Quote from: avikz on October 30, 2019, 04:23:58 AM

Quote from: Youghoor on October 30, 2019, 01:34:59 AM

So I was wandering around on youtube and I came across this video( https://www.youtube.com/watch?v=Lw7M7QamQgI ). I realized that the ideas behind the creation of Libra Coin by Zuckerberg are very similar to that of Bitcoin, which I felt that he is just being smart to launch a crypto coin like Bitcoin. But do you guys think He needs the approval from these people before launching the Libra Coin? Personally, I don't think these people understood what he is trying to develop. This video really explains why Satoshi decided to remain anonymous. Satoshi knew that these people will never understand his ideas and contradict the development of Bitcoin.

Facebook is a market listed company. So the ownership of Facebook doesn't really belongs to Zuckerberg. Everything they do, they have to answer to their shareholders. So they are just doing what they are expected to do - seeking licenses to conduct their business and trying to be fully compliant! Facing hurdles in the process!

On the other hand, Satoshi didn't have any such compulsions! So even if the vision is same - to create a global currency, the operating structure is really very different for Bitcoin and Libra both! It will be utter stupidity if we try to compare Bitcoin and Libra!

Facebook is a company created businesses by individuals and for the purpose of profit. Therefore, I am categorically against the idea that a global stable coin should be created by a separate business structure, and not by a state or a group of states. Can you imagine if such a coin is used everywhere and serious financial problems arise with Facebook? There will be a threat to global financial stability and the state will be forced to financially support the business structure. Who needs this?
Such a stable coin cannot be compared with Bitcoin in general, where business ideas were not present at all.