It seems Facebook and Libra are becoming victims of their own hype. According to one source, the social media conglomerate is already being “flooded” with false or phony ads regarding the new cryptocurrency venture.
Fake Banners Regarding Libra Are Appearing
Libra was first announced earlier this year, though Facebook has purportedly been working on the cryptocurrency since 2018. The asset has garnered quite a bit of attention as of late and is causing quite the stir in the American Congress, with several members of the House, both Republicans and Democrats, condemning the currency’s parent company for its alleged lack of safety and privacy concerns over the past several years.
2018, for example, proved to be a harsh year for the company after it was discovered Facebook had been partnered with Cambridge Analytica for some time. The company was selling users’ private data to the enterprise for the purpose of advertising, something the Senate didn’t take too well. Chief executive Mark Zuckerberg spent several days in D.C. being grilled by members of Congress regarding his failures and inability to prevent such activity.
The most recent hearing saw David Marcus, the head of Facebook’s blockchain division, in the hot seat. Many members of Congress don’t see Facebook has having earned its place in the banking sector the way other, more traditional enterprises have. They are curious to know what Facebook’s real plans and goals are, and originally stated that Facebook, if it wanted to earn “brownie points,” should put all its cryptocurrency plans on hold until the government can decide how the currency should be approached and analyzed.
Marcus has ultimately succumbed to these requests, and Libra - which was originally set for a 2020 debut - will be postponed by at least another two years, but this hasn’t stopped the currency from being subjected to false advertising. Several banners have appeared on the social media site discussing about where crypto enthusiasts can purchase Libra early and at a discount. The company has already come out to say that these advertisements are fake and should not be given attention.
In addition, many users have also reported seeing fake pages and advertisements on sites like YouTube, Twitter and Instagram.
Maybe Now Isn’t the Right Time…
This could serve as evidence that Facebook cannot even control news regarding its own ventures, and that it’s not ready to issue a cryptocurrency. Digital currency, in many ways, is still a growing - and struggling - venture that’s prone to hacks, malicious actors and other problems, and the fact that Libra could garner this kind of attention so early in its journey is not a good sign. Not enough is being done to ensure the environment surrounding the coin (or its users) is safe enough, and thus one has to wonder just how private transactions and other personal data will be.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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