Is Facebook Monopoly Responsible for Libra’s Woes?

There’s a hashtag on Twitter “#DeleteFacebook which may soon trend among people who think that the social media is monopolizing the way people interact on the internet.

A tweet made by a user, Sacha Baron Cohen stated that the company should be regulated by the government since according to them, it is improper to let one person control the water used by 2.5 billion people.

The analogy they made stated that if it is improper to have one person control the electricity used by 2.5 billion people, it would be calamitous to have Mark Zuckerberg, the Facebook founder be in charge of the social media which has grown in recent times with more than a billion subscribers.

The social media has been condemned for bias at times and has been grilled by congress on its policies. The size of the company may be instrumental to the challenges it has Faced in its bid to launch a cryptocurrency for its internal ecosystem.

Some regulators think that having a behemoth like Facebook have its own cryptocurrency is akin to having a parallel currency challenge the United States dollar.   

The Facebook-led consortium of investors has already thinned down due to opposition to the coin. John Sedunov, a professor of finance and expert in cryptocurrencies at Villanova University said,

“One by one they’re starting to drop away. That’s certainly not good news,”

The new call for the company to be fragmented may be the beginning of its woes.

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Author: Chris Mharc

Hello, I am Christ Marc, a young crypto enthusiast who has been in the market for a few years, I heard from bitcoin via a few friends and since then I became deeply interesred in this technology, now I am pursuing my studies with the incentive to master tomorrow's technology.

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