My concern is that we are just shifting the "monetary overlord" status from the banks to these corporations. Neither of which can be trusted as far as they can be thrown. While this will open up the adoption of crypto by the masses this will also be largely controlled by the very corporations that are raping the public in many ways. I don't trust that this is for "the people's" benefit when this number of huge companies are signing on. They wouldn't sign on so quickly if they didn't stand to make a shit ton of money. Control of your data, now control of your money.
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You could be right! Time will tell.
But as I've argued in the post, for crypto in general Libra seems to be a very powerful catalyzing force, crypto on-boarding potentially billions of people worldwide, who will be acquainted with Bitcoin and other value-providing blockchains and crypto currencies, giving people a choice.
The way I see it, Libra will enable people to spend crypto (most arguably: Bitcoin) via the Libra Found Partners infrastructure. Crypto won't be "for techies only", but genuinely mass-adopted. What else could be expected in the case of mass-adoption than the "powers that be" being active in crypto as well?
Adoption is the primary point of the whole endeavor I'm sure and it will do its trick well. I just hope that this opens people's eyes to the greater crypto world and the immense number of extremely valuable projects that have been languishing due to the constant ebb and flow of interest. More people using any crypto will help increase the visibility of all other crypto. At least that is my hope.
To this I fully agree, and this is a component of why I'm (at least for now!) embracing Libra! I think Libra empowers crypto, disrupts the current "old-skool" financial ecosystem.