Bitcoin has been operating for ten years, while cryptocurrency project Libra regulators are trying to stifle in the Bud. From a very young Libra Association has refused to important players.
Why regulators pounced on Libra?
For the initiative of launching a stablein Libra is the largest social network Facebook. Its founder hoped that the project will be the beginning of 2020. However, it immediately jumped regulators and sarcastic comments of representatives of Central banks, has significantly undermined the credibility of the project. One by one the founding members of Libra, a Association started to refuse to participate in the project. The first step made by PayPal.
It was followed by other payment companies: Visa, MasterCard, Stripe. In the same bundle, and eBay decided to leave the Association. In turn, Libra is still in the testing phase or so-called “sandbox”, and according to many is a very large risk.
As for those who stood at the origins of the cryptocurrency, they were initially very pessimistic about centralized stablon from one of the largest corporations. Scientist in the field of cryptography and one of the pioneers of Bitcoin, Nick Szabo believes that currently the largest cryptocurrency is far ahead of all other projects.
Bitcoin works infinitely better as a medium of exchange than de facto banned vaporware.
— Nick Szabo ? (@NickSzabo4) October 11, 2019
Alternative view: Stabilini much more promising Bitcoin. The opinion of the management of the ECB.
As noted by the co-founder of Castle Island Ventures and cryptocurrency monitoring resource Coinmetrics.io Nick Carter, try Libra is very reminiscent of the attempts of the first alternative digital money, which tried to create a corporate structure.
Bitcoin was originally assumed voluntary anonymous participation in the development that ultimately led to the birth of a more stable and viable digital asset.
There is a long and difficult way
By the way, involved in the production of blocks for the blockchain Libra is expected to cost each participant $ 10 million. At the same time in Facebook noted that there are at least a few companies are willing to pay the price for his participation in the ecosystem. However, as shown, the statement of readiness was ill-advised.
Pretty optimistic, but the head of the project of cryptocurrency wallet Calibra David Marcus believes that “the loss of some of the participants will give short term effect”. And it does not determine the fate of the project in the long term. He even thanked Visa and Mastercard for the fact that they supported the project during difficult trials.
And although Nick Szabo considers the project to be mythical, actually it is not. ‘ve already started testnet, and in Libra invites developers to test the technology. But only one network launch will not be enough, as the main problem in obtaining the approval of regulators. Zuckerberg will have to convince everyone that he can be trusted with the launch of the platform, which will allow you to exchange Fiat money to digital stabilini.
Cryptoprotection have already proved how easy it is to build a network based on delegates. For example, projects like EOS did not ask permission of the regulators, but it has not prevented to create a network that now extends throughout the world. And behind the creation of a network of EOS , the company Block.One escaped with very little blood — the regulators imposed a fine of just $ 24 million. However, you can't forget that the Libra project involved financial heavyweights, with which demand is likely to be much more.
k bye from Bitcoin
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