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jcestre

What is the FB libra coin and how its going to affect us?

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But it will be a stable coin pegged to a couple of FIATs. So it will create less friction as long as it is used inside their own network, aside from who partnered with it. If it needs to go outside that network they need something else.

https://www.linkedin.com/pulse/case-against-bankcoin-brad-garlinghouse/

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The second big problem with the “utility settlement coin” is it seems it’ll be backed by a basket of currencies. Once backed by cash, it’s no longer an asset; it’s a liability. Trading liabilities then ultimately requires moving cash across borders, re-creating today’s system but adding more friction!"

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46 minutes ago, Caracappa said:

But it will be a stable coin pegged to a couple of FIATs. So it will create less friction as long as it is used inside their own network, aside from who partnered with it. If it needs to go outside that network they need something else.

https://www.linkedin.com/pulse/case-against-bankcoin-brad-garlinghouse/

"
The second big problem with the “utility settlement coin” is it seems it’ll be backed by a basket of currencies. Once backed by cash, it’s no longer an asset; it’s a liability. Trading liabilities then ultimately requires moving cash across borders, re-creating today’s system but adding more friction!"

Brad nails it again

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21 hours ago, Caracappa said:

But it will be a stable coin pegged to a couple of FIATs. So it will create less friction as long as it is used inside their own network, aside from who partnered with it. If it needs to go outside that network they need something else.

https://www.linkedin.com/pulse/case-against-bankcoin-brad-garlinghouse/

"
The second big problem with the “utility settlement coin” is it seems it’ll be backed by a basket of currencies. Once backed by cash, it’s no longer an asset; it’s a liability. Trading liabilities then ultimately requires moving cash across borders, re-creating today’s system but adding more friction!"

 

20 hours ago, Sirbergan said:

Brad nails it again

 

It's accounting 101 and basic financial literacy that cash is an asset not a liability.   Brad is an idiot. It's no wonder companies he worked for, AOL and Yahoo failed miserably because they were run by idiots like him.  He really lucked out landing his position at Ripple and making mega bucks for doing absolutely nothing.  But he's really wasted the opportunity and head start Ripple had being the internet of money.  

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3 hours ago, fatlever said:

 

 

It's accounting 101 and basic financial literacy that cash is an asset not a liability.   Brad is an idiot. It's no wonder companies he worked for, AOL and Yahoo failed miserably because they were run by idiots like him.  He really lucked out landing his position at Ripple and making mega bucks for doing absolutely nothing.  But he's really wasted the opportunity and head start Ripple had being the internet of money.  

I do believe that his reference was to the crypto back by cash and in that case the crypto would indeed be a liability....much like a paper check is a liability against cash.

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5 hours ago, fatlever said:

 

 

It's accounting 101 and basic financial literacy that cash is an asset not a liability.   Brad is an idiot. It's no wonder companies he worked for, AOL and Yahoo failed miserably because they were run by idiots like him.  He really lucked out landing his position at Ripple and making mega bucks for doing absolutely nothing.  But he's really wasted the opportunity and head start Ripple had being the internet of money.  

Are you a CEO or an executive?  

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I wouldn't write them off completely, the simple ability to change money via WhatsApp and Facebook's second hand market could bring a lot of use to libra, however they're solving a different problem than ripple, so I don't think they'd be considered competition.

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