Caitlin Long on Why Facebook's Libra Coin is Good for Bitcoin

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Interview location: Skype
Interview date: Monday 17th Jun, 2019
Company: Wyoming Blockchain Coalition
Role: Co-Founder

Facebooks venture into cryptocurrencies raises many questions. Will Libra coin lead to mass financial surveillance? Will Facebook share our data with governments? Will Libra be a net benefit for Bitcoin.

While many Bitcoiners are understandably cautious:

  • Facebook has a long history of abusing privacy

  • Libra is a centralised coin and likely not censorship resistant

  • The goal is to educate people about Bitcoin, not a proxy dollar coin

Still, the introduction of Libra does present an opportunity to further the growth in adoption of Bitcoin:

  • Over 2 billion people will be introduced to the term cryptocurrency

  • The Libra/Bitcoin chart will likely highlight the value of Bitcoin rising against Libra

Libra comes with much regulatory uncertainty, but it is also could be a tool for good in developing countries with poor fiscal discipline. Also, it is an opportunity to increase the reach and education of Bitcoin.

In this interview, I chat with Caitlin Long, co-founder of the Wyoming Blockchain Coalition, about Facebook’s venture into cryptocurrencies. We discuss interest payments, regulations, and why Libra will be good for Bitcoin.


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