If you hadn’t heard of Bitcoin up until last week, or you knew nothing about it, that may well have changed last week with Facebook’s announcement of their own rival cryptocurrency called “Libra”. It is to be administered by a Swiss not-for-profit company (because Swiss holding companies always lend projects an air of sophistication) and “governed as a public good”. I’m not joking, that is really in the “White Paper” Facebook put out announcing their project.
Now there’s a little David of a law firm in Israel that’s going to take Facebook and these other tech Goliaths to court to prove what they all did together was illegal!
Almost a year and a half ago, Facebook (then Google and Twitter) almost simultaneously banned the advertising of an entire industry on all their platforms. Here’s a short video.
These were the terms and conditions Facebook put into effect in January 2018:
Facebook classed all cryptocurrencies as “associated with misleading or deceptive promotional practices”. It was right around when these terms were published that the cryptocurrency markets started dropping fast and many businesses built on this technology suddenly found it impossible to raise new money or trade profitably.
With each announcement from Facebook, then Google and Twitter, the cryptocurrency markets plunged: 53% for Facebook, 30% for Google and 23% for Twitter. The Crypto Winter had arrived, courtesy of a Big Tech cartel.
In May of this year they changed those terms:
Can you see what they removed? They took out the sentence which says “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world.”
Guess how you could describe Facebook’s Libra cryptocurrency. Yes, that’s right, it’s a no-risk cryptocurrency that enables instant payments to anyone in the world. And you can see that because almost those exact words appear in the Libra White Paper published last week!
Just over a year ago a friend of mine, Andrew Hamilton, told me of his plan to sue Facebook, Google and Twitter for billions of dollars in Australia. I laughed a little but then I listened. This was long before we knew Facebook was working on their own massive global cryptocurrency.
It turns out Andrew is a lawyer, originally from Australia, who was actively working in the cryptocurrency industry. He was personally affected by this advertising ban and he was in a position to know that Australia has laws against the exact actions these tech Goliaths took to destroy competition.
He founded JPB Liberty to take on a massive Class Action lawsuit and has been signging up people who have been affected. I joined him to help get the work out on the case. We’ve had many millions of dollars of claims signed up and are actively raising the money to bring the case to court. Warning letters have been sent to Facebook, Google and Twitter already.
There’s probably going to be more publicity on this as more people realize just how big this case could be, and you’ll be able to say you heard it here first on Israellycool!
If you want to learn more, please see this article on my own blog, brianoflondon.me, and contact me direct (lots of methods on that site).