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Facebook should be considered reliable with Crypto?
Facebook made a lot of news in 2018 and not all for the right reasons. Their Cambridge Analytica scandal has lost public confidence in general and sparked a global conversation about privacy and how user data is handled by large corporations.
Toward the end of the year, they started making news for other reasons because it was said that Facebook wanted to create a messaging app based on Cryptocurrency. They will not be the first to enter this race, because even the team behind Telegram is working on theirs.
They also announced the ongoing creation of a stablecoin that will be sent to WhatsApp, a messaging service owned by Facebook.
However, the dark cloud of Cambridge Analytica still hangs on Facebook and raises the question of whether it is appropriate to rely on this technology.
A track record
The reasons for the distrust of people against a cryptocurrency supported by Facebook that does not exist yet are related to their behavior over the past 3 years.
When the Cambridge Analytica scandal occurred, it was revealed that Facebook was selling user data of over 80 million users to a political society hired by then presidential candidate Donald Trump. They offered to help identify the personalities of the various voters as well as the means by which their opinions could be manipulated.
They did not stop there as during a security breach in September, where 50 million accounts were compromised, they censored Facebook users to post it on it.
This attack on freedom of speech has led many to believe it Facebook it is not compatible with the idea of blockchain and crypt based on the principle of freedom of expression and uncensored transactions.
Cryptos, according to their design, must be decentralized and created as a means of counterattacking powerful but exploiting corporations and, as such, it is ironic that a company with such experience would want to use it.
What will you probably do
If Facebook starts its own encrypted messaging service, it will probably do so with its own native token rather than the more established ones.
How successful it will, however, can not be said yet. There is some discussion about whether their Facebook token will be able to compete with giants like bitcoins.
After all, Facebook tried to expand into e-mail but could not defeat established services like Yahoo! and Gmail. Only time will tell, however, if this case will be different.
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