The reception of #Libra has been perturbed by Facebook’s past, and rightfully so. From the corporation that has sold out user privacy, Facebook now offers you a bank account without interest rates, insurance, or oversight. There are no term limits on who runs Libra. You can’t vote out Mark Zuckerberg for screwing up monetary policy.
Of course, this does show a mass movement towards blockchain enabled services, #Facebook wants in but let’s not give it to them and respect the community. #Blockchain is creating its own success and does not need a platform in decline to back that up. Facebook is just grasping at straws when it comes to its new developments and ripping off well-known services that already exist, watch out - patent everything.
Firstly, after reviewing it’s whitepaper, I saw that it has a similarity to another project I’m following. Element Zero foundation is a not-for-profit organization with a #stablecoin that completes removes volatility. The Element Zero protocol is live and did not take Visa and Uber (two main blockchain value violators) to give $10M to complete.
I think that most of the world is greatly overestimating how much power Facebook and Zuckerburg are actually going to have regarding project Libra.
Everyone just assumes that because Facebook and Zuckerburg are creating the thing that they will control it. That's not going to happen. There's a reason it's being set up like it is. All 100 corporations are going to have a little control. This will make it way way harder for banks/governments/regulators to attack it.
It actually looks like it's going to be decentralized from a corporate point of view... I think it's going to surprise everyone and be quite the spectacle.
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