Market is Not Ready for Libra

[plast555]

The correct proposition should be: The market does not need libra.

Bitcoin has been on the market for 10 years and has come to these days without anyone's help. Amazon, Facebook, IBM and more.

Blockchain and Bitcoin do not need any of these technology giants support. But they need blockchain support for growth.

[dnprock]

I don't think that it is all about crypto regulations the government holds Libra to be in the market but because of lack back-up support and a questionable act of the owner bringing Libra as a stable coin. The regulatory board tried to look deeper on and help that this coin couldn't be another tool to compromise the people.

https://hackernoon.com/facebook-and-libra-coin-what-you-need-to-know-bc9296921d8f

Many people are conflating the need for a semi-centralized crypto like Libra and Facebook. It is absurd that we are ok with Tether/USDC but we don't want Libra. The Libra Association has members with reputation. If we need to regulate the Libra, we should discuss about regulations. Opposition to Libra comes from tainted Facebook reputation and public misunderstanding.

The correct proposition should be: The market does not need libra.

Why does the market need Tether/USDC? Semi-centralized crypto is a better alternative.

To be honest, Libra's troubles highlight the need for my coin design, Bitflate, a decentralized (somewhat) stablecoin. But crypto would be more successful if we have more choices.

[dnprock]

Many are critical of my semi-centralized label for Libra. Let me explain the design tradeoff from user perspective.

Centralized currencies: These currencies are issued by centralized authorities. Their governance is often opaque, driven by political agenda. There are few public guidelines. We rely on proxies (e.g. political representatives) to voice our opinions. Examples of this type are obviously fiat currencies. The US Fed operates under dual mandate: maximum employment and stable price. These guidelines are vague, very difficult for normal people to understand. Tether and other pegged stablecoins are also centralized currencies. They're controlled by the issuing companies. We don't have independent audit. From user standpoint, we have little control and transparency. It's hard to get audit and insight.

Semi-centralized currencies: This type is new and emerging. It has potential of being more transparent than centralized currencies. Libra is an example. It is governed by the Libra Association. The ledger is likely to be public. Association members have different interests. They can serve as check and balance. From user standpoint, this type is an improvement from existing centralized currencies. Users get price stability and more transparency. But the main hurdle is competition with centralized currencies.

Decentralized currencies: These are cryptocurrencies starting with/inspired by Bitcoin. They are decentralized and governed by consensus. Most aspects are public and transparent. Users understand rules of engagement. They can also inspect the currencies. But consensus change requires all users to buy in. It is very difficult to alter these currencies. Because they are decentralized and digital native, they are detached from the financial system. They rely on market for price. Examples include Bitcoin, Litecoin, Dogecoin. My coin design, Bitflate, has a 7% inflation rate. It is set for the chain. Nodes are already running the software. It'll be difficult to change. With decentralization, user gets transparency, but need to live with price volatility.

[jootn2kx]

Original Post: https://bitflate.org/post/2019/10/25/market-is-not-ready-for-libra.html

Facebook CEO, Mark Zuckerberg, recently appeared in front of the United States Congress for a hearing about Libra cryptocurrency. The hearing lacked substance. Most congress members did not inquire deeply about Libra. They instead delved into smearing Facebook and its credibility. Both sides point fingers at each other. Crypto aficionados laments the lack of openness from regulators to new technologies. Regardless, there is deep misunderstanding and distrust between the public and the tech community.

Emerging markets of cryptocurrencies

Since the birth of Bitcoin, crypto builders have been developing the wrong solutions. The first generation of cryptocurrencies were hard forks of Bitcoin. They tried to create so called better versions of Bitcoin. Then there were efforts to generalize Bitcoin to blockchain technology. These trends continue. But we still end up with no cryptocurrency that we can use for everyday transactions.

It’s time to resolve the ideological debate between centralization and decentralization. Historical trends in technology told us that we swerve between these two polars. We cannot completely settle into one place. That would be utopia or dystopia. We went from mainframe (centralized) to personal computers (decentralized). Then we made the transition to cloud computing (centralized). There is now effort to decentralize the cloud computing stacks. The cycles never end.

Each cryptocurrency makes their own design tradeoff. It it useful to think about monies in a spectrum.



As we move from Centralization and Decentralization, we get different kinds of currencies. Each comes with their own advantage and disadvantage.

