Is Facebook’s Libra “Good for Cryptocurrency”?!

by birtanpublished on September 15, 2020

Libra Libra Libra Libra Libra Libra Libra Libra Libra Libra what's up everybody it's your boy Krypto Bobby I hope you were having a great day great night wherever you are watching or listening in from and did you know did you know that Facebook has announced a

Cryptocurrency within the past 48 hours you probably didn't know that did you it's this new thing called Libra you probably haven't heard of it but guess what I've been away for a little bit so we're gonna talk about it anyway before

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Bitcoin for doing things you do on a daily basis anyway so unless you took a 24 hour nap yesterday which if you did I'd be pretty jealous because a lot of the conversation was was kind of obnoxious and and crazy but if you took

A 24 hour nap you might not have heard of this if you didn't if you were on Twitter if you were on TV if you were reading anything online whatsoever in regards to cryptocurrency you absolutely 100% saw this and the news is Facebook

Is announcing a cryptocurrency that they are launching with essentially a consortium of companies a number of prominent very very prominent companies and it is called Libra now what is Libra well Facebook released an entire white

Paper yesterday with details and documentation as far as what exactly Libra is as well as the kind of technology associated with that and some documentation developer tools for people to start trying out on test net as well

Now naturally the converse a evolved to what is this cryptocurrency who is it going to beat who is it competitive against and what what's the what like what's the situation here why is Facebook doing this and and is this

Bad for Bitcoin that was a big big question is is this competitive against Bitcoin is it bad for Bitcoin or is this good for Bitcoin and the answer to is this good for Bitcoin is Facebook good is the Libre coin good for Bitcoin

Really boils down to two questions you have to answer yourself number one do you own Bitcoin if you own Bitcoin everybody that owns Bitcoin considers this to be good for Bitcoin if you don't own Bitcoin the answer is why

Yes this is terrible for Bitcoin because this is going to compete with Bitcoin and this is going to be bad for Bitcoin now in Facebook's own words this is David Marcus who is the co-creator of Libre was a exec at PayPal and has been

At Facebook for like five plus years ran messenger and a bunch of other things but came to Facebook from PayPal and this is what he said so David Marcus says many want to pit Libre versus Bitcoin in my mind these two are not in

The same category bitcoin is ad correlated investment asset Libre is designed to be a stable medium of exchange I have been and remain a fan of Bitcoin but for very different purposes now this is interesting because

It goes to the core of of what bitcoin is and what a lot of different cryptocurrencies are and what this is competing against this is competing against Facebook's Libre coin is trying to be a medium of exchange or a

Cryptocurrency that is used in peer-to-peer payments Facebook is basically coming out and saying we don't see Bitcoin as a threat against what we are doing in the sense that we believe bitcoin is really the digital gold we

Think bitcoin is an investment and not something that most people are going to use to exchange between two parties it is more along the lines of a digital gold and while that may be true it is very competitive against other crypto

Currencies as well or depending upon who you are if you're Roger Vere or some of the other you know very staunch Bitcoin cash type advocates where you look at the title of the Bitcoin white paper a peer-to-peer electronic cash you would

View this statement as directly competitive for what Libra is trying to do to what Facebook is trying to do now when I look at a lot of what's happening with Facebook and with Libra a lot of this stuff is is really really too early

To call in my opinion we haven't seen enough information about what they're building we haven't seen really who the kind of main core use case is a couple of the big things that I will say before getting into the regulatory component

Which is what I think is really interesting but a couple of the big things number one this is supposed to be essentially a stable coin you are having a basket of the Libra coin is backed by a basket of the US dollar and maybe the

Euro and the yen and a variety of government backed Fiat so it is supposed to be stable it's supposed to be I don't know if it's pegged to a dollar or if it's just pegged to one lever as one Libra but it's supposed to be stable and

Value it's supposed to be stable now when you look at cryptocurrency in my opinion what is the biggest use case for cryptocurrency right now well the biggest use case for cryptocurrency is speculation whether or not people want

To admit it I still think 90 plus percent of the cryptocurrency market is the way it is because of speculation and it is still a majority speculative asset now that doesn't necessarily mean that there aren't people that use

Cryptocurrency for other kind of purposes whether it's medium of exchange or buying goods or things like that but for the most part it is still a very speculative industry and Facebook has very much made it clear that they are

