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.

https://techcrunch.com/2019/06/18/facebook-libra/

Ali Hussein

+254 0713 601113 

Twitter: @AliHKassim

Skype: abu-jomo

LinkedIn: http://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 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: http://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.”

https://telecoms.com/501960/vodafone-snubs-libra-in-favour-of-m-pesa/

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