Ben Goertzel: On Facebook Fears, Libra Leaks and Crypto Futures

Who’s afraid of a big, bad new coin from Facebook? Crypto pioneer BEN GOERTZEL dives in for a closer look.

Love or hate the idea, a new Facebook cryptocurrency will likely soon be upon us. If leaks are correct, the social giant could announce the Instagram and Messenger-integrated coin in a whitepaper as soon as June 18.

Called GlobalCoin or Libra, the rumored coin will be aimed at the developing world, sources say, a sector that urgently needs new solutions for remittances. And unlike Bitcoin, it will be tied to a Währungskorb, or currency basket, according to a report published in the German magazine, WirtschaftsWoche.

What to make of it all?

Well, the crypto geeks I know are aghast. Surely Facebook won’t get it right, they worry. Rather than the crazy, chaotic anarcho-libertarian ethos of today’s crypto cosmos, a Facebook coin would only support corporate and government hegemony, they say.

The tech-business folks I know are a bit less negative: skeptical, but still excited.

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