Going after emerging markets which i think is interesting because that has been in a lot of respects what many people have spoken about when you look at crypto currencies big use case since like I got into the industry in 2013 I

Remember watching videos of aunt Raya sandtown topless at restaurants on like a crappy flip phone on a crappy flip phone camera talking about how the value of potentially remittances and sending sending money cross borders and all

Those types of scenarios that sounds a lot like what Facebook is going after with this is a way to essentially transact and in the United States or in develop in Europe or in Asia or specific parts of Asia it's probably not that

Hard to send money to one person I know not everybody listening is in the United States but Ben Moe is pretty damn easy to use there's a lot of different things you can use to transact and send money between each other even with banks

Things like Zelan and other components with that in third world countries that's obviously a lot more difficult and it's a lot more of a challenge in facebook is trying to go for that will they actually be able to to accomplish

That I don't know I don't think that the technology has been the issue in the past I think now for the most part you have all these developing and in third world emerging economies with really growing access to technology cell phones

Things like that smartphones the problem of potentially downloading a cryptocurrency wallet isn't necessarily the issue I think the issue is the on and the off ramps you have different fiat currencies and all of these in all

These jurisdictions it's not so hard to to once you're in the cryptocurrency ecosystem to to function around the difficult part I think is getting into the cryptocurrency ecosystem now maybe Facebook has that

Edge because they have so many users the biggest thing for Facebook right now is and and really I think the the only thing in my personal opinion is Facebook's user base and the ability to roll this out to billions of people when

You look at the technology there are certain flavors of what they're you know what they're rolling out that that take kind of the best of of different elements of other crypto projects but the big differentiator that Facebook

Obviously has is they have billions of users and nobody else in the cryptocurrency ecosystem has that that it's not even close they don't have the the level of user base and the ability to roll that out in the massive name

That Facebook has but outside of that the other differentiators aren't that many however when you think about like what are what are big differentiators what are big things to to push a a project or a cryptocurrency forward

That's that's a pretty big deal and something that is is absolutely notable for sure but when you think about how certain things have happened with Facebook in the past google other companies as well just because you have

Billions of users doesn't mean something's going to be successful so when I look at Libre you know Facebook had had rolled out Facebook Credits in the past it didn't work Google do you remember Google+ Google+

Was gonna kill Facebook it failed and flopped spectacularly so just because you have billions of users to throw at a problem it doesn't always mean you're going to address that problem and it doesn't always mean it's going to it

Doesn't always mean that it will succeed so that's something you absolutely want to consider as well when I look at Facebook personally and I'm sure a lot of you guys shared this opinion I don't trust Facebook as far as I could

Throw a bottle of sweet baby Ray's Mark Zuckerberg favorite favorite barbecue sauce sweet baby Ray's barbecue sauce that is going on the ribs sweet baby raised or the sweet sweet baby Ray's is very good sweet baby

Ray's we have just applied the sweet baby Ray's sweet baby Ray's sweet baby Ray's maybe throw some sweet baby Ray's on the ray of assembly take it from there she's waiting for her ribs I mean she she knows what's coming and the

Sweet baby Ray's and there's a lot of reasons for that and I think there are many many times in the past where people have proven now Facebook is not a company that is necessarily to be trusted however one of the interesting

Things and I think it's it's funny to see and it's kind of awesome as well is facebook now has regulators absolutely absolutely their pants I have from from the perspective of the regulatory bodies in Europe as well as

In the United States regulators have come out within 24 hours basically attacking the idea of Libre attacking Facebook and it is fascinating to watch and I also think it could potentially be a positive for the industry so why do I

Say that well when you look at who has been defending the cryptocurrency industry so far who has it been it's it's kin it's a company that did 100 million dollar IC o—- and they have five million dollars in a

Legal fund to go after the SEC with the whole defendant crypto data work movement or whatever we want to call it or you can have Facebook with 40 billion dollars in cash on hand making a ton of freaking money a company worth half a

Trillion dollars to you know fight toe-to-toe with it the government now would they have the best intentions in mind I have no clue but I would rather have Facebook like the government then I'd rather have kin fight the government

Yes Facebook is much more likely to win and perhaps it's in Facebook's best interest to actually advance the industry a little bit further and push things forward a little bit further but when you look at the conversations from

