Ethereum co-founder attacks Facebook’s cryptocurrency: ”Wolf in sheep’s clothing”

Ethereum co-founder attacks Facebook's cryptocurrency: ”Wolf in sheeps clothing”

Ethereum co-founder Joseph Lubin. Image Source: liftconferencephotos (Wikimedia Commons) / Shutterstock

Teodor Stig-Matz

teodor.matz@trijo.co

He is worried about what Facebook will do with the data they collect from libra users.

Ethereum co-founder Joseph Lubin doesn’t seem to be a fan of Facebook’s new cryptocurrency libra. This is clear after an op-ed on the subject he has written on Quartz. Among other things, he speculates on how Facebook will use the data received by libra users.

“We are increasingly aware of how much money Facebook earns from our data. What happens when you put your personal finances into this, too?”, he asks in the text.

It’s not all bad

However, the ethereum co-founder doesn’t only see negative things with Facebook’s entry into the crypto market. He believes that libra has the chance to get as many as two billion users and that this will improve the user experience for other cryptocurrencies.

“In one fell swoop, talented UX designers could reduce the current friction of using cryptocurrency. Managing private keys, understanding ‘gas payments,’ and installing crypto browser plugins could be as simple as pressing ‘send’ in Whatsapp, another Facebook-owned entity”, he writes.

“Facebook has made a big promise”

But on the whole, Joseph Lubin is skeptical of libra.

“Facebook has made a big promise. A promise they must keep. Until they do, libra is a centralized wolf in decentralized sheep’s clothing,” he concludes.

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