After being introduced in June, Facebook’s crypto project Libra has constantly been in the news, and mostly for the wrong reasons. From initials stakeholders backing out to stark opposition from the government, problems for Mark Zuckerberg don’t seem to end at any time. Adding to the pain, founder of Twitter, Jack Dorsey, and Ethereum co-founder Joseph Lubin has unleashed heavy criticism on Libra, just after the Zuckerberg’s senate hearing.
Dorsey has been quite vocal in support of cryptocurrencies for a long time and considers crypto as “national currency of the internet.” However, when asked whether he would join the Libra project, he straightaway declined the thought and said, “Hell No!” The Twitter chief feels that Libra was brought to life only to benefit Facebook, primarily, and other stakeholders.
On the other hand, Ethereum co-founder and founder of ConsenSys, Lubin, has directly addressed Facebook chief with his critique. He made a series of tweets on Thursday, pointing out several loopholes in the Libra project, and discussed them in detail.
In one of the tweets, Lubin pointed out Facebook’s fishy privacy policies, a point for which the US Senate has grilled Zuckerberg several times, latest being his hearing on Libra. He stated that the advertising tech Facebook uses exploits people’s personal information, and is used as a tool of mass social manipulation.
In another tweet, he said,
Facebook has a huge agenda here. They, along with the companies in the Libra Association, want to leverage its 2.3 billion global citizenry into their own monetary & payments jurisdiction, a massive business and geopolitical opportunity. Despite what they’ve said, I expect eventually Facebook will link the deep individualized data from its advertising technology to the personal financial transactions and histories held in the Calibra wallet, just as they’ve integrated data from other platforms they’ve acquired.