Topic: Market is Not Ready for Libra (Read 575 times)

Market is ready to take anything. Even coin who haven't potential are in the market. It is just on the end of Libra who cannot yet be in a market. Besides, there are some flaws behind Libra such as they are not yet regulated that is why facebook CEO cannot produce it yet based on his decisions and as I recently read Libra has been on the eye of government.

Many Stable coins are present in the crypto-market. I believe libra have to face tough of competition. Also, unhealthy news are speculating related to libra. That why I believe libra is not a good option for investment.

Expect Libra to be well received if it launches. There are many giant companies that ceased partnership with Libra not because they don't like it but due to government law pressures. There are still big companies and the open market will still accept Libra.

Libra is centralized but it can bring something positive for decentralized currencies. There are billions of people using Facebook and they will be exposed to crypto world. Once these users realized that there are other options aside from Libra, like bitcoin and other decentralized currencies, many of these users will shift.    

Libra coin is not ready for publishing their coin, the market have ready which one for listing in the next time, but for Libra still waiting when get allowed from United State government to allow Libra coin, without get access from Government United State Libra coin never can't listing on exchange market and just an issues for listing Libra coin forever.

What we don't want to happen is when the main characteristic of a cryptocurrency will be altered specifically the decentralization of it. We know Libra will be manage by a very well known company which is facebook. It has a very big impact to the market and the world. If in any case we always accept projects without even thinking so much about it, instead of bitcoin being the recipient of most of the investment of the people, it will be in the hands of a centralized crypto. But well, it still depends on us, whether this project will be implemented, it is us who will choose to invest or not.

That might be the changing pace of this story. With China's leader states that they are going to embrace blockchain system and wanted to be leading nation who uses this innovative system. Facebook Calibra might get some sentiments from US leaders if they've be able to provide detailed information regarding to the project and how will they manage the securities of those participants that will invest with this project.

I think the market will be ready for any coins or tokens if the conditions are met.
The problem is the internal Libra, whether it has been approved by the US government or is still in the floating.
But if it is assumed, Libra will be a faster adoption period to the community because it is assisted by Facebook users themselves who cover the whole world. If everyone has accepted and understood Libra, I think the market will be ready for them.

Libra's concept and purpose are good and might make the cryptocurrency market excited. With a large number of members on Facebook, the opportunity to dominate online transactions will be possible and this is what worries regulators in America because it can disrupt the dominance of the dollar in the international market.

Yes it is but they will be ready if China prepared to get into the picture, the only one that can compete with China is a huge company like Facebook and Mark already tackle this in his speech so they will be likely get the approval because he uses China in this issue.

The reality is the Libra is centralized and whether people like it or not they must do KYC for Libra in one way or the Other. Libra is nothing but another fu**up shitcoin on different levels and the best thing is people get to decide whether to use Libra or not.

Market is ready for libra, maybe the right words is Libra is not ready for market
because, libra is to complicated as cryptocurrency created by huge company buddy

I am optimistic that the presence of Libra will make the market better, when reading their whitepaper, I am sure that Libra has good future ambitions so that it can make crypto more popular and trusted by the public.

That's right! Libra is not yet ready for the market as the team has not smoothen yet their developments with corresponding government regulatories. Since this project is quite huge extending across the globe with so many users, the government is very cautious on actually deploying this to public and so with strict approach towards Libra project.

The Market is ready for any good coin as there's always a room to confrom to by good coins. The problem is that Libra is not yet ready for the market. Maybe it should scale the hurdles it faces which is becoming to high already as investors like PayPal, Mastercard and co are already jumping ship

The source of Libra face off is the fact that facebook has been involved on many privacy scandals. I am still on my stand that Libra is targeted at having world power rather than solving what it displays. Apps like Vid.camera, others, refrains itself from being a custodian of users data and so, in future, it won't be in such mess as Libra by FB.

