Why Facebook's Crypto chief David Marcus thinks Libra could restore the social network's credibility: by DelRayMan
information directly from Facebook CEO Mark Zuckerberg regarding how the social network makes financial data about its users available to others. While in one breath, Marcus’ submitted comments call such privacy a “top priority” for the Libra Association, he adds that the ultimate regulator in charge is not even in the U.S. due to the non-profit organization's Geneva, Switzerland headquarters.
To combat these and other concerns, Marcus proposes that the very structures of the Libra Association and the libra blockchain will ensure that competition itself helps hold the social network accountable.
“As a consumer, no matter which wallet you choose you’re going to get the benefit of the scale of the network,” says Marcus. “And for that reason we really need to earn consumers’ trust if we want to have a fighting chance.
Of course, such transparency leads to yet another concern, the increasingly well documented trend towards of “,” where every purchase is observed all the time. As with many of the problems the Libra Association purports to solve, new problems frequently arise.
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