Facebook’s Libra Cryptocurrency: Bad for Privacy, Bad for Competition

Published: June 26, 2019 | by Bitcoin Press News Team

Scott A. Shay is co-founder and chairman of Signature Bank of New York and the author of In Good Faith: Questioning Religion and Atheism (Post Hill Press, 2018).

Allowing Facebook to mint its own coin, the Libra, would turn it into the greatest anti-competitive trust case in history. It would make the early 20th century Morgans or Rockefellers seem downright competitive.

Even before it unveiled its vision for a global cryptocurrency this month, Facebook was already a near-monopoly in social media, and part of a duopoly in its main markets. Together with Google, it controls 82% of the digital advertising […]

View the full story at: www.coindesk.com

Facebook’s Libra Cryptocurrency: Bad for Privacy, Bad for Competition

Published: June 26, 2019 | by Bitcoin Press News Team

Scott A. Shay is co-founder and chairman of Signature Bank of New York and the author of In Good Faith: Questioning Religion and Atheism (Post Hill Press, 2018).

Allowing Facebook to mint its own coin, the Libra, would turn it into the greatest anti-competitive trust case in history. It would make the early 20th century Morgans or Rockefellers seem downright competitive.

Even before it unveiled its vision for a global cryptocurrency this month, Facebook was already a near-monopoly in social media, and part of a duopoly in its main markets. Together with Google, it controls 82% of the digital advertising […]

View the full story at: www.coindesk.com