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They aren't minting their own money out of thin air - it's fully backed by existing currencies like the Dollar/Euro/Yen/Pound. They're just making it easy to se
by kobasa 7y ago
They aren't minting their own money out of thin air - it's fully backed by existing currencies like the Dollar/Euro/Yen/Pound. They're just making it easy to send this across borders digitally.
- supermatt 7y agoYou say its "backed", but what stops them minting more libra than they have "backing" for? Nobody would know any different unless every user attempted to remove all their funds at once. How can you be sure that this wont happen? This is EXACTLY like a bank, but without any of the regulatory protections.