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Facebook reveals Libra, its momentous new crypto, to the world - Decrypt

🔒 decrypt.co

Interesting for Facebook to be getting into this space and betting so big on it. It would be good if it validates cryptocurrencies, but I have no trust for Facebook to run such a system with my money. I’m also pretty suspicious about the involvement of all these other organizations.

These collaborators, each of which pitched in $10 million for the privilege of joining the network, are the so-called Founding Members” of the Libra Association, a Switzerland-based not-for-profit that will oversee the development of the Libra network. A Byzantine system of governance”—with each node participating in regular votes on key proposals—is intended to hold them accountable.

What are they getting out of this? I’ll wait and see. If it requires a Facebook account, I won’t be using it.

Posted on June 19, 2019

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