MasterCard is moving forward with its Libra initiatives
Note to reader: Due to the potential for huge, unquantifiable liabilities, there is no way that firms like Facebook, MasterCard, Visa, and PayPal will ever use third-party, permissionless blockchain schemes like bitcoin to process payments and transfer money. These outfits may allow you to buy bitcoin; but then again, these outfits using Libra will allow you to buy just about anything on their centralized, permissioned network.
I find it interesting that the initial sound and fury surrounding Facebook’s Libra announcement has quieted down tremendously. I noted that the globalists plastered their well-timed reporting of the Libra project all over the place to gauge sentiment and to desensitize us to the inevitable. After some time these elites will ratchet up the conversation again, and with each and every passing day, the concept will seem more and more routine to the average person. The Libra in some form will go through, as it has been presented as the only current viable alternative to the U.S. dollar for transactions.
Jim Cramer may have recommended that Facebook buy Square and abandon its Libra project, but that was already a month ago. As time wears on, the resistance to Libra will dwindle. Besides, Cramer probably had friends with large Square holdings. If we think about it, any manufactured friction between government and tech is for show, since the sames elites control both sides. Regardless of what the government says, the large tech companies continue to grow more powerful. Next year, Cramer will probably say that Facebook worked it out well and he is excited at Libra’s prospects.
“Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies?,” Mastercard asks in a recruitment listing. Those hired will “monitor cryptocurrency ecosystem trends” and “develop new products and solutions.”
Mastercard is doing this because “it wants to be known as more than a card company; it wants to be a technology company,” said Ted Rossman, an analyst with CreditCards.com.
Another card expert called it “a smart move.”
Bill Hardekopf, chief executive of LowCards.com, said Mastercard “sees there’s a lot of activity in this area. Even if it isn’t going to offer its own cryptocurrency, they know it’s important to have people who understand the subject.”
Many other big companies are partnered in Facebook’s Libra, too. Among them are PayPal, Uber, Coinbase, Lyft, Vodafone, eBay and Spotify. Mastercard rival Visa is also involved.
Libra intends to create “a globally, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology.”
Mastercard is assembling its own cryptocurrency team – N.Y. Post Business, August 17th
Existing blockchains are too limited in scope to ever make them viable for transactions
I came across a Stratfor article titled, For Facebook’s Cryptocurrency, the Well May Already Be Poisoned, which presents a fairly objective analysis on the matter.
A centralized membership body lends tremendous credibility to Libra’s ability to control who is using the currency and how within the present financial frameworks. Bitcoin’s blockchain, by contrast, is considered “permissionless,” which means there is no approval process to “mine” for the coin and manage its ledger. As a result, Bitcoin’s public infrastructure is notoriously slow and inefficient because of the sheer number of people who are allowed to operate on its system at any given time, which increases the computational power needed to complete transactions. In essence, Libra is trading the conventional conception of cryptocurrencies for increased dependency, function and security, all of which on paper should create a far more accommodating regulatory environment.
For Facebook’s Cryptocurrency, the Well May Already Be Poisoned – Stratfor, August 15th
Stratfor says that Libra has a strong interest in working with governing bodies, expressed both in its white papers and Facebook’s decision to announce its currency without an actual product. Its success, hinges on ubiquitous acceptance. I agree.
Moreover, Facebook’s Libra project has leveraged the past 12 years of blockchain advancement to get to this point. While few are actually doubting the technology behind the Libra, most are concerned about privacy issues. But as I said before, Facebook’s usage continues to grow despite all its adverse publicity. Facebook is the only firm in the world that is currently capable of promulgating a private currency. So, if there is one firm that can pull it off, it will be Facebook.