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Mastercard, Visa, eBay, Stripe, Mercado Pago Quit Libra Project

libra, mastercard, visa, facebook

Facebook’s plans to launch the Libra cryptocurrency has encountered intense regulatory pressure. Essentially, the governments of the world are generally viewing Libra as a threat to national fiat currencies and the global financial system, and this has scared away some of Libra’s key members.

The biggest credit card companies in the Western World, Visa, and MasterCard have officially announced that they are no longer going to be members of the Libra association. Simultaneously, major online auction house eBay has also exited the Libra Association, in addition to payment processors Stripe and Mercado Pago.

Apparently, this decision to leave follows letters from Senators to Visa, Mastercard, and Stripe indicating that their businesses would come under increased scrutiny if they went forward with their decision to be a part of the Libra Association.

When the Libra Association was first announced there were 28 members, with the goal of reaching 100 members, where each member would pay USD 10 million each and would be a node on the Libra cryptocurrency network. With the exit of these 5 major companies, there are only 23 members left, including Facebook and its cryptocurrency oriented subsidiary Calibra.

It remains to be seen if Libra will launch as planned in 2020, since first Libra must be approved by regulators, and so far regulators have been aggressively opposed to Libra.

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Bitcoin Loses Ground to More Libra Scrutiny

Bitcoin Loses Ground to More Libra Scrutiny

With the week now drawing to a close and Bitcoin staying firmly below USD 10,000 for almost two days now — save one brief moment a few dollars above that milestone — the effects of bearish sentiments against Facebook’s private crypto project Libra by the US government is now pronounced.

As of 1:00 pm UTC (9:00 am EST, CoinDesk), Bitcoin has just crashed from USD 9,850 to almost its daily low just 24 hours earlier at USD 9,456. It is perhaps a further demonstration of American traders buying into the negative sentiment caused by the ongoing Libra hearings.

Yesterday, at the second day of the testimony at the US Senate, Facebook’s Calibra head David Marcus must have been feeling the heat from an unsympathetic Senate, who, according to The Next Web, used the word “trust” 69 times throughout the 220-minute hearing. That they used it in unflattering and sarcastic tones may not have been expected to leave Marcus flustered.

Senator Sherrod Brown had said:

“Facebook… doesn’t deserve our trust… Now Facebook asks people to trust them with their hard earned paychecks… a breathtaking amount of arrogance.”

But the fact that he appeared to be on the defensive countless times, trying in vain to explain how Facebook’s Libra would be trustworthy or how it would earn trust, will be a stark reminder to would-be entrepreneurs seeking global dominion with a private crypto.

And there, the distinction is important. Bitcoin is not by any means a private digital asset. While Libra promises that it would eventually leave everything of the project — including development, maintenance and oversight — in the hands of the public, Bitcoin is a living embodiment of a decentralized network. Without a single point of failure, and without any central points able to manipulate the network (at least, not without incurring the wrath and subsequent corrective efforts of the benevolent majority), Bitcoin is the working version of what Libra only dreams of. And, where Libra talks about trust, Bitcoin is the nearly perfect trustless system, where only mathematics is what must be believed in for this magic internet money to work.

Finished watching the entirety of the Senate Banking Committee hearings today.@Libra_ is so screwed.

— Samson Mow (@Excellion) July 17, 2019

Clearly, the performance of Marcus and his failed defense of Libra should not have affected the Bitcoin market. But public sentiment is a fickle thing and when even analysts like Samson Mow, a Bitcoin advocate, can comment on how “screwed” Libra is, it should be natural to expect the market to feel that the fate of crypto has suddenly become a lot less clear, even if crypto does not necessarily mean Bitcoin.

But not everyone is on board with the retail investor sentiment, at least, not according to CB Insights, who believe that investors are now understanding that the “Bitcoin, not blockchain” mantra of 2018, when Bitcoin was depleting its faith with institutional interest, and are swinging the other way.

Fresh data now shows that flows of cash into blockchain startups have dropped sharply, totaling USD 784 million via 227 deals. But this year, they will only take in USD 1.6 billion this year, down some 60% from a 2018 record of USD 4.1 billion in 2018. Corporations are on “an even sharper decline” says CB Insights, and even Facebook’s Libra temptations have failed to lure new money.

