Are You Planning On Using Libra? Facebook's Digital Currency?
Just like you I have been reading the news about Facebook’s Libra project, it’s new cryptocurrency set to launch next year. Every article I read leads me to ask one very specific question. Does the public even trust Facebook anymore? There have been so many privacy and security breaches, mistakes, and mishaps by the company since the whole Cambridge Analytical debacle, it begs the question of whether, despite the investors, FB has enough brand equity for Libra to be a success. FYI, FB is also launching Calibra, a financial services company built to support Libra.
If you are a privacy and/or cyber security person that has followed the problems FB has faced domestically and internationally, you probably won’t touch Libra, not because it is not a good technology, but because you know there is something more to it. Based on FB’s reputation, the data you share will be sold and it’s an almost certainty that there will be a plethora of cyber security issues. “The technology giant claims that with more than 2 billion users around the world, Libra and Calibra will offer vital financial services to those who aren't currently served by traditional banks and financial organizations.” I don’t know about you but the more FB talks about the altruistic purpose of Libra, the more suspicious I become.
Of course, only time will tell if the project will be a success, given FB’s previous issues, the fact that Congress has been talking more and more about breaking up Big Tech companies, and the regulatory requirements when working in the financial services sector there are many hurdles FB faces. However, even if they pass, the public will decide, just don’t ask for my opinion.