• Latest
‘Libra Is so Screwed’ — Should Have Used Bitcoin, Says Samson Mow

‘Libra Is so Screwed’ — Should Have Used Bitcoin, Says Samson Mow

July 17, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Litecoin

‘Libra Is so Screwed’ — Should Have Used Bitcoin, Says Samson Mow

coinnewsdaily by coinnewsdaily
July 17, 2019
in Litecoin
0
‘Libra Is so Screwed’ — Should Have Used Bitcoin, Says Samson Mow
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022

Chief strategy officer at blockchain development firm Blockstream, Samson Mow, declared that he believes that Facebook should have used Bitcoin (BTC) instead of developing its own stablecoin in a series of tweets published on July 16.

‘Libra Can’t Be Everything for Everyone’

In his tweets, Mow noted that — after watching the entirety of today’s senate banking committee hearings dedicated to Libra — he came to the conclusion that “Libra is so screwed.” He explained that he had the impression that Mark Zuckerberg had no clear idea of what he is building. Mow added:

“Libra can’t be everything for everyone, and it can’t be both open and closed at the same time.”

Mow also notes that representatives of the project expressed the idea that — since the project is open source — the newly developed network belongs to the community, which will be able to contribute code to it. The association reportedly expects to “relinquish control over both the codebase and network through the process.” Still, Mow explains that this is seemingly in contrast with other declarations made by Libra representatives:

“If this statement is really true, then a dev team will be able to remove the KYC/AML components in a non-Calibra wallet, and still be able to interact freely with the network aside from on and off ramps.”

Such a possibility would render the association incapable of keeping another promise made by the representatives. Specifically: 

“Wallets will enforce the sanctions that are led by our national security apparatus and treasury.”

Mow points out that the only way for the association to keep such promises is to be in complete control. Libra representatives also reportedly declared that they want to ensure that people are able to do anything with their stablecoin “as long as they have a legitimate use of the product.”

Should’ve Just Used Bitcoin?

Still, Mow notes that this creates the problem of defining what legitimate use is. He concluded:

“It’s good though that Marcus said ‘we will take the time to get this right.’ Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should’ve just used Bitcoin.”

Meanwhile, CNBC reports that the Swiss group that’s supposed to oversee privacy for Libra says it hasn’t heard from Facebook at all.

Also, yesterday Cointelegraph reported that according to U.S. Senator Sherrod Brown, ranking member of the Senate Banking Committee, Libra is a “recipe for more corporate power over markets and over consumers.”



Credit: Source link

Tags: Litecoin
Share76Tweet48
Previous Post

40-Strong Blockchain Insurance Group B3i Appoints CEO

Next Post

Coinbase Deposits for UK Users Now Take 10 Days, Must Be Over £1,000

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |
Bitcoin

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing
Bitcoin

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022
Bull or bear market, creators are diving headfirst into crypto
Alt Coin

Bull or bear market, creators are diving headfirst into crypto

April 2, 2022
crypto listing and delisting announcements: week 9
Alt Coin

Crypto Listing and Delisting Announcements: Week 9

February 28, 2022
unstable markets how to invest in cryptocurrency
Alt Coin

How to invest in cryptocurrency when the market is uncertain, explained

December 21, 2021
be your own banker secrets
Alt Coin

Bitcoin and Crypto Wallet Hygiene 101

November 22, 2021
Load More
Next Post
Coinbase Deposits for UK Users Now Take 10 Days, Must Be Over £1,000

Coinbase Deposits for UK Users Now Take 10 Days, Must Be Over £1,000

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$19,554.320.72%
  • ethereumEthereum(ETH)$1,067.781.30%
  • tetherTether(USDT)$1.000.14%
  • binancecoinBNB(BNB)$222.715.78%
  • cardanoCardano(ADA)$0.4561821.10%
  • rippleXRP(XRP)$0.3180480.29%
  • SolanaSolana(SOL)$33.084.05%
  • dogecoinDogecoin(DOGE)$0.0660661.76%
  • polkadotPolkadot(DOT)$6.79-0.24%
  • daiDai(DAI)$1.00-0.03%
  • tronTRON(TRX)$0.0653462.27%
  • Shiba InuShiba Inu(SHIB)$0.0000102.50%
  • leo-tokenLEO Token(LEO)$6.062.18%
  • matic-networkPolygon(MATIC)$0.4800984.36%
  • litecoinLitecoin(LTC)$51.38-0.53%
  • FTXFTX(FTT)$24.612.70%
  • OKBOKB(OKB)$12.132.44%
  • CronosCronos(CRO)$0.1142831.69%
  • chainlinkChainlink(LINK)$6.101.11%
  • stellarStellar(XLM)$0.1105124.50%
  • cosmosCosmos Hub(ATOM)$7.553.64%
  • algorandAlgorand(ALGO)$0.3064165.31%
  • moneroMonero(XMR)$113.57-0.51%
  • ethereum-classicEthereum Classic(ETC)$14.710.99%
  • bitcoin-cashBitcoin Cash(BCH)$101.430.91%
  • vechainVeChain(VET)$0.0223801.80%
  • Internet ComputerInternet Computer(ICP)$5.272.20%
  • tezosTezos(XTZ)$1.37-0.82%
  • filecoinFilecoin(FIL)$5.363.39%
  • theta-tokenTheta Network(THETA)$1.182.64%
  • ElrondElrond(EGLD)$51.889.80%
  • bitcoin-cash-svBitcoin SV(BSV)$53.82-1.15%
  • eosEOS(EOS)$0.911.45%
  • paxos-standardPax Dollar(USDP)$1.010.18%
  • makerMaker(MKR)$897.563.04%
  • AaveAave(AAVE)$56.892.94%
  • iotaIOTA(MIOTA)$0.2653633.16%
  • huobi-tokenHuobi(HT)$4.79-1.40%
  • zcashZcash(ZEC)$53.911.09%
  • basic-attention-tokenBasic Attention(BAT)$0.40648111.03%
  • neoNEO(NEO)$8.352.17%
  • zilliqaZilliqa(ZIL)$0.0378602.01%
  • havvenSynthetix Network(SNX)$2.240.62%
  • wavesWaves(WAVES)$5.061.30%
  • dashDash(DASH)$42.00-0.21%
  • PancakeSwapPancakeSwap(CAKE)$3.074.75%
  • KusamaKusama(KSM)$48.083.97%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.0380522.60%
  • CompoundCompound(COMP)$47.563.03%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.793.55%
  • bitcoin-goldBitcoin Gold(BTG)$15.240.84%
  • omisegoOMG Network(OMG)$1.792.79%
  • golemGolem(GLM)$0.2395458.51%
  • ontologyOntology(ONT)$0.2295064.93%
  • SushiSushi(SUSHI)$0.98-0.88%
  • yearn-financeyearn.finance(YFI)$5,361.081.76%
  • umaUMA(UMA)$2.483.43%
  • digibyteDigiByte(DGB)$0.0090812.41%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....