The potential of semi-centralized cryptocurrencies like Libra

Libra is a semi-centralized cryptocurrency. It is a better version of centralized cryptocurrencies like Tether or USDC. These coins are issued by a single entity. There is no way to audit their record. We rather have a stablecoin issued by an association of companies. The Libra Association has a governing charter. It is beneficial for consumers having member companies audit the Libra record. These member companies have competing agenda. They serve as check and balance for consumers.

Libra is too early

Unfortunately, Facebook initiated the Libra project. The company was involved in many data and privacy scandals. Consumer’s trust in Facebook is low. Another hurdle for Libra adoption is the public’s misunderstanding. Bitcoin is difficult to understand. Most people don’t have time to dive into its details. Its price fluctuates wildly. They don’t see benefits of cryptocurrencies. Bitcoin has as many critics as believers. The public has not accepted a crypto future. To normal people, Libra is another effort by big corporations to intrude and control their lives.

Filling the gap with Bitflate, a decentralized stablecoin

Bitflate is a cryptocurrency with constant inflation rate of 7%. The project’s goal is to create a digital native and decentralized stablecoin. By adding inflation, Bitflate price will not rise forever. It will have less price volatility. Bitflate can be a gentler introduction for people to the world of cryptocurrency.

Cryptocurrency Future

A cryptocurrency future is inevitable. There will be many cryptocurrencies. Each will have a different design and tradeoff. Instead of thinking about zero sum games, we need to look forward to this future. We will have greater financial freedom. We can choose the best currencies for our financial goals. Governments and companies will soon join this vision. At the end of the day, we the people, are in control.

The market is ready for Libra, it just doesn't need it, apart from raising awareness, imo. Libra is not a super-innovative crypto, it is just a way for Facebook and Mark to get more money.

[Obito]

Original Post: https://bitflate.org/post/2019/10/25/market-is-not-ready-for-libra.html

Facebook CEO, Mark Zuckerberg, recently appeared in front of the United States Congress for a hearing about Libra cryptocurrency. The hearing lacked substance. Most congress members did not inquire deeply about Libra. They instead delved into smearing Facebook and its credibility. Both sides point fingers at each other. Crypto aficionados laments the lack of openness from regulators to new technologies. Regardless, there is deep misunderstanding and distrust between the public and the tech community.

Emerging markets of cryptocurrencies

Since the birth of Bitcoin, crypto builders have been developing the wrong solutions. The first generation of cryptocurrencies were hard forks of Bitcoin. They tried to create so called better versions of Bitcoin. Then there were efforts to generalize Bitcoin to blockchain technology. These trends continue. But we still end up with no cryptocurrency that we can use for everyday transactions.

It’s time to resolve the ideological debate between centralization and decentralization. Historical trends in technology told us that we swerve between these two polars. We cannot completely settle into one place. That would be utopia or dystopia. We went from mainframe (centralized) to personal computers (decentralized). Then we made the transition to cloud computing (centralized). There is now effort to decentralize the cloud computing stacks. The cycles never end.

As we move from Centralization and Decentralization, we get different kinds of currencies. Each comes with their own advantage and disadvantage.

The potential of semi-centralized cryptocurrencies like Libra

Libra is a semi-centralized cryptocurrency. It is a better version of centralized cryptocurrencies like Tether or USDC. These coins are issued by a single entity. There is no way to audit their record. We rather have a stablecoin issued by an association of companies. The Libra Association has a governing charter. It is beneficial for consumers having member companies audit the Libra record. These member companies have competing agenda. They serve as check and balance for consumers.

Libra is too early

Unfortunately, Facebook initiated the Libra project. The company was involved in many data and privacy scandals. Consumer’s trust in Facebook is low. Another hurdle for Libra adoption is the public’s misunderstanding. Bitcoin is difficult to understand. Most people don’t have time to dive into its details. Its price fluctuates wildly. They don’t see benefits of cryptocurrencies. Bitcoin has as many critics as believers. The public has not accepted a crypto future. To normal people, Libra is another effort by big corporations to intrude and control their lives.

Filling the gap with Bitflate, a decentralized stablecoin

Bitflate is a cryptocurrency with constant inflation rate of 7%. The project’s goal is to create a digital native and decentralized stablecoin. By adding inflation, Bitflate price will not rise forever. It will have less price volatility. Bitflate can be a gentler introduction for people to the world of cryptocurrency.

Cryptocurrency Future

A cryptocurrency future is inevitable. There will be many cryptocurrencies. Each will have a different design and tradeoff. Instead of thinking about zero sum games, we need to look forward to this future. We will have greater financial freedom. We can choose the best currencies for our financial goals. Governments and companies will soon join this vision. At the end of the day, we the people, are in control.

