RE: Facebook17 Jun 2019 14:07
Thanks lagmassive. Translated (sort of!) here:
https://tinyurl.com/y46a3rh6
A few highlights:
"incorporating a degree of decentralization into token governance."
"Furthermore, Facebook's Blockchain does not have much to do with the ideology and promise of public blockchains. The Libra is already called "Zuckcoin", "Suckcoin" or "SiliconValleyCoin" on the internet. It is clear that a currency under the control of tech companies causes many people a frown."
"I would hope that all companies would see the value of a stateless currency that can be used by anyone without exception and that is not controlled by an entity".
"Although some argue that Bitcoin & Co. will not stand a chance against Facebook's market power and therefore will lose out if the Libra is launched, the project could also have a positive impact on the blockchain community. First, it will make millions of people familiar with terms such as blockchain, cryptocurrency and other concepts associated with technology overnight."
"Even paying for publisher content on the platform (micropayments) could be included."
Couple of thoughts: 2 billion people most of whom have had limited mainstream media exposure to blockchain at best, will suddenly start to be exposed to blockchain within a familiar user system (Facebook). That cannot be bad for crypto, Satoshipay etc. - it's a validation. However many in the industry suspect/know what FB is offering isn’t completely decentralised, and the industry distrusts centralised or partially centralised blockchains. On top of that the wider public's distrust of Facebook's handling of personal data, means that even if a small portion of Facebook users looked elsewhere for the same concept, the exposure for Satoshipay is very good.
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