Zuckerberg’s back at it again.
Mark Zuckerberg just announced that Facebook, along with 27 organizations from all around the world, started a non-profit association, and created a new currency, both called “Libra“.
We’d like to explain it, but then again, we’re sure that Mark said it better.
People are not taking this well tho.
A lot of people are criticizing this by saying that Libra is not a real cryptocurrency as it doesn’t stand on the 5 pillars of open public cryptocurrency.
Some might ask, what are the 5 pillars of open public cryptocurrency?
The 5 pillars of cryptocurrency is that it must be open, public, neutral, borderless, and censorship resistant. It must be decentralized, meaning that it can’t be owned by an entity or entities in any way, shape or form.
Now Libra, a cryptocurrency, is co-owned by Facebook and 27 other organizations, see the problem here?
What makes this a really big deal is that Libra is owned by very large organizations, which makes Libra a strong candidate that will likely replace the world’s money as we know it.
Furthermore, Libra will be terrible for the world’s governments, specially Third World ones like us. With more people turning to it, each government’s currency will most likely plummet and crumble before Libra, making governments lose a lot of their influence and power over its citizens.
Which begs the question, how long Third World governments will take to accept such change? And how will they handle it?
In conclusion, we have no idea whether this is for the better or worse, but all that we know is the world’s changing, and we’re changing with it.