THELOGICALINDIAN - We can be so mean
Crypto Briefing can acknowledge actually no added added capacity apropos Facebook’s highly-anticipated cryptocurrency, Libra.
Based on what we apprehend on Twitter from added bodies who additionally apperceive nothing, we can say that the Libra cryptocurrency will apparently accredit the amusing media giant’s two billion users to alteration money amid one another, acquirement appurtenances of some nature, as able-bodied as admission in-app casework – all with, or possibly after fees – on sites such as Instagram and WhatsApp as able-bodied as Facebook. Maybe.
Libra will be congenital on its own Libra blockchain and the testnet could, according to some sources, go alive as aboriginal as abutting anniversary – which is either acutely unlikely, or conspicuously possible, or some aggregate of the two. Or not.
It’s accessible Facebook may be accretion their alms in adjustment to augment their appeal, or to assuredly accomplish Mark Zuckerberg absolutely rich; we’re not sure, they won’t acquaint us, and bluntly we don’t care.
It ability additionally be an attack to about-face a five-year trend during which abounding adolescent users in the western apple deleted their accounts, acumen that Facebook contributed annihilation to their lives, while communicable their futures with an Orwellian surveillance commercialism nightmare.
Or it ability be an attack to piss off those kids who absolutely invented Facebook, and who accept done absolutely able-bodied for themselves off this Bitcoin thing. Whatever. Still not caring.
Facebook’s agitative / bits (delete as appropriate) new blockchain is acceptable to lack interoperability with the absolute cryptocurrency ecosystem. That’s acutely shocking, in abundant the aforementioned way that the catastrophe of the cine ‘Face/Off’ was a absolute surprise, and it opens questions about whether the arrangement will be absolutely decentralized. Hint: no.
Chances are that Facebook, which can already actualize claimed profiles with adverse accuracy, will now be able to adviser your every transaction – yes, you, Kim Gannett, of 32 Brookline Avenue, we are talking to you specifically.
Facebook has already accustomed abetment from added than twenty notable companies, which calm anatomy the ‘Libra Association’ – a quasi-religious movement adherent to disemboweling Californian schoolteachers. Established bequest payments companies, like Visa and PayPal, are accepted members. Based in Geneva, the ambition of the affiliation is to advice cycle out the agenda asset worldwide, abnormally for you, Kim Gannett, of 32 Brookline Avenue.
Cryptocurrencies are still in their adolescence – but it’s acceptable bright they represent a absolute blackmail to abounding of the accustomed banking companies. Libra ability be an attack for them to advance their position while agriculture some of the allowances of DLT. *Might be*, ha ha! Ability be!
To assure adjoin amount volatility, Libra will be called to a bassinet of authorization currencies captivated in assets in adjustment to ensure it can absolutely be acclimated both as a abundance of amount as able-bodied as to facilitate payments with it. This is an amazing never-before-considered addition that will acceptable win Mark Zuckerberg the Nobel Prize in Economics, aloof one year afterwards Justin Sun became the aboriginal cryptocurrency administrator to accept the honor.
How abounding stablecoins are there already? Too abounding to count. Also too arid to count. Seriously, alike admitting they are absolute solutions to absolute problems with absolute use-cases, who gives a crap? They’re stable. You absolutely appetite stable? You appetite to date a guy like your Uncle Steve, alive his way up to owning his own babyish allowance practice? Messed up in the cranium, that’s area we’re going, baby, absolute volatility, Viva Las Vegas, snake-eyes, woohoo, accommodated me at the Nico in allowance 3-0-4!
Sorry.
Also what array of careful band-aid will they accept to use, and how will it advance its peg during periods of high-demand or low-supply? No idea. Ignorisimo.
You’re apparently appealing pissed off with us for this article. That’s understandable; it’s a decay of your time and energy, kinda like Facebook itself.
But we’re pissed off too. Ever back its access into the cryptocurrency area in February, Facebook appears to accept fabricated a advised best not to appoint with any crypto-focused media outlets.
It denies this, of course: but to our ability no advertisement – not alike industry baton CoinDesk – has been included in media advice apropos Project Libra. Considering the accumulated beat of all our publications, and a readership that’s both agog and abreast about agenda assets, this is added than aloof a boycott to us, the media: it’s a fuck-you to the absolute crypto community.
Crypto Briefing has never advisedly burst an embargo – ever. We apperceive that some of our less-professional colleagues can’t be this Frank, unfortunately, and aperture like sieves. But us? Yeah, we can accumulate a secret, and we don’t bake sources by absolute arcane advice to anyone, for any reason. So are we afire one here? Not really. Facebook artlessly abandoned our requests for comment. Oh well.
When Zuckerberg starts agreeable with the cryptocurrency media, we’ll amend our commodity to accommodate added capacity of his cast new coin.
Or not. Because one affair we can affiance you: we’re not buying what this asshole is selling.
Mic. Drop.
