When Facebook announced that they were launching Libra, I read mixed sentiments throughout. Define beat? In what aspect? I assume most people use the price tag in USD as a measure of success.
I found this image on The Verge. Kind of fitting, no?
Ignore the irony of it all, it would appear USD is more global than anything the crypto space is trying to push out. I would agree that Libra's fundamentals contradicts the ideals of cryptocurrency. It even makes Facebook seem like a banking entity, except it is not and it most likely should not be.
Many people wonder if the FB coin would exceed Bitcoin and other major projects in the space. It might because crypto has not been about currency since more and more people picked it up. Crypto has been about early investments and speculations.
Another twist of irony is that Facebook will more than likely have the assets to back up Libra than, say, Tether. I have always seen Tether as a worse version of the "dirty fiat" everyone crypto person despises. But hey, it's for "crypto" so the dissonance is okay.
Being one of the largest social networks, you bet Libra will have better press and marketing. It will expose billions, who never cared about blockchain, to the space. Let's suppose they catch the interest of several hundred million people. Even 1% of them buying into Bitcoin, Steem, etc. would increase the current value of those coins.
Instead of focusing on your favorite coin being the most dominant, be realistic. It makes more sense for your investment to grab enough of the market shares to be profitable.
In short, Libra will more than likely beat every crypto when it comes to marketing. Given FB's massive resources, it will most likely be more valuable than most coins. Will the price actually surpass Bitcoin? We will have to find out. It is also plausible that Libra will be more "popular" than Bitcoin as it on ramps people into the space.
Set some money aside for Libra. You might be glad you did later. As for your privacy, well, that's story for another day.
Let me know in the comments
