This is pure plagiarism for Alexander Lipton , a researcher at the prestigious American University MIT. The latter argues that Facebook was entirely inspired by his article describing the characteristics of its supranational cryptocurrency to issue the Libra.
A flagrant copy-paste?
Alexander Lipton noted the glaring similarities between Libra’s white paper and his article published in the journal Science Open Science in July 2018. The paper elaborated by the researcher detailed the main features of a cryptocurrency intended to be deployed as that means of international payment.
“Like the Libra, its digital currency called” Tradecoin “aims to maintain a stable value by being backed by a basket of currencies (including the dollar and the euro) and short-term debts,” said Alex Lipton.
Another striking resonance highlighted by Alex Lipton, Libra and Tradecoin both seek to extend their uses to underbanked people to promote financial inclusion around the world.
“Without being particularly odious, I can tell you that the current structure of the Libra is word-for-word from the paper that Sandy Pentland, Thomas Hardjono (other co-authors of the article) and I published last year,” he concluded.
Not a fan of Libra
Alex Lipton, a former director of Bank of America’s global operations, also noted some of the disruption Libra may be causing to the current financial system. Indeed, according to him, after the launch of the Libra, there will be twice money in circulation in the monetary system.
“In developing countries, this will cause a huge inflation because the amount of money will be doubled, roughly speaking, in fact much more than doubled,” continued the researcher.
For now, Facebook has not yet responded to Alex Lipton’s comments on the Libra.
What do you think of Libra which was inspired by the MIT project? Tell us your opinion in the comment section.