Cryptocurrency News Today: Mark Zuckerberg to Throw Shit at Wall, See What Sticks
The guy who just last week tried to claim his data sieve social network could have prevented the Iraq War is at it again. And by “it” I mean talking out of his ass in public.
“Libra will be a global payments system, fully backed by a reserve of cash and other highly liquid assets,” Zuckerberg wrote in prepared remarks he plans to deliver—in whole or in part—before the House of Representatives’ Financial Services Committee tomorrow. The cause for his upcoming visit is, you may have guessed, Libra, the Cryptocurrency Zuckerberg proposed in June and which the financial institutions of nearly every developed nation saw as a direct challenge to their sovereignty and a privacy nightmare for users whose personal and financial data might now be collated in Facebook’s vast dragnet.
“There’s a reason we care about this. Facebook is about putting power in people’s hands. Our services give people voice to express what matters to them, and to build businesses that create opportunity. Giving people control of their money is important too. A simple, secure, and stable way to transfer money is empowering,” Zuckerberg wrote, although it’s difficult to imagine anyone takes him at face value anymore. “Over the long term, if it means more people transact on our platforms, that would be good for our business. But even if it doesn’t, it could help people everywhere.”
It’s not exactly clear who, if anyone, actually needs Libra, or why it needs to be a Blockchain-based project when digital financial tools like Paypal already exist. And lawmakers aren’t alone in their skepticism of the project’s strategy, stated goals, or Zuckerberg, Libra’s de facto figurehead. Since being