Well the government is for sure have their own agenda and it seems cryptocurrency is definitely out of their agenda because it's simply a lot harder to control.
The US always seems a little but unwelcoming when it comes to cryptocurrency just like how they always threat here and there about telling people to not allowing any US citizens getting involved into the ICO or such things.
It seems that the US always want to be in control of where their citizen money will go. totally understandable for government's perspective but just a little bit unethical when you unwelcome a new technology which can't be avoided.

People in these days don't understand the real purpose of libra. Libra was having a purpose to be the payment system that used fiat currency to backed its vlaue. Basically, libra has nothing to do with crypto but so many crypto users are doing speculator about that. The real implementation of libra will be on its platform. It's a multi billion platform, dude.
Blockchain support is also coming from not a direct advertisement that created by the adoption from big companies too.

Recently I read a cool article, figured out the question: https://neironix.io/news/guides/ton_blockchain_and_gram_cryptocurrency_all_the_valuable_information_on_the_internet.

 In general, regulators are not ready yet. The community is ready!

I feel like I need to write another article explaining emerging cryptocurrencies. All these crypto designs have different tradeoffs. There is market for each of them. I'm not here to defend Libra. I'm only interested in promoting Bitflate.

It's actually Facebook (Libra) that's not ready for the market. Market demands change, it demands new technologies, it demands freedom.
Facebook on the other hand is a money oriented company, whatever their motive be with Libra, they hurt another large money oriented business of politics.
Politician has been creating this fake sense of authority over people using oppressive laws making it a business. Libra is just a collision between two businesses.
If Facebook really want's to create a crypto, no one can stop them.

The cryoti space is in need of a coin that will survive, despite all strives. Libra had only encountered the power at the helms of regulations, yet it cannot pull a string. The market would not have mind having Libra come on board, because it des not discriminate.
A lot of coins that were able to launch on a good note are making good success, without any witch, despite their different backgrounds.

Not a market that is not ready, but the subject. Most are still too idealistic to state that cryptocurrency must be absolutely decentralized. Why should it be so rigid if this is indeed a solution to give greater confidence to the general public? Precisely with its use which is closer to daily life, for example in social media, it will be easier to make cryptocurrency acceptable to the general public.

It looks like Libra is in big trouble after a few weeks their partners have resigned a lot and maybe this is caused by many world politicians who really don't support the launch of coin Libra by Facebook, I think Libra is not a good investment because it is which is more dominantly stable than other cryptocurrency, after all Libra is projected as one of the payments instruments that will use in various socials media applications and of course this is strictly prohibited by some countries that indeed apply regulations about not allowing cryptocurrency to be used as a means of payment so that later it can result a country's official currency will plummet.

The government is always the slowest and the last to adopt new technology. I'm not sure if regulators are ready to give Libra project the light of day because I'm sure that it will change everything as we know it.
Adopting Libra means adopting cryptocurrency world wide. Facebook already owns Instagram, WhatsApp, and occulus rift, if they were allowed to make a stable coin, they would have a very great deal of influence and power in every single country where Facebook is accessible.

Politicians reflect public opinion. I think crypto market is ready. But the general public is not ready. For example, look at Bitcoin adoption.


I don't think coins like Libra is for investment. They are semi-centralized and designed to peg with assets. Maybe people can trade them to make money like forex.

I dont know why, but I still dont understand this.
Perhaps, it is because this is the first time I heard this kind of a project.
Maybe I should read more deeply about this if I want to invest with them.

But wait, investing with them means your Libra coin may get a higher value someday? Some say it will not, same with Tether.

Oh! thank you for stretching that out. Merits.

Thank you for being one of the few who thinks so. I really give up on crypto people these days. When Libra came out, so many socalled experts said this was going to be big for crypto,,, but I have no idea what they were thinking of. Bitcoin has never needed centralized crypto and people keep asking for banks and what not to come on and make bitcoin great or whatever.

They need us normal people to keep using them. That is all.

That was way too detailed though. I do personally think that market are ready to accept any coins. May be libra is the one who was not ready for the market. Mark Zuckerberg ceo of Facebook stated that it was going to be deployed if United States regulatory do regulate Libra. Besides, I do not think it would be going to be as popular as Bitcoin.

