#LoveAllServeOthers #Bitcoin #Libra
This video is NOT an endorsement of Facebook's Project Libra.
Don't be faked out by Fakebook's "cryptocurrency."
Fakebook's claim that "Libra is indeed a cryptocurrency" is totally false. Libra coin will NOT have ANY of the 5 pillars which characterize a True Cryptocurrency:
1) Open Blockchain
5) Censorship Resistance
As such, Libra will act like a bank. Yet Facebook will not offer ANY interest payments to users who park money on the platform -oh that will be handed over to investors in the project.
Further, Libra's front-running publicity narrative firstly states that Libra will help the poorest-of-the-poor to be "included" into this new economy -sounds good on its fake, ahh, i mean on its face, but the primary motive of Facebook is to profit IMMENSELY by retaining ownership of valuable spending data at the hands of unsuspecting "poorest-of-the-poor," and global citizens who hand over their valuable data for free.
The Libra Project doesn't promote financial liberty or freedom which are hard-wired into True Cryptocurrencies.
The Libra Whitepaper is a "smooth" 29-pager with 8 sections: 1) Introduction, 2) Introducing Libra, 3) The Libra Blockchain, 4) The Libra Currency & Reserve, 5) The Libra Association, 6) What's Next For Libra?, 7) How To Get Involved, and 8) Conclusion.
The Whitepaper has links to the Technical Paper as well. See https://Libra.org
Immediately after The Whitepaper release, Facebook was asked by congresswoman Maxine Waters, the chair of the U.S. House Financial Services Committee to halt the project until hearings can be held. Also, French politicians have called for more disclosure and assurances before any furtherance of the project. Globally, the list of opponents grows daily.
Instead of what would have been a "free-sailing send-off" with the blessings of governmental elites and bank operatives, there's a clear divide this project has brought out into the open between sovereign governments and the banking community…for the world to see.
So this is already interesting in many respects, and Facebook may have unintentionally started a discussion between the bankers, political power brokers and regulators who are now more accountable to the digital age of technology and a greater independent and global ability for the masses to curate news beyond the propaganda narrative of mainstream media.
This also speaks to a historical potential break of the financial stranglehold of the global central bankers who collude together for their own interests: The IMF, Bank of International Settlements, European Central Bank, DeutscheBank, The Federal Reserve, etc.
The Libra tokens will be "stabilized" (pegged) to the Dollar, Yen & Euro. This model is almost exact to how the IMF pegs their SDR (Special Drawing Rights). So much for a creative foray into changing the global financial scope…Yet this project could be the start of a new economy, assuming it ever really gets off the ground in a form similar to its original undertakings. The regulatory hurdles that are already in front of this project are massive.
This signals a new paradigm emerging for the global financial designs which have gone virtually unchanged to a large degree for hundreds of years and more. This bodes well for Bitcoin and Cryptocurrencies most definitely, because it shows that this "Libra" project is FAR from being a True CryptoCurrency. A True Cryptocurrency is decentralized in nature, and in that respect cannot be stopped by anyone. The fact that the world's power elites are calling out "stops" right now shows clearly that this project is stoppable, and thus not a True Cryptocurrency as Facebook claims "indeed" within their Libra Whitepaper.
HODL on, Bitcoiners!!!
Satoshi Nakamoto's Bitcoin Whitepaper:
The Libra Whitepaper
Michael Gu of "Box Mining" comments on Libra
Andreas Antonopoulos' comments about the 5 pillars of a Cryptocurrency:
Congresswoman Maxine Waters call for a House Financial Services Committee Hearing:
Excellent & worthwhile commentary (4:28 video) by Ryan Selkis, CEO of Messari:
Caitlin Long predictions:
Facebook co-founder Chris Hughes scary comments:
More Chris Hughes commentary
"Everything You Need To Know About Libra" report: