Thread by @allenf32

I know I said I was taking a break from this, but then Libra happened.

Come on guys, #Libra! I mean, what do you want me to do?

medium.com/@allenfarringt…

h/t to @nic__carter, @aantonop, @lightning and @starkness, @polkadotnetwork and @jutta_steiner, @milessuter, and @socrates1024.

#libra #bitcoin #BitcoinIsBack

“There are no necessary or sufficient criteria for ‘money’. Anything that enhances the ability to create and circulate universal credit will do. How it works or what extra characteristics it has is beside the point.”

“The final tumble down the fractal rabbit hole gets us to Bitcoin backed banks. If you have a global settlement layer with highly liquid markets, then why not hold this asset in reserve and issue digital cash against it?”

“The bad is that the Libra data structure is a database, not a blockchain, and the Libra consortium is a hedge fund. The good is that Libra will acclimatise billions of people to digital bearer assets. The ugly is that it will otherwise be a force for great evil.”

“If you think the monetary imperialism of the United States of America is bad, wait until you see the monetary imperialism of a corporation that actually makes a profit.”