RE: Libra - Thoughts on the Potential Effects on the Crypto Sphere

[amico]

Anyway... who can tell me what is the intrinsic value of the coins that will make up Libra's basket?
For example, the Euro: is the intrinsic value given by the number of people who succeed in enslaving, thanks to its system of issuing an eternal and inextinguishable debt? And/or what else?
Thank you!!!

Comments

[scipio]

I was just replying this to @bubke :-)

PS, Libra isn't pegged to one asset (like propoer USD-backed tokens such as PAXOS), but rather backed by an "asset basket" including USD, EURO, YEN, but (potentially) Bitcoin as well.

^^^ If and when Bitcoin is included in Libra's backing-basket, then the bigger Libra grows, the more the backend fund needs to buy Bitcoin itself... So not only will Libra provide stability like stable coins as we know them, but if and when "traditional fiat" would fall flat, then because of the mixed-bags backing assets of Libra, it will stay pegged to "value" instead of "fiat value" <== truly interesting!