By CCN Markets: Maybe you heard the news? Facebook is launching a cryptocurrency called Libra.
Cue the endless tweet-storms and Medium posts and think-pieces! Here are some of the most important comments from regulators, blockchain experts, finance analysts, regulators, and Facebook executives themselves.
Bitcoin community on Facebook cryptocurrency
The crypto community is split over Facebookâs crypto announcement. Most were quick to point out itâs not a real blockchain, but they almost unanimously believe it will open the door for bitcoin and threaten traditional finance.
1. Ryan Selkis (Messari CEO) â Facebookâs Libra is a âgateway drugâ for crypto.
2. Erik Voorhees (bitcoin pioneer and ShapeShift CEO)
âZoom out for a second and realize how far this industry has come. The biggest companies in the world are now launching cryptocurrencies. BOOM.â
Read his excellent breakdown of the pros and cons here.
3. Andreas Antonopoulos (Bitcoin evangelist and educator)
âIs Facebookâs Libra a real blockchain? No. Will it compete against Bitcoin and truly open, public blockchains? Never.â
Read why Libra doesnât meet his criteria of a blockchain here.
4. Tamas Blummer (Bitcoin developer)
âTrying to buy leadership in a cutting edge technology is very expensive and likely futile. I am pretty certain that this will be a very expensive failure, but a great door opener for Bitcoin.â
Read his brutal takedown here.
5. Shu Zu (Three Arrows Capital)
âI think thereâs something punk rock and subversive about the Libra WP.â
Via Twitter.
6. Changpeng Zhao (Binance CEO)
âFacebook should accept bitcoin (and BNB of course) alone side [sic] Libra in the WhatsApp, Messenger, Facebook, and Instagram apps.â
Via Twitter.
7. Nic Carter (Castle Island Ventures)
âIf Facebook can pull off this ambitious scheme, it accelerates the inevitable collapse of the long tail of sovereign currencies.â
Via Twitter.
8. Cameron Winklevoss
âPrediction: every FAANG company will have its own coin within 24 months.â
The twins also said there was no love loss towards Mark Zuckerbergâs crypto project.
âThereâs so much pie to grow, I mean, at this point, we need to be frenemies.â
Facebook representatives
Mark Zuckerberg tried to convince us that Libra is private (itâs not) and decentralized (itâs not yet). While the projectâs lead, David Marcus, promised it wasnât a threat to bitcoin.
9. Mark Zuckerberg (Facebook CEO)
âItâs decentralized â meaning itâs run by many different organizations instead of just one, making the system fairer overallâĤ This is an important part of our vision for a privacy-focused social platform.â
Via Facebook.
10. Sheryl Sandberg (Facebook COO)
âWeâre not going to run this. Itâs going to be an association not reporting to Facebook.â
Via Bloomberg.
11. David Marcus (head of Libra / Calibra project)
âMany want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.â
Read Marcusâ full breakdown here.
Governments and regulators
Governments were not happy about the Facebook cryptocurrency plan. Members of Congress called for development to be stopped immediately while central banks were cautious. Only presidential hopeful Andrew Yang had positive words for Libra.
12. Bruno Le Maire (French finance minister)
âIt is out of the question that Libra becomes a sovereign currency. It canât and it must not happen.â
Via Bloomberg.
13. Democratic Rep. Maxine Waters (chair of House Financial Services Committee) â Called for a complete halt on Facebookâs Libra cryptocurrency.
âGiven the companyâs troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.â
14. Jerome Powell (Federal Reserve chairman) â Confirmed Facebook had come to the Fed for guidance, but he would have high regulatory expectations.
âThere are potential benefits here; there are also potential risks, particularly of a currency that could potentially have large application.â
Via CNBC.
15. Mark Carney (Bank of England governor)
âWe will look at it very closely and in a coordinated fashion. So open mind, but not open door.â
Read more about his thoughts here.
16. Elizabeth Warren (Democrat presidential candidate) â Warren shared a USA Today article about Libra and said:
âFacebook has too much power and a terrible track record when it comes to protecting our private information. We need to hold them accountableânot give them the chance to access even more user data.â
17. Andrew Yang (Democrat presidential candidate)
âThe new Facebook-backed cryptocurrency Libra could be a big step for the hundreds of millions of unbanked around the world. Its use of the blockchain makes a lot of sense.â
Via Twitter.
Traditional financial analysts
Some of the most over-the-top rhetoric came from traditional analysts. Most agree that Facebookâs cryptocurrency will have a positive impact on the companyâs stock. But almost zero have devoted much analysis to Libra or its blockchain directly.
18. Mark Mahaney (RBC analyst)
âWe believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams.â
Via CNBC.
19. Jim Cramer â The outspoken CNBC presenter praised the move claiming, âthe disenfranchised will welcome Mark Zuckerberg as a savior,â which seems optimistic. Via CNBC.
20. Michael Levine (Pivotal Research)
âFacebookâs cryptocurrency could be more widely adopted than bitcoin.â
Via CNBC.
The Best Facebook cryptocurrency take?
Iâll leave you with perhaps the finest take on Facebookâs Libra cryptocurrency.
21. Sarah Jamie Lewis (Open Privacy)
âCanât wait for a cryptocurrency with the ethics of Uber, the censorship resistance of PayPal, and the centralization of Visa, all tied together under the proven privacy of Facebook.â
Via Twitter.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.
This post was last modified on (Eastern Time): 22/06/2019 13:25
