Why Facebook's Libra Is Good for Cryptocurrencies

Credit: The Street
Published on June 19, 2019 - Duration: 01:23s

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?

Advertisement

You are here

Recent related videos from verified sources

What Bitcoin Taught Government Officials About Facebook's Libra 00:39
Credit: The Street - Published 1 week ago 

Bitcoin tests 15-month highs after 10% weekend jump 01:13
Credit: Reuters - Business (Amazon FireT - Published on June 24, 2019 

Jerome Powell: Digital Currencies Are in Their Infancies 02:11
Credit: The Street - Published on June 19, 2019 

Jim Cramer Break Down the Fed and Facebook's 'Libra' 08:07
Credit: The Street - Published on June 18, 2019 

You might like