A lot of buzz is being created in the cryptospace with facebook's release of the whitepaper of its proposed coin -Libra , giving some the impression that this would be in direct competition with our beloved bitcoin or some of the top alts. combined.
I think Libra; when released will be nothing like what many anticipate - a cryptocurrency in shinning armor, I feel it will be more of an electronic money masquerading as a crypto-currency, minted, censored and controlled by the same centralized giants who rule the current payment system - Visa ,Mastercard, paypal etc. They are listed as being the founding members of Libra Association Council who will set the rules, government the network , run the nodes (each costing 10m $) etc and I dare to add, accept,deny, reverse or freeze transactions at will. Also, Libra will be backed by Government securities which brings in the Government regulators, Central banks etc.
The Libra Association is deemed "non- profit" and at the same time they are required to invest money to be a part of it, Guess whose interest they will serve?
They may indeed run it on the blockchain but I see another JP Morgan coin, not a cryptocurrency that is people-centered like bitcoin
https://cointelegraph.com/news/facebook-releases-cryptocurrency-white-paper-for-libra-currency I believe you man. Forget about all these people that are out here hyping that coin. Trust me it would be nothing compared to what we have already. Bitcoin will still remain on top as the number one and that Libra Coin is not getting close to even the top three. Though I do know that it will be among the top cryptocurrency in the marker,, but not to the level of challenging Bitcoin, that's not going to work. Already there are lots of people hating the libra coin cause they believe that Facebook is using as one their tracking tools to know where and when users will be making purchase and all that so that they can target ads properly.
