. That’s why, in my view, Facebook’s cryptocurrency should be blocked by financial regulators until its design has been proved to be safe for all of global society.
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