In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Durov intended TON as social media for money. To explain, TON’s goal, like Libra’s, is to enable anybody to send funds anywhere in the world at the press of app.
Thus, TON offers a totally offers a new model of finance, a decentralized currency anybody could access. Libra, however, extends the current finance system of centralized banking into the blockchain. In fact, I think the Libra Association looks like a global Central Bank.
The organization that will administer Libra, the Libra Association, looks like a central bank
To explain, a central bank issues currency, backs currency with a reserve, and regulates and administers the ecosystem that distributes the currency. Beyond that a central bank acts a a bank for other banks. I think the Libra Association looks like a Central Bank for global electronic payments systems like Visa and PayPal.
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I conclude that the Libra Project is a separate organization from Facebook. Instead of running Libra, Facebook merely participates in it. Why would Facebook set up a separate company for its digital wallet if it controlled Libra?
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C Labs claims the Celo Wallet will work like Venmo. Venmo is the popular peer-to-peer (P2P) app owned by PayPal. Thus, Celo is an R&D effort trying to create consumer products that a central bank could use.
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Facebook (NASDAQ: FB) unveiled its Libra cryptocurrency proposal in June to much fanfare and controversy. Fascinatingly, an unconfirmed rumor claims Facebook employees working on the Libra
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Facebook’s foray into cryptocurrency, blockchain, and Fintech will only increase that criticism. However, given Zuckerberg’s track record speculators and investors should pay close attention to Project Libra. Zuckerberg could build another money machine that will make many people rich while generating vast amounts of controversy.
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“Branded stablecoins will integrate directly with existing consumer applications operating within apps that consumers know,” Naidoo told the First World Stablecoin Summit. “In many cases consumers might not perceive that they are using a cryptocurrency or blockchain.”
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Hence, the two monster banks’ revenue growth rates were shrinking before coronavirus. Now that revenue growth is collapsing rather than shrinking.
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Disturbingly, coronavirus could drive adoption of WhatsApp payments in Brazil. To explain, people could be afraid to use cash because COVID-19 could infect paper money.
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There is a huge technological roadblock that could kill Bancor, Libra, and the Digital Yuan.
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