Bitcoin is the most decentralized cryptocurrency.
Facebook Announces Cryptocurrency Libra and Ambitions to Get into Lending
Facebook Libra coin may also face this because the supply and price os Libra is coin controlled by a central authority. The technological innovation that is supposed to liberate us from the government ends up subjugating us to a handful of corporations. Facebook Libra coin has been under some of the other disputes under the matter of privacies. Facebook is anticipating to launch its Libra in the first half of It wants to have at least members in the Libra association before finally releasing it. The final decision-making authority will be the association, but Facebook will maintain its leadership role in at least.
However, the whitepaper states that once the network is launched, all Association members will have the same commitments, privileges, and financial obligations as the others. Founding member. All colleagues will have the same governance strengths. Users will be able to send Libra via their smartphone using Calibra.
To send funds to your Calibra wallet, Facebook will allow you to choose from a list of partner payment providers, such as MasterCard, Visa, PayPal, and Stripe. People will also be able to convert US dollars into Libra for their digital Calibra wallets, by going to local or online currency exchanges. Taking the example of bitcoin, Bitcoin was too hard to use in its initial stage. This gave rise to sophisticated and rich entities that carry out this process. Once these big players are in their place, they become oligarchs who dominate the world of bitcoin.
When the bitcoin protocol needs to be changed from time to time to overcome the inevitable problems, the oligarchy makes decisions and takes advantage of them. Facebook is predicting to face similar issues. We have already seen this story. Only the early Internet, along with some relatively simple applications like email and chats, created a decentralized communication system that had no central authority — no government, no company — consuming a lot of energy.
They want a more structured environment, which has led to the creation of large social networks, especially Facebook.
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Once the structure exists, the system is no longer decentralized. Facebook clearly knows this story. But he also knew that a natural solution — a centralized currency controlled by Facebook — would not be credible. The White Paper resolves this problem by understanding both angles of the dilemma, arguing that Libra is decentralized and centralized.
This scale is reportedly decentralized because it is based on blockchain, a technology used by bitcoin that ensures that data is stored by many users, not one, thus increasing security and transparency. Facebook itself will not work with Libra. But Libra is also centralized by creating a management body. This body is the Libra Association based in Switzerland. This body must prevent the emergence of a bitcoin oligarchy to dominate Libra. Facebook makes a choice of rules — how to display information, how to use data — to the detriment of many. Now we see that Facebook regulates the freedom of expression and privacy of millions of people, the domain is usually left to the government.
What was originally a libertarian utopia is now a highly regulated environment, although it is regulated by companies rather than our government. It is not clear that in practice the Libra Association will operate differently from the oligarchy that dominates the bitcoin world.
The White Paper contains detailed information on the operation of the Libra Association. It currently has 28 members and is expected to increase to To launch the system, members pay money into the Libra Reserve, which will create and circulate an initial pool of Libras. The most important political decisions will be taken and finalized by two-thirds of the votes. Ordinary people who buy and use pounds have no vote. After all, the Libra Association will be largely influenced and controlled by for-profit companies, not charities.
These companies want to make money. The structure of the organization gives them a direct financial interest in Libra management because their investment in the reserve gives them dividends, which in turn depends on the assets the reserve has. If these assets appreciate, members make profits. Unlike most of its crypto predecessors, Libra will be backed by actual reserves, in this case, cash and government bonds.
Libra will be a brand new currency, but in practice, the same as a dollar or euro. People will receive Libra by handing over national currency to organizations like Calibra, the subsidiary Facebook is setting up to handle pound transactions. Calibra, in turn, will transfer this money to Libra Reserve — a group of accounts held by financial custodians around the world. Once more, they have cobbled together a coalition of the willing — those who are gullible enough to believe Zuck and his acolytes.
A Fatal Flaw Of Facebook's Libra Cryptocurrency, Hidden In Plain Sight
They have forgotten the lessons of gaming companies, app developers and media companies that were led up to the brink and then casually pushed over. Libra itself is a ripoff of Stellar, which is an open source project working to solve the problem that Facebook wants to solve: banking the unbanked.
Still, before I let my final opinion form, I am currently in the process of reading as much as I can find — and I suggest you do the same. Educate yourself, and decide what you think about Libra. To help get you started, here are a handful of articles that I recommend. Most of them are written in the language of normal people, and not cryptocurrency experts. This first appeared on my weekly newsletter dated June 23, If you like to get this delivered to your inbox, just sign-up here, and I will take care of the rest.
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The U. On October 8th, Venus will enter Scorpio. In astrology, the planet Venus rules love and prosperity, while the sign Scorpio is associated with passion, poss. We all know about the havoc wreaked by Mercury retrograde, but what about Pluto? The dwarf planet has been retrograde since April And on October 2, it. Early in the morning on Saturday, September 28, the new moon will rise in Libra, the sign of the Scales.
All new moons symbolize new beginnings, and with t. I spent the weekend with Aubrey Marcus, a wellness guru soothing the souls of modern men. On September 23, the fall equinox arrives and Libra season officially begins. The seventh sign of the zodiac is associated with balance, beauty, and sociab.
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