Crypto Daily 3@3 10.23 | SPECIAL EDITION: An Opinionated Recap of Zuck's Libra Testimony In Congress pscp.tv/w/cIDdvjE0Nzc1…
Here is what we're discussing:
1. What was different vs. the same in FB's narrative
2. What was different vs. the same in Congress' questions
3. The negotiation factors moving forward
4. Highlights
5. Predictions
1. What was different vs. the same in FB's narrative
2. What was different vs. the same in Congress' questions
3. The negotiation factors moving forward
4. Highlights
5. Predictions
1/ Same vs. Different in FB's narrative:
* Less: unbanked
* Same: Libra isn’t us; we’re a part of it
* More: We’ve worked hard to deserve this
* More: China is a threat
* Less: unbanked
* Same: Libra isn’t us; we’re a part of it
* More: We’ve worked hard to deserve this
* More: China is a threat
2/ Same vs. Different in Congress questions
* Same: skepticism around unbanked
* Same: Switzerland/basket skepticism
* More: Focus on diversity track record
* More: Asking about threat to USDglobal reserve status
* More: Political footballing
* Same: skepticism around unbanked
* Same: Switzerland/basket skepticism
* More: Focus on diversity track record
* More: Asking about threat to USDglobal reserve status
* More: Political footballing
(What do I mean by 'more political footballing?' ...well...this...)
3/ The negotiating chips
* 1. FB will NOT move forward without regulatory approval
* 2. Changes already made (no investment dividends)
* 3. Basket of currencies (Could be 1:1 USD or could have imposed minimums)
* 4. KYC for all wallets
* 5. Switzerland vs US location
* 1. FB will NOT move forward without regulatory approval
* 2. Changes already made (no investment dividends)
* 3. Basket of currencies (Could be 1:1 USD or could have imposed minimums)
* 4. KYC for all wallets
* 5. Switzerland vs US location
4/ Top moments.
My favorites: @WarrenDavidson saying "Hard to subpoena Satoshi" + once again, @PatrickMcHenry nails what's really underlying the tone:
My favorites: @WarrenDavidson saying "Hard to subpoena Satoshi" + once again, @PatrickMcHenry nails what's really underlying the tone:
@WarrenDavidson @PatrickMcHenry 5/ Finally, the most interesting thing: PREDICTIONS.
Prediction 1: the 'basket of currencies' approach is on the shakiest ground.
It's a major point of consternation and FB is already signaling that they're open to a different approach.
Prediction 1: the 'basket of currencies' approach is on the shakiest ground.
It's a major point of consternation and FB is already signaling that they're open to a different approach.
@WarrenDavidson @PatrickMcHenry Prediction 2: Congress will push for KYC on ALL Libra wallets, not just Calibra
I think the 'drug dealer money'/'terrorist money' FUD is still the most powerful and dangerous and I think Congress will lean on FB to lean on the Libra Association to guarantee KYC for ALL wallets.
I think the 'drug dealer money'/'terrorist money' FUD is still the most powerful and dangerous and I think Congress will lean on FB to lean on the Libra Association to guarantee KYC for ALL wallets.
@WarrenDavidson @PatrickMcHenry Prediction 3: We have NOT heard the last on Switzerland
A potential move from a basket to a 1:1 USD currency is all well and good, but if the signal people are worried about is 'innovation going abroad' - domiciling the thing elsewhere is going to be a MAJOR blocker.
A potential move from a basket to a 1:1 USD currency is all well and good, but if the signal people are worried about is 'innovation going abroad' - domiciling the thing elsewhere is going to be a MAJOR blocker.
@WarrenDavidson @PatrickMcHenry Prediction 4: Plan B
I believe that all the motivations FB has articulated for Libra is true. But I think in the back of some minds, there is a plan B of Libra as a sacrificial lamb that shows how well FB can play nice and change plans so seriously guys don't break us up.
I believe that all the motivations FB has articulated for Libra is true. But I think in the back of some minds, there is a plan B of Libra as a sacrificial lamb that shows how well FB can play nice and change plans so seriously guys don't break us up.
@WarrenDavidson @PatrickMcHenry But, at the end of the day, who knows?
What's for sure is that this conversation is LIVE, it's HOT, and it is about way, way more than Libra.
What's for sure is that this conversation is LIVE, it's HOT, and it is about way, way more than Libra.
@WarrenDavidson @PatrickMcHenry If you want, the full as-it-happened reactions, check out the thread.
@WarrenDavidson @PatrickMcHenry And, please please please, let me know the best threads and analysis you've seen! Share them below!
Podcast version available as well: plnk.to/nlw/e/10004546…
