Hello Steemians,
I read a very good article today, here on Steemit, written by @edicted about Facebook’s Libra Coin.
In it he went over the details of what makes a decentralized cryptocurrency a decentralized currency and why are those characteristics so important, and he also describes the characteristics of Libra coin and why it’s more of a centralized private blockchain. It gives a clear detailed perspective on what makes Libra different from Bitcoin and why it may be good for Steem. The article describes why Libra is almost the opposite of Bitcoin in some very important ways and how it is also very different from the current centralized banking system, along with the reasons it is a bigger threat to the centralized banking system then it is to cryptocurrency. Which includes beliefs that the backers of Libra will succeed in promoting laws world wide which are favorable to cryptocurrency. This combined with the advantages of cryptocurrency not being subject to regulation and the need to adjust to the financial and regulatory rules of every country it is in, gives it advantages over the current central banking entities. Libra will make transferring wealth and financial transactions cheaper, faster and more autonomous then any central bank. That’s what cryptocurrencies are good at, in general. Plus the backers of Libra have invested 10 million dollars USD to be involved, 100 of them. I have no doubt they will flex their considerable political strength to make sure all future crypto regulation is favorable to their cryptocurrency.
Please check out this post:https://steemit.com/libra/@edicted/libra-is-not-facebook
Libra = the opposite of why BTC was invented.
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Exactly!
I am starting to form that impression based on my research and the research of others.
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I think it will dominate in blockchain technology and cryptocurrency world.
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God help us! Pray this will not become true!
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I don’t think the process is stoppable at this point, but I think the target may not be Bitcoin. The Bitcoin market cap and the entire market cap of cryptocurrency is small compared to the world banks market caps. I think he has bigger fish in mind, then crypto
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I think Libra is stopable, bitcoin is not. It's a centralized thing, the governments of the world can go after it easily, and Facebook already does not have a great reputation with them. However Facebook is very powerful. I'm sure they have done enough research and gave enough money to the right people to push this through.
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I agree with you that Facebook is not popular with a few? governments right now and buy themselves they are stoppable, but they have convinced ten other companies to contribute 10 million US dollars each to this project and ultimately they seek 100 total backers.
I think that large number of companies is a large force behind this project.
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I think it has great potential to dominate the financial niche it seeks to enter. My research now is to learn what the niche is and how can others benefit.
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Yes, how can others benifit. That is matter of looking forward. However they will perform in 2020, do
esn't matter a lot for steem, i think.
We have to keep going with steem so that steem become one of the potentials in the blockchain technology.
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Very useful information, Sir.
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Thank you for your kind words. I am hoping to convey some optimism about our projects future.
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very interesting perspective. I hadn't known how I felt about it and this makes some very good points.
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Thanks, I must admit I didn’t know how to feel initially myself, this is the third article I have written as Zi research the topic and try to form an opinion.
Facebook articles
https://steemit.com/facebook-libra/@shortsegments/facebooks-libra-coin-good-for-steem-and-blockchain
https://steemit.com/palnet/@shortsegments/facebooks-libra-more-news
https://steemit.com/facebook/@shortsegments/facebook-releases-the-whitepaper-for-its-new-stablecoin-called-libra-0c71a1rs
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Thanks for sharing informative article 👍 I think this is fact.
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Thank you for the encouragement. I am hoping for a positive outcome.
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