Joseph Lubin and SU Zhu take turns to point out Libra’s flaws

Libra has met with backlash from a lot of areas, be it from the cryptocurrency industry or the mainstream financial ecosystem. In a recent series of tweets, Joseph Lubin, the co-founder of Ethereum, had talked about Mark Zuckerberg’s words on Libra, which was also supported by Su Zhu, the CEO of Deribit Exchange.

Zhu’s tweet read:

“Zuck, on Libra

to cryptonatives: bank the unbanked

to US Senate: expand US surveillance powers and counter the Red Threat

to would be noderelayers/partners: monetize user data

to other govts: diversify from USD hegemony”

The tweet was in conjunction with Lubin’s word that touched upon how experimentation in the blockchain was beneficial, but something led by Facebook wasn’t. The Ethereum co-founder claimed that a project as ambitious as Libra should not be controversial on the surface and that other companies such as MakerDAO and JPMorgan were working on similar projects too. Lubin tweeted:

“It’s important to explore price-stable currencies, pegged to the value of another asset or assets. We’re moving into an era where the monetary systems of the world are challenged, and this tech can enable potential solutions.”

In his attack on Facebook, he continued:

“Facebook deploys various aspects of advertising technology to exploit people’s personal information and attention, and as a negative externality has become a weapon of mass social manipulation.”

Joseph Lubin theorized that facebook has a massive agenda up its sleeve. According to him, the company and its partners will try to leverage its 2.3 billion users into “their own monetary and payments jurisdiction, massive business and geopolitical opportunity.”

He also opined that sooner or later, Facebook will the troves of data that the company has on its users and link it to the transaction in the Calibra wallet. This was made with the assumption that Zuckerberg’s organization had done it in the past. Lubin added:

“Mark #Zuckerberg talks about @Libra_in terms that are quite familiar (and validating) to the people already building blockchain systems: broadening financial inclusion & fixing a broken financial system.”

Lubin urged users to reject autonomous bodies and create a more open, decentralized internet where the users have more power.

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