#CryptoCorner: Calibra Head David Marcus Publishes Blog Advocating #Blockchain Networks, Coinbase CEO Praises Libra, Zuckerberg Allows for Libra Launch Delay
#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,
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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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