What’s up crypto people!
Today I wanted to bring a much sought after article for those of you who do not wish to read the new Facebook whitepaper and just want to know the key parts straight away!
So to start of with, and this is the key part I think so many people are making a mistake on, the Libra coin is going to be a stable coin. This means that it will be backed by an asset and its price will stay stable, so for anyone who is looking into get some Libra and HODLING it to profit, DON’T WASTE YOUR TIME.
But for anyone who is on the lookout to profit from FB’s new venture, you should know that alongside Libra they are creating a “Libra investment token”! Now this token will pay out Libra dividends to anyone who possesses it. Bet your asking how you get your greedy hand on some of those token? Well most likely you wont be able to in the early stages of the projects release as it will be available/rewarded to the master node owners, institutional investors and members of their “founding association”.
I’ve heard mixed reviews on on this and really it’s only meant for the very wealthy, if you can somehow get your hands on some of those Investment tokens then count yourself lucky as the dividends potential on those tokens is huge.
Getting back to the whitepaper, I want to make a statement that well it’s not the most technical whitepaper and just covers their vision and the resolution to the “un-banked”.
The intro explains that people all over the world, especially in places where people have less money, pay higher fees for financial services and that FB is going to resolve this by give access to everyone to the Libra coin. Even people with a “$40 smartphone” will be able to access the Libra coin and benefit from it.
So yes, this is all good and all, Libra has the potential to change lives and from the stand point of a BTC and alts investor I can see the following: individuals all over the world will be able to earn Libra coin through Facebook, be it advertising, the marketplace, donation or what ever other method they allow you to. This will bring in a new wave of crypto enthusiasts through the platform and naturally they will all look to cash out and the natural process will be to go to coinbase and exchange it fiat and what I really hope for is that some will exchange it for BTC or ETH or w.e currency they wish to hold a bit of. This will allow the market to grow naturally and for all of us BTC hodlers to benefit from all of this.
What I am really impressed by is their partnerships, they are working together with Visa, Mastercard, Uber, Ebay, Spotify, Vodafone and many more. The ones I am most confused about is the Mastercard and Visa partnerships as there are so many Blockchain project, some of which I am even invested in, which have said they do not wish to work with Blockchain and crypto projects! Just another confirmation that most ICO projects aren’t really using their money wisely nor making actual attempts to partner with these companies. I was right all along I quess haha
Few other points:
- Libra Blockchain
Able to scale billions of accounts, secure and flexible
Partnerships with many exchanges (not yet announced), they state the Libra coin value may fluctuate but the reserves its backed by are chosen to be as stable as possible,
“This is the goal for Libra: A stable currency built on a secure and stable open-source blockchain, backed by a reserve of real assets, and governed by an independent association.”
Whitepaper is not as impressive as some might of expected it to be but this is exactly what I was telling of you when I was making the BEAST platform, that whitepapers mean nothing! Anyone can hire an expert to write you a technically exciting whitepaper which promises the world but to deliver something is too difficult and running multi million $ ICO’s to deliver similar projects or something even worse is not the right way to go!
Like many are starting to realise, in order to be successful in the crypto industry or any industry, first you need a good product and then only then you should consider asking your community for help with funding. Hence so many projects now are just creating a product or service first! Just like I did with this platform.
Check it out here by the way: https://cryptobeast.uk/sign-up
PS: This article might of sounded like a praise for the FB coin and their move to create a cryptocurrency, please note that it wasn’t! There are many complication with large companies such as FB creating their own crypto, especially their own security as they have the power to influence the market in negative way, this will allow them to buy large amounts of BTC without trace, move the market as they please, take out non institutional investors out and much much more.
For now though I want to look at this as a positive; it should bring new crypto enthusiasts to the industry, help the market grow naturally, give Blockchain more exposure and potentially trust from governing bodies. As always its a waiting game and up-to us to see where the ride takes us.
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