GlobalCoin is coming. What are your thoughts on this new Facebook-made altcoin? What have you heard about it?
Share your first impression!
With money in the mix – without ample regulation – Facebook could have access to spending habits of billions of people. Its role in the Cambridge Analytica and election scandals have painted a dismal picture of Facebook’s trustworthiness when it comes to handling personal data.
Beyond transparency, the lack of regulation with Bitcoin also made it a useful platform for black market deals – transactions made outside of government-approved channels. To these dealers, the dollar is a channel they would want to avoid as they would likely have to open bank accounts for money to flow through, which can be traced.
One of the concerns about Bitcoin was the difficulty in monitoring such dealings. Bitcoin allowed for various forms of tax evasion as transactions could leave no taxable trace. It also made it difficult to protect employees without legal contracts, as well as monitoring the sale of banned items. Many of these issues apply to Libra, or at least remain unclear, giving more reason for Congress’ skepticism.
I'm glad that Libra is facing all the backlash as it should.