There were initially 27 corporations with hundreds of Billions of Dollars supporting the development of "Facebook Libra". Some say that even more companies are jumping on board now too.
Libra used to be called "GlobalCoin" but then they changed it.
Gee, I wonder why...
Those 27+ corporations want their coin to be used and they have billions of dollars to market it. When they decide to kill Bitcoin and all Proof Of Work (POW) blockchains, they can, and just might. Please hear me out for a minute...
Note: We use Bitcoin. We HODL Bitcoin for our kids' future. We rely on Bitcoin. We pay our entire Developer staff with Bitcoin, and have done so since 2013.
So, that being said, if you had virtually unlimited funds, and you really wanted to dominate the market and/or destroy your competition (Libra vs Bitcoin), how would you do it?
A)) Buy up every Bitcoin you can from every OTC Trader and Exchange in the world? or..
B)) Destroy your competition without spending even a fraction of that amount?
Assuming they have access to huge funds and will go with option B, here is how I see it playing out...
In just a matter of hours, those Billion dollar companies can just pool their resources and then do a 51% attack on all of the coins that they see as a threat to Libra, and make the remaining ones illegal. They can easily afford $1M/hour (and get all of the additional free money they need from the IMF to make it happen). Watch the crypto51 link above.
I/we are seriously concerned about this. Let this post serve as a conversation starter below so that we can figure out how to prevent the 5 risks above. This post is meant as opinion only, and for discussion..
Note: We use Bitcoin. We HODL Bitcoin for our kids' future. We rely on Bitcoin. We pay our entire Developer staff with Bitcoin, and have done so since 2013.
Diversification; it certainly wouldn't hurt. Not just in POW coins like BTC and LTC, but also DPOS coins (Bitshares (BTS) and STEEM for example).
Diversify a bit into DPOS?