The market is ready for Libra, it just doesn't need it, apart from raising awareness, imo. Libra is not a super-innovative crypto, it is just a way for Facebook and Mark to get more money.

Many are critical of my semi-centralized label for Libra. Let me explain the design tradeoff from user perspective.

Centralized currencies: These currencies are issued by centralized authorities. Their governance is often opaque, driven by political agenda. There are few public guidelines. We rely on proxies (e.g. political representatives) to voice our opinions. Examples of this type are obviously fiat currencies. The US Fed operates under dual mandate: maximum employment and stable price. These guidelines are vague, very difficult for normal people to understand. Tether and other pegged stablecoins are also centralized currencies. They're controlled by the issuing companies. We don't have independent audit. From user standpoint, we have little control and transparency. It's hard to get audit and insight.

Semi-centralized currencies: This type is new and emerging. It has potential of being more transparent than centralized currencies. Libra is an example. It is governed by the Libra Association. The ledger is likely to be public. Association members have different interests. They can serve as check and balance. From user standpoint, this type is an improvement from existing centralized currencies. Users get price stability and more transparency. But the main hurdle is competition with centralized currencies.

Decentralized currencies: These are cryptocurrencies starting with/inspired by Bitcoin. They are decentralized and governed by consensus. Most aspects are public and transparent. Users understand rules of engagement. They can also inspect the currencies. But consensus change requires all users to buy in. It is very difficult to alter these currencies. Because they are decentralized and digital native, they are detached from the financial system. They rely on market for price. Examples include Bitcoin, Litecoin, Dogecoin. My coin design, Bitflate, has a 7% inflation rate. It is set for the chain. Nodes are already running the software. It'll be difficult to change. With decentralization, user gets transparency, but need to live with price volatility.

Many people are conflating the need for a semi-centralized crypto like Libra and Facebook. It is absurd that we are ok with Tether/USDC but we don't want Libra. The Libra Association has members with reputation. If we need to regulate the Libra, we should discuss about regulations. Opposition to Libra comes from tainted Facebook reputation and public misunderstanding.


Why does the market need Tether/USDC? Semi-centralized crypto is a better alternative.

To be honest, Libra's troubles highlight the need for my coin design, Bitflate, a decentralized (somewhat) stablecoin. But crypto would be more successful if we have more choices.

The correct proposition should be: The market does not need libra.

Bitcoin has been on the market for 10 years and has come to these days without anyone's help. Amazon, Facebook, IBM and more.

Blockchain and Bitcoin do not need any of these technology giants support. But they need blockchain support for growth.

I don't think that it is all about crypto regulations the government holds Libra to be in the market but because of lack back-up support and a questionable act of the owner bringing Libra as a stable coin. The regulatory board tried to look deeper on and help that this coin couldn't be another tool to compromise the people.

https://hackernoon.com/facebook-and-libra-coin-what-you-need-to-know-bc9296921d8f

I think many people see cryptocurrency purely about narratives. Bitcoin is digital gold. Fiat is government money. I suggest you see currencies from its design. The design is how these currencies will work. We can decide whether they fit our needs. We won't fall into bogus narrative and marketing that people throw around.

Each design comes with tradeoff. You can't get everything you want in one design. I come up with this model to help others understand where the designs fit in.

Fiat <==> Bitcoin
Centralized <==> Decentralized

Centralized <=> Pegged/Centralized Stablecoin (Tether, USDC) <=> Semi-centralized Stablecoin (Libra) <=> Decentralized Stablecoin (Bitflate) <=> Decentralized


Libra's main obstacle is regulators. They reflect the public opinion. From engineering and operational, I don't see a big challenge. After 10 years of cryptocurrency development, we have many options to chose. Libra is a digital ledger shared and audited by the Libra Association. It's not difficult to implement. It's probably easier to implement Libra than Bitcoin. Libra is ready to go.

