Bitcoin Cryptocurrencies Facebook Libra

John McAfee calls Libra a Grotesque Distortion of Crypto

John Mcafee is at it again, this time promoting privacy coins on Twitter. In between his ever roaring crusade to push Altcoins, he injects some his anti-Libra sentiment because he believes Libra; is an attack on his love for privacy and personal freedom.

He went on to Twitter to express his disgust for Facebook’s Libra terming it as “a grotesque distortion of the original intent of cryptocurrency- economic freedom”

Mark Zuckerberg’s Facebook; which is the Mother Company of the Libra Coin has been widely criticized for abusing user’s private information, which makes it a natural enemy for Libertarian like John Mcafee. A company like Facebook which has a tendency to take control of user information is seen as such a threat for the freedom obsessed world of cryptocurrency.

MacAfee’s scathing tweet gives a clear picture of what all those opposing Facebook’s Libra think about it. The likes of John Mcafee’s gripes with the Libra coin are born out of the knowledge of what crafted the idea of cryptocurrencies in the first place, which is governmental distrust. Facebook not decentralizing its coin is seen as corrupting the very purpose of cryptocurrencies.

Privacy coins maybe Mcafee’s darlings but it must be remembered that they face the exact same challenges that Libra has designed to get around. This is because the government is highly unlikely to fully sanction a medium of exchange that is entirely untraceable. Facebook has got its eyes fixed on ensuring very minimal regulatory hurdles in the future. It really has been designed to look like an authentic cryptocurrency as per the reasoning behind cryptocurrencies; but lacks the decentralized aspects that cryptos boast off.

Mcafee is not the only public figure in the crypto space to have criticized Facebook’s Libra. Commentators such as Joe Kernen have gone on CNBC and launched scathing attacks on the coin. Libra’s centralized nature has led to the likes of Kernen even questioning whether it deserves the title Cryptocurrency.

While the attacks on Facebook’s Libra have been relentless others in the crypto space have offered up surprising predictions about the digital currency will do in the future. While others argue that the currency is designed to be a Bitcoin killer, others such as Bitmex co-founder and CEO Arthur Hayes, believe Libra will shut down commercial and central banks. That would suggest that the Libra will probably get more establishment opposition than Bitcoin has ever had. This is contradictory to what Facebook have been working on which is drum up as much establishment support as possible.

Image Courtesy of rt.com

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