Thanks, it certainly looks an exciting prospect. The age of cryptocurrency is really upon us now.I recommend you read the Facebook White Paper (available on another thread).
It really does amaze me that after reading that Libra whitepaper that some people are still dismissive of bitcoin. I admit I am no expert in the mechanics of all this stuff, but the principles of bitcoin, decentralization, global currency, ease of transfer, etc are built into this crypto.
To me, it basically takes the bitcoin concept and is aiming to deliver it to the masses what bitcoin has failed to do to date.
And with the backing of the Libra Foundation it certainly has the infrastructure in place to do just that.
But there are questions. It is not decentralized. It is explicit that the currency, and value of it, will be managed by central authorities to maintain a stable value. That smacks of price manipulation - but then that is probably just my cynicism kicking in.
Im sure FB, Visa, Paypal, MasterCard and the "high value central banks" can be wholly trusted not to interfere in mechanics of currency valuation for Libra .
So where does the Libra Foundation set up? Oh, yeh, Switzerland......the home of unaccountable, non-transparent banking.
Some things crack me up, and this is one of them.
But its good news overall. The monetary system is being shaken up and is being transformed. The internet is the great disruptor of our time. The Libra crypto is a great idea, a global cryptocurrency backed by fiat backed assets. The crypto cannot be manipulated, but what about the fiat assets it is backed by?
How will anybody measure the true value of one unit of Libra? What could possibly be used to measure its true value?