While Facebook is struggling to maintain it’s image as they censor and ban people for dissent and share your private data, they are attempting to create a cryptocurrency called Libra. According to one author and economist, the social media giant will use the technology to create a world of ultimate surveillance…and they’ll profit from it.
Bill Black, the author of The Best Way to Rob a Bank is to Own One, says this is simply a way for Facebook to profit off of an ultimate surveillance state. Black is also a professor of economics and law at the University of Missouri-Kansas City, and he was the Executive Director of the Institute for Fraud Prevention from 2005 to 2007. He was a central figure in exposing the congressional corruption during the savings and loan crisis, according to a report by The Real News.
A cryptocurrency controlled by Facebook may turn the social media giant into an even more state-like institution, some say, complete with its own internal economy, the ability to impose economic policies on its customers as if they were citizens of a state. They are already silencing dissent and deciding which information people are to be shown. But, more importantly, Libra seems to give Facebook even more power to control our private data with the ability to use the unprecedented alleged currency as a tool for even more surveillance.
In the video below, Bill Black and Mark Steiner discuss the Libra cryptocurrency in detail and the problems that it presents for privacy and those who go against the control and tyranny of the state. The future sure seems bleak.
Libra can be changed at any time to do virtually anything by a two-thirds vote of an “association.” This association is made up of the usual for-profit actors in the world— the big credit card companies, etc. And more private for-profit entities can buy-in. So they can make Libra into most anything that is conceivable to make, and any promises that it won’t be used in certain ways are completely hollow because Facebook is not going to run Libra like we would trust. If Facebook did run Libra, but— [laughs] Even if Facebook gave us promises, which it’s done in the past and lied about, and somehow we believed that this would never occur again, and Facebook had turned over a new leaf—Facebook doesn’t control it! A bunch of other really nasty heads of these control it...Like the credit card companies and such own it and whoever wants to. Whoever finds that it would be sensible to take over this organization can take it over, get a two-thirds vote, and then Libra, they can make into almost anything. –Bill Black
For the full transcript of the above video, please head over to The Real News by clicking here.