Perhaps they now understand that Bitcoin is Bitcoin, slowly but surely gaining prominence and dominance, doing its own thing, while crypto and blockchain projects, continue to underwhelm and under-deliver. Bitcoin’s performance, even in its current traceback, means that it has increased about 200% in value since its yearly low, while many projects are today priced in below their original valuations. And now, Libra, despite having one of the deepest tech pockets to support them, now face a very real possibility of being dead before arrival.

While these numbers may not mean anything to the casual onlooker, their implications could be far reaching. The US Silicon Valley has for the past decade held on to its lofty status, but a lot of that rests on the blockchain startups that have managed to draw in the biggest fundings. If this were to end, Wall Street and Silicon Valley may soon be yesterday’s greats in fintech.

Meanwhile, smart money could be turning its eyes once more to Bitcoin, whose current cycle seems to have impressed even analytics firm Ceteris Paribus, who now believes that Bitcoin is mirroring the bubbles of Amazon during the dotcom bubble of the 1990s.

Not all bubbles are created equal.

The latest $BTC cycle mirrors $AMZN during the dot-com bubble, but the recovery has been much more swift. Even with the recent sell off, bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar timeframe. pic.twitter.com/P63uQsZmgK

— Ceteris Paribus (@ceterispar1bus) July 17, 2019

Of course, no bull is complete without a bear, and permabear Nouriel Roubini shares in his latest blog post of how Bitcoin exchanges such as BitMEX continue to facilitate criminal activities and terrorist funding.

My new column where I expose the shady rekting racket that is @BitMEXdotcom run by the thug @CryptoHayes: evasion of AML/KYC, front-running, insider trading, massive scale money laundering, gouging of clients, etc.
The Great Crypto Heist by Nouriel Roubini https://t.co/79UsmlZxdr

— Nouriel Roubini (@Nouriel) July 16, 2019

He writes:

“BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere. The exchange does nothing to stop this, as it profits from these transactions.”

It is an old rant, however, and one usually reserved for the banks. But Roubini probably knows that.

 

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Blockchain Career Opportunities Are Booming

Blockchain Career Opportunities Are Booming

The blockchain and cryptocurrency industry has seen a steep rise in expansion over the last few years, grabbing the attention of various users across the globe. With many companies investing billions in blockchain technology, career opportunities have been increasing by leaps and bounds.

According to a report by Tech Jury, the blockchain market is expected to surge to USD 20 billion by 2024. Several companies and banks are leveraging blockchain for the potential it holds to revolutionize business and real-world applications.

It is estimated that in ten years, about 80% of the population will be engaged with blockchain in some form. In fact, as reported by BitcoinNews.com earlier, engineers left their highly paid “dream jobs” to pursue a career in the blockchain industry thanks to its decentralized ideology. 

The popularity of cryptocurrencies has gained ground among enthusiasts, venture capitalists and major corporations. Amid the curiosity surrounding the crypto space, the underlying technology of crypto has led to a boom in the financial market. It has been estimated that investment banks and companies can save an estimated USD 12 billion by using blockchain tech to cut down on the radical costs for data transfer and storage.

Insight on career opportunities

In August 2018, according to a Glass Door economic research report, blockchain career listings saw a whopping 300% increase over a span of one year with 1,775 job openings in the United States alone. The median blockchain-based job salary was found to be about USD 85,000, about 61.8% more than the average US median salary, with New York being the top US metro for job openings. LinkedIn produces over 3,000 job results in the US alone for blockchain-related work ads.

Graph indicating the involvement of people in the crypto and blockchain industry
Image source – Indeed

Blockchain-based careers have become a lucrative option for tech-savvy personnel. The most popular line of blockchain job, according to Glass Door research, was found to be Software Engineer and about 45% of blockchain-related jobs are for software engineers. Needless to say, apt coding skills are an essential qualification for this job. These engineers develop the software apps, infrastructure for Bitcoin and Ethereum use, which serves as the basic premise for the working of blockchain technology.

Next, are the blockchain web designers, who perform marketing activities and build the interface and design blockchain websites. They have to ensure that information about the digital currency industry is correctly and minimalistically presented. Next in demand is the role for Operations which requires a skill-set of operation management and IT. There has also been an increase in demand for the financial personnel considering the fact that the industries are deeply-rooted with finance.

Perhaps an important aspect in which blockchain-based jobs facilitate employment is through the recruitment of non-technology jobs. The increase in technology-related jobs and the general expansion of a blockchain company gives rise to the need of non-tech jobs such as risk manager, marketing manager, public relations officer, product manager, among others.

