Australia  

Why Facebook's Libra Is Good for Cryptocurrencies

Video Credit: The Street - Duration: 01:23s - Published
Why Facebook's Libra Is Good for Cryptocurrencies

Why Facebook's Libra Is Good for Cryptocurrencies

Don't start comparing Bitcoin to Libra just yet.

On Tuesday, real Money Stock of the Day Facebook FB released the whitepaper for its cryptocurrency push.

However, Real Money reporter Kevin Curran--who has been heavily covering Facebook all week--said that he doesn't believe that Libra is a cryptocurrency.

"So I don't think that's necessarily what you would call a pure cryptocurrency," said Curran.

"And actually I was talking to some people in the crypto space and the idea of crypto, the Satoshi model as they call it, was that it would be decentralized from corporate or government interests.

And this is for the time being completely centralized, under Facebook's umbrella for 2019, and then divided up among 27 and then potentially a 100 different corporations in the long term," he continued.

"Now that doesn't sound like it's overly centralized in the long term, but it's still corporate.

It's still pegged to existing currencies, so it has governmental interest in it and it just kind of defeats what the overall purpose of the original whitepapers defending bitcoin or ethereum or different fully decentralized currencies had in mind." Related.

Is Facebook's Blockchain Bet the Next Big Thing in Big Tech?

0
shares
ShareTweetSavePostSend
 

You Might Like


Tweets about this

1c512cafbc8246d

Courage Mike RT @pesa_africa: Good read by @MasukuAndile on Facebook’s Libra coin and Africa (link at the end of this thread) African governments/polic… 4 days ago


Related videos from verified sources

Bitcoin tests 15-month highs after 10% weekend jump [Video]

Bitcoin tests 15-month highs after 10% weekend jump

Bitcoin tested 15-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook unveiled..

Credit: Reuters - Business (Amazon FireT     Duration: 01:13Published
Jerome Powell: Digital Currencies Are in Their Infancies [Video]

Jerome Powell: Digital Currencies Are in Their Infancies

The Facebook Libra isn't overtaking the dollar yet, and Jerome Powell doesn't expect that to be the case anytime soon. At the press conference following the Fed's decision to leave rates unchanged,..

Credit: The Street     Duration: 02:11Published