RE: Facebook’s Libra Globalist Scamcoin is a Co-Opt Attempt Against True Decentralization: My Future Predictions
Wish you had tagged this with 'palnet'.
I'm somewhat of a whale there now.
I control 1% of the current reward pool.
I'm kind of a big deal.
lol
Their white paper says that transactions and social media accounts won’t be linked, but if they were really to do that, they would be in violation of securities laws. As a centralized entity running a global currency, they will have no choice but to submit to authority.
I don't think so. They are positioning themselves in a place where all 100 corporations they rounded up (10 million each for 1 billion total) are going to be controlling this asset. It might actually be decentralized... from a megacorporation point of view.
Therefore, the social media accounts can't be linked to Calibra accounts... because Calibra accounts are not linked to social media. If there are a hundred different megacorps onboarding accounts then it doesn't make sense that they would be connected to random social media ones.
I think this whole situation is going to turn out differently than everyone expects, including myself.
https://steem-engine.rocks/tokens/PAL/richlist
You're currently #21 and I just got bumped from the top 50.
That link works for any Steem-Engine token :)
This is distribution but I think it won't stay that way. The decentralization necessary to keep anyone from leeching their claws of control requires that nobody be in a position of authority. Bitcoin fits that standard since there is no CEO or central office of bitcoin. Can't say that about FB or any of their partners in this project.
Authority points are all over FB and other centralized IT. They will testify before congress. Then congress will insist on control for it to be allowed. FB will be forced to cave in to demands or be attacked legally until they do cave.
I see the strong likelihood of FB and the governments and banking system coming to an agreement but under a compromise of KYC. Time is working in favor of FB and against government control, but the banks and government have the massive advantage of force and legal authority. They are being pursued for antitrust violations (as well as Google).
FB will say that they are their last chance to stay in power against the future ravages of bitcoin's S/F economic model (which will surpass gold by 2024) and the brighter stooges in government and the Federal Reserve will see the light and they will come to an agreement to have KYC or some other model of financial control while FB and their partners will be guaranteed immunity (aka banking license).
I don't think this proposal will survive in its current form until it has the blessing of the SEC and other regulators. It will be made to bow a knee to authority or suffer the consequences because there are people in control.
We see just how insidious centralized IT can be from chain analysis. Even Bitcoin which is the most decentralized is suffering from the clutches of this technology as people submit information of their holdings to government.
I wish that this wasn't the case, but the people of the USA are not ready to leave their cages and likely never will be. China has lost that battle as well. Freedom will likely require a financial collapse followed by true decentralized crypto's taking over.
The finger of accusation will help weed out anything that isn't truly decentralized and then we have to hope that centralized power miscalculates and creates the fall of Rome again. Then we have a chance of being the only ones left standing. If not, then there will be two worlds for a while: the digital panopticon where people live surveilled and enslaved, and those outside of the matrix.
Edit: If the 100 validators can come together with more wealth than the US government combined with other governments on its side, then Libra could win out in the end because money talks. But it's a situation that can get very very ugly because 100 validators is small enough for a team of regulators to go after. This tremendous financial power is the reason why I think there will be agreement of some type. Whether KYC remains excluded as it currently is from the protocol layer in the long run, any agency left out in some way will throw its hooks into the project as much as it can until they are weakened to the point that they can no longer fight.
Holy cow @edicted!! Really? Is that true?
Then... how comes you didn't flush a great deal of those tasty Pals you control from the 1% of the current reward pool on any of my 'palnet' tagged stuff yet? ¿Huh? :p