Samson Mow: "Libra is so screwed," says they should have used BTC instead

17 Jul, 2019 | Updated: 17 Jul, 2019
by Richard Allen
Opinion
Samson Mow: Libra is so screwed, says they should have used BTC instead

Samson Mow, chief strategy officer at Blockstream, recently tweeted that Facebook should have saved itself the trouble of developing Libra and just used Bitcoin instead.

In a series of tweets, Mow notes – after watching the entire Senate Banking Committee hearings on Libra – that “Libra is so screwed.” Mow explains that the impression he got from the hearings is that Facebook’s David Marcus has no idea what he’s building. Mow then added:

Mow goes on quoting Marcus saying that since the Libra network is open-sourced, it now belongs to the community. Additionally, Marcus’ team “will relinquish control over both the codebase and network.” However, the Blockstream CSO makes a troubling point:

If Mow is correct and that statement is true, it would contradict the promise: “wallets will enforce the sanctions that are led by our national security apparatus and treasury.”

As such, the only way Libra will be able to ensure compliance is for Facebook to be in complete control. “You can’t have only Calibra wallets requiring authenticated government ID’s but not others,” Mow notes.

Libra representatives then pointed out that they will ensure people will be able to do anything with their stablecoin so long “as they have a legitimate use of the product.”

He says, however, that this presents an entirely new problem because anytime you say ”legitimate use,” Libra could decide at any time that “x is not a legitimate use” and your money is frozen. Mow concluded, saying:

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