The Real Reason Facebook Is Starting a Cryptocurrency
One garden, to rule them all.
Facebook recently made waves on the internet by releasing the white paper for its upcoming cryptocurrency, Libra.
What is Libra?
An open-source cryptocurrency project and supposed stable coin, created by Facebook, minted on the Libra Network, backed up by a basket of fiat currencies and monitored by the Libra Reserve.
We don’t have time for that stuff right now though, read more on that here if you need to get upto speed.
A community torn
There have been a lot of varied reactions to the news surrounding Project Libra.
The crypto community seems somewhat torn between thinking Libra will be good for Bitcoin and thinking that Libra spells the end of crypto assets as we know them.
I’m of the school of thought that Libra will be good for Bitcoin in the short-to-medium term, and bad for everyone in the long-term.
That’s a rant for another day.
While Twitter argues over whether or not Libra will be the demise of their favorite altcoins, some other questions come to light regarding Facebook's motivation. It’s hard not to wonder why exactly Facebook wants to launch a cryptocurrency.
What possible motivation could they have for wanting to run a global payments system?
