Gordon Einstein: The Fact That Libra Stalled Reemphasizes Why Bitcoin’s Autonomy

[-Multivitamina-]

In retrospect, Libra was the hype of 2019. Facebook, global payment processing, cryptocurrency all mushed together in a reptilian power fantasy. “What could have gone wrong?” we ask ourselves as we watch Vodaphone coyly quit the Libra Association, becoming the eighth company to pull out of the project.

So what happened? Is Libra as good as dead? Our today’s guest can shed some light on what’s up with it.

Today forklog.media talked to Gordon Einstein, the founding partner at CryptoLaw Partners, early Bitcoin adopter and “the most expensive lawyer in the world” that deals exclusively in crypto-related matters. Gordon has been closely following the developments at Libra from the moment of its inception and has become somewhat famous within the community for (among other things) his commentary on Libra.

We talked to Gordon about a slew of Libra-related topics. What is Libra, who stands behind it, and who fights against it? Why might it ultimately fail and how did it in some ways paradoxically succeed. And, of course, what happens next.

https://forklog.media/gordon-einstein-the-fact-that-libra-stalled-reemphasizes-why-bitcoins-autonomy-is-so-important/

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[cabron]

forklog.media: Pretty dead?
Gordon: Pretty dead. But not completely dead, and resurrection is always possible. We’ll see!

What is interesting though is that facebook suddenly has this Facebook Pay which Gordon had also mentioned in the interview I think the link was this one here which is also in the article

https://pay.facebook.com/

I'm somehow disappointed as to why Gordon had a mix emotions as to why the unbanked may not need a bank at all. We'll if they don't have a choice they will not need a bank but if there is an option to have a bank, people will eventually use this option.

[DarkDays]

I don't think Libra's issues actually have any bearing on the success of Bitcoin.

The reason why Libra is leaking Libra Association members is simply due to regulatory uncertainty. Libra will still go ahead even if it doesn't have any founding members in the association left.

Whether or not it will succeed depends on community uptake, but it's going to be more decentralized than some other cryptocurrencies (looking at you EOS), even if it only has a couple dozen nodes online.

We'll see how it turns out next year, but I still think Libra will become one of the most popular assets within a short space of time after launch, simply due to the big names that are (were) behind it.

[cabron]

I don't think Libra's issues actually have any bearing on the success of Bitcoin.

The reason why Libra is leaking Libra Association members is simply due to regulatory uncertainty. Libra will still go ahead even if it doesn't have any founding members in the association left.

Whether or not it will succeed depends on community uptake, but it's going to be more decentralized than some other cryptocurrencies (looking at you EOS), even if it only has a couple dozen nodes online.

We'll see how it turns out next year, but I still think Libra will become one of the most popular assets within a short space of time after launch, simply due to the big names that are (were) behind it.

Like Gordon said, its through libra that will make the whole wide world will learn about cryoptocurrency and Bitcoin. Part of us are hopeful about the fast adoption of BTC but some are not welcoming Libra project because its just owned by private entity who by all aspect known for breaching privacy to users.

forklog.media: To sum it up, on a scale from 0 to 10 how dead is Libra?
Gordon: Umm… 7.5.

He said 7.5 out of 10 but he also said it pretty dead. If facebook will go out somewhere else maybe in some part of the world, they may be able to launch it.