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Crypto Twitter responds to the reality of Facebook’s Libra ‘cryptocurrency’

Facebook released its long-awaited cryptocurrency white paper today

facebook libra

Following months of speculation, Facebook finally confirmed the release of Libra next year.

The tech giant also unveiled details about Calibra, its corresponding custodial digital wallet, but failed to provide specifics about its launch plans.

Given the buildup to the announcement, it didn’t take long for Twitter to go into meltdown, with many commentators rushing to share their views with the world. Some good, other less so.

Peter Todd, a well-known industry figure and an applied cryptography consultant, didn’t mince his words.

Seemingly unimpressed, Todd then focused on the coin’s technical aspect.

Next up, Udi Wertheimer, a developer and Bitcoin activist, also explored Libra’s inner workings following the announcement.

But it wasn’t all doom and gloom.

Binance’s CEO highlighted Facebook‘s prowess in terms of consumer data, but given the platform’s recent woes, I’m not sure this is something users (or regulators!) should be complacent about.

Others focused on the potential positive impact on the wider cryptocurrency community – but missed the point entirely: Libra is NOT a cryptocurrency, at least when to compared to something like Bitcoin.

But, if like me, you’re wondering about Libra’s implications on the future of payments: stop it because Joshua Davis has it all figured out.

Let’s be realistic

I could have written a really long article about why I think Libra is unnecessary or produced a deep dive on why it fundamentally represents Facebook’s quest to become a ubiquitous platform in our lives.

But why bother when Twitter does it oh so well.

The fact of the matter is that Libra is coming, so my only advice is: spend it wisely.

Published June 18, 2019 — 15:25 UTC