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Mark Zuckerberg Defends Libra's Credibility

3 min reading
Facebook szuka wsparcia finansowego dla swojej kryptowaluty

Since the first introduction of Libra coin, it is on everyone's lips, and Mark Zuckerberg consistently emphasizes how trustworthy it is.

Libra and giants' support

On June 18, Mark Zuckerberg and his portal published Libra's white paper. It describes how the new coin will function and underlines the role of the Libra Association in the entire project. It also lists companies that have agreed to support the project, such as Mastercard, Uber, or PayPal. However, people are still doubting the decentralized nature of Libra - they wonder what will happen if Facebook takes full control over the money. Zuckerberg underlines that the construction of a financial system is not an operation that one company could do alone, and that his company is only a part of the entire project. The Libra Association is an independent organization, and Facebook is just one of its members. There are as many as 28 companies with a large reach who are also involved in Libra Association, so actually, it is difficult to talk about a cryptocurrency project that is decentralized since it is controlled by an exclusive group of global giants. Zuckerberg emphasizes that he hopes that at the moment of actual Coin's launch the number of companies supporting the project will reach one hundred.

Is it worth to trust in Libra?

There is one element that links members of the Libra Association - practically every single of them has struggled with personal data breaches in the past. In 2017, Visa and MasterCard fell victim to a hacker attack which affected nearly 200,000 people, and Uber and eBay had similar problems as well. Furthermore, it is probable that among all of these companies Facebook was the most troubled one, especially during the Cambridge Analytica scandal during which personal data of its users were used for political purposes, mainly electoral ones. It has to be said that considering all these facts it is hard to believe in Zuckerberg's words when he talks about unambiguous trust in his new project.
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