Nobody Wants Libra, But It's Going To Happen

in cryptocurrency •  4 months ago 

Here's the link to the full speech about Libra by Andreas Antonopolous:

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Dear @liudasbutkus

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 question I would like to ask you, and hopefully you would share your own opinion:

  • many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.

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

Well, from the hearings that were made it's already clear that they see Libra as a threat.

Not sure how to put it in terms of debt relationship, they can just use Libra and convert it into dollars whenever needed, nothing changes here.

The threat that I see and how I understand the congress sees it is that if Facebook launches Libra and without a doubt, it will be promoted on Facebook, it wouldn't make sense not to and let's say 10 million people start using Libra and on average they hold a thousand bucks in their accounts.

Thus the size of the reserve that Libra would hold and invest would be 10 billion, which is not huge, but if we ramp up the numbers of user that they manage to sign up, it can grow into a force that governments might need to take into consideration. Governments might be in the mercy of Libra for it to decide to buy their bonds, etc.

It's much easier to stop them when they are just getting started and not once they are already signing up users by the thousands.

Dear @liudasbutkus

I would like to show my appreciation to your kind comment. Thank you for taking the time.

Not sure how to put it in terms of debt relationship, they can just use Libra and convert it into dollars whenever needed, nothing changes here.

Personally I don't think it's that simple and remotely possible.

I noticed that you're running your own business easym6.com? Did you measure by any chance how much traffic does come to your site from Steemit? Just curious.

I also wanted to make some suggestion.

My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).

Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc. then perhaps you could simply send me memo with link to that post.

This way not only I would have a chance to read your publication, drop a comment but I will also upvote it right away with almost 20k SP voting power (I also have almost 10k PAL tokens, which may give you some extra benefits is you're using PALnet.io)

Please let me know what do you think. This surely should sound like a interesting offer :))

Cheers, Piotr

Not worth measuring I guess :D

Discovery features are definitely lacking here on Steemit, not much has changed since I joined, I just see it as just another avenue to share my content and because there's a huge crypto community here I do get some luck here.

I might send it your way if I create something worthy :D