Facebook’s Libra Cryptocurrency Security Concerns ?

Facebook’s Libra Cryptocurrency Security Concerns ?



what's up family and welcome back to our YouTube channel this is Ben from 4c trading and as you may be aware crypto medics and crypto addicts have already merged to form the 4c trading and we are happy to see you here if you miss it though is it 8:00 to head over to the 4c trading website and watch video on this channel for more information about this new and exciting project by clicking on the link in the description of this video so let's move on to the subject of the security concern about Facebook new cryptocurrency Libre yes we already talked about Libra explaining what it is and some of the concern we had but today we'll go deeper in the security concern because it's something quite critical according to us so we will look at the security concerns facing Facebook Libra coin and the calibre of wallet and how the social media company hopes to address them we all know that Facebook does not have a good track record when it comes to protecting its consumer data and keeping the private information well privates can you recall the recent Cambridge analytical scandal when the social media giant was accused of exposing private data for over 87 million of the subscriber to third party without permission keep in mind that it was not the first time the company was coming and five for its neglect of the platform user private data Dan CEO Mark Zuckerberg has been summoned by the United States Congress countless times because of Facebook data breaches the company has also been fined millions of dollars by friends the United Kingdom Spain Italy and even the United States for failure to adequately protect the customer data the biggest question now is how will Facebook ensure that these privacy challenges don't spill over to Libre coin and the calibre of wallets to date political leaders across the globe and finance company are already expressing concern over not just Facebook privacy laws they are afraid that it will also pose a threat to the stability and security of the global banking system in the United States lawmaker starting earning facebook to post Libre projects a few hours after the Cobell announced the current launch in 2020 they are saying that Facebook has a Tribble past when it comes to utterance to privacy law and for this they demand that they be given the chance to further address the security concern before Facebook and proceed with the much-anticipated liberal launch but why I this little concern with the launch of Libre you may ask look at this this way Facebook has over 2.7 billion users around the world and this number is steadily growing most of this comprised of individuals who pay little to no regards to financial literacy and discipline of training on how to protect the personal and financial the timeline not to mention that even without it being involved in money transaction the company has been a target of numerous malicious hack and attacks paying for its user data and this security breach aren't just external Facebook has time and again being accused of preying on their customer private data time line post and search history and selling this info to marketing companies for targeted ads now imagine the impact bringing Libre digital coin unto such a platform would have on its users many experts expect it to fuel the resurgence of old wife wrote and confidence trick aimed at crypto enthusiasts and new Libre coin users in light of all of this facebook hasn't agreed to help stop the project sukkah bag only said that his team is ready to answer all the question by the Congress and address issues arising but we all know what they will probably say that the coins will be held in an independent and secure digital wallets Calibra or that both the coin and the wallet will be developed and hosted on the more secure blockchain network you can also expect the facebook see you to defend Libre coin and the wallet hogging that they will add up the Chi YC so know your customer approach to vet the platform users it is also likely that Zuckerberg and he may hints to the incorporation of the face recognition technology they have been working on to guarantee the integrity of the crypto coin but will this be enough to deter the ever-increasing number of critical occurs well only time will tell should the security concern and Facebook response to them be a concern to you the answer to this is definitely yes yes because there are no reverse option when it comes to cryptocurrency and blockchain payments yes because Facebook doesn't have an error or Solutions Center when you can direct your concern and grievances also yes because there is no legal binding agreement between you the users and Facebook stipulating the action you may take against the social media company in the case of breach of data then also yes because the social media giant has been too casual in addressing any and all past privacy concern that's half time and again rockets the company but should this be enough to stop you from embracing these new cryptocurrencies once it launched no I understand that the security challenges raised here by the legislators and lawmakers can be grave but you and I must also pose and look at the upside of Facebook introducing what is poised to be the next big thing in the crypto world especially when it comes to the seamless and inexpensive transfer of cash around the world using the communications app you are most familiar with we may also appreciate the fact that the recent GDP our general data protection regulations have helped direct the company towards a better direction Bruce in a bid to address such security risk as criminal and terrorist using the system for money laundering Facebook has pledged to work within the financial regulation framework of identity verification and know your customer looking at the security concern and the street net with which the governments have approached them is not to tell that they present a huge hurdle towards the launch of libera it's therefore will be interesting to see how Facebook addresses this concern and silence the rising number of critics will they make measure of this the privacy policy or will Zuka Berg let crypto development team pause the libera project and first address these concerns we can only hope that the company I run out this challenge and present us with not just the easiest to use but also the must secure stable coin come 2020 we have already come to the end of the video today but one thing remains certain the Chris is facing Facebook any work on projects emanating from the loose data protection is far from over but keep it here on the 4c trading TV the official YouTube channel for foresee trading and we will keep you posted on all the developments toward the launch of Libra and its Calibra wallets and as always we would like to hear your thoughts on this so a challenge for the week would you use the lubricant or its caliber wallets keeping in mind the many unresolved security concerns facing its developers Facebook so share with us your thoughts and opinions in the comment section below and don't forget to hit the pump a button for a light to this video or to subscribe for more video and future Libra project update until next week see you soon you

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