As posted to the Ben Swann YouTube Channel on 6/18/19

Facebook’s New Crypto “Libra” Explained

Investigative journalist Ben Swann gives his take on how Facebook’s new crypto “Libra” is not actually decentralized. Plus, it’s been established with a “pay to play” scheme for governence of the coin.  The players are Facebook, Uber, Lyft, Spotify Visa, Mastercard. and other multinationals who paid a $10 million entry fee.

Decentralization

Ben goes on to explain “the concept of decentralization.  Cryptocurriency’s power, is to break the current financial systems that are in effect, and returning that power to the people.  Libra does not do that, it has no interest in doing that.  It only continues to reinforce the power structures that are already in place.”

Why Facebook Won’t Know What You’re Spending Your Libra On

Facebook is concurrently launching a subsidiary, “Calibra”, which will hold all of the information.  In that way, when you use your Libra digital currency, Facebook won’t necessarily know what you’re spending it on.  Therefore, Facebook won’t be serving you  targeted ads.

Libra vs PayPal

The developers of Libra want to make it the new PayPal.  What’s interesting is that PayPal is one of the members of the new association.  One of the companies that has paid $10 million to help design and control the future of this currency.

(This is Blog Post #564)

Ben Swann is an Emmy winning American television news anchor and investigative journalist who most recently worked at CBS affiliate WGCL-TV in Atlanta, Georgia as chief evening news anchor from 2015 to 2018.  His current project is “Truth in Media“, an independent media organization committed to providing quality content focusing on issues that impact humanity, featuring a number of fearless journalists sharing their expertise with a diverse audience that honors genuine and compelling reporting that transcends political, social and geographic boundaries.