Crypto.IQ Daily Radio Show June 18: Facebook’s Libra Cryptocurrency Is The Dark Side Of The Force, Has All The Weaknesses Of Fiat Currency, Centralized Into The Hands Of Major Corporations

Crypto.IQ Daily Radio Show

On this edition of the Crypto.IQ Daily Radio Show we do a deep dive market analysis. Yesterday evening Bitcoin (BTC) and the total crypto market cap hit new 2019 highs of $9,435 and $292 billion respectively. Today Bitcoin (BTC) has given back some of its gains, possibly due to stock market bullishness and the indefinite suspension of the Hong Kong extradition bill. The big story of the day is the white paper for Facebook’s new cryptocurrency Libra has been released. The white paper indicates that Libra’s blockchain will be centralized into the hands of major corporations, and the non-profit organization in charge of Libra will be able to change the blockchain’s rules at their discretion. It gets worse, Libra will lack immutability, meaning funds can be frozen or reversed. Also the reserves that back Libra will be invested into various securities and currencies at the discretion of the major corporations running the blockchain, and none of the investment profits will be given to users. Overall Libra has all the faults of fiat currency, and is truly the dark side of the cryptocurrency force. Libra’s centralization is its biggest point of failure, and leaves it vulnerable to government regulation. Governments have a motive to cripple Libra, since Libra is an attempt by major corporations to launch a global fiat currency and run their own central bank, which threatens the power of central banks and governments across the world. Libra will have to get regulatory approval from the governments of the world before it can even launch, and France is the first to say that they will try to stop Libra.