In a recent interview with Pierre Rochard and Michael Goldstein, hosts of Noded Bitcoin Podcast, U.S. Congressman Warren Davidson suggested that Megatech company, Facebook, would be better off adopting an already ubiquitous cryptocurrency like Bitcoin than creating theirs.
The Libra Irony
Warren Davidson, who is a member of the United States House of Representative from Ohio’s 8th congressional district, very recently termed Facebook’s new proposed cryptocurrency in Libra a blatant ‘shitcoin.’
The swear word aside, the flaws plaguing Facebook’s Libra are just very well being exposed. An extensive debate by the Congress earlier this July has been suggested by Davidson to have gradually revealed the innate problems lurking in Libra’s ‘political’ architecture and structure, and in a surprising turn of events served to highlight the better qualities that Bitcoin has in the first place.
As Goldstein noted, the debate has created a healthy conversation of the qualities of Bitcoin and also helped Bitcoin critics as well as non-enthusiasts to learn more about the trailblazing cryptocurrency.
Goldstein said about Joe Kemen of CNBC Squawk Box’s: “Throughout this Libra thing, we got to watch in real-time as Joe came to understand Bitcoin by virtue of seeing the problems with Libra,” highlighting Kemen’s willingness to learn as a result of the healthy conversation that the debate had created.
Facebook’s Libra, however, is arguably not getting much love as it hoped, which in retrospect might not matter in the long run. That it does not matter if it ‘gets love’ is probably the most disturbing flaw about Libra: it is not ‘liberating’ anybody at all. Its centralized nature is in contrast to Bitcoin, and according to Davidson, the intelligent debate held in July just served to underline this fact.
Facebook Should Adopt Bitcoin Instead
Warren Davidson is a public supporter of Bitcoin and has been vocally involved in his support. Just like his plan to introduce pro-ICO crypto legislation that would dissuade the classification of cryptocurrencies as securities but also call for more regulation.
Davidson tells Goldstein and Rochard that Libra’s current structure would inevitably have it classified as security were it to launch now, given the central authority at its helm. Undemocratic or not.
When Rochard raised the observation that Cash App, rose to prominence because it simply integrated what already existed – Bitcoin, Davidson agreed and called for the same in Facebook’s control helm.
“I hope they try it,” he said, referring to Cash App’s method. “Because it’d be a way better idea than Libra.”
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