On June 17, Mark Zuckerberg presented Libra to the whole world, the new cryptocurrency that will be in operation in a year’s time. Knowing that Mark moves only for his own interests, we see some aspects of Libra, the reader will determine what are the Good and the Bad.
Let’s start with the name: Libra. Exactly the same name as the coin minted and imposed by Charlemagne 1,200 years ago, and here a little megalomania of the founder of Faceboock is there, everyone has his own reference model and Mark chose his own.
The primary stated goal of this new currency will be to allow over one and a half billion people who have a mobile phone but do not have a bank account to make money transfers. So, if you can afford a mobile phone but live in remote places where there are no banks, here I offer you the possibility of making purchases on the Internet, provided there is telephone coverage. It seems to me that the primary need of billions of people is to have drinking water, not to shop over the Internet or to send cryptocurrencies around the world. Is there something else behind it? Is it not by chance that Mark wants to cut the legs of the Islamic system of sending free money, a system that makes the Western banks so angry that they see the possible gains of these operations fade away?
Libra will be managed by an independent and non-profit organization called Calibra, based in Geneva in Switzerland, and made up of 28 partners. Among these we have Vodafone and Iliad, the Spotify portals, Booking, e-Bay, electronic payment companies such as Mastercard, Visa and PayPal. All philanthropic societies that have made help to the needy their reason for living.
According to Mark the new crypto currency:
• will have an underlying made up of a basket of strong and secure currencies,
• will be managed by a trusted network,
• will be global,
• will have a platform for various types of transactions
• will be free of charge,
• will use a open source software,
• can be exchanged with other currencies of current use.
Apart from the appearance of the basket of currencies, nothing new compared to all the other cryptocurrencies, starting with the now ancient Bitcoins.
Libra will have a private management system and will be disconnected from any form of government and will use a transaction system based on technology similar to the Blockchain.
The Facebook man then said that Calibra, the company that will manage the new cryptocurrency, will collect data on customers and this data will be managed and transferred to third parties with the consent of the customers, apart from limited cases” to provide basic functionality to the people who use Calibra to facilitate and improve the Calibra product experience, Calibra products and services market. “Basic functions? Product experiences? Services? Here we are talking about nothing and everything, we talk about Marketing and exchange of information with Facebook, and we know how much FB maintains the confidentiality of the data collected.
With the data relating to the purchases of Calibra customers, or those for you, it will be able to go much deeper into the confidentiality and habits of customers, much greater information will be collected than with FB, it will be possible to analyze the life habits of billions of customers and “Direct them” like a flock of sheep, wherever you want. This data may be sold or exchanged with third parties that the customer will never know.
Mark says the use of Libra will be free but in the future there may be small payments for some operations. Here we discover another economic policy: now I give you the free game, then I make you pay a little and finally, when you can no longer do without it you will be in my hands and I will take away everything I want. A policy that is very reminiscent of heroin dealers, but those are illegal.
In addition to this, Mark will be able to charge the advertising Libra App to make a little money, insert paid ads, loyalty campaigns in order to acquire customers who can no longer get out of the trap.
With Libra, Facebook Mark will be able to create his private economy without any security and defense for its users.
Like all Libra crypto-products, it will be a Fiat currency, that is created from nothing, that only works and as long as all its users believe it exists and has value, and will have no government control. Bitcoin, Ethereum, Monero, Litecoin and hundreds of other cryptocurrencies, all were born to escape the control of the states, but in this case the state control was replaced by the control of the 28 managers of Calibra. With the excuse of escaping public control, which, however criticized, always has a democratic basis, we move on to complete private control, and I think that no intelligent person wants to be controlled by an abstract and private entity.
Of course, if the customer does not accept this service policy he can always terminate the contract, no longer use Libra, but will always remain present in the organization’s databases, as is the case with FB in fact.
We currently have in circulation and we use Meal Vouchers, Supermarket cards, Cryptocurrencies and other forms of payment issued by private companies without any monetary sovereignty. Mark from Facebook, relying on his power in the media, simply proposed to use a new form of payment in a year, the Libra, dependent on a group of private individuals, also obviously without any monetary sovereignty.
At this point a question arises: why the Italian state, which has never sold its monetary sovereignty to anyone, or the right to issue money, does not do as individuals do and issues a credit card in euro, but released from ECB, using its own state banks? It would cost him nothing and give a nice turn to the purchasing power to any country.