Another criticism is Facebook started Libra. If Libra succeeds, other big companies will try to do their own. I'd be excited to see other big tech companies creating their own cryptocurrency. That's big corporations working for the people.


Yes, I'm promoting our coin, Bitflate. It has a 7% inflation rate. Our goal is to create a digital native, decentralized (somewhat) stablecoin. I think Libra and Bitflate are on the same boat. The market has not fully understood the needs for Libra and Bitflate. Bitflate is ahead of Libra. We're live on mainnet now.

The government is not prepared for libra to once again sign contract to the biggest company who will just ignore them soon when this libra is approved. Facebook will a lot powerful than US government when facebook become bank itself.  There is going to be a fight for it but I think the government itself must also decide to adopt blockchain because China is advancing in this industry.

I think the main problem of Libra is the connection with Facebook, which has huge problems with public confidence. In my opinion, the market is ready for Libra, but not ready for a Facebook coin. I hope we see something similar to Libra, but not under the guidance of Mark.

These who are are fans to decentralization are again Libra coin. Also, those who are fans to centralization are again Libra. So Libra seems to be on the fence, with lesser number of people to defend it, particularly those at the elms of affairs. Although, if Libra should eventually launch, it will get supporters.

The market being ready or not is not the issue here. The market is just there. Sell something to the market to test whether your product is acceptable or not. There are so many products and projects that did not make a good outcome in the market. So be it. The good thing there is that they were allowed to enter the market. Let the market players decide. The problem with libra is not the market. It is the government stopping it. If libra is bad enough for being associated with Facebook then let the market decide that by not adopting it. Let the project die naturally just like a lot of crypto projects.

You can say libra maybe a good motivation for Crypto Industries but can it be useful in our social life? Nowadays FB has already given us so many ways for payments, and it is getting more convenient than cryptos, moreover, Libra itseft is a stable coin and no one accept to use a currency lying on words of FB since they already have so many bad reputations recently. So a crypto like Libra has no trust from community will surely dead if its own foundations has too many problems.

Is this really a problem?

People don't understand fiat money and use it every day. They don't understand quantitative easing but does that stop fiat in any way?

The Internet also had as many critics as believers.

Somebody has to be the first to pave the way.

agree with you, if libra is launched it is likely that libra will become a global payment because we know that facebook is a social media giant everyone has facebook meaning that the USD will not be used anymore, this is why America does not agree with libra being launched.

For me it is not the market is not ready for Libra, it is Libra who's not ready for the market. For those crypto enthusiast we all know its value and the platform itself and we all know that it is stable coin, we are good for it, but we are not that excited as the price of it will be just like dollar and not as digital currency like Bitcoin.

I don't know why some people don't like libra specially big bitcoin investors. Well i am still learning about this technology and libra could make more awareness about this technology. So it's good for crypto industries. As I saw many cryptocurrency already exist and actively trading over top crypto currency exchanges who don't solve any real problems in crypto world so why not we should encourage libra who have a lot of possibilites. And ofcourse Bitcoin is the king. Noone can ignore it.

It's not that they are not ready for Libra. They can, if they want to. But probably, people doesn't want or don't give much attention towards Libra. Libra didn't get much attention like what people are expecting it can get. And it's not because the market is not yet ready for Libra. Most must've prefer decentralized than centralized.

Why not? We all have seen how big the influence of Libra would be, because even after 2h speech of Zuckerberg, the market has fallen by 20 percent. In my opinion, market is waiting for official Libra announcement to launch the rocket.

Of course the market is ready for libra. Americans who are not ready for the Libra project. there is a lot of interest in the USA so the Libra project will not have easy steps to surface.What I think is that the USA is afraid that their currencies will be left behind because we all know how big the Facebook community is in the world.

The market always adapts no matter what new fad is thrown at it.

Many people believed that centralized coins have no place in a room full of decentralized cryptocurrencies, but XRP showed us that it's possible and they're going strong albeit the criticisms they have received over time. Libra on the other hand, gets the flak and always gets bashed because of the heads responsible for its creation, not actually the coin itself which IMO can contend among the other centralized coins that are in existence today.

