#CryptoCorner: Calibra Head David Marcus Publishes Blog Advocating #Blockchain Networks, Coinbase CEO Praises Libra, Zuckerberg Allows for Libra Launch Delay
Point Roberts, WA, Delta BC, September 26, 2019 -Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.
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Stocks discussed: (NasdaqGS:FB)
David Marcus, the head of Facebook’s (NasdaqGS:FB) Calibra wallet, published a blog post yesterday making the case for blockchain-based payment networks. Marcus explores some of the disadvantages of the current payment network models, including his claim that existing models are “closed and not well interconnected”, that they’re siloed (“it’s a bit like if you couldn’t send emails from Gmail to Yahoo! Mail”), and that they tend to require third-party intermediaries to execute transactions. An excerpt reads:
“Long story short, building on top of existing rails and across disconnected payment networks won’t reduce cost, open up the market to more innovation, nor lower the barrier of access to modern financial services as much as building a new infrastructure with a very stable, high quality global medium of exchange supporting it.”
Coinbase co-founder and CEO Brian Armstrong expressed support for Marcus’s blog post in a tweet, and also defended the Libra project against what he interprets as undue criticism.
“Libra is one of several important crypto projects on the horizon with the potential to improve the world. Whether it works or not still remains to be seen, but I find the backlash to it a bit odd and misguided. @davidmarcus makes a reasonable case here”
Meanwhile, in an interview with Nikkei Asian Review published today, Facebook CEO Mark Zuckerberg cast doubt on Libra’s launch date. Though he didn’t say one way or another, Zuckerberg’s comments seem to have allowed for the possibility of a delay in the stablecoin’s launch date.
"A lot of people have had questions and concerns, and we're committed to making sure that we work through all of those before moving forward."
"Obviously we want to move forward at some point soon [and] not have this take many years to roll out. But right now I'm really focused on making sure that we do this well."
Former Federal Reserve official Simon Potter has criticized comments from the Bank of England’s Governor Mark Carney, who last month said that the U.S. dollar should be replaced as the global standard by “something like” Facebook’s Libra, according to a report from BNN Bloomberg. Speaking at a Peterson Institute for International Economics event in New York yesterday, Potter said:
“I see no argument that makes sense to have something that complicated out there when you have large, liquid capital markets in the U.S. Not having one currency that you can basically price things and have a deep market in, that makes life much harder for the global economy.”
“Central banks should be very concerned about the private sector doing this. “A nation’s control of its currency is designed to protect people and get good outcomes. The private sector is much more interested in selling products.”
Sam Mowers, Investorideas
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