Altcoin News: Weiss Ratings: Facebook Is Not a Crypto

May 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Against the background of the recent rapid growth of the cryptocurrency market, the rating platform Weiss Ratings decided to evaluate the prospects of the acclaimed project under the unofficial name “Facebook Coin”.

#FB allegedly recruiting financial firms to develop its own #crypto, project codename Libra. Financial firms are being recruited yet, #Facebook is “noticeably absent” from discussions about using #DLT to enhance user privacy. What does that say about #FBCoin? #ThisIsNoCrypto”, writes representatives of the Weiss Ratings.

It is likely that such a sharp company stance is linked to privacy claims for Facebook users, but everyone remembers the data breach scandal associated with Cambridge Analytica.

Facebook has also been criticized by a well-known supporter of Bitcoin and author of the book “Mastering Bitcoin” — Andreas Antonopoulos, who said that the company will sell transaction data of users to commercial companies:

“They are centralized, censorable, bordered, controlled, [permissioned], and closed systems… that have the same characteristics of fiat, but are simply now digital. Guess what? We already have digital fiat. All banks operate primarily with digital fiat. About 92% of the money supply in the world is digital fiat, with no physical equivalent in cash.”

Nevertheless, the company led by Mark Zuckerberg is actively working on the development of the digital currency project. Recently, two former employees of Coinbase were hired to develop Facebook Coin.

In addition, the project has obvious supporters, such as Barclays internet analyst Ross Sandler.

“Based on our checks, the first version of Facebook Coin may be a single purpose coin for micro-payments and domestic p2p money transfer (in-country), very similar to the original credits from 2010 and Venmo today,” Sandler said.

Author: Marko Vidrih