If not for Facebook Inc. and Zuckerberg, we might be seeing Libra taking off the charts and being hyped for what its worth.

We are the same in this matter. I feel the government should follow the development of technology and use cryptocurrency as a medium of exchange in running a country's economy. perhaps with this the wheels of government will run cleaner, as we know that the authorities are not completely honest with their people.

and for libra I think this idea should be further evaluated before they are released, I strongly disagree with full centralized.

semi-centralized could be the marketing language however only when it is released to the public we can be more sure. However the withdrawal of their investors also become my concern not to mention that those are quite major investors in this case including paypal, visa and mastercards that'd be such a huge downhill in term of financial safety on their side.
In my opinion however, the market is ready for Libra despite all the fuss but it's just the government that's not ready for cryptos.

We see before how facebook is untrustworthy company, we saw before how Violates our privacy, i think this will happen also with the coin, so i think it will not a good choice for us

Don't get you mate, because before now there has been projects that came inboard to act as centralized and decentralized platforms, they are clear with their policies and straight forward with their reputation. But what we have seen with Libra is that; they have been untrustworthy with the opportunity given to them as one of the biggest social media on the internet. They have no reputation when it comes to data privacy protection, so, the market is not ready for such shitting project at this time.

All markets are ready for anything under any circumstances. It depends on their project that has good support from its community what not.
Libra includes a Shade project of Facebook Inc and everyone expects it so it must be a lot of demand if the market remains bad.

How can we call it centralized when it can't even pass the regulation of the US government. In fact Mark already have said some words against Libra that they won't pursue this project, one there's no proper turn over to public. Many of the prospected supporters of Libra were declining their interests for this project due to undergoing circumstances that roll over into speculations right now.

Although the hearing was not about Libra, it had a very important meaning they wanted to demonstrate: it's too risky to put so much power into Mark's hands.
And Libra means a lot of power and a lot of things that can go wrong, no matter which angle you are looking from.

Libra would mean the first crypto with bigger acceptance than Bitcoin.
Libra would mean a stable coin, like USDT. Tied to one issuer. Something for which the issuer may impose rules you didn't even think of. Just remember what happened when Bittrex "seized" people's coins asking for KYC and multiply it 1 million times. And this can easily happen.

Libra is too early? What nonsense I have heard,,, Bitcoin is 10 times more revolutionary than Libra and it is now 11 years old almost,,, Libra is nothing compared to most blockchain projects. At the most it is like Ripple, with a whitepaper that was so poorly written that it was taken down when people started pointing out the errors.

It is not too early, it is just not good enough.

I think this will not success as they plan to  make it semi-centralized cryptocurrency, most of us go to crypto due to  non-centralized cryptocurrency , and all of us looking for non-centralized cryptocurrency.

I have been trying to stay optimistic about Libra, but I’m afraid it won’t be even a real cryptocurrency after all. All we know for now is that Libra will be based on blockchain. That’s good, Of course, but it doesn’t make it a crypto already. it is a digital currency. It is backed by fiat and is not in physical form. Libra will be tied to fiat value. Escaping the intentional inflation of fiat is a major advantage of crypto, and Libra is only going to be good vs Crypto, if Crypto fails.

Anyone who compares a fiat-stablecoin to a real cryptocurrency is forgetting some vital information about the Crypto dream/promise. there are some specific aspects of cryptocurrency which don’t match with Libra at any point. Crypto should be decentralized, and Libra made specifically for Facebook’s purpose, won’t be. it should be trustless but we won’t be able to check specific data bout it, cause it all will be in hand of Zuckerberg. Libra is not a new concept in Crypto, i think it’s exactly the same as all the altcoins before it, a distracting money grab that is marketed towards people who don’t understand it.

They should have delved deeper into Libra, but this is what congressional hearings always amount to, ie, political posturing and attacks.  On the other hand, I think facebook deserves some scrutiny about their privacy policies.  A hearing about their crap stable coin just isn't the right place for it, tho.  Our congresss just loves to do things like this.  Always has, always will.

