Whether we like it or not, blockchain is open source and available to all. Facebook's new Libra Coin has somewhat surprised me. It is the centralized version of blockchain.
100 Megacorps come together and all chip in a measly 10 million to create a billion dollars overnight?
Yeah, baller.
Also, the whitepaper talks of a pseudonymous aspect. Meaning you might only have to use KYC/AML identification to deposit/withdraw on/off the platform. Take this in conjunction with Facebook releasing full control over the product and taking a step back into the ranks of 100 other MEGACOPRS; you have yourselves a coup.
Coup
Yes, coup.
The banks are flipping their shit right now.
Zukerburg took blockchain and asked himself:
What can I do with this?
The answer?
- A centralized digital currency leeching off the coattails of the decentralized movement.
- A currency currently pegged to fiat through fractal reserve lending.
- A currency defended by not one
MEGACORP, but 100.
This is a line drawn in the sand.
This is Corporate America telling the kings that they are dinosaurs.
They've been outdated.
They're going extinct.
And if they want to live they better jump on the crypto train or they are fucked.
There's a new sheriff in town.
If you think Libra is going to stay pegged to fiat you've got another thing coming. This conglomerate of MEGACORPS will just wait for an excuse to remove the peg and have their own currency.
A worldwide currency. A currency that they not only control, but have access to every financial transaction that travels through it; being able to use AI and other technical analysis to capitalize massively.
Perfect timing?
When is the next financial collapse coming?
These are the interest rates of the FED for the last four decades.
Central banking is fucked.
They're on borrowed time.
Everyone sees it coming.
The economy is practically begging for rates to be lowered because it's about to snap.
The FED thought they could raise interest rates just like always do.
But they were wrong.
Compare PALNet to Libra
PALNet is centralized.
PALNet exists on Steem.
Steem is centralized.
Does that make PALNet double centralized?
Uh yeah, it does.
How else could I possibly control 1% of the entire voting pool?
https://steem-engine.rocks/tokens/PAL/richlist?sort_field=stake&sort_order=desc
But here's the thing about centralization:
If you trust the people in charge it works out just fine.
Do I trust the top 100 world MEGACORPS?
No, of course not!
But you know who does?
Everyone else.
Billions.
This isn't a question about decentralization becoming centralized.
It is a victory for decentralization.
Central banking is under attack.
It doesn't matter if the attacker is only slightly more decentralized.