Oracle, one of the largest technological companies globally, has been expanding its blockchain team, while Chinese industrial and commercial banks have recorded sales of USD 165 billion. This expansion gives rise to the need for real-world experts who keep a check on the security and accountability of the transactions that take place. Even last year, according to a LinkedIn report, blockchain developers took the topmost position in terms of hot demands. Blockchain, therefore, has the potential to serve as a career opportunity for talented candidates, along with them receiving handsome salaries. 

Companies like Circle, Fourkites, and Pixelplex are making long-term investments in blockchain by hiring candidates and many other companies are encouraging skilled personnel by providing them job opportunities to excel in blockchain career. For example, ITExpertsIndya has created its one-size-fits-all job application wherein anyone who is interested can fill up a their name, phone number and other details and submit their resume in a click. They are looking for highly-motivated, organized individuals who give attention to detail and who are results-oriented. It is required for the job applicant to have knowledge of requirement analysis, functional design, software design, database design and testing.

The consultancy companies putting out the most job postings for crypto and blockchain roles are Deloitte, IBM and KPMG. It is highly anticipated that Facebook is going to join this list with the ongoing related hiring spree of the company.

Facebook’s crypto team expansion

It is no secret that Facebook is entering the crypto space with the plan of launching its own crypto dubbed Libra. The project will be open to about 12 countries and is planned to debut in the first quarter of 2020. The company has been attracting a large audience with the support of major payment gateways including Visa, Mastercard and Paypal. Backed by a consortium of 100 corporate investors, Facebook has stirred a storm in the job market. A lot of aspirants have their bag full of hopes to grab the job opportunities in the dream company. 

There is an increased pressure on Facebook to protect user safety and privacy given its involvement in data breach scandals in the past. Needless to say, the management of such a wide database is no piece of cake. This will only open gateways to the expansion of the crypto team. Therefore, with the success of the Libra project, there will be a direct increase in the career opportunities such as compliance, legal, regulatory, privacy and audit jobs to contain the venture.

At the time of writing, Facebook has listed 38 new job opportunities in the blockchain industry which includes Business Development Manager,  Lead International Blockchain Counsel, Financial Accountant, Data Scientist, Growth Product Manager, Threat Investigator, Quantitative UX Researcher, Mixed Methods UX Researcher, Head of Data Science, Director in Payments Partnerships, Vice President, Technical Sourcer and Head of Customer Services.

As reported recently, a prominent professor from MIT was recruited by the social media giant to work on the crypto project. The increase in hiring by blockchain firms shows the long-term interests that firms have in mind. Monetary investment may be volatile in the short run, but investment in human resources sends a strong message of the long term trends.

Blockchain can have a rapid growth in the near future if the employers and the companies promise to believe in the potential of this technology and put in all their efforts and skill in blockchain technology. The primary requisite of the blockchain-related jobs is that it revolves around good coding skills and engineering experience.

Fortunately, these openings are centered in places where there is no shortage of technical and financial expertise. Blockchain is a dynamic and fast moving industry and these trends have created a large scope for people to have developed trust in it, paving the way for long-term interests.

 

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Bitcoin Loses Grip on $13,000 as Bears Take Over

Bitcoin Loses Grip on ,000 as Bears Take Over

Within hours of yesterday’s analysis, Bitcoin bulls were forced to release their grip on the USD 13,000 price levels as North American traders flooded in to snap up easy profits.

Profit taking could not have been a tough decision to make, when entry points of USD 11,000 and below just days ago meant that short-term speculators and weekly traders could book and easy 15% or more profits, knowing that a return to these levels should be easy, given the demand for Bitcoin.

The world’s most-traded digital asset has not seen demand dipping very much after the series of crops in the past 24 hours, beginning with a slip from the daily high of USD 13,175 around 1:55 pm UTC to USD 12,464 in an hour. By the time late afternoon approached in North America, sellers had further dragged down the price to USD 11,680, before Japanese and Chinese traders attempted to retake ground at USD 12,000 — successfully at first but then foiled towards noon China time when further falls brought a current low of USD 11,202.

As London settles into coffee and croissants, Bitcoin does appear to be somewhat stable at around USD 11,447 (10:00 am UTC, CoinDesk) after shedding 11% of its price in a day.

