When I first head about libra, It reminded me of a spell in one of my favourite games, "final fantasy 12".
In that game, what Libra does is that it allows you to see hidden information about a particular enemy, including what elements it's weak to, it's HP level, basically everything about the enemy.
In a way, it allowed you to know more details about the character than the character probably knew of themselves.
This is especially funny, considering that Facebook, the company behind the Libra token so widely publicised, has had a long history with people accusing it of data collection and breach of privacy.
While I find it funny that Facebook would choose such a name, I however have become more concerned with the threats the Facebook coin brings to the table
For 10 years, we in the cryptocurrency realm fought to build the crypto society, bringing more individuals in, pushing a belief system that shows the truth, that shows that your money is not safe in fiat.
Facebook libra tosses all that out the window. The mere fact that it is backed by fiat ear marks it towards the same fate as fiat currencies.
A steady loss in value due to inflation.
It also means that if fiat were to go dead, by all accounts, so would Libra tokens.
Now I must confess that I have not read up the entire white paper and I may very well be proven wrong in the future, but it seems to me that Libra is trying too hard to appeal to all parties.
In one hand, trying to be a digital currency and in the other, trying to be a cryptocurrency.
The two aren't the same.
One is exposed to being controlled by the govt and the other activity is opposed to government control due to the added consensus mechanism and the worldwide public node system.
Cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies.
Libra needs a redefinition of itself.
The usecase of Libra is brilliant, being a global coin is good. In the quest to be the one world coin, Libra could very well be a powerful contender.
