Bitcoin Q&A: Facebook's Libra Blockchain

Andreas is like the old Merrill Lynch commercial, "When Andreas speaks, people listen."

I have nothing but contempt for Faceberg!!

Libra is just a joke, don't take it seriously.

Andreas doesn't even have to try to bash libra coin and does a better job then all other youtubers out there actually trying. Great thorough run down. Love it. And now I'm more at peace with this libra crap. Thank you

very good, but the information regarding OFAC is flawed in various respects. You can download the entire lists of sanctioned companies and individuals; and of course Pablo Escobar has been dead for a long time now, and will not show up on any current search list in OFAC

dats man is Huge

Fuck Facebook. Right in the face.

If they give out loan, banks should be worried. For now they are paypal with a potentially large user base.

Many ppl think that Libra will be an on-ramp to bitcoin but if it can’t be withdrawn from their system, how would that be the case? Plus, why would they want ppl leaving their coin and buying into bitcoin ?

The masses don't care for the ideology of "true" cryptocurrencies. Nothing of what you said means that Facebook Coin is not a threat to Bitcoin and other cryptos. When Facebook is the one that will catapult crypto into the long awaited mass adoption, then with the blink of an eye 99.9% of all other cryptos become irrelevant. Mark my words.

So you are not okay with libra but silent on tether.

Thank you for another video!

I dream of a revolution every day … when we all take care of our finances and we can finally have peace … forget what wars for oil and petrol dollar have been!

Wouldn’t it be easier if FB would accept/use main 10 crypto’s for all?

Thanks for educating masses!

I really hope that wasn't a serious question.

Have asked this question on multiple platforms no answer. If ledger nano can give me a backup for a device i have lost,and my same crypto information is restored to a new nano device. How can they claim you private keys never leave the original nano

Thank you for explaining it so well. A free people properly informed should give this centralized "socialist" media currency little respect and useage. Unfortunately the illinformed brainwashed masses will fall in love with it's convenience and we are one step closer to a one world currency and cashless society

thanks.

Disgracebook

About the 5 pillars Censorship Resistent, Neutral, Public, Open (permissionless), Decentralized – is the following summary correct?

1.) Consorship Resistent: Nobody can prevent anyone from sending any amount to anyone else, and it does not matter where the money once came from that I am spending now (the latter is fungibility). Funds cannot be locked or confiscated and rolling back transactions in retrospect is hardly possible.
2.) Neutral: The protocol does not care about the amount transferred (tx fee is not function of amount sent). The other aspects that one might associate with "neutral" are already included in 1.)
3.) Public: Everybody can fully access the database ("public" blockchain) in the same way and verify the transactions by themself independently.
4.) Open (permissionless): Everybody can view the source code ("open" source) of the protocol and contribute code or compatible applications. This ensures that there are no backdoors or limitations to the first 3 pillars and that the ecosystem can evolve freely and unhindered. Moreover, anybody (human or machine) can participate openly without any need for authorization/permission or proof of identity or nationality.
5.) Decentralized: This is a precondition for all the other pillars. By being decentralized it is ensured that the other pillars cannot be simply removed or weakend by decision of a central authority at some point in time. So the other pillars are worthless without decentralization. So Decentralization is the main pillar on level 1 that the other pillars are built upon on level 2. Bitcoin is decentralized in terms of the protocol (provable by pillar 4) but also in terms of organization of the project (developer community).

Checking these 5 pillars, each by itself, for Libra coin we see: It fails for all 5 pillars.

PS: 5b.) Borderless: Bitcoins are not located anywhere, but everywhere, they are information and not physical. You cannot bring them into a country, they are already there. They are everywhere, like laws of physics are.

Damn it AA – this was a gem ? of a video. I feel sorry for those who ignore this shared wisdom.

Are you ready to relinquish your USA Citizenship? See how that work$? It is not as easy as it sounds. But Bitcoin doesn't give a fuck. It just does it daily. So yeah enjoy that profit but never cash out as it is that important to protect yourself.

havent watched in a while, is the audio usually this fucked?

Facebank ?

Andreas – Great explanation as to why Facebook is not a true cryptocurrency nor threat to Bitcoin. You are totally awesome!! Peace.

Andreas for some reason you blocked my Twitter @cryptologiccat idk why 🙁 please unblock I love your content

This Libra private 'not-for-profit' consortium process is exactly how US Federal Reserve was created. Zuckerberg is trying to create a global central bank. Here is the link to watch this sociopathic oligarch Zuckerberg several years ago lying his ass off, making similar claims that he was going to bring internet freedom to everyone on Earth with 'Internet.org'.. He did exactly the opposite.. Fool me once, shame on you. Fool me twice, shame on me.. https://www.youtube.com/watch?v=WrONtJAhbi0

Sure, but at least you can sell it as a cryptocurrency like Ripple did. That's good for the entire cryptospace, beacuse it makes the market bullish.

Buy Bitcoin even with just small amount every months

I love this guy

you sound like marius kramer. thanks!

Lol, "I sold all my bitcoin to buy…." ?

I will never Trust that ???. I trust code, not multi billion dollar corporations, not governments. Esp not corporations backed by governments currency. It's a worse Ripple.

I respect Andreas but he is wrong. Libra will be decentralized — it is the level of decentralization that is in question. Libra will be backed by 100 or so organizations. Unlike BTC Libra will have a stable value. It is impossible to have commerce on BTC because of wild value fluctuations. Libra will be true p2p cash. BTC today is mostly a speculative asset, very few actually use it for commerce. FB already has Fb app installed at 2B+ devices, they will simply integrate into the FB app and you can build your own wallets. Libra is a real threat to BTC and ETH — not only will you be able to use Libra as digital cash but also build apps on top.. ETH is screwed. BTC is not even a good store of value. Store of value must be stable, BTC is not.. Most on boarding ramps to BTC are already regulated via exchanges so a wash there as well. Libra will simply take over BTC as a form of payment because it will be easy, stable, decentralized and global. Has all the properties of blockchain. What most people dont get is that Libra is not Fb coin but a coin governed by a consortium of companies.. This is better then being governed by a consortium of centralized mining operations with wild value fluctuations.. Nobody will price their service in BTC because it is not stable.. So you can yap all you want about BTC but reality is BTC adotion is not growing (excluding speculation)..

Dude you nailed it. It does have a positive aspect and that is that people can transition into the crypto world very easily.?

Let's make sure we call it Globo Coin so it gets the respect it deserves.

Love your video You are the Yoda of Bitcoin and Cryptocurrency philosophy. Unfortunately, I think most will think Libra is a cryptocurrency because they don't follow or listen to you. Libra will probably be a gamechanger in global finance. Libra was never meant to be a cryptocurrency but the media is pushing it as a crypto. The ignorant will always follow the lies of their masters. Sad but True. Thank You for all you do in this space Andreas. Be Well. 🙂

Mic is running a bit hot Andreas 😉 Other than that, thanks for the video. excellent as always.

Screw Facebook and the libra it rode in on

Zuck vs Banks ? let them consume themselves.

It's amazing how people love bitcoin and the decentralized nature of it (which is fully understandable) however, when you mention that capitalism and every(99.99%) corporation is centralized they either turn a blind eye or they say "money is good to be decentralized but not companies). WTF????

Kinda amazing that this dude only has 169k followers

Great info. Thnkz for ur knowledge andre

Thank you once again for a good response, Andreas.

And we all know there will never be another one like Bitcoin, ever

Anderas always makes the doubts disappear.

game over bitcoin

Facebook Libra Coin will be stable coin?

Shitcoin