Toward peace, markets, and Bitcoin. CEO of ShapeShift. Check out the new platform in closed beta... Beta.ShapeShift.com
RT @ErikVoorhees: 1/ Thoughts on Libra (and my first tweetstorm!): first, zoom out for a second and realize how far this industry has come…
RT @ErikVoorhees: 10/ Finally, and let’s not minimize this one, Libra has a good chance of helping hundreds of millions of people avoid mid…
RT @ErikVoorhees: 7/ Next, Libra made the (great) decision to NOT back itself solely with USD. This has profound implications. Libra can ar…
Good interview on Bloomberg w/ David Marcus of Libra https://www.bloomberg.com/news/videos/2019-06-18/facebook-wants-new-cryptocurrency-to-rival-the-dollar-video
BoE Governor Carney on Libra: "That includes looking at their operational resilience, including anti-money laundering, counter-terrorist financing and data-privacy protections." Translation: "they mustn't interfere with our ability to debase currency." https://www.bloomberg.com/news/articles/2019-06-18/carney-says-facebook-token-to-face-highest-regulatory-standards
20/ Anything that causes normal people to consider new forms of money (apart from their default position of "my nation, my currency") is a good thing. Libra will crack open further global discussion about what money is, and that sunshine will hurt fiat, and help all sound monies.
19/ Ultimately, Libra’s relationship with those of us in crypto will be mixed. It will be a love/hate relationship, and that’s okay. Libra is challenging the status quo of fiat more than it challenges true crypto, and will pull millions toward sound-er money long term.
18/ Libra has a chance, if they are brave and tactical over many years, to ultimately move away from a fiat basket toward either a real basket (BTC, gold, etc), or possibly just becoming a hard asset on its own (requiring knowable supply with zero or low debasement).
17/ Libra may also become the whipping boy of cryptocurrency. As the politicians of the world get irate at having their fiat supremacy challenged, they will call on FB to answer for it. These struggles, playing out over the coming years, will be fascinating.
16/ Libra, because it is *kinda* a cryptocurrency will *kinda* run up against many of the legal/regulatory challenges that real cryptos and crypto companies do. FB has the resources (and hopefully the balls) to fight some of the battles.
15/ Over the short/medium term, this relative stability derived by fiat/bond backing will enable Libra to capture marketshare and onboard literally hundreds of millions of people. They will be moving partially away from banks, and partially toward true decentralized finance.
14/ Over the long term, any currency based on fiat will fail relative to hard assets (Bitcoin, gold, etc.) Politicians debase currency as their modus operandi, and thus if Libra maintains fiat backing it tend toward zero long term. BTC and “real” cryptos will crush it long term.
13/ Next: Libra achieves stability (a critical feature for most normies) by backing the coin with a basket of a) government fiat, and b) government debt (bonds). Personally, I want nothing to do with either of these “assets.”
12/ Next: the governing consortium can explicitly block/prevent txs. You won’t find unstoppable finance here. Again, in this, traditional cryptos are far superior. But let’s be realistic, there’s no way FB could create an unstoppable coin (at least, not in its 1st phase…)
11/ Now the bad: Libra is clearly not a “pure cryptocurrency.” Nobody should expect privacy by using it. Nobody should expect the true borderless standard of most cryptos. Libra will never be available in Iran due to sanctions, for example.
10/ Finally, and let’s not minimize this one, Libra has a good chance of helping hundreds of millions of people avoid middlemen fees and increase their wealth and financial sovereignty *relative to the status quo banking system* Humanitarians rejoice.
9/ Next, Libra has the potential (and current plan) to go from “a little decentralized” on day one, to “moderately decentralized” within a few years of launch. The plan is clearly to gradually decentralize with time. Good plan, we’ll see if they can actually do it.
8/ To whomever bravely navigated Facebook into creating a currency above the US dollar, kudos to you. That took balls and probably a lot of work. It was the right decision. I was worried FB Coin would just be a lame proxy for US dollar, and it is not.
7/ Next, Libra made the (great) decision to NOT back itself solely with USD. This has profound implications. Libra can arguably become a medium-term replacement to any single government fiat currency. Libra is, arguably, superior/above the US Government dollar.
6/ The Good: Libra is built on an actual blockchain (based on HotStuff BFT, similar but not identical to, and compatible with, Cosmos’ Tendermint protocol). Much/most of the important components are open-source and can be built on in a permissionless way.
5/ Libra will serve the mass market, and be the single largest bridge toward decentralized finance that has ever been built. Prior to this, the largest bridge was Coinbase, which has played an integral role in crypto’s rise.
4/ Lots of blockchain projects will be created and played with while the world rebuilds the financial system upon this new technology. Different assets will serve different markets, at different times, in different ways.
3/ Libra deserves nuanced analysis, it is neither “great” nor “horrendous.” This brings up an important point too often missing in discussions of crypto: digital assets and blockchains have *many* attributes, optimizing for certain ones can detract from others, and that’s okay.
2/ I know, I know, “it’s not a cryptocurrency!!!” some will yell. Well, yes and no. Relative to PayPal or to the US dollar, Libra is very much a cryptocurrency. Relative to Bitcoin or ZCash or DAI, Libra is not all that crypto-y.
1/ Thoughts on Libra (and my first tweetstorm!): first, zoom out for a second and realize how far this industry has come. The biggest companies in the world are now launching cryptocurrencies. BOOM.
6/ The Good: Libre is built on an actual blockchain (based on HotStuff BFT, similar but not identical to, and compatible with, Cosmos’ Tendermint protocol). Much/most of the important components are open-source and can be built on in a permissionless way.
5/ Libre will serve the mass market, and be the single largest bridge toward decentralized finance that has ever been built. Prior to this, the largest bridge was Coinbase, which has played an integral role in crypto’s rise.
4/ Lots of blockchain projects will be created and played with while the world rebuilds the financial system upon this new technology. Different assets will serve different markets, at different times, in different ways.
3/ Libre deserves nuanced analysis, it is neither “great” nor “horrendous.” This brings up an important point too often missing in discussions of crypto: digital assets and blockchains have *many* attributes, optimizing for certain ones can detract from others, and that’s okay.
2/ I know, I know, “it’s not a cryptocurrency!!!” some will yell. Well, yes and no. Relative to PayPal or to the US dollar, Libre is very much a cryptocurrency. Relative to Bitcoin or ZCash or DAI, Libre is not all that crypto-y.
1/ Thoughts on Libre (and my first tweetstorm!): first, zoom out for a second and realize how far this industry has come. The biggest companies in the world are now launching cryptocurrencies. BOOM.
RT @AlexSkidanov: A short thread on HotStuff vs Tendermint for Libra 1/ LibraBFT uses HotStuff as the base for their consensus. I went thr…
RT @bitcoin2019conf: 🎉#Bitcoin Wallet #GIVEAWAY 🎉 To celebrate #ShapeShift's new platform, we are giving away 5 #KeepKey Hardware Wallets o…
Facebook’s Libra cryptocurrency is unveiled today. Before reading what people have to say about it, read the white paper itself: https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf
Stonewalled by FINRA, Up to 40 Crypto Securities Wait in Limbo for Launch https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch via @coindesk
A surprising number of the press still think most people lost money on that bitcoin thing. The truth: it has been hands down the single greatest investment of the 21st century.
It is not a market economy if the currency is centrally controlled.
Harriet Tubman deserves better than the $20 bill. No advocate of human liberty should be forever imprinted upon government fiat.
RT @lopp: Visit @fiatmarketcap for a fresh perspective of Bitcoin's real competition. https://www.fiatmarketcap.com/
RT @ShapeShift_io: Today’s tea: ) ) ) ) ( ) ) ) _(___(____)____(___(___)_ \…
And there’s nothing precious about Earth, for there are trillions of planets. https://twitter.com/mishgea/status/1139564831797911552
“Panopticoin” might be the winning term for what Facebook is creating. h/t @prestonjbyrne
 