I am as indifferent to the fate of Libra as one can be.  The world and future fate of crypto won't be affected either way if it never gets released and if it does, I have a feeling that there won't be many people who are enthusiastic about owning or using it.  Are there that many people passionate about stable coins?  Absolutely not.  Facebook just wants another profitable thing, and they want to cash in on the crypto craze.

What worries me about Libra and the attention its getting from congress is that lawmakers might set a precedent here if they make a ruling on it.  I am not *too* worried, but it is a possibility that any ruling could affect bitcoin and other cryptos, at least in the states.

it has nothing to do with the market and its readiness it is all about the fact that the government doesn't want to allow a company like Facebook to start printing money because printing money is something that only the government (federal reserve in US?) is allowed to do. and Facebook is trying to do that without permit.

and your picture is also wrong. Facebook's coin is 100% centralized not semi-centralized, it is even more centralized than Tether.

This will be their greatest mistake if they pursue this move.
Making everything in a rush will only lead them to failure. Even if they can successfully launch Libra right away, we all know that the project is still not set, after their partners leave the project they still intend to continue without having an alternative plan.

Facebook wants Libra to go live as soon as possible because they have fear of missing out in the cryptocurrency race. They want it as early as now, but being under a government that has hot eyes on cryptocurrencies, and Facebook being too popular, they need to pass through regulations, which isn't done yet and with controversies to Facebook's way of handling data and privacy, Libra is having a hard time to go to the market. Anyway, I don't think Libra is semi-centralized. It still seems centralized to me.

Merited.

This is the easiest answer of them all.
A huge company that is based in US soil. What do you think will happen?
Unlike bitcoin which doesnt even have a base at all. It just lives in the internet and runs through data mining.

The next one which will grow is another crypto currency that is discovered out of nowhere unlike Libra which is created.

How it is interesting?
When something has authority behind it no matter what we call it, the life of the project has been determined and controlled by the authoritarian.
this is not an interesting concept because the authoritarian will blame the decentralization if something goes wrong and deciding the improvement based on centralization.
we just need to separate it and everything will be fine.

Yes you are right on this front. Cryptocurrency's use is inevitable and none can alter it. But at present and in the past years of its journey, cryptocurrency has been facing many resistance, but it has been braving it. Still now authorities are not fully ready to welcome and embrace it fully. But they will embrace at the end as cryptocurrency will liberate the people from hassle-involved transaction. Concerning Libra project, Facebook will issue its digital coin in the future, if not now.

Just Facebook is not suitable for the role of the creator of the global stable coin, the role of which Libra claimed. Such a coin should not be created by a private corporation, but by the state, or even better by the union of states. Because if such a stable coin takes a strong position in the global financial market, everything that happens to it negative will affect global financial stability. Therefore, in this case, states will be forced to support a private corporation that issued a global stable coin. Why do states need this?
Therefore, let the US government issue such a coin, or even for the worst case of China.

OP is promoting his own shitcoins. Cant you all see? This is a topic from bitinflate, another shitcoin going down the drain but some noobs attempt to pick it up and try to make money from it. They are using Libra for the SEO that is has gained recently thus trying to market their opinion.

Such topics are the reason why FUD spreads. Moreover Libra is not a "semi" or whatever blah blah blah -prefix you think of -centralized coin. It is a completely centralized coin developed by one of the multinational companies that have a large share in the US S&P stock exchange. Would a bitcoin user ever trust them? Highly unlikely. But altcoin shills? Yeah to promote their own altcoins in time of doom like the author of this post.

Is the market not ready for Libra? Or is Libra not ready for the market?

I would argue the latter - the second Libra was created, things already started going wrong, I mean, who would trust Facebook, the company that literally has had so many data breaches and doesn't care about your privacy, to create a new crypto-currency?

Semi-centralized would be an interesting concept. The problem with decentralization is that the government doesn't support it and they end up getting "blocked" when they are trying to go mainstream by the government.