The key to where the rest of the week heads to now lies with how those who entered the market at the last flash crash will do. Many bought in at around the USD 10,500 range and will be pressured to take a quick profit now to still stay ahead in case Bitcoin looks for further floors. However, they may be tempted to take their chances and put in tight stops closer to USD 11,000, while upping a target to above USD 12,000, safely away from the critical resistance at USD 13,000.

If altcoins traders were complaining about the lack of growth in the withering heat of Bitcoin’s resurgence, then they will for sure be feeling miserable in the aftermath of the past day’s performance. A sea of red charts fills the expanse, with not a single coin — not even Tether — in the Top 30 by market capitalization (CoinMarketCap) safe from the scourge of crypto bears.

QTUM, EOS and BCH lead the losers, giving up 20% of their value overnight, while DASH and BTG managed to prevent double digit percentage losses, albeit just barely at 9% plus.

Incredibly, Bitcoin dominance has continued to grow amid its current collapse, and holds a steady sway over altcoins at 65.5% dominance.

Analysts are still struggling to pick up the pieces and pinpoint a cause to the day’s fall. The US dollar took a slight battering over the euro when Federal Reserve Chair Jerome Powell‘s testimony yesterday opened the door even wider to a rate cut for the central bank. But since that was already expected by most, then it was more likely his comments against Facebook’s crypto project Libra that would have impacted Bitcoin price. Over the entire course of his speech, Bitcoin’s price took its first plunge and continued to decline.

In his semi-annual testimony — three hours long —  on monetary policy before the US House of Representatives Financial Services Committee, Powell insisted that Libra “cannot go forward” until it was able to address “serious concerns”. He stated:

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability… It’s [digital currencies] something that doesn’t fit neatly or easily within our regulatory scheme but it does have potentially systemic scale. It needs a careful look, so I strongly believe we all need to be taking our time with this. The process of addressing these concerns should be a patient and careful one, not a sprint.”

Mark Yusko, founder of Morgan Creek Capital Management, however, is among those unperturbed by short term news and repeatedly says that new all time highs are only a matter of time for Bitcoin. He told CNBC’s Fast Money:

“We’re definitely going to reclaim all-time highs… It’s the best performing asset class this year… I think we’re in the next parabolic move that will take us probably into the USD 30,000 level before we get another correction.”

Other analysts also point out that this short term range of cycles are a part and parcel of Bitcoin’s upwards trajectory, with investor psychology at play each and every week. CCN’s Lawrence Meyers says simply that Bitcoin also has to respect “a fundamental rule in physics” in which “what goes up must come down”. He says that people should trade like whales and look back to history where this pattern has repeated itself time and again.

Whatever the scenario for the near term, interest in Bitcoin is not going away, and as Binance finally made its much-anticipated margin trading available today, it also recorded over USD 1 billion in Tether inflow, even as price ebbed lower. Not that that has helped BNB price!

【Binance Records A Whopping $1 Billion Inflow In USDT As Bitcoin Price Trickles Down】Binance, one of the world’s largest exchanges, witnessed a massive inflow of USDT as much as a billion doll…https://t.co/sPs7Voukxu

— Trần Anh Thái (@anhthai8790) July 11, 2019

 

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As Libra Looms, ECB Asks Regulators to Act Quickly

As Libra Develops, ECB Warns Regulators to Act Quickly

Executive Board member at the European Central Bank (ECB), Benoît Cœuré, has warned regulators and watchdogs for financial jurisdictions that they have to act quickly because corporate tech giants such as social media mammoth Facebook are now moving into the financial system.

Cœuré was in Southern France on the weekend when he repeated the stance of  ECB that was adamant that such moves, referring to Facebook’s crypto project Libra, would never be allowed to step outside of current requirements. He insisted:

“It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.”

This isn’t the first time that Libra has caused near panic among regulators and policymakers. In the United Kingdom, its three main financial regulators have been closely collaborating for the best plan of response. Bank of England Governor Mark Carney himself had been in earlier talks with Facebook CEO Mark Zuckerberg regarding Libra and has said that their approach to the crypto was that of “an open mind but not an open door”.

Libra has also irked Washington, with more than 30 Democrat-affiliated groups demanding the project to be aborted as it raises “profound questions”. David Marcus, the executive lead for Libra and other Facebook blockchain efforts, is due to testify before Congress this month.

