Facebook’s Libra Digital Currency Is Bad For Privacy

Facebook’s Libra digital currency is gaining a lot of attention currently and could turn into the greatest anti-competitive trust case in the history of all assets.
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In today’s latest cryptocurrency news, we read what the analysts have to say about it.

Even before sharing the idea with the world of issuing a cryptocurrency, Facebook was already in an almost monopolized social media and part of this is the duopoly in the main markets. Alongside with Google, Facebook is responsible for controlling the 82% of the digital advertising market. In the past, Facebook purchased each company that poses a threat to it such as Instagram and WhatsApp. Facebook also acquired the makers of Snapchat and embraced the company’s best features and integrated them into the app. Now, the social media giant aims to extinguish Snap as a competitor.
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If you take a look at the stock performance of both Snap and Facebook, you would probably choose Facebook as the most successful one. But this is not the biggest concern.

Facebook and Google are already showing their political sides. With their duopoly on the market on digital market advertising, the companies are shifting the nature of news. There are only a few news sites still relevant such as the Wall Street Journal and the New York Times which can resist the pressure from these giant competitors. As noted in the coming altcoin news, most publications need to use Google ads which provides far less revenue to the outlet and forces the newspapers to write clickbait. Ads are very well placed for the readers because of the huge information that can be inputted into their algorithms. The same implies for new content on Facebook.

Now, Facebook’s Libra digital currency will increase the monopolistic power since it can access unparalleled information about consumer purchasing habits. The company that basically knows every news you see on your feed could also have some insight into your spending patterns with the help of Libra.

Furthermore, the social media data that Facebook continuously gathers, can be divided into specific information and preferences. Facebook and the other giants such as Uber, Mastercard, eBay are saying that they won’t do that. However, the analysts don’t believe their words. Consumers now how the benefit of a digital payment without having to trust Facebook to gain more power.