Facebook releases whitepaper for its new cryptocurrency Libra

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  • CryptoHunterCryptoHunter Rep This User!

    Looks like a good time to short PYPL but this is not investment advice

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  • HopeHKHopeHK Rep This User!

    This all sounds good but if Visa and Mastercard are founding partners that pretty much defeats the whole purpose.

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  • DNXDNX Rep This User!

    @hopehk I have to agree that the spirit behind cryptos is eliminate powerful banks and take back control of our money. Yes, Visa and MC will lead to quick and widespread adoption for Libra but surely they will take their cut just like with fiat. So we are back to square one. What we need a crypto that is:
    1) Asset backed for stability
    2) Generally decentralized and anonymous
    3) Centralized only to the point necessary to make it useable for everyday purchases

    Libra claims to be this, but it is impossible to believe that Visa and MC would undermine their cash business.

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  • RosiRosi Rep This User!

    @HopeHK yes it's like Monsanto opening an organic food store

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  • HopeHKHopeHK Rep This User!

    Libra looks like an attempt by Visa and Mastercard to hijack the crypto concept before it takes hold. I can't say I blame them considering both consumers and merchants hate paying the high fees.

    The consensus is developing along the lines of what we've been discussing here. This article says that Libra isn't a cryptocurrency at all:
    https://www.coindesk.com/libra-isnt-a-cryptocurrency-its-a-glimpse-of-a-new-asset-class

    "The only thing Libra coin has in common with cryptocurrencies is that they all move on a blockchain."

    It's a stable coin like lots of others.

    One interesting thing to note is how it's value is pegged. "according to the white paper, it will be backed by “a basket of bank deposits and short-term government securities” (my italics). Notice the use of the term “securities.” An asset backed by securities is, by definition, also a security. Libra is more like an ETF than a fiat-backed stablecoin."

    Bring on the bureaucracy. This all has nothing to do with crypto.

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