Centralized wolf in decentralized sheep's clothing
Of course, that's obvious.
How can you complain though about privacy issues when the Block-chain you co-founded (Ethereum) doesn't even champion privacy protection of transaction data.
Why attack Libra? It's good for the ecosystem, it'll replace the old traditional banking and introduce the idea of Digital Currencies to people who will then have the chance to weigh in actual Decentralised options.
The biggest issue right now is that most people still think of money as paper and coins - with this kind of mentality, Digital Currencies will always remain secondary. That needs to change - there is no better bridge to reach out to masses about this new idea than Libra.
The current UX of Digital Currency Wallets today are far too complicated for the average individual and having a bridge like Libra will help spread awareness on how to get started in using these D/Apps.
There is no doubt decentralised block-chain is superior. In the end, people will value their individuality and choose a decentralised economy over Libra like most people now have left Facebook due to privacy concerns. There's no need to panic, the future belongs to the Decentralised camp.
What should happen is Libra will go against the old traditional banking, not us against it because "we" (as individuals voluntarily motivated to get involved to fight for our cause) surely won't have the capacity to organise and win a battle against a centrally organised behemoth.
> In the end, people will value their individuality and choose a decentralised economy over Libra **like most people now have left Facebook due to privacy concerns**.
someone posted without switching timelines again.
How could companies like Visa, MasterCard, PayPal, even Stripe (all Libra sponsors) ever support the mission of cryptocurrency? All of these companies have a business model acting as middle men for digital transactions.
They can't and they don't. That's why it's a small closed group of nodes based on fiat.
I know people want to look on the bright side and say that it will give cryptocurrency publicity or something, but it is not cryptocurrency and it will block people from adopting Ethereum because they will have Libra.
We don't need Facebook to make cryptocurrency popular. Ethereum just needs to get the scaling worked out and then attach to anything that is popular. To achieve something similar then it would be embedded or connected to a messaging app.
As a side note I think what would really help would be a very lightweight client library for mobile that people could build normal apps with. That would make things much more practical than some kind of cloud connection or making everyone get on board with mega apps that have browsers and ecosystems inside of them.
But the trick is to get it to scale and then get it attached to anything that is popular. That is all that is necessary. It is 100% not at all necessary to go along with Facebook and Visa's scam.
Blockchain is the backbone, so you can still have a middleman.
People can buy their own domains for email addresses now but they still use gmail
It's all about value add on top of existing infrastructure to make it easier. if you think everyone wants their own private key and the hassle of potential loss, then you don't understand society at all.