No Result
View All Result
Advertise
Submit a Press Release
Contact Us
Coindoo
  • Cryptocurrency News
    • All
    • Bitcoin News
    • Cardano News
    • Ethereum News
    • IOTA News
    • Litecoin News
    • Ripple News
    • TRON News
    XRP price prediction

    Ripple (XRP) Price Prediction and Analysis in January 2021

    PayPal

    PayPal Plans to Perform Crypto Transactions | Will It Get Bitcoin to $15.000?

    Sports News Apps

    The Best Classic Sports News Apps to Keep You Up-To-Date

    wire act

    What the Wire Act Means for Cryptocurrency

    cryptocurrency apps

    Cryptocurrency Apps Every Trader Should Have in 2020

    BitFlyer Brave

    Japan’s Biggest Crypto Exchange Partners with Brave to Launch Wallet

    Trending Tags

    • ethereum
    • ripple
    • Tron
    • bitcoin
  • Analyzes & Reviews
  • Guides & Tutorials
    Bitcoin casinos

    Most Common Coins Used to Play at Bitcoin Casinos

    crypto casinos

    Was 2020 the Year of Crypto Casinos?

    crypto signals

    How to Use Crypto Signals to Earn Money?

    online

    The Best Cryptocurrencies You Can Play in Online Casinos

  • Events
No Result
View All Result
Coindoo
No Result
View All Result
Home Cryptocurrency News

eBay CEO Explains Decision to Back up Libra

Anca F. by Anca F.
July 22, 2019
in Cryptocurrency News

The CEO of eBay, Devin Wenig, has explained the reason why the company decided to back Facebook’s forthcoming cryptocurrency Libra.

Wenig also noted in a CNBC interview that crypto assets will play a leading part in the next decade’s global commerce sector. The eBay CEO also admitted that while Libra is speculative, it does hold a lot of promise.

“The hearings made it pretty clear that there are two things nobody understands yet everybody fears: Facebook and cryptocurrency. I would say we are sponsors of this in part because crypto and blockchain, in particular, have great promise to run a public, distributed blockchain to reduce cost, increase transparency and improve security. People still pay too much to move money around and to settle and clear that money. It’s a big cost for digital marketplaces – the ridesharing, the homesharing and the commerce marketplaces.

So the promise of the blockchain is that on behalf of the merchants that sell on those marketplaces, we can reduce cost and improve transparency. Will Libra work? I think Libra is speculative. We all know that. But it is promising. And it’s worth a try. And I think legitimate questions have been raised by regulators. We’ll let Facebook respond to those.

But I think we might be losing the forest for the trees. A well-run public blockchain that the marketplaces adopt could do immense good. It could create competition in money transfer. It could create enhanced security. And that money will go back in the pockets of small businesses in the United States. So let’s not lose the big picture, which is crypto should play an important role in the way money moves, particularly in digital businesses in the next decade.”

Facebook has stated that the Libra crypto will become public and decentralized in five years after its launch, but the process of this future transition has been questioned by CoinShares chief strategy officer, Meltem Demirors.

At Facebook’s Congress hearing, Demirors argued that Libra is not at all a cryptocurrency.

“Libra is not a cryptocurrency. I’m not here to pass judgment on Facebook or its efforts and I commend their altruistic aspirations. But they are just that: aspirations. First, Bitcoin is decentralized, which means no entity or group has the power to block or censor the use of the network. Libra is centralized. A small group of companies will have the ability to block and censor transactions. Second, Bitcoin is its own asset, backed by its own scarcity and the demand for it. There is no entity that holds assets that give Bitcoin value. Libra, in contrast, is backed by a pool of assets that are domiciled abroad. Asset management is a regulated activity. Lastly, Bitcoin is permissionless, meaning anyone in any part of the world has the ability to enter and exit the network without requiring permission. Libra, is permissioned. The Libra network is controlled by a private group who will determine who has permission to access this network…

If Facebook aspires to create this open, permissionless consortium that everyone can benefit from, then why is the selection process opaque and why does it only involve affiliates and associates of Facebook and its executives? That would be my question.”

Featured Image: Financial Times

Tags: ebayeBay CEOfacebookLibra back upLibra CongressLibra crypto
Anca F.

Anca F.

Related Posts

ico projects

Why ICO Projects Market Themselves on Telegram

by Ionela C.
September 25, 2019
0

Before Facebook decided to launch its cryptocurrency project, Libra, the social platform had an extremely negative stance against cryptocurrencies, going...

UPLibra

UPLibra – Gain Facebook Libra in advance

by Ionela C.
September 10, 2019
0

As everyone knows, Facebook released Libra and the new blockchain programming language MOVE on June 19 this year. However, the...

China’s Media Rubbishes Rumors, Says China’s Cryptocurrency isn’t about to Launch

by Solomon M.
August 30, 2019
0

China has rubbished reports going rounds in a section of the media that its Central Bank Digital Currency (CBDC) is...

US Lawmakers Remain Worried about Facebook’s Libra after Meeting Swiss Officials

by Solomon M.
August 26, 2019
0

Rep. Maxine Waters, chairwoman of the United States House Financial Services Committee said on Sunday she remained worried about Facebook's...

Libra Members Think about Quitting Project Due to Regulatory Pressure

by Solomon M.
August 23, 2019
0

As regulatory pressure continues to mount against Facebook's proposed cryptocurrency Libra, at least three companies that are part of the...

Load More

We Recommend

Top Rated Casinos
Bitstarz Casino

CryptoGames

1xBit Casino

Winz.io Casino

BitcoinCasino.io
Top Crypto Prices Provider
Crypto.com
Top Crypto Trading Bots
TradeSanta
Top Rated Exchanges
Crypto.com

Binance Exchange
Top DEFI Leaderboard
Crypto.com
Top Advertising Services
Coinzilla Display Network
Our Latest Reviews
coinbase review

Coinbase Exchange Review

Even if it has its flaws and controversies, Coinbase is a
Kraken exchange review

Kraken Exchange Review

The exchange is one of the most popular crypto trading platforms,
XRP.io wallet review

XRP.io Wallet

XRP.io provides a very easy to use and simple user experience.
View All Reviews

Editor's Choice

Blockchain Analyzes & Reviews

CoinRabbit Review: How to Profit From Hodling Your Crypto?

by Ionela C.
January 13, 2021
0

SwapSpace exchange aggregator

SwapSpace Exchange Aggregator Review: Supported Cryptos, Fees, Pros and Cons

trading

The Benefits of Cross-Chain Trading

August 28, 2020
Stratus

Stratus Redefining Social Media

August 24, 2020

5 Minutes of Blockchain & Cryptocurrency News!

We completely understand that your inbox is already full of junk emails. We promise that we gonna try to keep it clean by sending a daily newsletter with our latest news. You can always choose to unsubscribe to our newsletter if you're not satisfied.
coindoo icon
  • Contact Us
  • Advertise
  • RSS Feed
  • About Us
  • Partners
  • Terms & Conditions
  • Privacy Policy

© 2017-2020 Coindoo

The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

No Result
View All Result
  • Cryptocurrency News
  • Analyzes & Reviews
  • Guides & Tutorials
  • Events

© 2017-2019 Coindoo