Because if you invest in Diem (formerly Libra) that's what you'll be doing.
Back in July 2020 the Australian government unveiled plans to make Facebook and Google pay news outlets for their content: https://www.bbc.co.uk/news/world-australia-53604477
And predictably the big tech giants threw a tantrum, threatening to cut services to the entire country.
Well last night Facebook followed through on their threat, blocking all Australian news outlets on their platform. (Including children cancer Charities, Covid updates, councils, etc)
https://www.cnbc.com/amp/2021/02/18/facebook-blocked-charity-and-state-health-pages-in-australia-news-ban.html
This shows the disgusting amount of power big tech holds over us. Don't play by their rules? They'll erase you.
If they can't be trusted not to behave like a dictator with our data, can you imagine the misuse of power if they had control over our money?
Facebook had planned to launch their own cryptocurrency this year, announced as Libra but renamed to Diem. It's had a rocky announcement due to nobody trusting Facebook in the slightest.
https://www.bitrates.com/news/p/facebooks-diem-will-the-global-cryptocurrency-go-live-in-2021
I can almost see it now, trolled someone on Facebook? That's your Diem wallet blocked for a month, good luck buying food.
I was going to immediately invest in Libra/Diem/(whatever they'll change it to next after this PR nightmare) as I have no doubt it will be widely adopted and will skyrocket in value. But after today's news all I wish for is their venture into finance to catastrophically fail.
For the most part Crypto has been a force for good in the world. It's been used to close the gap between the poor and mega-wealthy. I've seen it be a life changing income for people in less developed countries, and an escape from crippling hyperinflation.
I have no doubt that Facebook will look to find a way to weaponize it.
Posted Using LeoFinance Beta