Reply to post: Libra

Singapore’s mega-investment firm Temasek joins Facebook’s Libra cryptocurrency effort

Sorry that handle is already taken. Silver badge

Libra

From David Gerard (https://davidgerard.co.uk/blockchain/2020/04/16/facebooks-libra-national-currency-tokens-a-new-white-paper-what-this-means/):

Facebook is slowly being dragged, kicking and screaming, to running Libra like an ordinary, compliant payments processor — PayPal, but it’s Facebook — or Libra won’t be allowed to exist.

The only interesting things the blockchain parts could do is work around regulations — and there’s no way regulators will let Libra do anything like that.

Libra was founded on Bitcoin dreams — but none of those aspirations will ever happen, because they contradict everything about how finance works in the real world.

If you’ve looked over previous versions of the white paper, you’ll want to read this one afresh, closely.

Just focus on the bits about regulation. Ignore the wild crypto aspirations — because none of those are going to be allowed to happen.

Crypto dreams are tolerated when they’re put forward by weird small-time nutters — but not when they’re coming from a huge company with a continent-sized user base.

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon