Libra “is the worst kind of surveillance coin”

12 July 2019

Andreas Antonopoulos, a man widely regarded as knowing pretty much everything there is to know about Bitcoin, has recently shared his thoughts about Facebook’s cryptocurrency project, Libra. The Bitcoin educator believes Libra will never compete with Bitcoin or any other public blockchain.

On his London Talk platform, Antonopoulos further criticized Libra by saying that using the token is the same as killing democracy. He was quoted as saying:

“More than anything else, this is a surveillance coin. It is the worst kind of surveillance coin connected to the worst kind of surveillance capitalism … Remember that every time you make an easy transaction and you hear the little ding-ding sound of that, remember that’s the sound of democracy dying. That’s the sound of independence dying. That’s the sound of personal privacy dying and you just made someone rich while killing all of the things that matter in free societies.”

Recently, US Federal Reserve Chairman Jerome Powell has expressed concern over Libra. He has asked Facebook to halt its development so issues concerning consumer protection, money laundering, privacy and financial stability can be addressed.

However, Powell has expressed much more optimism about Bitcoin, referring to it as a store of value “like gold.” While he admitted that it can’t be used as money as it is, but as it develops the US may once again have multiple currencies.

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