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Ripple CEO Not Bullish on Facebook’s Ability to Launch Libra Cryptocurrency

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Posted (edited)

Facebook doesn't want to miss the window of opportunity here to get into crypto while it is young and take advantage of all the possible opportunities, but on the other hand they have done little to repair a soiled reputation of trust associated with their brand.  Their crypto if it does transpire will be more like monopoly money only worth something on their game board, me personally I have no trust in any financial transaction taking place within the facebook spectrum.  It would have been much better if they had went about this by first distancing facebook from this effort as far away as possible.

Edited by RikkiTikki

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There is much resistance for Libra and Brad isn't wrong, their reputation is awful and with something as serious as money they just can't be given a monopoly with so many users, they would dominate the market, that includes hurting USD.

 

Some speculation, but perhaps a good solution would be something along these lines; https://medium.com/hackernoon/can-blockchain-and-privacy-save-facebook-cfbe768d1ffe

Other private companies solutions (like ripple) can tap into facebook/whatsapp via API's to provide services to all those users on top of these apps, of which cross-border payments could be one of many apps running on top of their service. Facebook will try to resist this as it absolutely decimates their monopoly on users, but there is much debate in congress with regards to this right now. I would not be surprised, with the amount of help regulators/congress is asking for to help understand all this new innovation (they are unskilled & clueless when it comes to tech/innovation), and with the new office Ripple has established in DC, that ideas along these lines will be placed in policymakers heads. Whether something along these lines ends up happening to some/all platforms (not just Facebook) is something we are yet to see, but it would not surprise me.

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Ripple just need to concentrate on XRP and Ripple infrastructure and new partners and not worry about launch of Facebook. Obviously its important to monitor competitors but still generally be more concerned with their own product/service

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