Concerning Facebook’s “Libra”, there is still much to be said about what the technology giant’s crypto project could mean for mainstream acceptance and corresponding new technologies. At the same time, however, the announcement has sparked many discussions about privacy, decentralization and much more.
Data protection was a much discussed topic during the last “Bitcoin 2019” conference. NSA whistleblower and human rights lawyer Edward Snowden spoke there over the phone that Bitcoin was unlicensed, unlike Facebook’s Libra – and the only “free money”.
The mysterious and pseudonymous Satoshi Nakamoto designed Bitcoin in the wake of the global economic crisis in 2009 – to tackle all the problems he or she had with money. Key concerns included a steady supply and a guarantee that no third party or individual actor can control the network or the transactions that take place on it.
The Bitcoin network is trusted because there is no longer any need to control the transactions. In addition Bitcoin becomes permissionless – which makes BTC Edward Snowden the only free money.display
The former CIA whistleblower joked that his “free money” comment had nothing to do with the parabolic rise the crypto-asset has experienced in recent weeks.
Snowden used as an example the Internet, which gives the impression of freedom of expression. The worst thing that could happen is that a user is “de-platformed” or banned from websites like Facebook for violating the terms and conditions.
Regarding trading, Snowden believes humanity would not have the same right to freedom before Bitcoin. He adds that freedom is “freedom without permission” – the foundation of all human rights. And when it comes to money, only Bitcoin can do it.
Just hours after the Libra announcement, politicians were already trying to stop Facebook’s crypto-asset, which aims to disrupt the money system and bring the entire privacy of the world under corporate control.
While governments are only marginally better at taking care of the “little man”, governments actually protect users’ privacy from the shackles of Zuckerberg and his crew.
But the struggle between Zuckerberg and the world leaders is a battle that puts Bitcoin at the center – and it shows why the unapproved, decentralized design and the power and freedom that put Bitcoin back into the hands of individuals are far more valuable than anything What the technology giant could invent.
Since Libra is controlled by a consortium of companies, they are tied to the decisions of the governments in which they operate. If these governments decide to stop Libra, there is not much that Facebook and Zuckerberg’s lawyers can do, no matter how powerful.