Facebook Coin: Weiss Ratings slams crypto-project; claims FB is ‘noticeably absent’ from DLT discussions


The cryptocurrency industry has seen a resurgence in terms of price recently, after a majority of the top coins recorded double-digit gains over the week. In the middle of this, Weiss Ratings, the popular cryptocurrency rating platform, has taken up arms against the much-talked about Facebook Coin, tweeting,

“#FB allegedly recruiting financial firms to develop its own #crypto, project codename Libra. Financial firms are being recruited yet, #Facebook is “noticeably absent” from discussions about using #DLT to enhance user privacy. What does that say about #FBCoin? #ThisIsNoCrypto”

Weiss’ attack comes in the wake of many organizations pointing out Facebook’s tumultuous history with user privacy, citing cases such as the recent account leak and the scandal associated with Cambridge Analytica. There have also been concerns about how the tech behemoth will focus on getting more people on its roster, rather than focus on Distributed Ledger Technology that was intended to be its main focus.

Even Andreas Antonopoulos, author of Mastering Bitcoin and famous Bitcoin proponent, had previously attacked Facebook, claiming that the social media giant will sell user transaction data to commercial companies. He had said,

‘They are centralized, censorable, bordered, controlled, [permissioned], and closed systems… that have the same characteristics of fiat, but are simply now digital. Guess what? We already have digital fiat. All banks operate primarily with digital fiat. About 92% of the money supply in the world is digital fiat, with no physical equivalent in cash.”

Despite such attacks, the Mark Zuckerberg-led company has been aggressively pushing its agenda. It recently hired two former Coinbase employees to join Facebook Coin’s compliance team. Barclays had previously predicted the project’s success, claiming that the cryptocurrency could potentially be worth $19 billion. Ross Sandler, an internet analyst with Barclays, had said,

“Based on our checks, the first version of Facebook Coin may be a single purpose coin for micro-payments and domestic p2p money transfer (in-country), very similar to the original credits from 2010 and Venmo today.”

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