What the hell Peter. This is some crazy nonsense. Yeah, we all know how much you hate bitcoin and crypto, but I'm shocked that you think Libra would be any sort of positive for the country.
- The main reason you like it is because it takes the monopoly of money creation away from the government. New flash Peter: Bitcoin and crypto did that 10 years ago.
- I'm thinking the only reason you seem to give it credibility over cryptocurrency is because it's backed by a physical asset like fiat currency or securities, even though you already know how that's going to end.
- I'm also thinking you like it because it's a threat to bitcoin and crypto in general because of the mass confusion it can cause the mainstream when it comes to cryptocurrency adoption.
- You think this will be positive and help the country? Are you crazy? Any crypto backed by fiat and wall street assets, will suffer severely when those assets crash. Think about the holders of the Libra and the loss of value they will suffer when the backing assets hit the floor. And yes we know, when people buy in at the top of the bull market, they do suffer huge losses during the consolidation and pull back. The difference is, every 4 year halving cycle, they will recover their loss, and they are holding an asset with real value that they will profit from long term. You know you cannot say that about fiat or wall street stocks and securities.
- You think Zuckerberg and Facebook can be trusted? Can any of those corporations be trusted with our financial data? Facebook and these companies do not have a great track record with our data so far.
- Do we really believe that the Libra accounts will not be frozen or penalized based on the data from Facebook's social media sites? We know long term it could morph into your social media presence governing your financial assets on the Libra blockchain.
- The thing that we have seen so far is how much scrutiny Facebook and Zuckerberg have received, that reiterate the importance of blockchain cryptocurrencies using a decentralized, distributed network, not owned by centralized companies and corporations. If, Facebook Libra ever gets off the ground, you better believe that they will be so compromised by government, banks, and regulations, that it will not be useful, or safe to use. It will be a compromised product worse than what we currently see from our banking and online payment systems.
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Until next time, this is Deflating Peter Schiff!