Digital Currency or Trading Renaissance ?
Can Ca(Libra) save the world ? Why is this so important ? I do not have all this answers however i really appreciate what David Marcus is trying to build.
Watch Facebook's crypto chief testify before the Senate banking committee on Libra
David Marcus, who heads Facebook's cryptocurrency subsidiary Calibra, is testifying in front of the Senate Committee on…
How i see the problem;
1) Uncertainty on Definitions : We need to define clearly what is Crypto Currency, BlockChain, Digital Wallets and real Digital Currencies.
2) Brand as a Currency : Does Facebook brand help this initiative ? Not at all.. Currency is a very sensitive topic especially for US. The biggest export of US is USD and they. do not want to lose their power on this and the trust level to FB is not that high. Facebook does not own Libra and it is an open source platform. They have to explain this differently. Trust is still one and the only currency accept or not…
3) Whatever it Takes : He used this sentence more than 10 times. This is a big commitment..i really trust what he is saying but building full fleged AML may kill the soul of this business. He has to mention more about their technology. They can automise entire controls better than anyone in the world and they need to show their tech strength.
4) Interoperability is Key : They will use the power of their distribution platforms. (Whatsapp, Messenger and many others..) however privacy is still an issue. They can explain better if they will really use this platforms only for distribution.
Geopolitical Opportunities Vs Sensitivities
Last but not the least; Digital Currencies are coming but mainly from Governments. In this days, the biggest rumour is there will be one digital currency that all `One Belt One Road` countries use for trading instead other currencies. if this happens, that will be Asian Renaissance..then what will US do. ? They have to understand of value of this initiative and David Marcus. He is a life time entrepreneur and former Paypal CEO. Facebook or other big techs, we can discuss their final goals but US needs this brains more than everything…
Last point is about Banks. If Libra will be open source, where are the banks ??
David’s Testimony is a long one but worth to watch..He does not answer everything but very proper attitude and calm approach.