The full list of partners working with Facebook to host their new crypto stablecoin has become public – and already sparked fear of mass data collection.
Facebook Crypto Nets Giants Of User Data
Published by cryptocurrency news outlet The Block June 14, the collaborators of the project called "Libra" and "Facebook Coin" to reveal reading.
We know that Facebook charges $ 1
Now I need some ramp, so payment providers like Visa and MasterCard. Why not throw in PayPal, Stripe and Pay U as well? The more the more.
Obviously, I also need some merchants and service providers to give users an outlet to use their & # 39; internet money & # 39;. Now you can buy everything on eBay and it certainly made wonders for PayPal. People spend money on Uber, though some insist on using it with Lift. And music streaming … so Spotify is a shoe-in.
Add in a few Blockchain related businesses not to alienate the crypto fight and a sprinkle of non-profits to make me look good and we are golden.
Oh, and some venture capitalists, of course. You can't do anything without venture capitalists these days.
Facebook & # 39; Gatekeepers & # 39; be able to spy and ban
So yes, for the launch of a payment ecosystem, Facebook has more boxes checked with its launch partners. But then we come back to the fact that these "partners" each have paid $ 10 million for the pleasure.
Facebook has stated that it does not intend to control Libra (or GlobalCoin, FacebookCoin or ZuckerBucks if you prefer?). Instead, it will gradually launch the governance for the Libra Foundation & # 39;, which mainly consists of all these launch partners.
Facebook, Coinbase, Mastercard, Stripe, Paypal and other gatekeepers from the finance and tech business will create a global currency so they can ban you from both expenses and make money on the Internet for WrongThink.
Sounds legit. pic.twitter.com/eKuQoqPxlW
– Gab.com (@getongab) June 15, 2019
Uber certainly did not need to pay $ 10 million to accept the coin for ride-sharing services. Visa did not have to pay for a ramp either. A more likely scenario will see that Facebook companies like these are associated with the project.
So what do these companies pay for? (For now, we assume that non-profit did not pay and are really just token image improvers.)
$ 10M Surveillance Capitalism?
This is not a brave new world & # 39; of Boundless Practical Money, but a Big Brother & # 39; scenario. The current doormen of economy and technology are moving to preserve the power they see cryptocurrency erodes.
Uber could very easily start accepting Bitcoin 0 0 (or other crypto) payments without spending 10 million dollars. Is Facebook suddenly interested in financing and cryptocurrency? Or is it still treading the only way it knows, the computer industry.
As Coinshares & # 39; Meltem Demirors pointed out "this is less about payments and more about privacy and data collection. MONITORING CAPITALISM Y & # 39; ALL."
$ 10 million for access to all those Lovely data starts to sound like a good buy. And with the proposed level of KYC, it will really be some useful information.
Facebook coin is about revolutionizing data, not financing.
Why would Ebay, Uber, Lift, Coinbase, Stripe, Visa and Mastercard care to control the coin?
More than likely, $ 10 million for a node is an investment to receive the transaction data through said nodes.
– Rhythm (@Rhythmtrader) June 14, 2019
It is perhaps more surprising that Facebook failed to find the desired 100 partners (backing the coin for $ 1 trillion) for launch.
Asked as OpenPrivacy Exec Director, Sarah Jamie Lewis, tweeted ]:
Can't wait for a crypto competition with Uber's ethics, the censorship resistance of Paypal and the centralization of Visa, all of which are tied together under proven privacy for Facebook.
Yes, maybe I would give one is also a miss.
What do you think of Facebook's artists? Please let us know in the comments below!
Pictures via The Block, Shutterstock