why Libra will have to decentralise...

in #libra5 years ago

Everyone has read and heard about Facebook coming up with LIBRA.

There is even an "official post" from Steemit inc in the form of a video from @andrarchy.

Now everyone is looking at this whole setup as an affront to cryptocurrencies as a whole because it is not one.

image.png

But I guess in the end they will either have to become one or shut it down. The whole idea of a coorporate world currency is the biggest nightmare of governments and regulators. Its almost as bad as a decentralised immutable currency like bitcoin.
Why?
Both take away the power of the government to print money. We already see the the reaction of France and J Powell from the FED among others.

Now the big thing the governments have is still physical force and judges.
So if all the 3 letter agencies decide that facebook cannot have their currency then Zuckerberg and co have 2 options.

  • I will not shut it down
  • I can not shut it down

which one of these do they think they will choose? They know they cannot win in a fight with the government because the government cheats. So they will have to make it so that they might found a crypto, just like steemit inc but they cannot shut it down, just like steemit inc.
If the government starts shutting down the witnesses in the US they will either move or another will take its place to continue to validate the network. If they buy the network so to speak we will just fork it and continue as before.
That is the only way that Facebook and Libra can win.

I guess that is why they have set up this foundation in Geneva and have stated that they are aiming for decentralisation. Because they already know they will have to. You can say a lot about these "big evil corporations" but you cannot say they are stupid.

So in the end the governments will regulate the Libra more into the direction of crypto just because they are who they are.

Do you agree or am I wrong here?

Sort:  

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!

Hi @felander!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 4.443 which ranks you at #2100 across all Steem accounts.
Your rank has dropped 47 places in the last three days (old rank 2053).

In our last Algorithmic Curation Round, consisting of 193 contributions, your post is ranked at #22.

Evaluation of your UA score:
  • Some people are already following you, keep going!
  • The readers like your work!
  • Great user engagement! You rock!

Feel free to join our @steem-ua Discord server

You got a 41.28% upvote from @ocdb courtesy of @felander! :)

@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 25 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.

If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)