That was way too detailed though. I do personally think that market are ready to accept any coins. May be libra is the one who was not ready for the market. Mark Zuckerberg ceo of Facebook stated that it was going to be deployed if United States regulatory do regulate Libra. Besides, I do not think it would be going to be as popular as Bitcoin.

[leea-1334]

The correct proposition should be: The market does not need libra.

Bitcoin has been on the market for 10 years and has come to these days without anyone's help. Amazon, Facebook, IBM and more.

Blockchain and Bitcoin do not need any of these technology giants support. But they need blockchain support for growth.

Thank you for being one of the few who thinks so. I really give up on crypto people these days. When Libra came out, so many socalled experts said this was going to be big for crypto,,, but I have no idea what they were thinking of. Bitcoin has never needed centralized crypto and people keep asking for banks and what not to come on and make bitcoin great or whatever.

They need us normal people to keep using them. That is all.

[Dart18]

The potential of semi-centralized cryptocurrencies like Libra

Libra is a semi-centralized cryptocurrency. It is a better version of centralized cryptocurrencies like Tether or USDC. These coins are issued by a single entity. There is no way to audit their record. We rather have a stablecoin issued by an association of companies. The Libra Association has a governing charter. It is beneficial for consumers having member companies audit the Libra record. These member companies have competing agenda. They serve as check and balance for consumers.

I dont know why, but I still dont understand this.
Perhaps, it is because this is the first time I heard this kind of a project.
Maybe I should read more deeply about this if I want to invest with them.

But wait, investing with them means your Libra coin may get a higher value someday? Some say it will not, same with Tether.

Semi-centralized currencies: This type is new and emerging. It has potential of being more transparent than centralized currencies. Libra is an example. It is governed by the Libra Association. The ledger is likely to be public. Association members have different interests. They can serve as check and balance. From user standpoint, this type is an improvement from existing centralized currencies. Users get price stability and more transparency. But the main hurdle is competition with centralized currencies.

Oh! thank you for stretching that out. Merits.

[dnprock]

I do personally think that market are ready to accept any coins.

Politicians reflect public opinion. I think crypto market is ready. But the general public is not ready. For example, look at Bitcoin adoption.

Maybe I should read more deeply about this if I want to invest with them.

I don't think coins like Libra is for investment. They are semi-centralized and designed to peg with assets. Maybe people can trade them to make money like forex.

[chaoscoinz]

Original Post: https://bitflate.org/post/2019/10/25/market-is-not-ready-for-libra.html

Facebook CEO, Mark Zuckerberg, recently appeared in front of the United States Congress for a hearing about Libra cryptocurrency. The hearing lacked substance. Most congress members did not inquire deeply about Libra. They instead delved into smearing Facebook and its credibility. Both sides point fingers at each other. Crypto aficionados laments the lack of openness from regulators to new technologies. Regardless, there is deep misunderstanding and distrust between the public and the tech community.

Emerging markets of cryptocurrencies

Since the birth of Bitcoin, crypto builders have been developing the wrong solutions. The first generation of cryptocurrencies were hard forks of Bitcoin. They tried to create so called better versions of Bitcoin. Then there were efforts to generalize Bitcoin to blockchain technology. These trends continue. But we still end up with no cryptocurrency that we can use for everyday transactions.

It’s time to resolve the ideological debate between centralization and decentralization. Historical trends in technology told us that we swerve between these two polars. We cannot completely settle into one place. That would be utopia or dystopia. We went from mainframe (centralized) to personal computers (decentralized). Then we made the transition to cloud computing (centralized). There is now effort to decentralize the cloud computing stacks. The cycles never end.

Each cryptocurrency makes their own design tradeoff. It it useful to think about monies in a spectrum.



As we move from Centralization and Decentralization, we get different kinds of currencies. Each comes with their own advantage and disadvantage.

The potential of semi-centralized cryptocurrencies like Libra

Libra is a semi-centralized cryptocurrency. It is a better version of centralized cryptocurrencies like Tether or USDC. These coins are issued by a single entity. There is no way to audit their record. We rather have a stablecoin issued by an association of companies. The Libra Association has a governing charter. It is beneficial for consumers having member companies audit the Libra record. These member companies have competing agenda. They serve as check and balance for consumers.

