One of the most concerning things to come from Facebook’s cryptocurrency reveal is the number of traditional finance players who are supporting it. These are many of the same people who shunned Bitcoin, and other cryptos, and still shun them. In light of the hype surrounding Facebook’s new “Libra” cryptocurrency, it’s important to pause and be just as critical of it as other cryptos.
Examining Facebook’s Libra without the hype
The overall concern raised by observers of Facebook’s cryptocurrency stem from the social media company’s disconcerting past. Facebook has had to disclose several breaches that resulted in its subscribers’ private information being disclosed.