Facebook Libra News – Facebook’s Libra Will Fail to “bank the unbanked” – Andreas Antonopoulos

  • Facebook’s Libra cannot “bank the unbanked” – A. Antonopoulos
  • Swiss President and Ripple CEO does not see the prospect of Facebook currency launching soon
  • Facebook Libra News Update – Criteria to look out for when evaluating a crypto project
  • Facebook Libra Update – Libra project will flop if the goal is to bank the unbanked 

Libra News Update – Since Facebook announced its intent to launch its cryptocurrency in June 2019, there has been a series of controversies on the proposed coin. As it stands now, it is uncertain if the stablecoin will launch or not. Although some crypto enthusiast is positive about Libra coin launching, many believe that Libra coin does not have the prerequisite needed to be launched.

Swiss President and Ripple CEO does not see the prospect of Facebook currency launching soon

Libre Latest Update – the Swiss President and member of the Swiss Federal Council, Ueli Maurer recently called out Facebook’s Libra, stating that it had “failed in its current form”. Adding that Facebook currency had to be revised to be authorized. Commenting on this also is Ripple’s CEO Brad Garlinghouse, he believes that Facebook currency would not be launched before 2023.

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Facebook Libra News Update – the author of Mastering Bitcoin, Andreas Antonopoulos, is on the same page with the Swiss President and Ripple’s CEO. Antonopoulos shared his stance on this subject matter in a recent interview. Antonopoulos began is his speech by stating that Libra Coin is a different ball game as it highlights the advent of the first commercial cryptocurrency. He noted that Libra coin seemed to lack all the requirement that makes BTC and other altcoin stands out.

Libra News Update – Criteria to look out for when evaluating a crypto project

Facebook Cryptocurrency – Antonopoulos added that he had formulated criteria that people should use to assess crypto projects like Libra. They were:

“Is the system open? Is it open to access, to participate? Is it borderless? Is it neutral to source-destination purposes and amounts? Is it censorship resistance? Is it immutable? Is it publicly verifiable?”

According to Antonopoulos, Libra coin failed the test on all the above-mentioned prerequisites. Also commenting on the subject of Facebook currency ending up being managed by someone, Antonopoulos said that once centralized, Libra coin will have to follow the rules and regulations set by regulatory bodies, thus will end up failing to do the one thing that they promise to do, which is “banking the unbanked.”

Facebook Libra Update – Libra project will flop if the goal is to bank the unbanked

Facebook Libra Update – Antonopoulos added that Libra coin as a project will fail if the goal is to bank the unbanked and reach everyone. Nonetheless, Libra would possibly be a major success for Facebook and its shareholders. Also, it might be a very challenging development in the world because “it gives the pioneers of surveillance capitalism, the tools to extend surveillance capitalism into everyday financial lives of billions of people.”

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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