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Exactly. This will just be a "meta-currency", stable against a basket of government-issued fiat, and with a permissioned transaction system built on top of it.
by gerikson 7y ago
Exactly. This will just be a "meta-currency", stable against a basket of government-issued fiat, and with a permissioned transaction system built on top of it.
Libra's use of buzzwords like "blockchain" and "decentralized" are just PR.
- carlosdp 7y agoI mean, it is decentralized... The only difference is the member companies are publicized and we know who their CEOs are, whereas the mining pools that account for the grand majority of Bitcoin's hashrate, for example, are virtually nameless to the general public.
- gerikson 7y agoThe banking system is decentralized too, but the word has a specific meaning in cryptocurrency circles - which I think Libra is invoking. I do agree that currently the Bitcoin mining/transaction system is centralized to a few very large mining pools.