6 experts on Facebook's "cryptocurrency" Libra

19 Jun, 2019
by Will Heasman
Opinion
6 experts on Facebook's cryptocurrency Libra

Facebook’s incipient “cryptocurrency” Libra, is currently the talk of the crypto town, with the social media firm finally revealing details about its foray into the cryptocurrency industry. But what are the experts of crypto sector saying about Facebook’s addition to their space?

Talk of Facebook’s cryptocurrency efforts has been echoing around the community for months, and finally, the Libra whitepaper is here. Already, scores of experts and novices alike have pored over the document analyzing every single clause and technical attribute.

First up:

1) Nick Cote:

Trader and analyst, Nick Cote, noted that following a statement from Maxine Waters - chairwoman of the US House of Representaives Financial Services Committee – Facebook may be possible ordered to cease its cryptocurrency activities; a drawback which Bitcoin (BTC) is yet to experience:

Cote also compares Libra to the fictitious E-coin from the TV show Mr. Robot, relaying the potential future outcome of Facebook’s cryptocurrency may include a total transaction surveillance:

2) Tone Vays

Taking the same stance, former Wall Street trader turned Bitcoin evangelist, Tone Vays suggested that Libra wouldn’t be able to supersede BTC, noting that multiple national governments have already stepped in to review Libra, even though it’s “centralized and compliant”

3) Andrew Yang

Taking a more positive view on it, Andrew Yang, one of the presidential hopefuls for the 2020 US elections, noted that the Libra venture could be a “big step for the hundreds of millions of unbanked around the world,” continuing to praise the use of blockchain technology:

4) Wang Xiaochuan

According to a source, CEO of Sogou – one of Chinas foremost search engines – called the Facebook imitative, “internet 3.0,” relaying that the company has a myriad of advantages such as the sheer number of users who will come to use Libra:

5) Nouriel Roubini

 Annnd right back to the haters. This time coming from Bitcoin basher and all-round negative Nancy, Nouriel Roubini.

Surprisingly, for once, Roubini is on the same page (for the most part) as almost every other commentator in the crypto community, sharing that Libra is a “not-trustless, centralized oligopolistic members-only club” … Woah there, Roubini, you’re almost starting to sound like you’re becoming one of us.

The famed economist decided to continue his doom and gloom rhetoric he usually reserves for crypto criticizing, and instead spread the love hate to Facebook; noting that Facebooks cryptocurrency will make a fortune for the firm and leave little to no financial incentives for its holders:

6) Eric Voorhees

Lastly, we have Eric Voorhees who swung to the positive side of Facebook’s entry to the market, urging the community to look at the bigger picture and at how far the industry has come.

Conversely to the rest of the community, Voorhees argues that Libra actually holds many characteristics similar to cryptocurrencies regardless of the naysayers:

In this vein, the ShapeShift CEO noted that Libra may act as a catalyst for the rise of cryptocurrencies:

Moreover, Voorhees says that the fact that Facebook decided not to back Libra solely with USD means that its “arguably superior to the US dollar… that’s got to count for something….

He also relayed that Facebook plans to extend its decentralization:

However, on the flip side Voorhees too mentioned the regulatory challenges that Libra will face, also adding that in achieving stability, Libra will potentially look to be backed with either fiat or treasury bonds.

 

Where do you stand on Facebook’s Libra? Do you think this will be a good thing for the cryptocurrency industry, or will it be its downfall? Let us know your thoughts in the comments below!

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