Libra may be the end for Facebook: Part 2

2 min read

Facebook’s choice to issue a centralized, semi-anonymous, permissioned token (Libra) is puzzling. First, Facebook’s understanding of the concept of modern money seems ambiguous at best, this is because Facebook indicated that Libra will be backed by a basket of currencies and financial assets. While FIAT currencies have been backed by trust since the US left the gold standard in the 70’s; it is unclear why Libra would be backed by a FIAT basket. This may have been a marketing choice to paint Libra with legitimacy or it is a form of appealing to monetary authorities. “Pegging Libra to a FIAT…...

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Mike Hassaballa Mike earned a master’s degree in applied science in 2013, then he launched his career in the data centre industry. In 2015, he shifted gears and took on a Lead Engineer role in a company developing emission reductions technology. He then moved in 2018 into energy consulting. Mike focuses on most critical issues and opportunities in business: strategy, operations, technology, transformation, advanced analytics, and sustainability. Mike writes fascinating stories meant to be read by anyone. He excels in simplifying complex subjects and bringing a fresh new perspective to pressing issues.