By Larry Chiang
Undergrads, hows your crypto knowledge?
Money comes in three pretty good looking formats
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Saifedean Ammous (@saifedean) |
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In the months Facebook spent begging governments to let it replace their central banks, they could have just quietly added bitcoin, like CashApp did. Any users who bought early would’ve more than doubled the value of their coins by now & and most the rest would be very curious.
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months Facebook spent begging governments to let it replace their central banks, they could have just quietly added bitcoin, like CashApp did
Facebook was in front of Congress getting berated for Libra. Libra is a faux cryptocurrency
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Saifedean Ammous (@saifedean) |
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Their explanation for not using bitcoin makes no sense. High bitcoin tx fees are irrelevant because their users’ transactions with one another will all be off-chain anyway. They blew this golden opportunity because they greedily & foolishly wanted to print their own money.
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foolishly wanted to print their own money = Libra
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ThatCrypto (@ThatCryptoTO) |
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@saifedean Stability is important for an average user. #Bitcoin is a savings account (Store of Value), Libra is planning to be a checking account (Medium of Exchange). Unless fb implemented hedging like @AbraGlobal or @debnkio, it wouldnt fit their proposition of a #stablecoin
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Money comes in three pretty good looking formats
Money comes in three formats
– Medium of Exchange #MoE
– Store of Value #SoV
– Unit of Account #UoA
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Saifedean Ammous (@saifedean) |
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@ThatCryptoTO @AbraGlobal @debnkio You’re confused. Store of value and medium of exchange are two properties of money; they are not separate functions. What you call MoE is actually the method of payment. BTC volatility may be bad, but it beats dealing with the volatility of 100+ national currencies on 1 platform.
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