The real risk of Facebook’s Libra coin is crooked developers

 

Everyone’s worred about Mark Zuckerberg controlling the next currency, but I’m more concerned about a crypto Cambridge Analytica.

Today Facebook announced Libra, its forthcoming stablecoin designed to let you shop and send money overseas with almost zero transaction fees. Immediately, critics started harping about the dangers of centralizing control of tomorrow’s money in the hands of a company with a poor track record of privacy and security.

Facebook anticipated this, though, and created a subsidiary called Calibra to run its crypto dealings and keep all transaction data separate from your social data. Facebook shares control of Libra with 27 other Libra Association founding members and as many as 100 total when the token launches in the first half of 2020. Each member…

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