Libra is too early

Unfortunately, Facebook initiated the Libra project. The company was involved in many data and privacy scandals. Consumer’s trust in Facebook is low. Another hurdle for Libra adoption is the public’s misunderstanding. Bitcoin is difficult to understand. Most people don’t have time to dive into its details. Its price fluctuates wildly. They don’t see benefits of cryptocurrencies. Bitcoin has as many critics as believers. The public has not accepted a crypto future. To normal people, Libra is another effort by big corporations to intrude and control their lives.

Filling the gap with Bitflate, a decentralized stablecoin

Bitflate is a cryptocurrency with constant inflation rate of 7%. The project’s goal is to create a digital native and decentralized stablecoin. By adding inflation, Bitflate price will not rise forever. It will have less price volatility. Bitflate can be a gentler introduction for people to the world of cryptocurrency.

Cryptocurrency Future

A cryptocurrency future is inevitable. There will be many cryptocurrencies. Each will have a different design and tradeoff. Instead of thinking about zero sum games, we need to look forward to this future. We will have greater financial freedom. We can choose the best currencies for our financial goals. Governments and companies will soon join this vision. At the end of the day, we the people, are in control.

The government is always the slowest and the last to adopt new technology. I'm not sure if regulators are ready to give Libra project the light of day because I'm sure that it will change everything as we know it.
Adopting Libra means adopting cryptocurrency world wide. Facebook already owns Instagram, WhatsApp, and occulus rift, if they were allowed to make a stable coin, they would have a very great deal of influence and power in every single country where Facebook is accessible.

[rincoeng1986]

It looks like Libra is in big trouble after a few weeks their partners have resigned a lot and maybe this is caused by many world politicians who really don't support the launch of coin Libra by Facebook, I think Libra is not a good investment because it is which is more dominantly stable than other cryptocurrency, after all Libra is projected as one of the payments instruments that will use in various socials media applications and of course this is strictly prohibited by some countries that indeed apply regulations about not allowing cryptocurrency to be used as a means of payment so that later it can result a country's official currency will plummet.

[xiboothrezi]

Not a market that is not ready, but the subject. Most are still too idealistic to state that cryptocurrency must be absolutely decentralized. Why should it be so rigid if this is indeed a solution to give greater confidence to the general public? Precisely with its use which is closer to daily life, for example in social media, it will be easier to make cryptocurrency acceptable to the general public.

[Classica35]

The cryoti space is in need of a coin that will survive, despite all strives. Libra had only encountered the power at the helms of regulations, yet it cannot pull a string. The market would not have mind having Libra come on board, because it des not discriminate.
A lot of coins that were able to launch on a good note are making good success, without any witch, despite their different backgrounds.

[tsaroz]

It's actually Facebook (Libra) that's not ready for the market. Market demands change, it demands new technologies, it demands freedom.
Facebook on the other hand is a money oriented company, whatever their motive be with Libra, they hurt another large money oriented business of politics.
Politician has been creating this fake sense of authority over people using oppressive laws making it a business. Libra is just a collision between two businesses.
If Facebook really want's to create a crypto, no one can stop them.

[dnprock]

Oh! thank you for stretching that out. Merits.

It's actually Facebook (Libra) that's not ready for the market.

I feel like I need to write another article explaining emerging cryptocurrencies. All these crypto designs have different tradeoffs. There is market for each of them. I'm not here to defend Libra. I'm only interested in promoting Bitflate.

[AlaBy]

Recently I read a cool article, figured out the question: https://neironix.io/news/guides/ton_blockchain_and_gram_cryptocurrency_all_the_valuable_information_on_the_internet.

 In general, regulators are not ready yet. The community is ready!

[Teraboy]

The correct proposition should be: The market does not need libra.

Bitcoin has been on the market for 10 years and has come to these days without anyone's help. Amazon, Facebook, IBM and more.

Blockchain and Bitcoin do not need any of these technology giants support. But they need blockchain support for growth.

People in these days don't understand the real purpose of libra. Libra was having a purpose to be the payment system that used fiat currency to backed its vlaue. Basically, libra has nothing to do with crypto but so many crypto users are doing speculator about that. The real implementation of libra will be on its platform. It's a multi billion platform, dude.
Blockchain support is also coming from not a direct advertisement that created by the adoption from big companies too.

[JeffBrad12]

The government is always the slowest and the last to adopt new technology. I'm not sure if regulators are ready to give Libra project the light of day because I'm sure that it will change everything as we know it.
Adopting Libra means adopting cryptocurrency world wide. Facebook already owns Instagram, WhatsApp, and occulus rift, if they were allowed to make a stable coin, they would have a very great deal of influence and power in every single country where Facebook is accessible.

