Hey Jessvestors
I know I'm a bit late to the party talking about this one but I wanted to learn more about the project before I started to share my opinion on the fact that Facebook looks like they plan to tip the scales with their latest cryptocurrency project, Libra. But since #steemleo rolled around I thought now would be a good time to take it for a test drive and share my thoughts on the topic.
The system we're fighting against
Fiat money and the banking system is inherently corrupt and made to seem complex so that we ask fewer questions and they can obfuscate the gross misconduct that the worlds banks are up to literally on a daily basis. Investing other peoples funds, money laundering, pump and dumbs, reckless lending, the list goes on.
Fact is, the world's money shouldn't have to flow between a few central points, it's ludicrous, not at the size we're at now, its an antiquated system that only works for a few people, a trickle-up economic policy that is only kept running because it helps funnel money to the government. The fact that banking and government are so interlinked should be a crime in itself and the fact that we've let it get this far is a tragedy.
Bitcoin was created in 2009 in the wake of the last financial crisis and we're right about heading into another one, housing is in a bubble, stocks are in a bubble and a host of other asset classes and with all the inflation going on, it's bound to pop eventually.
Money and banking, the accounting system the world trusts are broken to its core and we needed an alternative in cryptocurrency.
We're just a bee sting to the economy
Crypto has been going for the last 10 years and while it made a few headlines we haven't really touched the world economy which is why banks really haven't gone after it as yet. Yes in the US there are a few sanctions and they've tried to stifle Bitcoins growth but cryptocurrency will be the future of money whether they like it or not, you can hinder it but each day new people hear about it, new users are entering and new developments are born.
At the moment cryptocurrency doesn't pose much competition to fiat currency as lots of value flows between the two systems which is why it been allowed to co-exist by the establishment.
The technology is revolutionary but it's in an infancy stage but with a huge publically traded company like Facebook would even bother looking at it, that could all be set to change.
Old money hinders progress
The rapid expansion of the world and the improvement of technology has left the old banking system obsolete, it can't keep up with our needs and the amount of data mining, misuse of data and the ability to de-bank people and keep them out of the world economy is staggering. We cannot do microtransactions, it's slow and it's expensive, which is everything the web 3.0 doesn't need or want.
We need a currency that can handle the frantic pace at which we trade and that is not going to be a centrally serviced currency.
New money has its hiccups
Yes crypto has its teething issues, we weren't going to build a world economy alternative in a day and we still have a lot to figure out, but I feel we're on the right track. The smartest minds across the globe are starting to take note and putting their effort and resources into making this a reality and with our support, we can only accelerate the adoption of this new type of money. We are unfortunately and fortunately the crash test dummies of what will become the new world standard and along with making money, we will also be holding a bag full of "I told you so's" for all the disbelievers.
How the cryptocurrency community should approach Libra
Now finally on to Libra, I think we have the right to hate it because it is a bastardised version of what we want to build and we shouldn't be using it as our money replacement but the fact that it has the old system scared and running to mothball the project is a positive sign we're on the right track. If Libra goes ahead it could make Facebook Billions if not Trillions in new revenue but it will also open up a host of new opportunities and new ways to flow in and out of their ecosystem.
While they may be confident on how their system works they won't know how people will use it the same way we didn't know how steem would be used and abused when we all got into it.
I think the biggest problem Libra will solve and where we as a cryptocurrency community will find value in it, is exchaging value for fiat and vice versa. Fiat to crypto exchanges are slow, they are shit and they are expensive, I hate using them but we have no option at this point.
Facebook's Libra could open up a whole new gateway for us to bring money into crypto and take value out of it with fewer clicks and a lot less conversion and transaction costs.
While I still think it's not a project we should back, we should take note of its benefits to our ecosystem as a whole until we can figure out a way to bypass all these exchanges together for real peer to peer exchange.
Libra is a necessary evil at this point and I will welcome it with a 10-foot pole!
Sources
- theguardian.com - Why Facebook's Libra currency gets the thumbs down
- theguardian.com - Libra: US Congress asks Facebook to pause development
- independent.co.uk
- coinmarketcap.com
- libra.org
Have your say
Holla at me in the comments! All my commenters I will now refer to as Jessie. Jessie is a good friend of mine, but Jessies got a girl, and I want to make her mine.
So have at it my Jessies! If you don't have something to comment, simply comment "I am a Jessie."
Let's connect
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What do you mean by "...real peer to peer exchange"?
Posted using Partiko Android
I mean an exchange where people would trade their assets individually, for example, an App where I could go on and say hey i'm looking for South African rands for my Bitcoin and someone would be willing to do that trade either within my physical location or online. Basically like a DEX combined with uber and a variety of asset classes, that's sort of the future we should be working towards
I see. Have you tried https://paxful.com/ or SwapSteem?
Posted using Partiko Android
I’ve checked out steemswap and delegate to them but not paxful will check them out now
Posted using Partiko iOS
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