Politicking the Saga of Facebook’s Libra Confusion/Testimony

Recently I have been trying to explore the USA Congress views on the various issue to why Facebook's Libra continues to have glitches with approval. I have written articles in the pasts to suggest my theories to why it will be a disaster to approve the launch of libra. After a long wait, I was moved to listen to the 6 hours long testimony (with recess breaks) to understand from the United States of America’s point of view. The lengthy grilling (testimony) of the Facebook CEO (Mark Zuckerberg); on the issues of Facebook, libra association and the way forward.

It kicked off with a very long listed US and other global illicit activities carried out in forms of terrorism, illegal drug, sex trafficking and redlining of some certain communities to access Ads to the right jobs and housing (discrimination in strong preference for age, zip code, sex, wealth class and race/colour)

Problems and challenges posed

Mark's testimony did not fly well before the congress, as this innovation was only brought to implementation by not someone who the US citizens and congressmen and women refer to as a liar. These statements were backed with various facts and really are disheartening. It was stated that Mark/Facebook has the act of getting away with tweaking the rule of law to his business advantages regardless his negative impact such decisions on competitors, class of people, sex, race. A typical example was cited; Facebook fine of 94 million Pounds for tricking the European Union, by merging Facebook and WhatApp user accounts which was against the regulations to which Facebook agreed to 2014 when he took over WhatsApp.

Facebook stated that the purpose of libra is to provide a payment system through which by just sending a text from the phones. He also stated his target group was to aid the unbanked and underbanked especially in the US and the globe at large. However, the challenge here is that none of Facebook incomes is actually invested in this target group of people (unbanked and underbanked) nor the Minor Deposit Institutions (MDI). In my opinion, it is rather difficult to help people who you never related with nor understand their concepts, way of life and as to why their intentional exclusion from the financial system and important data to all of these.

Another challenge was also ballistic as the issues of anonymity of the Calibra wallets transfer would only inhibit the transparency or traceability of women and child sex trafficking activities; due to the end to end encryption feature of the wallet. This was blown in his face; that Facebook has been the most popular means of over 16.8 million of 18.4 million reports of sex issue of children and woman; online sex traffic: images of child sex abuse. It was interesting to know that the KYC as stated by Facebook would actually not fly because the users will possess anonymous accounts.

Despite all of the active grill, the congress yet explained with deep insight as to the fact that Facebook has been used as a medium for promoting political/election manipulations, racism/racial killings, freedom of hate speech and an upright access to the rich/terrorist for perpetuating illicit activities as long it comes down to money.

Conclusions

This whole libra project approval has various bumps and gallops in its road because it is seeming like handing a ballistic bomb switch to a child who likes playing with toys. This is coupled with the fact that the child has attributes or consistent expression of lies and affluence of trampling/bullying of other children/mates.

However, the US is very careful to not make the same mistake made by the European Union. Indeed, it is funny to find out that the US finds cryptocurrencies as a major threat to displacing or interfering with the US dollar as the major reserve currency for the world; which affects the sole needs of the US sovereignty/power globally and dominantly negatively impact the US economy.

In light of this Mark shot himself in the leg by stating that he is not part of the libra board and repeatedly stated that Facebook is an avenue to access the vast users globally to serve the libra project. However, it is directly deducted that Marcus works for Facebook; which infers that Mark is directly on the payment system of libra (Calibra wallet) and also on libra board since Marcus heads the libra association by default. In various cases, libra project has been compared to the September 11 tragedy.

Critically accessing the stand of the US congress, this payment system innovation would have been perfect to aid the US economy/power globally, but the past and continuous negative impact hosing from Facebook on libra project is devastating; as the congress believe the libra association are a group of people without diversity (all wealthy people staking 10 million dollars each), probably no women on board, probably all white; who at some points can turn against the US, by changing the grounds from adopting the dollar as the major reserve for Libra. This point was hammered again and again, till the point where it was clear that if Facebook pulls out of the libra project because of US non-approval of launch; the libra association has the power to carry on with the project nonetheless.

This is to assume that world power is hard enough being centralized by a country, let alone rested on the shoulder of a tricky man or a group of non-diverse wealth class; like-minded people. 

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