It appears Facebook hasn’t been as upfront with us about Libra as we thought.
Is Facebook Hiding Something?
The new cryptocurrency is slated to bring crypto payment methods to users around the world. Many will be able to purchase goods and services through Facebook’s WhatsApp platform and several other websites that offer Facebook login options. Unfortunately, there are several problems associated with the cryptocurrency – as one source points out – that executives are simply ignoring or refusing to deal with.
The first one is that Libra is a new corporate platform, and according to the documenting source, it’s bound to produce miles of incorrect code. This isn’t necessarily Facebook’s fault as the source points out – companies are always putting out new platforms that boast incorrect code without meaning to, but Libra is likely to encounter problems in its early years.
The fact is that new systems are typically riddled with poor or incorrect coding because, putting things bluntly, they’re new. They’re still working out all the kinks and aren’t entirely sure where to go or how to do things. Problems are bound to occur with new forms of technology, but what’s pointed out is that Facebook has aligned itself with several corporations that have a history of allegedly producing incorrect or poorly-written software that aren’t acknowledging this. In fact, Facebook, it seems, would sooner have us believe that it’s perfect in every way rather than step in and perform necessary fixes.
This wouldn’t be such a serious problem except that in this case, financial information is at the core of the issue. Libra, as a cryptocurrency network, will store the financial data of its users, which is not only private but very sensitive. Should it ever be compromised, deleted or fall into the wrong hands, bigger problems would no doubt emerge.
Why Trust Issues Exist in the First Place
This is likely why so many questions are being raised as to why Facebook should be entering the crypto and monetary spaces to begin with. It showed itself to be weak when it came to handling people’s private data before through the Cambridge Analytica affair, and it seems this problem has not quite dissipated. However, this time, the information in question is a lot more than simple birthdays and ages.
If Facebook doesn’t write software that’s acceptable or correct, it’s going to need to do something about that, and there doesn’t seem to be an acknowledgement of the issues at hand. Granted Facebook is working out the kinks, it has yet to inform us that it’s doing so. People can only assume what is being written and built based on the material available thus far, and it appears that Facebook is simply rushing to capitalize on the crypto craze that’s occurring as of late instead of taking its tame to work everything out appropriately.
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