Categories: Bitcoin Business

‘Libra Is so Screwed’ — Should Have Used Bitcoin, Says Samson Mow

Click here to view original web page at cointelegraph.com

Chief strategy officer at blockchain development firm Blockstream, Samson Mow, declared that he believes that Facebook should have used Bitcoin (BTC) instead of developing its own stablecoin in a series of tweets published on July 16.

‘Libra Can’t Be Everything for Everyone’

In his tweets, Mow noted that — after watching the entirety of today’s senate banking committee hearings dedicated to Libra — he came to the conclusion that “Libra is so screwed.” He explained that he had the impression that Mark Zuckerberg had no clear idea of what he is building. Mow added:

“Libra can't be everything for everyone, and it can't be both open and closed at the same time.”

Mow also notes that representatives of the project expressed the idea that — since the project is open source — the newly developed network belongs to the community, which will be able to contribute code to it. The association reportedly expects to “relinquish control over both the codebase and network through the process." Still, Mow explains that this is seemingly in contrast with other declarations made by Libra representatives:

“If this statement is really true, then a dev team will be able to remove the KYC/AML components in a non-Calibra wallet, and still be able to interact freely with the network aside from on and off ramps.”

Such a possibility would render the association incapable of keeping another promise made by the representatives. Specifically:

“Wallets will enforce the sanctions that are led by our national security apparatus and treasury.”

Mow points out that the only way for the association to keep such promises is to be in complete control. Libra representatives also reportedly declared that they want to ensure that people are able to do anything with their stablecoin “as long as they have a legitimate use of the product.”

Should’ve Just Used Bitcoin?

Still, Mow notes that this creates the problem of defining what legitimate use is. He concluded:

“It's good though that Marcus said ‘we will take the time to get this right.’ Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should've just used Bitcoin.”

Meanwhile, CNBC reports that the Swiss group that’s supposed to oversee privacy for Libra says it hasn’t heard from Facebook at all.

Also, yesterday Cointelegraph reported that according to U.S. Senator Sherrod Brown, ranking member of the Senate Banking Committee, Libra is a “recipe for more corporate power over markets and over consumers.”

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

53 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

54 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

54 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

54 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

54 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

55 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More