There are many claimed dollar fiat collateralized stablecoins (TUSD, USDT,
PAX, GUSD, USDC) and now Libra. Many will end in tears. There is an ongoing
court case already in New York on Tether (USDT) that it is not backed by $
on one to one as it is claimed, that there is no $$ collateral to match the
claimed value of Tether, and Tether is used to manipulate the value of
cryptocurrencies by pumping the price if BTC.
My point is, a dollar backed stablecoin is not the same as a Federal
Reserve Bank cryptocurrency. A Federal Reserve Bank cryptocurrency will not
be backed by the dollar because it is the dollar.
On Fri, Jan 24, 2020, 12:47 PM mauxdatabase <[email protected]> wrote:
> Agreed, Libra according to Facebook will largely be backed by USD so it is
> really a Corporate manifestation of the eDollar; plus we are talking about
> a generational play here driven globally by millennial’s and younger they
> are looking(demanding) for both convenience and choice.
>
> They will run to whichever e-currency(s) have both, which is why its a
> race…
>
> On Fri, Jan 24, 2020 at 12:05 PM Mwendwa Kivuva via kictanet <
> [email protected]> wrote:
>
>> It will be hard to dislodge the dollar. Federal Reserve Bank cas create a
>> dollar serve stablecoin and tht will end the debate
>>
>> On Fri, Jan 24, 2020, 9:34 AM mauxdatabase via kictanet <
>> [email protected]> wrote:
>>
>>> Libra will probably launch when China rolls-out their digital currency
>>> via TenCent and AliPay.
>>>
>>> Its an inevitability that the Worlds next reserve currency will be an
>>> Internet Currency so the race is on….
>>>
>>> On Fri, Jan 24, 2020 at 8:53 AM Ali Hussein via kictanet <
>>> [email protected]> wrote:
>>>
>>>> @Willis
>>>>
>>>> Facebook went to great lengths to assure partners it won’t control
>>>> Libra. To the extent of creating a consortium with representation across
>>>> the divide. I guess they failed to dispense the fears of regulators and
>>>> policy makers. I’m very convinced that the pressure to leave the Libra
>>>> Consortium came from other quarters other than the reasons being given by
>>>> those who are now bailing out after paying $10 million to join the Libra
>>>> Consortium.
>>>>
>>>> Read more about the Libra Consortium below.
>>>>
>>>> techcrunch.com/2019/06/18/facebook-libra/
>>>>
>>>> *Ali Hussein*
>>>> +254 0713 601113
>>>>
>>>> Twitter: @AliHKassim
>>>>
>>>> Skype: abu-jomo
>>>>
>>>> LinkedIn: ke.linkedin.com/in/alihkassim
>>>>
>>>> “We are what we repeatedly do. Excellence, therefore, is not an act but
>>>> a habit.” ~ Aristotle
>>>>
>>>>
>>>> Sent from my iPad
>>>>
>>>> On 23 Jan 2020, at 8:50 PM, Willis Muriu via kictanet <
>>>> [email protected]> wrote:
>>>>
>>>>
>>>> For me, the one major issue was that it was “controlled” by Facebook
>>>> (centralized) unlike Bitcoin (decentralized.)
>>>>
>>>> Another reason, I think, is because it proved to be serious competition
>>>> to the Dollar, and you have heard what happens when you challenge the
>>>> Dollar.
>>>>
>>>> Regards,
>>>> Willis Muriu
>>>> +254 715 530 349
>>>>
>>>> On Thu, Jan 23, 2020 at 6:37 PM Ali Hussein via kictanet <
>>>> [email protected]> wrote:
>>>>
>>>>> Interesting…Most of the incumbent players are one by one abandoning
>>>>> Libra. What gives? Pressure from regulators?
>>>>>
>>>>> Here
>>>>> <www.forbes.com/sites/sergeiklebnikov/2019/10/21/here-are-all-the-companies-that-bailed-on-facebooks-libra/#674681de3487>
>>>>> are some of the other companies that have bailed out on Libra. The list
>>>>> includes Visa, Mastercard, Stripe, Mercado Pago and eBay.
>>>>>
>>>>> Pressure from regulators and policy makers is real.
>>>>>
>>>>> Regards
>>>>>
>>>>> *Ali Hussein*
>>>>>
>>>>>
>>>>> Tel: +254 713 601113
>>>>>
>>>>> Twitter: @AliHKassim
>>>>>
>>>>> Skype: abu-jomo
>>>>>
>>>>> LinkedIn: ke.linkedin.com/in/alihkassim
>>>>> <ke.linkedin.com/in/alihkassim>
>>>>>
>>>>>
>>>>>
>>>>>
>>>>> Any information of a personal nature expressed in this email are
>>>>> purely mine and do not necessarily reflect the official positions of the
>>>>> organizations that I work with.
>>>>>
>>>>>
>>>>> On Thu, Jan 23, 2020 at 4:10 PM Mwendwa Kivuva via kictanet <
>>>>> [email protected]> wrote:
>>>>>
>>>>>> Vodafone has withdrawn from Facebook’s digital currency initiative
>>>>>> Libra, as regulators and bureaucrats circle overhead.
>>>>>>
>>>>>> While Facebook might have become accustomed to sitting in the
>>>>>> regulatory spotlight, it seems other companies are not as accepting of the
>>>>>> attention. In an increasing tsunami of regulatory scrutiny, Vodafone has
>>>>>> become the latest company to withdraw from the Libra initiative, joining
>>>>>> the likes of Paypal and Mastercard.
>>>>>>
>>>>>> “Vodafone Group has decided to withdraw from the Libra Association,”
>>>>>> a Vodafone spokesperson said.
>>>>>>
>>>>>> “We have said from the outset that Vodafone’s desire is to make a
>>>>>> genuine contribution to extending financial inclusion. We remain fully
>>>>>> committed to that goal and feel that we can make the most contribution by
>>>>>> focusing our efforts on M-Pesa. We will continue to monitor the development
>>>>>> of the Libra Association and do not rule out the possibility of future
>>>>>> co-operation.”
>>>>>>
>>>>>>
>>>>>> telecoms.com/501960/vodafone-snubs-libra-in-favour-of-m-pesa/
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>
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