Social media giant’s cryptocurrency launch sparks $5 billion lawsuit

We have never quite seen a monopoly like this before…that’s the overarching concept that Americans tend to gravitate toward when discussing Facebook.

The sheer scope of what Facebook represents is terrifying, on its face.  We turn to that little blue icon day after day, for any number of things.  Mark Zuckerberg has created a second plateau of reality where we are encouraged to announce all of our worldly accomplishments, denounce those with whom we disagree, do business, and stay in touch.  Facebook messenger is the new email, and the Facebook marketplace is the new Craigslist.

In many ways, Facebook wants to be the Internet 2.0, and that determination has lead them down quite a few monopolistic paths.

Trending: Chinese Buying Land In US Communities All Over America

Their latest foray into controlling the entire world will come in the form of a cryptocurrency called Libra, meant to compete with Bitcoin and a slew of other such clandestine monetary units, propped up by the gigantic user base already invested in the platform.

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In order to corner this market, Facebook has taken to algorithmic malfeasance to promote Libra – a move that has sparked an enormous lawsuit against the social media magnates.

An Australian litigation company, organized by Israelis, is suing Facebook, Google and Twitter for $5 billion after the tech giants merged to effectively ban all cryptocurrency ads from the platforms.

The company, JBP Liberty, is waging a class action lawsuit on behalf of members of the cryptocurrency industry and holders of cryptocurrency against Facebook, Google and Twitter for breach of the anti-cartel provisions of Australia’s Competition and Consumes Act 2010.

The group’s assertions are legitimate and worrisome.

“Immediately after these companies started banning the advertising of basically an entire industry, the cryptocurrency markets dropped like a stone and they carried on dropping,” JBP Liberty spokesman continued. “In fact, we just come through over a year of what the crypto industry called the crypto winter.

While Facebook banned the entire cryptocurrency industry from advertising, it developed its own cryptocurrency, Libra. The tech monopoly unveiled the multi-billion dollar cryptocurrency less than 18 months after implementing the draconian ban against competing cryptocurrencies.

Facebook dramatically relaxed the ad ban on May 8, 2019, which enabled Bitcoin’s price to more than double. Evidently, Project Libra would have been prohibited from advertising if it were subject to Facebook’s own “Prohibited Financial Products and Services” Policy.

We need to stop thinking of Facebook as a utility, and begin to see it for what it is:  A massive, corporate data harvesting conglomerate that is invading each and every aspect of our lives.

Sure, the platform is helpful, useful, and fun, but there is a limit to what we should endure to experience that.

Furthermore, we must realize that our legal system, particularly in the realm of anti-trust laws, has never adjudicated a situation such as this before.  Facebook is unprecedented in their scope and power, and must be legally poked and prodded before such a time as they grow functionally omnipotent.

Now is that time.

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