Not my idea. One of my buddies borrowed my Twitter account to propose it. If he wants to poke his head up he can do so.
 
Wish I could take credit for that but not my idea. One of my buddies borrowed my Twitter account to propose it. If he or she wants to poke his or her head up he or she can do so.
Grayscale research paper: Hedging Global Liquidity Risk with Bitcoin https://grayscale.co/wp-content/uploads/2019/06/Grayscale-Hedging-Global-Liquidity-Risk-with-Bitcoin-June-2019-1.pdf?utm_medium=email&utm_source=dedicated&utm_campaign=061319_hedging-report_non-in #finance
Every Bitcoiners at some point gets tempted to do some altcoin. Only those that really understand Bitcoin's value will be able to resist. Learn before you're tempted.
 
I’ve done some altcoin. Don’t be scared of it.
RT @ClemencyForRoss: Can any of our steadfast supporters give us a little push today? Let's get to 95,000. One retweet for Ross please🙏 @…
“more ppl will turn to bitcoin for one simple reason—bitcoin is scarce, while Facebook’s coin isn’t. People will migrate over time to the most honest ledger for storing hard-earned wealth—and that’s not fiat currencies or derivatives thereof” @CaitlinLong_ http://www.forbes.com/sites/caitlinlong/2019/06/09/what-facebooks-cryptocurrency-means-6-predictions/
RT @APompliano: When the US broke from the Gold Standard, it was presented as a “temporary” measure — we never went back. When QE was used…
I’d like to see a single year - just one single year - where the government shrank.
RT @ShapeShift_io: 🏜 We're giving away 5 #KeepKey Hardware Wallets with early access to #ShapeShift's closed beta platform! 🦊 Join the wai…
What does the Launch of Cosmos mean for the Blockchain Ecosystem? https://blog.cosmos.network/what-does-the-launch-of-cosmos-mean-for-the-blockchain-ecosystem-952e14f67d0d
Replace “cash” with “morphine” in these stories. https://twitter.com/markets/status/1136479107867389952
Cato Institute: The SEC Can’t Keep Kik-ing the Crypto Can Down the Road https://www.coindesk.com/the-sec-cant-keep-kik-ing-the-crypto-can-down-the-road via @coindesk
RT @CoinCap_io: Have you tried the new & improved #CoinCap 2.0 Mobile App? 💪 Better Altfolios 📈 View historical performance 👀 Add coins t…
 
 
 
 
 
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