How Facebook's Libra will differ from other cryptocurrencies

Credit: CBS News- Published on June 22, 2019
Facebook announced plans this week to launch Libra, a global digital currency. With backing from PayPal, Uber, Visa, and Mastercard, Libra would allow users without bank accounts or credit cards to shop online. But the plan comes as Facebook finds itself under intense scrutiny for its privacy practices. C-NET Senior Managing...
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Credit: The Street
Published on June 19, 2019 -  01:23
Why Facebook's Libra Is Good for Cryptocurrencies
Don't start comparing Bitcoin to Libra just yet. On Tuesday, real Money Stock of the Day Facebook FB released the whitepaper for its cryptocurrency push. However, Real Money reporter Kevin Curran--who has been heavily covering Facebook all week--said that he doesn't believe that Libra is a cryptocurrency. "So I don't think that's necessarily what you would call a pure cryptocurrency," said Curran. "And actually I was talking to some people in the crypto space and the idea of crypto, the Satoshi model as they call it, was that it would be decentralized from corporate or government interests. And this is for the time being completely centralized, under Facebook's umbrella for 2019, and then divided up among 27 and then potentially a 100 different corporations in the long term," he continued. "Now that doesn't sound like it's overly centralized in the long term, but it's still corporate. It's still pegged to existing currencies, so it has governmental interest in it and it just kind of defeats what the overall purpose of the original whitepapers defending bitcoin or ethereum or different fully decentralized currencies had in mind." Related. Is Facebook's Blockchain Bet the Next Big Thing in Big Tech?

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