Ethereum Co-Founder Mihai Alisie Worried About Libra’s Centralisation
By Tyler Smith – Cryptocurrency Expert
Mihai Alisie, one of Ethereum’s founders, is greatly concerned that Facebook is trying to trick investors into approving a centralised “cryptocurrency,” according to a July 12th report by Bloomberg.
In his interview with Bloomberg, Alisie said that Facebook is trying to get approval for its upcoming cryptocurrency Libra, which won’t be centrally controlled by the social media giant, or other business firms in five years time.
Alisie further stated that Facebook is attempting:
“to mislead the regulators who have learned in the last few years that blockchain is not something that can easily be regulated” and believes they as an entity and their plans should be treated as an attempt to create a centralised currency.
One of the main consequences that has Alisie worried is transaction censorship that is determined by leading corporations. The foundation that governs Libra would be able to decide whether certain transactions, possibly to sell crypto could be censored from the public ledger.
Also in his interview, Alisie said that if a Libra user loses their support with one of the main big firms that run network nodes, like Mastercard, PayPal or Visa, then their transactions could either be blocked or perhaps even reversed. This would suggest this network may not be as free as believed to buy and sell cryptocurrency.
Alisie asked rhetorically, “should they be in a position to control what you post from your device?" Alisie is under the assumption that if Libra’s developed as a centralised cryptocurrency service, the potential censorship that may come of it could have various consequences.
The introduction of Libra could impact more areas than many feel comfortable. Buying crypto native to the Libra chain would have economic, political, technological impacts as well as effects on surveillance and data privacy. Facebook has recently been under fire due to negligence regarding data privacy.
Don’t forget to check out our platform to sell crypto UK or cash out Bitcoin to GBP