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A Little Chat about Libra

By Call_Me_Mr_R | My 23 cents Opinion | 20 May 2020

This is going to be a short . . . rant, for a lack of a better word. I am not an expert on crypto but I've found myself the leading expert amongst my friends and family. I see more of a gray in between space of the two worlds of crypto adapters and normies. I might sound alarmist and realistic (isn't that true for everything these days). This dynamic "one-way-or-another" interpretation is more a reflection on how you probably know more about the situation than I do. Regardless, let's pop a drink and do this.

Alchemy, now a cute reminder of the origins of our modern science, in its time was a crime of a high order. If practitioners were found, they were executed. It's believed that Sir Isaac Newton was hesitate to present many of his findings because of his hobby of growing alchemy gems in his lab. Why all the scare about a goofy science. If you said the alchemist goal to true lead into gold, you'd be correct but your not winning anything for being smart. Now you know a Libertarian feels. The nations of Europe outlawed alchemy not so much out of religious zeal but for an interest in protecting their markets. Allowing anyone to create wealth without market restrictions would more likely end in a nation's economic collapse (see Tulip Mania for an example). Gold maker will not be tolerated by the nations of the world.

Cryptocurrency is the new alchemy, wealth without government handling. It's too early to say if any crashes due to crypto in traditional markets are enviable. I doubt it but there are few nations out there willing to be a guinea pig by openly embracing crypto. It goes against their interest. A main part of why I go with crypto is because of the lack of government interference, at least at the time being. Bitcoin did not ask for permission to exist and so can't be easily killed, just to give an example. It's sort of punk rock in that regard.          

Are you excited about Facebook Libra? In some ways I am but I do see some issues and I haven't quite picked a side. In one hand, it will introduce the mainstream masses to the big world of cryptocurrency, giving strength to the crytpo markets. Also, with big corporation backing, Libra has the promise to be secure like no other coin in history. Obviously, the United States and the European Union have opposed Facebook's intentions but if you read the first bit of this article, that should come to no surprise. It's not in their interest.

Here's the rub. Facebook, once they officially enter the crypto sphere, will become no different from a nation, at least when it comes to currency. Facebook's interest is only in Libra and other currencies might be more useful on the chopping block then in a blockchain. I say might. Maybe Facebook embraces other currencies to diversify their markets, there are benefits and profit in allowing coin trade but Facebook does not have a great track record in playing well with other. The only company Facebook likes in a company they have purchased. Could Libra create a monopoly for Facebook in cryptocurrency? I don't know but I don't like the odds.

What are you thoughts? Part of me wanted to get excited.   


Photo by Anderson Guerra from Pexels

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My 23 cents Opinion
My 23 cents Opinion

The deranged rambling of a man that thinks too highly of himself. Maybe you'll laugh. Sadly, you might learn something. All-in-all, pop a drink, lay back, and join me as we all forget the words and sing along.

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