Facebook has ruined crypto
First of all I say kudos to Facebook on their highly controversial project Libra. All the tech heavyweights where seen to be sitting ducks as crypto companies emerged offering visually anything from new crypto social media ventures to stable coins
Every 20 years there seems to be a shift in terms of the most valuable company’s and digital disruption has been a common theme through out the decades, basically put we are all expecting the Facebook joy ride to come to an end right about now but crypto could be it’s saving grace
https://youtu.be/BQovQUga0VE
I am highly impressed with the speed and agility Facebook has moved at and the partnerships they have cemented in making Libra a reality
Just some quick facts
-Libra shall be a stable coin, so unlike Bitcoin that fluctuates in value based on a number of factors Libra will be stable and probably pegged to the USD.
-Libra is not the first stable coin, many have tried (and are still trying) but Facebook will probably get all the credit if it succeeds.
- Every Libra payment is permanently written into the Libra Blockchain
-Libra will be designed to handle 1,000 transactions per second. That would be much faster than Bitcoin’s 7 transactions per second or Ethereum’s 15.
-The blockchain is operated and constantly verified by founding members of the Libra Association, which each invested $10 million or more for a say in the cryptocurrency’s governance and the ability to operate a validator node, the association includes companies such as Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc to name a few
Now this is where I have an issue.
This all looks like the big boys country club have come in and are taking over crypto
Gone will be the days where an average Joe could buy a mining rig and start making some virtual currency mining population crypto’s, the barriers to entry is still very low
That opportunity is gone with the Libra as you need a $10mill to join this club.
The rich will sleep getting richer
#bitcoin #ethereum #blockchain #crypto #cryptocurrency
