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.