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Crypto Baron John McAfee Reveals the Dark Side of Facebook’s Libra Coin 

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Tue, 2/07/2019 - 14:57
Crypto Baron John McAfee Reveals the Dark Side of Facebook’s Libra Coin 
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In a recent tweet, John McAfee, the developer of the eponymous antivirus software, shared his scathing critique of the Libra cryptocurrency, which was launched by Facebook on June 18. He expressed a dystopian point of view, claiming that Facebook wants to implement digital identity. 

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A dystopian scenario

Facebook’s Libra coin has a lot of critics — from politicians and regulators around the globe to the company’s own co-founder. Many crypto enthusiasts also didn’t give Libra a warm welcome, so it doesn’t come as a surprise that McAfee, one of the most outspoken cryptocurrency proponents, recently hopped on the hate train.

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According to McAfee, Facebook will impinge on the economic freedom of its owners, thus disregarding the main purpose of crypto.

As reported by U.Today, a similar opinion was voiced by a Bloomberg columnist who suggested that Libra would allow Facebook to control how their users spend their money.

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A pitch for privacy coins

McAfee further claims that the so-called privacy coins represent a $7 bln industry. Hence, Facebook will have a hard time convincing crypto folks that digital identity is a necessity.

Monero alone has a market capitalization of more than $1.4 bln, but this niche is gradually growing bigger. Grin, a new anonymous coin that is based on the MimbleWimble protocol, recently entered the top 100 coins on CoinMarketCap.

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