The YouTuber behind Alt Coin Daily has dropped all his Alt Coins and put them into Bitcoin, which is funny given the name Alt Coin Daily of the Channel. This is also especially funny given that the US Government has told the Social Media Giant to stop developing Libra because they need time to vet it.
Link to his video below on YouTube:
Facebook has had many data breaches over the last two years. They have had numerous people's data leak out into the open. They had a public AWS server get found by someone on the internet that had people's data on it. The constant data breaches make many weary of trusting Facebook to handle payments properly. The privacy and security of such payments are being called into question.
Facebook having payment data along with other data around people is scary. Right now Facebook if you opt in to all of its services knows these things about you. The list is below:
- They know your Phone Number if you gave it to them for security recovery
- If you use Messenger they know all your phone number contacts so all the people you are associated with
- They know the city that you live by finding out that data from your profile page
- They track you via WhatsApp
- They know the things that you like and dislike
- They know what videos grab your attention
- They can tell your political bias by how you like certain posts or dislike others
- They can see what you like to buy since they opened up their Facebook Market Place to let people buy and sell things through their platform
Now Facebook knowing all financial transactions is too dangerous. If they know more about us in what we buy it's way more power to an already powerful company.
I think Alt Coin Daily was a bit rushed in selling his Alts for Bitcoin. Facebook facing regulatory pressure will probably be forced out of the payments space since it has to much data on its users already.