The government and the quotes that have come out it is absolutely hysterical in Europe you had central bankers that said it is out of the question that Libra become a sovereign currency it can't and it must not happen

They also accused it of potentially becoming a shadow bank and causing regulators to be on high alert in the u.s. you had Maxine Waters say and request that Facebook agree to halt any movement forward on developing a

Crypto currency until Congress and regulators have the opportunity to examine these issues and take action so when you look at it you basically have people in in France you have people in the United States you had people

Throughout the EU haven't heard much about Asia but you have people kind of all over the place instantly going after Facebook for what they were doing saying it was an intrusion it was bad it was gonna be

Terrible and as I see this and as I look at what's happening with this issue on Facebook I kind of love to see it actually I thought I liked seeing regulators squirm and freaking out because for one part I first of all I

Don't want Facebook to have more control I I think that that's outrageous I don't really like Facebook I don't really use Facebook I don't want Facebook to have more control but seeing the reaction from

Central bankers and from regulators when they fear losing control is actually pretty hysterical looking at it and seeing how just up in arms they get and to that point they have already scheduled this just happened but this is

Haley on Twitter she said there is a Senate Banking Committee that is already going to has been scheduled they're holding a hearing on Facebook's crypto plans on July 16th pretty incredible it's how fast the world how fast the

Government of the United States the EU central bankers are freaking out in just rapid secession now one of the things you need to think about as well as a lot of times people do either give Bitcoin ship or they look at Bitcoin and they

Say you know what this is something that is it's it's not fast enough it is not it's not good enough there's better alternatives and there's better ways to to kind of invest your money or to utilize cryptocurrency and that might be

True in some respects there might be faster cryptocurrencies and there might be cryptocurrencies that you could do more on you could now have a smart contract platform you can do whatever on however when you look at all them

Facebook is immediately immediately getting called in front of Congress and in having basically the the verbal equivalent of a cease and desist from from central bankers all over the place there's nobody to send a cease and

Desist letter to at Bitcoin there is no Bitcoin CEO there is no one person there is no one group that you can look at with Bitcoin to yell at to do bad things Bitcoin is while a lot of people say bitcoins not decentralized miners yadda

Yadda yadda Bitcoin is pretty sufficiently decentralized to the point where a lot of the issues that are occurring right now with Facebook Bitcoin has never dealt with because there has not really been one central

Authority or central individual that you could very accurately point to to enforce action on with Bitcoin and I do think that what you're seeing with this stuff with Libre and Facebook already in less than 48 hours this level of

Scrutiny Bitcoin doesn't face that because it is actually legitimately decentralized and a lot of the other you know Facebook's Libre projects certainly can't say that and a lot of the other cryptocurrency projects out there as

Well really can't say that either now I'm not going to give some type of definitive answer as far as is this good for Bitcoin is this good for cryptocurrency is this bad who knows I don't know you don't know either and

Anybody speculating one way or another really doesn't know there is still possibility that this thing never launches that regulators go absolutely ape it doesn't launch it never happens it was just a beautiful flashing

Pie in the sky that just never actually came to fruition we'll have to see what am i washing I'm pretty eager to see how Facebook can battle these regulators because I do think it's not even against cryptocurrency it's

That regulators and people in government's don't like Facebook and this is an easy thing to go after and an easy way for them to say no hey we're at work we're standing strong for the little man because you know this this

The Facebook shouldn't get more control where in reality if Facebook's probably getting more control and I personally wouldn't trust it I wouldn't put money in this stuff I personally wouldn't trust it but it's

Not that Facebook is getting more control it's that central banks and governments are losing control and that's the problem they don't want to lose control ever and unfortunately for them the cats out of the bag on the on

The issue of cryptocurrency and whether or not it's Facebook whether or not it's Bitcoin whether or not it's some other cryptocurrency in the future day by day governments and central banks will begin to lose and lose and lose control over

Their kind of tightening strength on monetary policy which personally I think is a good thing so we'll see how that plays out in the long run outside of that guys I hope you enjoyed this video in this podcast apologies for being out

Of the office for a few days here but I am back with content for the rest of the week so stay tuned on that you enjoy this video make sure to hit that thumbs up on that like button Krypto Bobby signing out I hope you have a good one

Peace hope you have a good one

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