Facebook’s Crypto Day in the Sun
Today is Facebook’s crypto day in the sun…
It’s all anyone can talk about… today Facebook released the Libra White Paper.
I started talking about it a couple days ago.
Libra, of course, is Facebook’s stablecoin and its foray into cryptocurrency.
Let’s take a look at the details.
So Libra is not a permissionless blockchain like bitcoin or Ethereum. Instead it’s governed by the Libra Association and its 28 members.
According to the Libra Association, an important objective is to move toward increasing decentralization over time. (I call bullshit, I’ll believe this when I see it. Nothing about Facebook is decentralized.)
Libra has its own programming language called Move. This is not the first programming language Facebook has created. But it’s likely to get developers on board as it has done in the past.
Regarding transactions, Libra is pseudonymous and not anonymous. Like bitcoin, your transactions can be tracked, but aren’t necessarily linked to your identity. (Given Facebook’s history on privacy I would just assume they can track all your transactions and tie them back to you if need be.)
Libra is backed by low-risk, stable assets like government currencies, money market accounts, and perhaps AAA bonds.
(So basically is backed by government shitcoins lol.)
And one final interesting tidbit, the Libra Association headquartered itself in Switzerland, not the US. Hmmmmm….
Anyways, despite not being a Facebook fan, I think Libra is a positive for the crypto space.
2.6 billion people are about to learn a little about crypto… what’s not to like?
Use my referral link to buy Bitcoin, Ethereum, and Litecoin at:
That can take the market up
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