Bitcoin has the capacity to undermine government control of money because you can freely exchange it with anyone in the world, meaning that no government or government-regulated entity has the capacity to interfere with its use. Because its supply is fixed at 21 million units, it also can't be watered down by inflation.
Facebook's new "Libra" coin, which was announced today, is both an interesting project to improve global payments and a useful reminder that Silicon Valley can't ever compete with bitcoin's mission of reclaiming control of money from the state.
The social networking giant is launching Libra in partnership with MasterCard, PayPal, eBay, Uber, Lyft, and several other tech heavyweights. Facebook claims that it has the potential to become the first "internet of money" with the capacity to modernize the way value moves around the world and to help provide financial services to the 1.7 billion adults without banking services. In the tradition of bitcoin's pseudonymous creator Satoshi Nakamoto, the company released a "white paper" this morning that lays out the basic details. Given its dismal record with customer privacy, Facebook has wisely created a new nonprofit entity based in Switzerland to oversee the project.
https://reason.com/2019/06/18/faceb...nts-bitcoin-aims-to-disrupt-government-power/
Facebook's new "Libra" coin, which was announced today, is both an interesting project to improve global payments and a useful reminder that Silicon Valley can't ever compete with bitcoin's mission of reclaiming control of money from the state.
The social networking giant is launching Libra in partnership with MasterCard, PayPal, eBay, Uber, Lyft, and several other tech heavyweights. Facebook claims that it has the potential to become the first "internet of money" with the capacity to modernize the way value moves around the world and to help provide financial services to the 1.7 billion adults without banking services. In the tradition of bitcoin's pseudonymous creator Satoshi Nakamoto, the company released a "white paper" this morning that lays out the basic details. Given its dismal record with customer privacy, Facebook has wisely created a new nonprofit entity based in Switzerland to oversee the project.
https://reason.com/2019/06/18/faceb...nts-bitcoin-aims-to-disrupt-government-power/