Cœuré further added that the development of digital currencies does say a little about how existing regulation has deficiencies and that the banking system has failed to adapt to emerging technology. He said: “All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things.”

 

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Snowden: Bitcoin is Freedom

Snowden: Bitcoin is Freedom

Human rights activist and privacy proponent Edward Snowden has praised Bitcoin’s intrinsic characteristics as a permissionless currency and, therefore, believes that it is the only “free money” that guarantees personal freedom.

Snowden had compared Bitcoin favorably to other crypto such as Facebook’s Libra, when performing as an aspect of privacy protection. He said this via teleconference during the recent Bitcoin 2019 Conference, where privacy was a hotly-debated topic.

It was an incredible honor for me to introduce @Snowden at @bitcoin2019conf this year. He talked about the importance of privacy, the difficulty in achieving it, and how “lack of privacy is an existential threat to bitcoin.”

“Bitcoin is Freedom”

VIDEO:https://t.co/emzx2h3Mp9 pic.twitter.com/8U1VckDZgn

— Naomi ₿rockwell (@naomibrockwell) June 30, 2019

Libra comparisons came up, as the media focus has been touting what it might do for mainstream awareness and eventual adoption of other crypto such as Bitcoin, since Libra is seen as the newest member of the asset class. However, those like Snowden are quick to point out that while similar in technology, Libra and Bitcoin couldn’t be farther apart in terms of privacy and decentralization, among others.

Clarifying what he meant by “free money”, Snowden simply stated: “Bitcoin is freedom”. He insists that privacy is what enables people to determine their own freedoms, and used the example of the internet that purportedly offers freedom of speech, yet takes it away is users get “deplatformed” or banned from sites for violating terms and conditions.

The NSA whistleblower went on to say that people had never been offered the right to freedom when it came to trade until Bitcoin’s emergence. He equates liberty with “freedom without permission”, something he insisted only Bitcoin was capable of achieving, when it comes to money.

At the same time, because of privacy’s indellible association with Bitcoin, he also warned of how a “lack of privacy is an existential threat to Bitcoin”, implying that even with the ideals of the likes of Libra, their very centralized nature and keenness to comply with privacy-reducing regulations make them a natural opponent of Bitcoin.

 

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BIS Changes Opinion on Crypto, Eyes Digital Currency Issuance

BIS Changes Opinion on Crypto, Eyes Digital Currency Issuance

Augustus Cartens, the General Manager of the Bank of International Statements (BIS), appears to have taken a reverse in his outlook of digital currencies. In an interview with Financial Times on 30 June, Cartens seemed to have become pro crypto when he said that he supported cryptocurrencies. He actively endorsed the issuance and usage of digital fiat currencies in everyday transactions. He said:

“Many central banks are working on it; we are working on it, supporting them, and it might be that it is sooner than we think that there is a market and we need to be able to provide central bank digital currencies.”

However, these statements of his took many by surprise as a year ago Cartens was known to be an active critic of digital currencies. He called the concept of digital currencies a Ponzi scheme and a disaster to the environment as crypto mining requires high energy consumption and infrastructure. He believed that the increase in accessibility of transferring funds could potentially destabilize the system and condemned the activity of people “creating new money”.

He said that banks would be under various risks if they considered the introduction of cryptocurrencies, citing that innovation should not come very fast. BIS also outspokenly criticized Facebook’s Libra, stating that it involves the transfer of money beyond the control of government authorities.

As reported in March, Carstens stated that there was no necessity for a state-backed cryptocurrency and that for most countries “cash is still in high demand”. This change in opinion in the course of such a short span of time speaks volumes about the kind of effect digital currencies have on big financial institutions.

 

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Ethereum Co-Founder Criticizes Libra Token’s Centralization

Ethereum Co-Founder Criticizes Libra Token's Centralization

The war drums are out, as Ethereum’s co-founder Joseph Lubin has written a scathing critique of Facebook’s Libra crypto, calling it “a centralized wolf in a decentralized sheep’s clothing”.

After the release of Facebook’s own cryptocurrency Libra, the reaction from all stakeholders and industry experts has been somewhat mixed. While some have welcomed the move with relish and excitement, others like Lubin don’t seem to share their enthusiasm. 

In the article, he pointed out the redundancy of Libra’s mission statement as stated in their white paper, which says that “sending money across the globe should be as simple and inexpensive as sending a message on your phone”, and “financial infrastructure should be globally inclusive and governed as a public good”. According to him, that has already been covered by all cryptocurrencies and doesn’t justify the creation of Libra.

