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Author Topic: Antonopoulos on Libra (facebook) - "this is a surveillance coin"  (Read 156 times)
bitmover
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July 11, 2019, 09:55:43 PM
Merited by suchmoon (4), DdmrDdmr (2), BrewMaster (1), hatshepsut93 (1), 1miau (1)
 #1

Antonopoulos is one of the few reasonable and honest personalities in this ecosystem that I know.

He is right. Facebook is about to increase surveillance to another level. Even google didn't do it yet.
I can erase my google data if I want (most of at least). But nobody will be able to delete blockchain records in Libra coin, for example. And everything will be attached to your ID and your facebook account, Instagram, whats app (as they own everything and will soon link all those services).

Libra coin can be many things. It may be more open than banks, allowing faster and cheaper transactions worldwide, but it will also costs us much more in terms of privacy.


source: https://www.reddit.com/r/CryptoCurrency/comments/cby7id/an_ominous_warning_from_andreas_london_real_talk/

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July 12, 2019, 12:32:19 AM
 #2

People in modern world simply don't care about privacy, the fact that Facebook has more than 2 billion users proves it. I think this is because no one feels any immediate consequences to getting their data harvested, and for now it's mostly used in advertising, but things can change in the future, with governments demanding data to use it against their opposition, companies taking control over our lives more and more and so on.

 

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July 12, 2019, 12:54:31 AM
 #3

Antonopoulos is one of the few reasonable and honest personalities in this ecosystem that I know.

Agree, he is really great advocate of libertarianism, finance freedom, bitcoin and general quotable sentences.
He is really a hero of Bitcoin.
Agree with him about facebook coin. I don't think it will be treated seriously tho Wink

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July 12, 2019, 06:28:49 AM
Merited by suchmoon (4), DdmrDdmr (1)
 #4

Well, it looks like "smoke and mirrors" are being used to camouflage their agenda, because Donald Trump has confirmed in one of his latest Tweets that he does not like Crypto currencies and also not Libra. https://twitter.com/realDonaldTrump/status/1149472282584072192
Donald J. Trump

" I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....

....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...

...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar! "

So, I see no future for Libra, because they are centralized and they can be stopped, but Bitcoin might survive because they are decentralized and it is more difficult to shut it down.  Wink

 
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July 12, 2019, 06:33:35 AM
Merited by DdmrDdmr (2)
 #5

I have a lot of concerns with Libra, but privacy is not one of them.

With bitcoin today, if you buy or sell on an exchange, your identity will be associated with your coins and your transactions. Advanced blockchain analytics can help determine when you are sending coin to yourself, and when you are sending coin to a third party. This is helped in part by large scale address reuse. Not reusing addresses yourself is insufficient to protect your privacy because address reuse by those you transact with (and those they transact with) can lead to leaking of information about your transactions.

A bigger concern of mine about Libra is that is acts more like PayPal with a centralized database than it does a crypto currency with a blockchain created and validated by many unrelated parties.   

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July 12, 2019, 08:25:49 AM
 #6

Nobody really expects Libra to be an anonymous payment method when it gets deployed. It is potentially at the same conceptual level as when you make a purchase through Paypal or your credit card, binding information that allows for data analysis, profiling and ultimately potentially to product offer based on historical purchase basket analysis. Being not anonymous, it should be private, but we know how FaceBook exploits that for its own benefit. They’re not precisely a leakless company either, so a breach in security could lead to accounts and purchases being of a public/dark domain at some point.

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July 23, 2019, 03:24:14 PM
Last edit: July 23, 2019, 04:10:12 PM by dkbit98
 #7

I have listened complete Libra congress hearing,
and they 'promised' that Libra will be detached from rest of the Facebook,
they will have separate department, and they will NOT share data with Facebook. Smiley

- Do I trust them (read Libra & Facebook) ??
- NO!

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July 23, 2019, 03:29:01 PM
 #8

Libra coin can be many things. It may be more open than banks, allowing faster and cheaper transactions worldwide, but it will also costs us much more in terms of privacy.

until it is actually released, if it is released, we can not say anything for sure but i seriously doubt that any of these could even be true. you see Libra is not exactly a cryptocurrency and people who may use it are not actually sending transactions. they are sending numbers from one "account" on Facebook website to another "account". under the hood they may as well not even be using a blockchain!
of course they will offer competitive features such as lower fees, reversibility of transactions aka charge back,... but in the end they have only created a copy of Paypal.

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July 23, 2019, 11:17:33 PM
 #9

I have listened complete Libra congress hearing,
and they 'promised' that Libra will be detached from rest of the Facebook,
they will have separate department, and they will NOT share data with Facebook. Smiley

- Do I trust them (read Libra & Facebook) ??
- NO!
I've the same impression and I wouldn't trust facebook after all the shady things happening there with user data and privacy infringements. I don't like facebook, never had a real account there and although I have no account they may know a lot about me from other users sharing their data where I'm also involved. User data is a big business and that will get even more important in the future. Refusal of their service is all we can do right now but I'm in doubt if it helps...

under the hood they may as well not even be using a blockchain!
of course they will offer competitive features such as lower fees, reversibility of transactions aka charge back,... but in the end they have only created a copy of Paypal.
But they need the word "blockchain" for marketing purposes to get more attention.  Wink Wink
And the target group of Libra users is most likely giving a shit if it's blockchain or not, essential for them is if it's easy to use.

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