Libra, echos of Petro?

Facebook's own crypto currency

Credit cnet
How facebook came to the conclusion that making a crypto currency would make them either more relevant or putting them ahead of the curve I have no idea.

Usage of Libra?

So this is plainly speculation, I have no idea how they are going to implement the currency, or what the end goal is going to be, If they want to copy steems idea and reward people for their contribution that would be a weird implementation a decade after the platform launched, very much a copy move.

How exactly facebook would improve on steem's concept is a bit beyond me, a new platform I could see making improvements but not facebook.

If facebook on the other hand thought that implementing a crypto currency would make them relevant, I have only one word for that, Petro, namely the failed experiment in Venezuela, I had plainly forgotten about that until I saw a news headline, that the government is forcing banks in Venezuela to accept payments in Petro, a clear mark of a failed experiment when it requires the government force to prop it up.

Libra = Petro?

I thought whether Libra will be as dead on arrival as Petro when it launches, since it starts life tainted by facebook.

Petro was never expected to be anything but a failure, but does Libra has any chances given the track record of facebook, how independent will the construction they put in charge of Libra actually be?
It seems somewhat unlikely that facebook wants to give up any chance of gathering information about its users, and by extension the users of Libra.

But coming back to the point about the implementation, if they don't copy the steem model, what possible point is there to the currency given facebooks platform?
I have a hard time seeing how there will be a niche for this currency.

Anyway that is my two cents on the matter, I would appreciate a vote and a follow

Comments 3

Certainly libra doesn't seem as the most promising crypto if they release it.

First because we all know the latest news about information selling of FB users, second because the people who gets into the crypto world that search for decentralization won't receive this new currency with happiness, coming from FB nobody can expect a decentralized coin.

So imho this announcement isn't focused on what the coin can add to the crypto enviroment, I think that is more a advertising campaign that a real proyect.

We will see, is soon to know but I'm very skeptical about libra and I suspect that I'm not the only one.

07.07.2019 15:31

I feel much the same way, but I thought the comparison between libra and petro rather apt for the potential.
Though libra has a lot of clout behind it.

07.07.2019 16:16