Facebook Libra Cryptocurrency is really aimed at accredited investors

Facebook announced their Libra Cryptocurrency but there are two coins being “minted”.

Libra coin has 2 very distinct and separate uses, it is in fact two separate coins. While one coin will be used for mass adoption for the unbanked approx. 2 billion people globally the second is aimed directly at the institutional and accredited investors.

Facebook newly announced cryptocurrency reeks with everything that Facebook is, or has become, it is lack of innovation and lack of foresight backed by Billionaires who have no connection with real world issues.

Facebook Libra Coin

The humanitarian Libra coin which Facebook will tout and be applauded for is nothing new, cryptocurrencies are being used in countries like Venezuela and in developing countries in Africa. Furthermore, Facebook has more to gain by delivering a global crypto currency and digital central bank.

To look at their lack of innovation since 2014, one could argue, that this is just another great way for Facebook to track, monitor and grow their business. Let us be aware of the many concerns about privacy, hacking and tracking that are looming over Facebook in many countries including their issues with 2016 US Election advertising scandals thanks to Russia.  Mr. Zuckerberg sat in the Congressional hearing like a kid who had stolen a car, but, had no idea how it worked.

Their head long jump into global cryptocurrency domination is naive at best. It will generate a mass adoption in cryptocurrencies, but will have so many issues on roll out it will take 2 – 3 years for it to really become a purchase vehicle.

The hype surrounding the crypto currency and the simultaneous order by the SEC that US citizens cannot hole alt coins after September is really a worrying scenario for true cryptocurrency evangelists and early adopters.

Bitcoin, will stay in and slowly grow, it is after all the Granddaddy of all crypto currencies, and Ethereum will become the true innovator of the landscape delivering the real crypto landscape to the enthusiasts and developers. Facebook, however, will be the behemoth that will create nothing new and keep many in ignorance of real developments in the blockchain and crypto universe.

The social network recruited the founding members of the Libra Association, a not-for-profit which oversees the development of the token, the reserve of real-world assets that gives it value, and the governance rules of the blockchain. “If we were controlling it, very few people would want to jump on and make it theirs” says Marcus.

Each founding member paid a minimum of $10 million to join and optionally become a validator node operator (more on that later), gain one vote in the Libra Association council, and be entitled to a share (proportionate to their investment) of the dividends from interest earned on the Libra reserve users pay fiat currency into to receive Libra.

Libra Investment Token for Accredited Investors

Facebook has a second coin the “Libra Investment Token”, their real reason for the cryptocurrency entrance. This coin will only be available to Accredited Investors and Institutional investors to be used as investment in more companies and enterprises that Facebook will slap its logo on.

If the masses are not able to use the coin then really its not a cryptocurrency at all and Mark Zukerberg and his team of billionaire VCs have not understood anything about crypto currency.

One Central Global Crypto currency, just this term should be like nails on a chalk board to any decentralized digital ledger convert.

We will see the crypto landscape become exactly what we railed against, a centralized, elitist currency that will control the worlds entire cryptocurrency value.

I am all for cryptocurrencies but I do believe if we refer to the idealism of non-governance and non-centralized systems, we should be holding our heads down now at the death of a dream.

Facebook, last year banned blockchain advertising along with ICOs, as did Google and now they are launching an assault, on many blockchain and crypto projects, while the SEC cower to the might FB Coin.

If my dreams can come true, this will fall along side the much hyped and yet to be delivered EOS platform and people who actually do not get their news from Facebook will standfast.

This will not happen and Facebook will become the controlling crypto currencies and we will all be forced in some way or another to adopt this coin. I could quote revelations in the Bible, but this mark of the beast is not real evil its just not good for people as a whole.