Libra Hearing Day 1: Biggest Facepalm Moments
I watched the Senate Banking Committee hearing on Facebook's Libra cryptocurrency so you didn't have to!
This is the first of many videos I'll be doing to cover this topic, and this one shows off my biggest facepalm moments. I completely sympathise with politicians who don't understand this technology: this is not their area of expertise, and I hope they continue to ask questions to learn more. What I don't like is when those questions seem more like belligerent and condescending accusations than actual efforts to learn.
In my opnion, Libra can become global payment service but it's not a real decentralized cryptocurrency.
so steem is also no decentralized crypto?
Libra has 100 BPs
Steem has 21
Libras BPs are voted by the constitution
Steems BPs are voted by stake, so effectively by a few unknown users, maybe even the BPs them self.
it's an opaque process how the members of the Libra consortium are chosen, and people can't apply, so it's a more closed system for sure
Dear @skycorridors
Discussions regarding Libra and Facebook are very intense lately and I personally don't know yet what to think about it.
I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.
Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....
Important questionI would like to ask you, and hopefully you would share your own opinion:For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.
What do you think? Upvote on the way.
Yours,
Piotr
My first question would be, why couldn't they take out mortgages in Libra? Or get credit cards with Libra? Mastercard and Visa are both members of the consortium