Furthermore, Lubin also pointed out Libra’s vision of centralized infrastructure, stating:

“Perhaps most importantly, it requires our trust that Libra will eventually transition to a more ‘permissionless’, decentralized system, whereby anyone can validate the network, rather than the restrictive member evaluation criteria keeping control in the hands of the initial 28 firms.”

Despite all the concerns, Lubin did appreciate some parts of the project as well. He projected that there could be about two billion Libra users within a few years, that would revolutionize the use of cryptocurrency while improving the user experience (UX). He said:

“In one fell swoop, talented UX designers could reduce the current friction of using cryptocurrency. Managing private keys, understanding ‘gas payments’, and installing crypto browser plugins could be as simple as pressing ‘send’ in WhatsApp, another Facebook-owned entity.”

Lubin also claimed that after code analysis of Libra by developers at Ethereum’s development company ConsenSys, they noticed a lot of similarities from Ethereum and conceded that Libra has the potential to be a very well-executed project.

 

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Tyler Winklevoss Talks Up Bitcoin but Could Libra and Gemini Make a Match?

Munich Researchers Call for Higher Renewables Impact on Bitcoin Mining Copy

Gemini big gun Tyler Winklevoss claims that Bitcoin is fast en route to its next level of USD 15,000 after it hits USD 10,000.

With Bitcoin currently valued at USD 9,713 at time of writing, it looks like the first of these major levels is fast approaching. The other half of the Winklevoss entrepreneurial duo also sees the hallmark digital currency surpassing its all-time high, commenting, “If Bitcoin breaks 10k, you can bet it’s going to break 15k.”

Others agree with the Gemini boss that Bitcoin is still undervalued on the market with Fundstrat Global Advisors senior analyst Tom Lee unsurprisingly bigging up the number one coin, claiming that USD 40,00o by 2020 was not an unrealistic proposition, due to a renewed round of FOMO activity by investors.

Winklevoss didn’t go quite that far but commented, “It’s a cheap asset until it disrupts gold, however, the 2nd time breaking 10k will make it feel more ‘real’ to many people.” He made no mention of the impact that Facebook’s proposed entry to the market may be having on Bitcoin’s current surge, but elsewhere analysts are taking the view that crypto could ride on Facebook’s Libra publicity, at least for a while.

Facebook has been in talks with Winklevoss Twins, according to the Financial Times, which is interesting in itself given that they have been well-known rivals of Facebook’s CEO Mark Zuckerberg and were even involved in a lawsuit against him accusing him of stealing their idea for Facebook itself. Another interesting thought for astronomy lovers if Facebook and Gemini make a match:

“Gemini and Libra are a strange couple, both of them intellectual, floating high above the ground, but different in so many ways. They need to accept each other’s nature completely and be open to each other’s differences if they want to be happy together.”

 

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Washington Lawmakers Call to Spoil Party on Facebook’s Crypto Aspirations

Washington Lawmakers Call to Spoil Party on Facebook's Crypto Aspirations

New plans from Facebook to enter crypto space appear to be infuriating a group of Washington lawmakers who fear the media giant is cutting loose without regards to regulation.

The comments floating around Capitol Hill seem to be led by House Financial Services Committee Chairwoman Maxine Waters who just wants to put the skids on the development of Facebook’s Libra coin so it can be examined by US regulators. California Democrat Waters, clearly not a fan of the media giant, feels that Facebook has gone too far already down the road to, as she put it, “unchecked expansion”. She commented this week:

Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data… With the announcement that it plans to create a cryptocurrency, Facebook is … extending its reach into the lives of its users.”

Of course, using Facebook is a choice, and there are other mediums out there allowing users many of the functions that Facebook offers, so Waters point of it “extending its reach of the lives of its users” seems to indicate that users lack the ability to select what is best suited to their particular lifestyle. Users will always have a choice.

Senator Sherrod Brown, a Senate Banking Committee Democrat, also called for Facebook users to be protected but could provide no input into how this should be carried out, or by whom. Patrick McHenry, the top Republican on the Financial Services Panel has called for a hearing, suggesting that Congress should go, “beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system”.

Other views out of Washington have been similar. Virginia Democrat, Senator Mark Warner saw Facebook as simply attempting to dominate new industries.

 

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