Now, with the bitcoin and cryptocurrency community looking forward to a slew of developments in 2021—including the much-anticipated launch of Facebook's bitcoin-inspired cryptocurrency and potentially industry-defining U.S. cryptocurrency regulations...
Facebook's coin (whatever it will be called) could not have been inspired by Bitcoin because in its essence it is something completely opposite to everything that is at the very core of what Satoshi Nakamoto invented. FB will eventually launch some kind of stablecoin, and we all know that such coins are completely pegged with the fiat currency that supports them - which opens up unlimited manipulation as seen in the case of Tether.
...
I have to agree with this.
I'd also add that Facebook's coin
"Diem" (not Libra)*** might as well just be an entry in a database for all the "innovation" it brings. It is centralized, censorable, blocked at a border, tied to fiat, can be frozen at the whim of whatever government can pressure FB. It might just be that FB not liking what you are posting or disagreeing with you. As the last few years have shown, these huge companies (FB, Twitter etc) are behold to the governments and political parities. Do something they don't like, "well your coins are frozen and you can't move them or cash out. Recourse? None since they aren't regulated banks." Members of the association will be able to see, extract and analyze the items in the Diem ledger - think they are following you now with cookies? Then they'll be able to also track what you spend your coins on. Bitcoin will (one hopes shortly) be helping to increase privacy on chain.
The "Association" is essentially an unregulated central bank that will be able to monitor EVERY transaction, freeze, control, inflate the value away or seize your coins at any point.
It might as well be the Petro or one of the other nonsense coins. Anyone who decides to use this is just asking to be controlled. The ONLY potential positive is that people will see it, and go into "real" crypto, but that is a small hope.
****
https://www.diem.com/en-us/white-paper/"On December 1, 2020, the Libra Association was renamed to Diem Association. This white paper, originally published by the Libra Association in June 2019 and then re-issued as a stand-alone update in April 2020, replaces previous versions published by the Association. Supporting technical papers published by the Libra Association in June 2019, have either been edited or retired. Features of the project as implemented may differ based on regulatory approvals or other considerations, and may evolve over time."