Smith1776 wrote: ↑Wed Jul 17, 2019 2:48 pm
I wonder what Harry Browne would have thought about Libra. Not just from an investment perspective, but from his libertarian perspective.
Harry thought the PP should be location/regional focused. As Libra is a bundle of international currencies, it would be bad for the PP/investment in that regard. Its just a bundle of fiats with a counterparty and custodian that you have to trust.
From a libertarian perspective, Libra is asking how to comply with the government currently. So there is not much liberty to be found there either.
Smith1776 wrote: ↑Wed Jul 17, 2019 2:48 pm
It's cryptocurrency. Except it's not truly decentralized.
Cryptocurrency as "Tokens" issued on a "blockchain" do not have any inherent value. You and I can issue one this afternoon if we wanted.
The value of Bitcoin is in the censorship resistance via decentralization.
Libra's network is set to be run by a few, named, companies with mailing addresses, complying with regulations of the government. What is the investment value proposition for something like this? What is the liberty value proposition for something like this? There may be some efficiency gains from new technology, but Im unclear why "blockchain" is the best technology for a centralized group to run. (why not a database that each member of the group share rules to update?)
Smith1776 wrote: ↑Wed Jul 17, 2019 2:48 pm
It's not fiat, but it
kind of is, thanks to its fiat reserves. It's a free market solution, but a highly commercialized and consolidated one. It has limited supply like gold, but only enforced in software, not by nature.
"It has limited supply..." Source of this? I dont think it is limited.
Smith1776 wrote: ↑Wed Jul 17, 2019 2:48 pm
In many ways I like Libra. It has just enough elements of free money and decentralized money, in addition to stabilization and centralization that it might just work.
Per my comments above, Im unsure what is gained by Libra. Happy to hear your thoughts on it in more detail since I have not given it too much research yet.