Facebook's Libra vs Bitcoin and Ethereum

Jamie McKane

MyBroadband Journalist
Joined
Mar 2, 2016
Messages
7,000
Facebook's Libra vs Bitcoin and Ethereum

Facebook recently announced the launch of its new cryptocurrency, named Libra.

This announcement was met with praise by those excited about the adoption of blockchain technology in mainstream applications and concern by those wary of Facebook's control over a blockchain designed to facilitate payments.
 

The_MAC

Executive Member
Joined
Oct 11, 2012
Messages
6,111
Feels more like a social experiment than anything else..
 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
42,329
You cannot compare the two.
There can only be one definition of time with computation.


Similar to Bitcoin?
A shitcoin could be considered similar to Bitcoin for many reasons. Some consider ZuckBuck similar, because … whatever.

The similarity that really matters is the mechanism that creates scarcity. In Bitcoin’s case it is the Nakamoto consensus built on proof of work (POW).

Many shitcoins experiment with alternate consensus algorithms, such as BFT, POS, POET, governance or any combination of them. The ability to prove work is ultimately constrained by physics and available resources. Those alternatives to POW use strictly more assumptions hence the scarcity they achieve is of lower reliability, quality.

We will soon see if the quality of scarcity offered by Zuck is deemed sufficient by the masses and hence ZuckBuck manages a “flippening” against fiat in the daily uses of buying likes or in-app gadgets in facebook and related apps.

Our quest is however not for a good enough scarcity for some use case, but that of ultimate digital scarcity, which would give rise to highest value.
 

Accord8819

Member
Joined
Jun 29, 2010
Messages
17
How is the value of the new crypto derived? The same question I have for all of these crypto currencies.
 

Temujin

Honorary Master
Joined
Apr 18, 2015
Messages
12,561
Yeah sure, nope, not a fark am I going any where near this:ROFL:
 

cyb3rt

Senior Member
Joined
Aug 2, 2008
Messages
815
How is the value of the new crypto derived? The same question I have for all of these crypto currencies.
"Libra is fully backed by a reserve of real assets. A basket of bank deposits and short-term government securities will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value "

Only real problem here is, Facebook. I would much rather trust math with my money than trusting multiple global organisations.
 
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