A. Antonopoulos: Facebook Libra will fail, therefore,

Since Facebook announced in June 2019, with his Plan for the introduction of Libra, followed by the Controversy of the coin is like a shadow; so much so, that even the introduction of the stable coins is uncertain.

While some see the introduction of the Libra is still positive, many believe that Libra has the stuff to be used as a crypto currency was introduced. So, for example, Ueli Maurer, Swiss Confederation President and member of the Swiss Federal Council has declared recently that Libra “was a failure in its present Form,” and the project had to be revised in order to be approved. Brad Garlinghouse, CEO of Ripple, also noted that Libra would not be before 2023 launched. Andreas Antonopoulos, author of Mastering Bitcoin, is of the same opinion. In a recent Interview, the introduction of language Antonopoulos about Libra, and also shared his views on Libra.

First, he said that Libra is a fundamentally different thing, as it will highlight the advent of the first corporate crypto-currency will emerge. He further stated that the Coin all of the characteristics are missing, the Bitcoin, or other Blockchain projects interesting. Antonopoulos also said that he had developed a series of criteria which should be used for the evaluation of projects such as Libra:

“The System is open? It is open for access, for participation? It is limitless? It is neutral with respect to source-destination-purposes and amounts? It is censorship resistant? It is immutable? It is publicly verifiable?“

According to Antonopoulos Libra is like in all of these features through the Test. The author commented further that Libra will be checked at the end of an entity, and stated that Libra needs to keep this legislation and, as a result, at the end of a thing is not do that it promises to do – provide the without a Bank account have access to the money system. The question that arises here is: “Just because Libra failed the test of a truly decentralised Good, it means that the project itself is doomed to Failure? As Antonopoulos the same question was asked, he said that Libra was doomed as a project to Failure, if the Definition of success was that it was supplied without a Bank account have access to the money system.

However, Libra is perhaps a monumental success for Facebook and its shareholders and also a very threatening development in the world, because “they are the pioneers of surveillance capitalism the tools out there to expand the surveillance of capitalism in the financial everyday life of billions of people”. He also stated that Libra can not be in the Form as it is in the white paper has been described, brought to the market. He concluded:

Libra is banned, because you have to ask for permission. […] Can you be successful? Yes. But you can be successful, if you open the doors, when it involves billions of people financially, no.

Recently, the multi-national investment Bank JPMorgan Chase said in a report on the impact of stable coins on the market, with Libra as an example was called. The report noted that Stablecoins could possibly have a greater acceptance in the field of cross-border credit Transfers and the settlement of banking transactions, and added that, in particular, Libra have the potential to grow significantly and shoulders, ultimately, a significant part of the global transaction activities, wherein some of the Changes to the current draft and proposal made would have to be. .

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