Ripple’s David Schwartz Goes on the Offense for XRP, Talks Facebook Coin’s Potential Censorship
There are very few projects in crypto that are quite as anticipated as the upcoming Facebook coin. Even after the firm seemed reluctant to embrace crypto and Blockchain in the past, they have since begun recruiting a dream team of top executives and acquiring various blockchain firms in their quest to launch their token.
The reason the Facebook coin is so highly anticipated is because if it is successful, it will become one of the most popular cryptos in existence and will usher in a new age of acceptance and adoption. On top of this, it is rumored to be set to provide financial services to underserved members of third world countries.
However, not everyone is quite as excited about the prospect of the Facebook coin as some have suggested that the token could encourage censorship.
One of those who have given opinions on the upcoming coin is Charlie Shrem, Founder of BitcoinFoundation.org. However, his commentary was not necessarily critical of the Facebook coin, rumored to be called Libra, but rather claimed that the token would spell the death of Ripple.
Ripple is well-known for being widely used for cross-border payments and has seen use by several well-known firms and even world powers such as the UAE and Saudi Arabian governments for settling such payments. Ripple is widely seen as the future of global payments but Shrem is convinced that Libra will put an end to its domination.
He has even suggested that the first firm to establish a Libra-Bitcoin exchange will make a fortune doing so. Despite these strong talking points, Shrem’s Opinion has seen some opposition from many.
“To my understanding this is supposed to be denominated in USD. So the fact that it’s using “blockchain” is irrelevant. It’s just another Venmo ,PayPal, Square, Apple pay. Calling it “crypto” is nonsensical. If it used an Oracle database it would not be functionally different,” said twitter user @jratcliff.
The Facebook coin certainly has a large potential user base as Facebook has over 2 Billion users across their various platforms and should it be implemented, it could become the most used crypto on the planet.
However, it might be a bit of a stretch to imagine that it would displace all the major cryptos. So far, most of the discussion surrounding the Facebook coin is simply speculation and nothing is known for sites
Another discussion that has sprung up regarding the Facebook coin is the possible censorship it could create which was reiterated by Eric Wall and David Schwartz, who discussed the coins fincitinalty.
Wall brought up whether or not the coin could engage in selective censorship considering it intends to operate under the custody orientate module.
“In a fork, it gets to choose which side to back, so it picks all rules. If regulators say it must honor balances on fork it can censor, it will do that,” said Schwartz, adding that the POW space was getting more centralized, and that this includes bitcoin.