I don’t disagree on Tether et al likelihood of collapse.
The Federal Reserve can’t match Facebook in terms of distribution globally
via the internet (Messenger/Whatsapp/Instagram) Libra is a more suitable
vehicle for the e-dollar, however its created; given China Central Bank is
angling to do the same with Tencent and WeChat and their CBDC. My point is
there is a scramble for a dominant Internet Currency which is what FB is
banking on get Libra approved…
On Fri, Jan 24, 2020 at 2:05 PM Mwendwa Kivuva via kictanet <
kictanet@lists.kictanet.or.ke> wrote:
> There are many claimed dollar fiat collateralized stablecoins (TUSD, USDT,
> PAX, GUSD, USDC) and now Libra. Many will end in tears. There is an ongoing
> court case already in New York on Tether (USDT) that it is not backed by $
> on one to one as it is claimed, that there is no $$ collateral to match the
> claimed value of Tether, and Tether is used to manipulate the value of
> cryptocurrencies by pumping the price if BTC.
>
> My point is, a dollar backed stablecoin is not the same as a Federal
> Reserve Bank cryptocurrency. A Federal Reserve Bank cryptocurrency will not
> be backed by the dollar because it is the dollar.
>
>
> On Fri, Jan 24, 2020, 12:47 PM mauxdatabase <mauxdatabase@gmail.com>
> wrote:
>
>> Agreed, Libra according to Facebook will largely be backed by USD so it
>> is really a Corporate manifestation of the eDollar; plus we are talking
>> about a generational play here driven globally by millennial’s and younger
>> they are looking(demanding) for both convenience and choice.
>>
>> They will run to whichever e-currency(s) have both, which is why its a
>> race…
>>
>> On Fri, Jan 24, 2020 at 12:05 PM Mwendwa Kivuva via kictanet <
>> kictanet@lists.kictanet.or.ke> wrote:
>>
>>> It will be hard to dislodge the dollar. Federal Reserve Bank cas create
>>> a dollar serve stablecoin and tht will end the debate
>>>
>>> On Fri, Jan 24, 2020, 9:34 AM mauxdatabase via kictanet <
>>> kictanet@lists.kictanet.or.ke> wrote:
>>>
>>>> Libra will probably launch when China rolls-out their digital currency
>>>> via TenCent and AliPay.
>>>>
>>>> Its an inevitability that the Worlds next reserve currency will be an
>>>> Internet Currency so the race is on….
>>>>
>>>> On Fri, Jan 24, 2020 at 8:53 AM Ali Hussein via kictanet <
>>>> kictanet@lists.kictanet.or.ke> wrote:
>>>>
>>>>> @Willis
>>>>>
>>>>> Facebook went to great lengths to assure partners it won’t control
>>>>> Libra. To the extent of creating a consortium with representation across
>>>>> the divide. I guess they failed to dispense the fears of regulators and
>>>>> policy makers. I’m very convinced that the pressure to leave the Libra
>>>>> Consortium came from other quarters other than the reasons being given by
>>>>> those who are now bailing out after paying $10 million to join the Libra
>>>>> Consortium.
>>>>>
>>>>> Read more about the Libra Consortium below.
>>>>>
>>>>> techcrunch.com/2019/06/18/facebook-libra/
>>>>>
>>>>> *Ali Hussein*
>>>>> +254 0713 601113
>>>>>
>>>>> Twitter: @AliHKassim
>>>>>
>>>>> Skype: abu-jomo
>>>>>
>>>>> LinkedIn: ke.linkedin.com/in/alihkassim
>>>>>
>>>>> “We are what we repeatedly do. Excellence, therefore, is not an act
>>>>> but a habit.” ~ Aristotle
>>>>>
>>>>>
>>>>> Sent from my iPad
>>>>>
>>>>> On 23 Jan 2020, at 8:50 PM, Willis Muriu via kictanet <
>>>>> kictanet@lists.kictanet.or.ke> wrote:
>>>>>
>>>>>
>>>>> For me, the one major issue was that it was “controlled” by Facebook
>>>>> (centralized) unlike Bitcoin (decentralized.)
>>>>>
>>>>> Another reason, I think, is because it proved to be serious
>>>>> competition to the Dollar, and you have heard what happens when you
>>>>> challenge the Dollar.
>>>>>
>>>>> Regards,
>>>>> Willis Muriu
>>>>> +254 715 530 349
>>>>>
>>>>> On Thu, Jan 23, 2020 at 6:37 PM Ali Hussein via kictanet <
>>>>> kictanet@lists.kictanet.or.ke> wrote:
>>>>>
>>>>>> Interesting…Most of the incumbent players are one by one abandoning
>>>>>> Libra. What gives? Pressure from regulators?
>>>>>>
>>>>>> Here
>>>>>> <www.forbes.com/sites/sergeiklebnikov/2019/10/21/here-are-all-the-companies-that-bailed-on-facebooks-libra/#674681de3487>
>>>>>> are some of the other companies that have bailed out on Libra. The list
>>>>>> includes Visa, Mastercard, Stripe, Mercado Pago and eBay.
>>>>>>
>>>>>> Pressure from regulators and policy makers is real.
>>>>>>
>>>>>> Regards
>>>>>>
>>>>>> *Ali Hussein*
>>>>>>
>>>>>>
>>>>>> Tel: +254 713 601113
>>>>>>
>>>>>> Twitter: @AliHKassim
>>>>>>
>>>>>> Skype: abu-jomo
>>>>>>
>>>>>> LinkedIn: ke.linkedin.com/in/alihkassim
>>>>>> <ke.linkedin.com/in/alihkassim>
>>>>>>
>>>>>>
>>>>>>
>>>>>>
>>>>>> Any information of a personal nature expressed in this email are
>>>>>> purely mine and do not necessarily reflect the official positions of the
>>>>>> organizations that I work with.
>>>>>>
>>>>>>
>>>>>> On Thu, Jan 23, 2020 at 4:10 PM Mwendwa Kivuva via kictanet <
>>>>>> kictanet@lists.kictanet.or.ke> wrote:
>>>>>>
>>>>>>> Vodafone has withdrawn from Facebook’s digital currency initiative
>>>>>>> Libra, as regulators and bureaucrats circle overhead.
>>>>>>>
>>>>>>> While Facebook might have become accustomed to sitting in the
>>>>>>> regulatory spotlight, it seems other companies are not as accepting of the
>>>>>>> attention. In an increasing tsunami of regulatory scrutiny, Vodafone has
>>>>>>> become the latest company to withdraw from the Libra initiative, joining
>>>>>>> the likes of Paypal and Mastercard.
>>>>>>>
>>>>>>> “Vodafone Group has decided to withdraw from the Libra Association,”
>>>>>>> a Vodafone spokesperson said.
>>>>>>>
>>>>>>> “We have said from the outset that Vodafone’s desire is to make a
>>>>>>> genuine contribution to extending financial inclusion. We remain fully
>>>>>>> committed to that goal and feel that we can make the most contribution by
>>>>>>> focusing our efforts on M-Pesa. We will continue to monitor the development
>>>>>>> of the Libra Association and do not rule out the possibility of future
>>>>>>> co-operation.”
>>>>>>>
>>>>>>>
>>>>>>> telecoms.com/501960/vodafone-snubs-libra-in-favour-of-m-pesa/
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