Facebook unveils new cryptocurrency, but there’s a creepy secret

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Photo source: Pixabay, CC0 Public Domain, https://pixabay.com/en/bitcoin-digital-electronics-3d-1368256/

Facebook is getting into the cryptocurrency game, embracing a technology that allows people to engage in voluntary transactions outside the iron grip of government.

But Facebook’s “Libra” appears to be less a vehicle for monetary freedom and more of a Trojan Horse.

Breitbart reports:

Facebook has set up an independent company called Calibra to act as a digital wallet for users Libra currency, hoping to act as an alternative for the 1.7 billion people in the world without bank accounts. Facebook has also set up a non-profit “Libra Association,” in Switzerland, comprised of the companies that have already backed the project, including Visa, Mastercard, PayPal, Uber, Stripe, and Booking.com….

….The Libra Association will govern Facebook’s currency. According to the white paper, “The Libra Association also serves as the entity through which the Libra Reserve is managed, and hence the stability and growth of the Libra economy are achieved. The association is the only party able to create (mint) and destroy (burn) Libra. Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new coins.”

This governance modest puts the Libra cryptocurrency in stark contrast with Bitcoin, the largest and most popular cryptocurrency. Bitcoin’s decentralized system means that no governing body can choose to increase or decrease the supply of the currency, and no bank can prevent an individual from owning, sending, or receiving Bitcoins.

The Libra currency will be accessible through Facebook, Messenger, and a standalone Libra app and users will need a government-issued ID in order to open an account.


Facebook also notes they will harvest other personal information from user’s Facebook accounts “to improve the product” and will share information with law enforcement.

Facebook has set up an independent company called Calibra to act as a digital wallet for users Libra currency, hoping to act as an alternative for the 1.7 billion people in the world without bank accounts. Facebook has also set up a non-profit “Libra Association,” in Switzerland, comprised of the companies that have already backed the project, including Visa, Mastercard, PayPal, Uber, Stripe, and Booking.com….

….The Libra Association will govern Facebook’s currency. According to the white paper, “The Libra Association also serves as the entity through which the Libra Reserve is managed, and hence the stability and growth of the Libra economy are achieved. The association is the only party able to create (mint) and destroy (burn) Libra. Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new coins.”

This governance modest puts the Libra cryptocurrency in stark contrast with Bitcoin, the largest and most popular cryptocurrency. Bitcoin’s decentralized system means that no governing body can choose to increase or decrease the supply of the currency, and no bank can prevent an individual from owning, sending, or receiving Bitcoins.

The Libra currency will be accessible through Facebook, Messenger, and a standalone Libra app and users will need a government-issued ID in order to open an account.


Account information from Calibra will not be shared with Facebook to improve things like ad targeting, except for “limited cases” where this data may be shared “to keep people safe, comply with the law, and provide basic functionality to the people who use Calibra”, the social network added. Facebook also notes they will harvest other personal information from user’s Facebook accounts “to improve the product” and will share information with law enforcement.

So far, Facebook has enlisted 28 firms, including Spotify and Uber, who each had to invest a minimum of £8million to be a founding member of the Libra Association, an independent not-for-profit membership organisation.

Kelly here: I sense a Blofeld type powergrab. And I picture the CEOs of all those companies gathered around a big table. Zuch is chillingly asking who left the back door open to the Ukrainian algo that just cleaned out PayPal. The Lyft boss is sweating and when the inevitable finger is pointed at him he is strangled with FireWire cables by two nerdy turtleneck wearing dudes from Palo Alto.