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I am very familiar with HH, and a few of their lead/early investors. Their governance model alone makes them centralized(for now until mass adoption?). It's actually more centralized, with 39 members vs 100 having essentially full control of the code and ledger. I can't see how they can gain adoption close to the size of the Libra partners. The consortium has enough resources to copy any consensus method anyone else comes up with, we've seen this story before. 2.8 billion people is no joke, I'm willing to bet everyone in here has used an FB product today.People just say anything in here. First off Hashgraph is not centralized and second off this FB coin just gave Leemon and those guys from HH even more grins on their faces. Other projects coming up as well but first lets look at this:
Regulatory Issues: Facebook is going to get some major blowback from the EU. Privacy, data, etc.
KYC and AML on everyone is a major problem for them. Libra is basically a 'banking" coin due to the regulations they will have imposed on them.
Performance: 1000 TPS (less than Visa who average 1.7K, but can tolerate over 50K TPS)
Scaling: Terrible with each additional node. And they expect 100 governors?! Trilemma issue is insoluble with ANY blockchain. It cannot do the impossible (ie Impossible Triangle-Performance, Scale, Decentralization-something has to give)
Decentralization: Not geographically diverse. Tech-heavy companies, not sectoral diverse, at least not yet.
Off-chain solutions make this terrible for real decentralization. Pegging requires rigorous transparency of held funds. And custodial risk. All centralizing forces.
Feeless: Will have to offset costs by hoarding the pegged currencies and invest the money, incurring risk, etc. 1-3% interest could offset fees, but ads based on the 'free' services will have to be vetted and proven to the EU and others that GDPR is not violated, etc.
Incentives: None for investors currently. Feeless money transfers for users will require rigorous record keeping, KYC, ID associated with Facebook accounts, Messenger. Not sure how excited people are going to be about signing up for a Facebook account and signing documents like they are applying for a bank loan.
This will cause plenty to question the motives of 'knowing' your customer with Facebook who is already swimming uphill to fight all the previous user privacy issues.
Blockchain is a losing solution for their purpose of the coin. They will certainly learn about HH in the coming months (or they already know because look at the copy cat governance to HH). It will be interesting to hear the conversations of why they didn't pick HH for their coin and Zuckerberg and the others mention HH.
Gotta stop FOMOing into and out projects and really look at the spaces whole landscape. FB coin is good for the whole total growth sphere of the space but its not coming in and destroying every and anyone and its a ton of projects coming other than HH that will be a force and get you gains and change your life.Stay the course. Relax...
From their own site:This is incorrect information and its not centralized because it has council members. They have no control of the code or ledger. I suggest you do more research on them.
It won't get that far... Fb has power but people underestimate the human aspect of wanting something entirely new.It’s going to become the new digital dollar. It’ll be the standard everything non-speculative is pegged to.
I think most people will shun the fb coin... People won't want to send their dollars for Libras just so they can shop on eBay...
They're are no major gains to be made from libra...it's a stablecoin with tracking mechanisms and smart contract capabilities. If you want to be apart of the system cool, but no one is getting rich off libraEven the competitors aren’t shunning it. They are praising it and telling them to show them. This is a whole different tide changing and plenty friendly competition and even you or I don’t know what’s going to happen but there is money to be made.
I hope your not gonna be one of the naive ones missing out on major gains with that mindset just because its “FBCoin” and look over projects like Casper, Hashgraph, Algorand (which just did a 24x btw) etc. Open your mind.
Even the competitors aren’t shunning it. They are praising it and telling them to show them. This is a whole different tide changing and plenty friendly competition and even you or I don’t know what’s going to happen but there is money to be made.
I hope your not gonna be one of the naive ones missing out on major gains with that mindset just because its “FBCoin” and look over projects like Casper, Hashgraph, Algorand (which just did a 24x btw) etc. Open your mind.
Data is worth more than actual money these days....Then what’s the incentive for the 100 companies running nodes?