Libra would turn the upcoming Facebook coin into the greatest anti-competitive trust case in history which is going to seem extreme competitive. From the very age Facebook is known to the world as a monopoly and a part of duopoly in its own market. In the author of controlling of about 82% of the digital advertising market, it is the collaborator and compeer of Google.
Facebook with its embrace, enhance and extinguish technique purchased many companies which threw challenge to that company for example Instagram and Whatsapp. Then come to the point of maker of Snapchat or Snap Inc. Facebook brushed the company aside by embracing its best features and integrating them into their app when the company started contesting a small part of its franchise. Thus from the competition Facebook is defeating the company. So at present if you compare between the offerings of these tow companies then you must move to Facebook without any doubt.
The data of Facebook and Google are easily accessible and a lot cheaper as well as is better than the data mastered by KGB and CIA 20 years ago. There is no charge for the products of Facebook and Google. We saw a great transformation of the nature of news accomplished by these companies. Google ads are seen by many other publications which provide very less revenue to the outlet and compel newspapers to write clickbait. News contents of Facebook and the Ads of Google are well-placed as the huge pieces of information that can be inserted into their algorithms.
Facebook wants to access unparallel information in regard of their customer buying habit and they think by which they can accelerate its monopolistic power where Libra project is their missile.
Risk of Privacy
For selling and buying of data Facebook will take concern for privacy. Facebook reliability garners with the wealth of the social media data even anonymized data can be recalibrated to distil explicit individual-related data and inclinations while many said they won’t do that. Their culture depends strictly on brand concerns and access to individual information and hacks of internet based media are presently so basic that we are inured to them.
Without permitting Facebook to acquire power, consumers can have the advantage of the digital payment mechanism. No other contender will have equivalent access to its information, if Facebook, then again, sets up Libra and in this way, a shot at the purchaser payment maker. Thusly, Facebook coin is with regards to Facebook’s monopolistic business style.
Call to Action
For the good of the nation as well as consumers, action needs to be taken to exterminate Libra. Facebook should be compelled to abandon Instagram, WhatsApp, WhatsApp and Chainspace. The tech giant should also offer a parallel, ad-free, ‘’no collection of information’’ site supported by fee-based subscriptions. On the other hand Google should divest Double click, Youtube and other advertising entities, cloud services and Android. Amazon also needs an extreme separation as it also presents fundamental dangers to a transparent market.