Jump to content
Panopticon

So much for Libra the "XRP killer"

Recommended Posts

Personally I don't feel too happy about this. I remember reading some articles about how different governments were protesting against Libra, I imagine because they are afraid of decentralized currencies. I imagine that the 4 leaving now, are doing so because of pressure from different governments. This speaks volumes about how much of an uphill battle is left before decentralized currencies may reach significant adoption. I would personally have been glad if Libra kicked in the door to widespread adoption, as i imagine it would have paved way for other currencies as well.

Just my 2 cents

Share this post


Link to post
Share on other sites
3 minutes ago, opaopa said:

Personally I don't feel too happy about this. I remember reading some articles about how different governments were protesting against Libra, I imagine because they are afraid of decentralized currencies. I imagine that the 4 leaving now, are doing so because of pressure from different governments. This speaks volumes about how much of an uphill battle is left before decentralized currencies may reach significant adoption. I would personally have been glad if Libra kicked in the door to widespread adoption, as i imagine it would have paved way for other currencies as well.

Just my 2 cents

It's as Brad said. Governments will fight you with a lot of agression when you try to attack their sovereign currencies...

Thats why it's a good thing XRP is not trying to be (but can function as) a currency in the long term.

Share this post


Link to post
Share on other sites
58 minutes ago, opaopa said:

Personally I don't feel too happy about this. I remember reading some articles about how different governments were protesting against Libra, I imagine because they are afraid of decentralized currencies. I imagine that the 4 leaving now, are doing so because of pressure from different governments. This speaks volumes about how much of an uphill battle is left before decentralized currencies may reach significant adoption. I would personally have been glad if Libra kicked in the door to widespread adoption, as i imagine it would have paved way for other currencies as well.

Just my 2 cents

good point.  It is possible that the leaving is a response to governmental pressure, but I somehow doubt it.

My guess is that having joined Libra over lunch they became more interested.  As they got more interested they got better informed, and as they got better informed they developed more scepticism about the Facebook plan.  Facebook plan is not well thought out because it is neither a stable coin or a cross border DA....and on top of everything else it is unpopular with the central banks across the world.  

A sensible plan would be to work with Ripple on the ILP and  XRP ledger.  Option 2 is build their own stable coins, although I am not sure is the world really needs stable coins that are not underwritten by the local central banks. 

What the world needs is CBDCs, specialist blockchain for specialist uses (like smart contracts, games and maybe gambling) and a cross border DA.  If you do not fit into those niches you are not really adding anything to the system.

Share this post


Link to post
Share on other sites
2 hours ago, Julian_Williams said:

good point.  It is possible that the leaving is a response to governmental pressure, but I somehow doubt it.

My guess is that having joined Libra over lunch they became more interested.  As they got more interested they got better informed, and as they got better informed they developed more scepticism about the Facebook plan.  Facebook plan is not well thought out because it is neither a stable coin or a cross border DA....and on top of everything else it is unpopular with the central banks across the world.  

A sensible plan would be to work with Ripple on the ILP and  XRP ledger.  Option 2 is build their own stable coins, although I am not sure is the world really needs stable coins that are not underwritten by the local central banks. 

What the world needs is CBDCs, specialist blockchain for specialist uses (like smart contracts, games and maybe gambling) and a cross border DA.  If you do not fit into those niches you are not really adding anything to the system.

Yeah I agree with you from a technical standpoint and of course i think that ILP and XRPL are technologically superior to Libra. But i think that these companies are looking at the opportunity from a more practical perspective, where Facebook of course could offer access to their user base which no other crypto could compete with. I really find it hard to believe that these companies would

1. change the conclusion of their already performed due diligence on the technology itself after joining the project

2. reach the conclusion at the same time

But of course I do not know and it might all just be a tinfoil conspiracy theory :)

Share this post


Link to post
Share on other sites
3 hours ago, opaopa said:

Yeah I agree with you from a technical standpoint and of course i think that ILP and XRPL are technologically superior to Libra. But i think that these companies are looking at the opportunity from a more practical perspective, where Facebook of course could offer access to their user base which no other crypto could compete with. I really find it hard to believe that these companies would

1. change the conclusion of their already performed due diligence on the technology itself after joining the project

2. reach the conclusion at the same time

But of course I do not know and it might all just be a tinfoil conspiracy theory :)

I think we are thinking the same way.  Part of the problem with Libra is the hostility it has awakened, which combined with the poorly thought out strategy, makes it not worth throwing more effort into.  These companies will now look at other options, and hopefully speak with Ripple before making rushed decisions.  David Schwartz recently unveiled a feature which allowed companies to create stable coins on the XRP ledger; this might be an attractive solution since you can piggyback a stable coin on to Ripple technology that has XRP cross border settlement properties

Edited by Julian_Williams

Share this post


Link to post
Share on other sites
I think we are thinking the same way.  Part of the problem with Libra is the hostility it has awakened, which combined with the poorly thought out strategy, makes it not worth throwing more effort into.  These companies will now look at other options, and hopefully speak with Ripple before making rushed decisions.  David Schwartz recently unveiled a feature which allowed companies to create stable coins on the XRP ledger; this might be an attractive solution since you can piggyback a stable coin on to Ripple technology that has XRP cross border settlement properties

Libra attempts to replace the current system
Ripple/XRP attempts to enable it
Thats a fundamental difference

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...