Libra: A Big Step For Cryptos?

I have written in the past about my interest in cryptocurrencies and their potential to be a more sound store of value than government currency. Recent geopolitical economic instability (tariffs, currency devaluation, Brexit) has resulted in BitCoin prices surging. BC has broken the $9K per coin mark in the last couple months – more than double what I paid when I jumped in with a small bet two years ago.

Now there is a new crypto coming to market that looks especially promising, based on who its backers are. Libra, which is being launched by Facebook, has a roster of big names behind it – including financial heavyweights VISA, MasterCard, and PayPal. They are hyping it as “a simple global currency and infrastructure that will empower billions of people”. With companies like Spotify, Vodaphone, Uber and Lyft as partners, it gives you the thought that this might be the crypto that becomes transactional. Fortune magazine calls it “cryptocurrency for the masses”.

This Verge article says that the initial focus will be in establishing Libra in areas of the world that are underserved by banks. That’s clearly an opportunity given how corrupt government currency is in many of those places. They are presenting Libra as a “democratizing global currency”. One can’t help but wonder how long will it be before Libra starts becoming adopted in the developed world?

My small investment into cryptos (BitCoin & Etherium) is up +72% in the last two years. I think will double-down with a buy on Libra when it becomes available. It won’t be a material part of our portfolio, but I’d like to be a part of it as it rolls out.

What do you find interesting about Libra?

4 thoughts on “Libra: A Big Step For Cryptos?

  1. It will be interesting to see how this develops. I still can’t get my head around crypto as an investment (feels too much like speculation) but it does feel like that is where we are all heading eventually

    Liked by 1 person

    1. I don’t think of cryptos as an investment, but as a store of value that shouldn’t be as easy to corrupt / devalue as government currency. 2% inflation for 25 years is a 50% loss of purchasing power.

      Liked by 1 person

  2. This the thing that scares me the most. Since the Federal Reserve Bank ( which was voted in by a small majority of elected officials late in the evening when everyone had gone home for Christmas holidays and the bill was created by the financial heavyweights of the times who were also leaders of the banks. The actual vote is conveniently left out on the Federal Reserve’s website page about the History of the Federal Reserve Bank. ) anyway, I digress, since the Fed bill became law the purchasing power of the dollar has lost like 98% due to inflation. All the power belongs to those that control the money. Our banking system which creates money through Government debt with our taxes and those of our children as the collateral. This is the system that brought us the Biggest Banks in the world and huge mulit-national corporations and entities like Facebook that by all means should be considered a monopoly since they control something like 80% of the market WORLDWIDE. The way I see it is since Bitcoin first started becoming prominent and the creation of Ethereum and the promise that held of cutting out the middle man the big banks and the big financial institutions did everything they could to stop it with the help of there big corporate cronies like Facebook , You tube and Google. The corporate cronies disallowed crypto advertising as it’s promise started to be seen during the 2018 bullrun which helped ( along with getting too big too fast ) cause the coorection we have faced since. The promise of crypto in my view is to give the power back to the people by leveling the playing fields a bit, no more backroom deals since the ledger is public. Do we really want a company like Facebook who banned crypto advertising, at least until it was a month or so away from issuing it’s Libra coin cause then it became okay again, to have control over something like the nations money. Remember, this is from a guy who maybe, maybe not stole the idea from the guys who hired him to build their website, the only difference being they only wanted it for Harvard and Facebook was built for everyone. I want to see crypto take back some of the power, not to do away with government since there is always a need for government, but to ensure transparent government. That is why I am hoping and praying that these Big Banks and Big Corporations who tried there best to stop this train from coming and or now trying to beat the train to the market ( has anyone heard of the JP Morgan token…..wasn’t that Bank the loudest of all in shouting Bitcoin and Crypto’s are a SCAM ). Please man, I do not want to rain on your parade and I hope you don’t think I am trying to shoot you down…….it’s just that a lot of people coming into the industry as investors are also looking for the Libra coin or the TON ( telegrams token coming soon ) that is going to take this to the masses without thinking about what could bring about true change that is needed in the world and that is the decentralized aspect of crypto. The people running the system’s for the people without the need for VISA or MASTERCARD to get a cut almost every transaction we make in today’s USA. The only exceptions is when we transact with cash which is becoming increasingly difficult and they are lobbying congress right now to make all money digital. The people running the systems for the people…….thats the beauty and I hope we can get to the market before the trains that are trying to beat us does. Which means better scaling, better governance, and wider usage as we have a long way to go. Please look into the big picture and help us educate others into bringing forth a better world. And as a small time investor like myself, we may even get to be wealthy if it gets there. But lets not allow our goals of being wealthy stifle the promise of a decentralized world. I have just started a new blog, get this, called Bayou Crypto Rants and Raves that I am hoping to meet my goal of at least one publication a week. I am hoping to get out the word of what this tech can really bring to the world if we don’t let those in power now strip it from us. I hope that my rant just now hasn’t offended you and if you liked anything in this message please come to the blog and tell your friends.

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