Mixed reactions on Twitter and Reddit to Facebook´s Libra whitepaper news

18 Jun, 2019
by Alberto Arnaldo
Social
Mixed reactions on Twitter and Reddit to Facebook´s Libra whitepaper news

The cryptocurrency project of Facebook and a bunch of rather large firms, is keeping its lead on crypto headlines one more day. The publication of their whitepaper and website earlier today has triggered more commentaries from highlighted voices in the industry and the space.

Coinciding with the publishing of the whitepaper and website of Zuckerberg´s first foray into crypto, Binance has just released a report about Facebook´s Libra, with very positive conclusions regarding its macroeconomic implications. Just to name a few, the research department of CZ´s exchange considers that Libra could “reshape the payment industry, increase offerings of financial services, advance greater freedom of money and lower capital restrictions worldwide, un-dollarization of the world”. Another interesting insight from the report is a comparison with JP Morgan Chase´s own crypto, outlined in the table below:

There appears to be room for skepticism as well into Binance´s first look at Libra, especially when it comes to the possible effects of Facebook´s token for the crypto ecosystem. It is mentioned that in the long­-term, Libra could hold back the growth of end-user payment implementations for blockchains such as Bitcoin´s Lightning Network, unless the main crypto by market cap was to be included into Libra´s basket of financial assets which serve as a reserve.

Reactions on crypto Reddit to Libra´s whitepaper have been overwhelmingly not welcoming. 

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Meanwhile, on Twitter there were certainly some voices which were glad to have Facebook into the crypto ecosystem, mostly for the expectations attached.

However, dissident opinions from that line of thought have been manifesting as well, with Bitcoin personality Andreas Antonopoulos talking about a “deal with the devil” in relation to the extended implications of Facebook’s latest endeavor.

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