Facebook Project Libra Crypto Issues

Facebook revealed its long-awaited cryptocurrency plans Tuesday, announcing “Project Libra,” a new type of digital money designed for the billions of people using its apps and social network. If the plan is successful, users will soon be able to shop with and send the currency—known as Libra—on Messenger and Instagram, as well as use it with a wide variety of other merchants like Uber, Spotify, and MasterCard.

http://fortune.com/2019/06/18/facebook-project-libra-cryptocurrency-fb-coin/


A few issues with this

1. Run as "not-for-profit" does not fit in with ANY of those companies involved especially Facebook
2. The supply is managed by the consortium so can be price fixed (the total opposite of why a crypto currency should exist)
3. It runs on code written by Facebook!
4. The wallet company holding your currency is a subsidiary of Facebook

On top of these massive privacy and transparency issues you now have a new goal for fraudsters on Facebook.
It seems this crypto currency has been created for profit as it's a service looking for a problem that doesn't really exist.

How to download your Facebook data

Facebook is a popular target for hackers, so by using the social network you are entrusting your account info, photos, friends' details, groups and other personal details to be stored outside your control. That's a potential privacy (and security) risk.

For this reason, it's worth making the occasional back-up to store locally on your PC. To do this, log into your account, click the cog icon in the top-right corner of any page and select Account Settings. Click General in the left-hand column, select 'Download a copy of your Facebook data' and then
Click Start My Archive.

Facebook will prepare the download, which includes anything posted on your timeline, sent and received messages, photos and videos; and your friend list.

You'll receive an email when the back-up is ready (this can take several hours).