Bitcoin
BTC$64 158.52

-5.39%

Ethereum
ETH$3 293.13

-7.47%

Tether
USDT$0.999409

0.05%

Solana
SOL$179.39

-13.15%

Binance Coin
BNB$515.41

-8.38%

XRP
XRP$0.590443

-3.01%

Leave Libra, Urges Open Markets Institute


23 Jul 2019

As it turns out, government officials and members of the G7 are not the only ones who came down with criticism on Facebook and its much-discussed digital currency Libra. A few days ago, Open Markets Institute, a very reputable independent non-profit organization that reveals the instances of monopolization and tries to counteract it by means of journalism, issued a joint press release with other well-known NGOs, appealing to Libra’s partners to abandon the controversial project.

It is not too late to leave for the sake of technology


In this open letter, a group of influential organizations from the fields of business, technology, and finance which, apart from Open Market Institute, included Demand Progress Education Fund, Revolving Door Project, and Public Citizen, appealed to the conscience of the so-called Libra partners, asking them to muster sufficient strength to make a stand against Facebook’s blatant attempt to monopolize yet another market.

This letter was sent to the 27 companies, the founding members of Libra Association, among which are such globally recognized names as Visa, MasterCard, Uber, Spotify, Vodafone Group, and PayPal. The membership in this Association provides for the right to run a validator node and have one vote at the Libra Association council meeting - all that in exchange for the ‘modest’ affiliation fee of $10 million.

The letter itself said that the recent Senate Banking Committee hearing, which was devoted to Facebook’s official announcement regarding the launch of Libra, convinced the signees that this project bears significant risks in terms of privacy, regulation, and impact on financial stability. But what appears to be the biggest threat, stated Open Markets, is that Facebook is gradually forming a global monopoly not only on personal data of billions of users but also on their financial data, thus undermining the sovereign power of states and national banks.

Love the blockchain, don’t trust Facebook


However, these NGOs placed the emphasis on the fact that they are in full support of the concept of providing the unbanked people around the globe with access to non-conventional financial services, but insist that it mustn’t be done with the hands of the corporation that refrains from being transparent about its objectives and uses its dominant position on the market for unfair leverage. They warned these companies about the danger of Facebook usurping the space and hindering the development of the young and immensely promising technology that is blockchain and its offsprings - cryptocurrencies.

The penners of the letter asked each of the 27 partners to withdraw from the Libra project and thus send a powerful message that the new age of digital technology will not be ruled by a single player, but instead, develop in concordance to fair rules and complete transparency.

The letter was released on June 18, but none of the companies have issued a response as of yet. Certainly, the purpose of this letter was to attract even more media attention to this situation and raise awareness of the general society about the pitfalls of untrusting a substantial chunk of the emerging financial segment into the hands of the corporation with a tarnished reputation.

Author: Alex Paulson for Crypto-Rating.com

Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Is a forex hedging strategy effective?
Is a forex hedging strategy effective?
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Can ChatGPT trade better than humans?
Can ChatGPT trade better than humans?
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
How to Trade with ChatGPT. Tips and Tricks of AI Trading
How to Trade with ChatGPT. Tips and Tricks of AI Trading
Mastering stop loss for indices trading: 5 essential strategies
Mastering stop loss for indices trading: 5 essential strategies
Introducing Exness Team Pro - The voice of the markets
Introducing Exness Team Pro - The voice of the markets

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64.4% 75 $64 158.52 -5.39% -10.80% $1 261 248 113 536 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 69 $3 293.13 -7.47% -17.83% $395 430 984 754 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $0.999409 0.05% -0.09% $103 556 936 151 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 62% 79 $179.39 -13.15% 18.30% $79 627 852 258 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 90 $515.41 -8.38% -2.73% $77 072 765 613 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 70.4% 60 $0.590443 -3.01% -15.03% $32 356 386 856 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 91.2% 2 $1.000008 0% 0.01% $31 328 635 187 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 62% 76 $0.617297 -8.59% -17.19% $21 954 351 712 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 62.8% 73 $57.23 -5.30% 20.60% $21 593 794 168 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 58% 89 $0.130659 -10.26% -23.41% $18 753 310 664 DOGE 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 59.2% 94 $0.000025 -8.23% -21.57% $14 976 749 268 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 64% 69 $3.79 -1.80% 6.60% $13 149 340 282 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 57.2% 87 $9.05 -11.08% -15.38% $12 879 745 483 DOT 7 days price change
14 TRON (TRX) TRX TRON predictions 85.2% 19 $0.118409 -6.02% -10.42% $10 399 825 289 TRX 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 85.6% 20 $0.117955 -6.54% -10.97% $10 359 849 114 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.