No one expects it to be an easy home run for Libra from the birth of the idea. Although backed by some of the greatest companies in the world the road is still bumpy.
The one thing that has always been against crypto coin is the fear of organized government. They feel threatened by it. U.S. lawmaker has already dubbed a “shitcoin”.
What makes tech lovers and other parties have success insight because of the involvement of Facebook at the helm of things. Facebook’s has already made a move to decentralized blockchain currency project to attract online (ahem) entrepreneurs to deal on Libra. Although it won’t be useful until 2020.
Fraudulent Libra Sellers
Another hindrance is the fraudulent activities uprising around the libra coin. In research, the Washington Post report identified pages across Facebook and Instagram claiming to be authorized libra coin dealers. They go as far as using official Libra marketing materials including photos of Mark Zuckerberg.
One notable material found by Washington posts is a video that featured a photo of Mark Zuckerberg with a voice-over explaining libra. The act was in a bid to attract prospective buyers of the currency. The video also discloses that they are selling 20 million “coins” to “early investors.”
Facebook did not release any pre-official statement concerning this development but onlookers are wondering how facebook will tackle this. The amazing thing is that the scams pages are on Facebook.
Although a number of fake pages have been put down but only after they were pointed out. The sequence of events has only scared interested parties further as the public is convinced that the scammers are ahead of the security system in place
Facebook Response
Facebook has stepped forward to states its commitment saying “ we take down ads and pages that violates our policies as soon as we are aware and we are constantly improving our scam detection strategies”.
We understand why people will fall for this because of the connection of Facebook’s association with Libra. As such having libra selling within its platform supporting materials only made it look more legit.
One thing that is clear is that these tech company as intelligent as they appear can run out of ideas on how to protect users. This wasn’t the first time users protection failure has occurred on Facebook. Other companies such as Apple face similar issues with the Apple watch before releasing an official version.