Well the government is for sure have their own agenda and it seems cryptocurrency is definitely out of their agenda because it's simply a lot harder to control.
The US always seems a little but unwelcoming when it comes to cryptocurrency just like how they always threat here and there about telling people to not allowing any US citizens getting involved into the ICO or such things.
It seems that the US always want to be in control of where their citizen money will go. totally understandable for government's perspective but just a little bit unethical when you unwelcome a new technology which can't be avoided.

[bobelr]

Original Post: https://bitflate.org/post/2019/10/25/market-is-not-ready-for-libra.html

Facebook CEO, Mark Zuckerberg, recently appeared in front of the United States Congress for a hearing about Libra cryptocurrency. The hearing lacked substance. Most congress members did not inquire deeply about Libra. They instead delved into smearing Facebook and its credibility. Both sides point fingers at each other. Crypto aficionados laments the lack of openness from regulators to new technologies. Regardless, there is deep misunderstanding and distrust between the public and the tech community.

Emerging markets of cryptocurrencies

Since the birth of Bitcoin, crypto builders have been developing the wrong solutions. The first generation of cryptocurrencies were hard forks of Bitcoin. They tried to create so called better versions of Bitcoin. Then there were efforts to generalize Bitcoin to blockchain technology. These trends continue. But we still end up with no cryptocurrency that we can use for everyday transactions.

It’s time to resolve the ideological debate between centralization and decentralization. Historical trends in technology told us that we swerve between these two polars. We cannot completely settle into one place. That would be utopia or dystopia. We went from mainframe (centralized) to personal computers (decentralized). Then we made the transition to cloud computing (centralized). There is now effort to decentralize the cloud computing stacks. The cycles never end.

Each cryptocurrency makes their own design tradeoff. It it useful to think about monies in a spectrum.



As we move from Centralization and Decentralization, we get different kinds of currencies. Each comes with their own advantage and disadvantage.

The potential of semi-centralized cryptocurrencies like Libra

Libra is a semi-centralized cryptocurrency. It is a better version of centralized cryptocurrencies like Tether or USDC. These coins are issued by a single entity. There is no way to audit their record. We rather have a stablecoin issued by an association of companies. The Libra Association has a governing charter. It is beneficial for consumers having member companies audit the Libra record. These member companies have competing agenda. They serve as check and balance for consumers.

Libra is too early

Unfortunately, Facebook initiated the Libra project. The company was involved in many data and privacy scandals. Consumer’s trust in Facebook is low. Another hurdle for Libra adoption is the public’s misunderstanding. Bitcoin is difficult to understand. Most people don’t have time to dive into its details. Its price fluctuates wildly. They don’t see benefits of cryptocurrencies. Bitcoin has as many critics as believers. The public has not accepted a crypto future. To normal people, Libra is another effort by big corporations to intrude and control their lives.

Filling the gap with Bitflate, a decentralized stablecoin

Bitflate is a cryptocurrency with constant inflation rate of 7%. The project’s goal is to create a digital native and decentralized stablecoin. By adding inflation, Bitflate price will not rise forever. It will have less price volatility. Bitflate can be a gentler introduction for people to the world of cryptocurrency.

Cryptocurrency Future

A cryptocurrency future is inevitable. There will be many cryptocurrencies. Each will have a different design and tradeoff. Instead of thinking about zero sum games, we need to look forward to this future. We will have greater financial freedom. We can choose the best currencies for our financial goals. Governments and companies will soon join this vision. At the end of the day, we the people, are in control.

The source of Libra face off is the fact that facebook has been involved on many privacy scandals. I am still on my stand that Libra is targeted at having world power rather than solving what it displays. Apps like Vid.camera, others, refrains itself from being a custodian of users data and so, in future, it won't be in such mess as Libra by FB.

[nanaimogold]

The Market is ready for any good coin as there's always a room to confrom to by good coins. The problem is that Libra is not yet ready for the market. Maybe it should scale the hurdles it faces which is becoming to high already as investors like PayPal, Mastercard and co are already jumping ship

[Twinkledoe]

The Market is ready for any good coin as there's always a room to confrom to by good coins. The problem is that Libra is not yet ready for the market. Maybe it should scale the hurdles it faces which is becoming to high already as investors like PayPal, Mastercard and co are already jumping ship

That's right! Libra is not yet ready for the market as the team has not smoothen yet their developments with corresponding government regulatories. Since this project is quite huge extending across the globe with so many users, the government is very cautious on actually deploying this to public and so with strict approach towards Libra project.