Libra News
Facebook’s Mark Zuckerberg definitely caused quite a stir in announcing his plans for a Cryptocurrency. But for all the negative press and clear threats from people in high places in government, you will see that the value of his Facebook stock has increased by many millions since the announcement. This suggests that even in the face of bad news and outright rejection people continue to have faith, investors invest and the market cap of Facebook continues its upward trajectory.
Fun fact: The Libra Association still got 21 of its original 28 member entities to sign onto the currency-management consortium in Geneva last week. The media focused on the parties who pulled out, as if the air was completely out of the project. While the exits of Mastercard, Visa, Paypal and four other firms from the Libra consortium is a setback, the support of these 21 suggests there is still a lot of life in this project.
While it’s clear that global bankers will continue to defend their monopolies and countries will continue to protect the utility of their ever depreciating fiat currencies. I think the righting is on the wall. The end is coming, but it’s going to be either a long drawn out fight, or alternatively, bankers and governments may just turn the world on its heels by adopting a can’t beat them, join them attitude and build their own versions of centralized blockchains. I think it’s to early to tell which way this will end, but it sure is exciting to watch.
Additionally, press stories and quotes from the man in charge of both Facebook cryptocurrency projects, which suggest that Facebook is flexible and might go a different direction altogether and utilize an existing “stable coin” instead of their own raises a bunch of new possibilities and outcomes with much simpler technical challenges and utilization of Facebooks massive buying power to purchase enough stable coins to make its project work is clearly doable, especially in this bear market.
Add to this mix that less controversial Walmart and very well capitalized Amazon have their own coins potentially in the works while quietly watching and learning from the Facebook experience.
Hang onto your popcorn, thus is just getting interesting. I recently had a dream of Steem being tapped as the cryptocurrency and blockchain for a trial as Facebook’s “like” Token and then a Facebook Token followed, which was based on the Steem-Engine side chain. When I dream I dream big.
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