Libra is already on a trending talk these days – in fact, on June 18, the day it announced its whitepaper, it was on trend chart of Twitter. This reveals Facebook’s Libra had gotten the attention of people across the world.
We’re Oversubscribed – Facebook’s Head of Branding
In the latest meetup, Christina Smedley who is heading Facebook’s branding spoke about Libra Association and hints that demand for Libra is already oversubscribed. She advised if you want to buy, buy now. This was first revealed by Michael del Castillo, Forbes author via his twitter feed;
Facebook’s head of branding, Christina Smedley, says of the Libra Association: “We’re pretty oversubscribed already, so if you want to, buy now.” pic.twitter.com/6RgKyBFXNt
— Michael del Castillo (@DelRayMan) June 23, 2019
Criticism Surrounds Facebook
Amidst incessant criticism, Facebook has successfully launched whitepaper of its stable coin, Libra – In actual fact, Facebook’s Co-founder, Chris Hughes also caught shouting on Libra’s launch. As Coingape reported, he stated ‘Libra will put power in wrong hands, henceforth demands global regulators to take actions immediately. Besides Chris Hughes, Joseph Lubin, Co-founder of the second largest cryptocurrency, Ethereum also expressed his opinion on Facebook’s Libra token. Reports released on June 21, reveals that Joseph Lubin called Libra “a Centralized wolf in a decentralized sheep’s clothing’.
Speaking about Libra’s centralized nature, Lubin points;
“Perhaps most importantly, it requires our trust that Libra will eventually transition to a more ‘permissionless,’ decentralized system, whereby anyone can validate the network, rather than the restrictive member evaluation criteria keeping control in the hands of the initial 28 firms.”
Nevertheless, Facebook’s debut to the crypto industry is noticeably a great step to bring crypto awareness among billions of users. Lubin claims that the Ethereum team have already studied this project in-depth and found that Facebook’s Libra has already borrowed a lot of ideas from Ethereum. He goes on stating a few points that evident the good side of Facebook’s Libra. He adds;
“In one fell swoop, talented UX designers could reduce the current friction of using cryptocurrency. Managing private keys, understanding ‘gas payments,’ and installing crypto browser plugins could be as simple as pressing ‘send’ in WhatsApp, another Facebook-owned entity.”
Conclusively, to what extent Facebook’s Libra be successful is a matter of time – because the coin is scheduled to launch by the second half of next year. It’s worth to note that, the demand for Libra is already on peak and as Christina Smedley stated, if you want to buy Libra, step in now.
So readers, what do you think about Libra’s use-case for billions of unbanked users.? Do you think Facebook’s Libra is a great move or do you agree with criticism by Ethereum’s Lubin.? Let us know in the comment below
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com