Libra and semi-centralized? Come on! Libra is not semi-centralized idea, it is full centralized. They will have all your data when they fully operational.
But I am ok with that. If someone in here want to use Libra, then let them use. Decentralization need that. Everyone can do anything what they want. (Except bad things)

Regulators are not ready for libra. It will be fully centralized stablecoin which will give Facebook too much power.
Facebook is not right company for project like this. Maybe apple but not this social network for sure

It is funny to say we need to be in the middle of centralized and decentralized, these two things will always exist and we are choosing them based on the trend.
there is nothing called semi-centralized and semi-decentralized because once there is authority behind it that means it is centralized.
it is as simple as that, and Libra is not too early instead they have a bad start and history.
Did he expect the government will believe him after what he has done to their users before?

The market is ready for anything, it accepts Ponzi schemes in the past and so many different kinds of project that has nothing to do with Cryptocurrency, it just so happens that libra Coin is a big project under the biggest company on the internet and the one that managing it has a bad reputation when it comes to privacy concern.

Original Post: https://bitflate.org/post/2019/10/25/market-is-not-ready-for-libra.html

Facebook CEO, Mark Zuckerberg, recently appeared in front of the United States Congress for a hearing about Libra cryptocurrency. The hearing lacked substance. Most congress members did not inquire deeply about Libra. They instead delved into smearing Facebook and its credibility. Both sides point fingers at each other. Crypto aficionados laments the lack of openness from regulators to new technologies. Regardless, there is deep misunderstanding and distrust between the public and the tech community.

Emerging markets of cryptocurrencies

Since the birth of Bitcoin, crypto builders have been developing the wrong solutions. The first generation of cryptocurrencies were hard forks of Bitcoin. They tried to create so called better versions of Bitcoin. Then there were efforts to generalize Bitcoin to blockchain technology. These trends continue. But we still end up with no cryptocurrency that we can use for everyday transactions.

It’s time to resolve the ideological debate between centralization and decentralization. Historical trends in technology told us that we swerve between these two polars. We cannot completely settle into one place. That would be utopia or dystopia. We went from mainframe (centralized) to personal computers (decentralized). Then we made the transition to cloud computing (centralized). There is now effort to decentralize the cloud computing stacks. The cycles never end.

Each cryptocurrency makes their own design tradeoff. It it useful to think about monies in a spectrum.



As we move from Centralization and Decentralization, we get different kinds of currencies. Each comes with their own advantage and disadvantage.

The potential of semi-centralized cryptocurrencies like Libra

Libra is a semi-centralized cryptocurrency. It is a better version of centralized cryptocurrencies like Tether or USDC. These coins are issued by a single entity. There is no way to audit their record. We rather have a stablecoin issued by an association of companies. The Libra Association has a governing charter. It is beneficial for consumers having member companies audit the Libra record. These member companies have competing agenda. They serve as check and balance for consumers.

Libra is too early

Unfortunately, Facebook initiated the Libra project. The company was involved in many data and privacy scandals. Consumer’s trust in Facebook is low. Another hurdle for Libra adoption is the public’s misunderstanding. Bitcoin is difficult to understand. Most people don’t have time to dive into its details. Its price fluctuates wildly. They don’t see benefits of cryptocurrencies. Bitcoin has as many critics as believers. The public has not accepted a crypto future. To normal people, Libra is another effort by big corporations to intrude and control their lives.

Filling the gap with Bitflate, a decentralized stablecoin

Bitflate is a cryptocurrency with constant inflation rate of 7%. The project’s goal is to create a digital native and decentralized stablecoin. By adding inflation, Bitflate price will not rise forever. It will have less price volatility. Bitflate can be a gentler introduction for people to the world of cryptocurrency.

Cryptocurrency Future

A cryptocurrency future is inevitable. There will be many cryptocurrencies. Each will have a different design and tradeoff. Instead of thinking about zero sum games, we need to look forward to this future. We will have greater financial freedom. We can choose the best currencies for our financial goals. Governments and companies will soon join this vision. At the end of the day, we the people, are in control.