GAINS Commentary on LIBRA Coin
Facebook has announced its cryptocurrency LIBRA and its digital wallet Calibra. You can use Calibra to send money to anyone, anywhere in the world. Because the value of Libra is stable, you can also save your money in Calibra and use it to pay for everyday transactions.
You can also save 20 minutes reading Larry Cermak’s twitter summary thread of the white paper.
This announcement has been met with mixed reactions on CT, on how it would impact Bitcoin and all other cryptocurrencies. Binance CEO Changpeng Zhao was quick to bring the privacy, KYC/AML angle to the table in his tweet, a subject he is all too familiar with, following the decision by Binance to block US traders’ access to Binance.com. Or maybe it is the fear that Libra would be more popular than BNB coin. There there, no need to be jealous, CZ. As long as Binance IEOs keep churning out x10 returns, BNB will be fine.
Bitcoin maximalists took advantage of this to tout its credentials and state why Libra had nothing on ‘the king’.
Instagram, the Facebook owned company, is down today.
Also today Facebook announced their new coin, Libra.
Hopefully their financial network will not go down too!
Bitcoin has never gone down
— Read a tweet by Crypto Cobain
Libra however isn’t a competitor to Bitcoin, it is a competitor to the Dollar.
Institutions are already getting worried. France, which is seen by many as a crypto loving country was first to react. “It is out of question’’ that Facebook’s Libra coin be allowed to “become a sovereign currency,” says France’s finance minister.
Opinions may differ but the most important thing is the exposure to cryptocurrency this will bring to the over 3 billion people who use Facebook.
#CryptoToTheWorld
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Written by Ayeley.
