Will The Libra Cryptocurrency Revolutionize Money?

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 10 July 2019

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will Facebook's Libra Cryptocurrency transform money as we know it or is it "the most invasive and dangerous form of surveillance devised thus far?" How does the Libra compare to Bitcoin and the U.S. dollar in terms of the attributes of money.

In this episode you’ll learn:

What is the Libra and how does it differ from Bitcoin.
What are the different attributes of money.
What is proof of work and proof of stake for cryptocurrencies.
What is the difference between permissionless and permission-based systems for cryptocurrency.

Thanks to WIX and Peloton for sponsoring the episode. Use code MONEY for Peloton.

For show notes and more information on this episode click here.

[0:17] Praise and criticism of the Libra.
[1:56] What defines money, and does the Libra match up?
[3:53] Proof of work vs. Proof of stake: Libra vs. Cryptocurrency.
[9:52] The role of Libra BFT: creating a permission-less and sustainable currency.
[12:30] Libra’s claim that it has intrinsic value by being backed by assets.
[16:00] Measuring the reserves and political power of Libra.
[17:46] How new money is created by Libra compared to other currencies.
[21:05] Who makes up the Libra validators?
[22:36] Possible issues with taxes and regulation.
[24:42] Comparing libra to other cryptocurrencies and the U.S. dollar.

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Transcript

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0:00.0	Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest it and how to live without worrying about it.
0:09.0	I'm your host David Stein today's episode 259. It's titled,
0:13.2	Will the Libra cryptocurrency be better at money?
0:17.0	Last month, Facebook announced a new cryptocurrency called the Libra,
0:21.8	LIBRA. cryptocurrency called the Libra, L-I-B-R-A.
0:24.8	Parmi Olson and Jeff Horwitz in the Wall Street Journal described it as being a secure blockchain-based payment system backed by hard assets and designed for ordinary
0:37.1	users, making it among the boldest efforts yet to bring digital currencies into the mainstream.
0:44.2	There's critics though.
0:45.9	Here's a quote from Phil Chen, he's the decentralized chief officer at Fomemaker HTC's
0:51.1	blockchain-driven Exodus project.
0:54.3	Of the Libra, he said,
0:56.3	this project is the antithesis of Bitcoin
1:00.0	and is another step toward total control of data and users.
1:04.3	This global coin is the most invasive and dangerous form of surveillance
1:09.7	they have devised thus far. The Libra White Paper describes it as a key objective of the project
1:17.6	is to provide billions of people with access to a low volatility cryptocurrency that can serve as a low friction medium of exchange
1:27.4	on an international basis from day one and can support new digital native use cases such as micro payments.
1:34.7	Which is it? Is it invasive and dangerous? Is it the boldest initiative yet in digital currencies?
1:42.8	Will it revolutionize money?
1:46.2	It's scheduled to launch in 2020.
1:49.4	But in this episode we want to look at what is the Libra?
1:52.2	And what kind of money is it.
	...

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