Mark Cuban, the billionaire owner of the Dallas Mavericks and recurring Shark Tank guest has already called Facebook’s Libra “dangerous” and “a big mistake.” Now, CCN reports that he’s “doubling down on that prediction, suggesting that it could be even worse than he previously imagined.”
Cuban was talking on “The Vergecast” about why he believes the project is unsafe: “When you get a company like Facebook, with the power and leverage and the financial resources that they have, putting their tentacles into — not to pick on Africa, but African countries that have less stable currencies and governments — that can create issues that can lead to people dying.”
He then said that it would be acceptable to launch it in the North America or Western Europe, remarking, “Fine, go for it. Let’s see what happens,” Mark Cuban said. It’s when they start interfering with less stable countries that “the law of unintended consequences is inevitable.”
He then employed more scare tactics, saying, “I think people will die as a result because when you start impacting a despot’s currency manipulation opportunities and their ability to tax and control what they can in their countries, that’s when despots tend to take matters into their own hands and people die.” He added, “You have to consider what happens in the most remote elements of that currency chain if you will. And that’s where problems occur.”
Cuban’s antipathy to Libra is based on the fact that he sees it as an attempt to monetize the tech giant’s 2.2 billion users, and that Facebook may be seeking “global currency domination.” He argues that Facebook could simply support bitcoin.
But Cuban may have ulterior motives for attacking Libra. For a start he has the DJ Diplo to launch a banking app called Dave. Libra could potentially hurt his business. CCN adds that Cuban has been known for allowing fear to guide his thinking, the use of artificial intelligence being an example. In 2018 he wrote, “Let me scare the **it out of you, all right. If you don’t think by the time most of you are in your mid-40s that a Terminator will appear, you’re crazy.”
He’s not alone in his dislike of Libra, but whether the Terminator will get us, or people will die because of Libra remains to be seen.