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Hasu
@hasufl
, 4 tweets, 1 min read Read on Twitter
The Libra's fiat reserves are themselves a lever over nation-states. At any time, the Libra Association can threaten to dump one fiat on the market for another, and that is assuming they even want to sustain a reserve ratio.
There seems to be some confusion how exactly this gives Libra leverage.

Imagine that most people use Libra (backed by fiat) but not fiat directly. In this world, the Libra Association controls much of the demand for fiat via the composition of their reserves.
The Association can, at any time, change the composition of their reserve by replacing one fiat with another, while maintaining full reserve at all times. If you control the demand for an asset, you gain the power to set a ceiling on it's price.
This power to change the Libra's reserve composition becomes an important geopolitical lever over nation-states and thus over local laws and regulations. The LA would be a kingmaker.
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Hasu
@hasufl
A common question that precoiners have is, "How do you know it's not too late to buy bitcoin now?"

They still assume Bitcoin follows the value/adoption curve of a pyramid scheme - a system that needs to sustain itself with new buyers and collapses if those ever run out.
The question seems reasonable: Once Bitcoin is widely adopted, the future value from speculation will indeed be zero. But that ignores half the picture - where has that speculative value gone? And does it mean that earlier buyer now have an incentive to sell?
The EV of a pyramid scheme decreases the later we are in the adoption cycle. But the EV of a network good like money increases, as it becomes more useful the more people own it.
Read 6 tweets
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Hasu
@hasufl
Money (not finance) is the most important field in the world today and will be for at least 20 years.

Why? 99% of history is written in 1% of the time. We are in the early phases of another 1% where the medium-term future will be written (what Neil Howe calls "The 4th Turning".)
Money is ripe for a paradigm shift, but the direction of that shift is still undecided. There are currently forces pulling into several directions, with the extreme ends being hyper-control of money (MMT) and removal of all control of money (Bitcoin.)
While in most of history local governments have issued money, many private producers will be able to compete in the future. Networks like Bitcoin are constructed from the ground up to resist, while private firms like Facebook are effectively sovereign to nation-states.
Read 14 tweets
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Hasu
@hasufl
@AlaHaddad23 @MartyBent bitcoinmagazine.com/articles/genes…
@AlaHaddad23 @MartyBent bitcoinmagazine.com/articles/genes…
@AlaHaddad23 @MartyBent bitcoinmagazine.com/articles/genes…
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Nathaniel Whittemore
@nlw
Libra Hearings DAY 2 - House Financial Services Committee pscp.tv/w/b_9FazE0Nzc1…
Trying not to be too subjective in my analysis of different members, but so far Pressley has had literally nothing to add. I think she tried to just do a "Gotcha" with the Calibra press release?
"Does it require a bank account"?

"No"

"If you are trying to offer the unbanked a solution but it requires a bank account, do you even understand?"

"..uhhhhhhhh"
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Nikhilesh De
@nikhileshde
Good morning Washington. I'm back for Day 2 of the #Libra hearings: the @FSCDems/@FinancialCmte edition. @davidmarcus will be on deck for the second round in 15 minutes. Here's a preview of what we might expect from our other witnesses: coindesk.com/facebooks-libr… #LibraInDC
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layna ♡
@amourgcf
“For /what/?” His teacher’s voice is sharp, still rough from before, making it come out harsher than intended, like he has no clue what she’s talking about, like he has no time for this.

Jeongguk’s still frozen in place, rigid muscles only slightly soothed by Taehung’s current
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ema✨
@brattykv
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Giuseppe Tripodi
@peppeuz
[Thread lungo]
Un po' di info interessanti su #Libra, la nuova criptovaluta di #Facebook

Prima cosa da sapere: è una cosa ENORME, e tra un anno la userà chiunque in occidente. C'è dentro Mastercard e VISA, ma pure Uber, PayPal, Spotify, eBay. C'è di mezzo pure Coinbase, società finanziaria che finora era stata famosa soprattuto perché vendeva #Bitcoin facilmente.
Il video con cui viene presentata #Libra è particolarmente interessante per la narrazione: viene presentata come la *valuta globale*, che permetterà di superare i limiti delle attuali monete e permettere a tutti (a prescindere dal luogo) di partecipare al mercato globale.
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Subhadip Nandy
@SubhadipNandy
Nifty vs CNX Midcap : The baap of all decoupling . This time it's truly different, has never happened in this magnitude
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