By CCN Markets: Bitcoin educator and promotor Andreas M. Antonopoulos published a new video today in which he pointed out that Facebook’s Libra project doesn’t amount to a “real” blockchain.
The professional speaker has spoken at length in the past about the oppressive nature of KYC and “blacklisting” bitcoins.
Facebook’s Coin Is Just Another Token
Fungibility is an issue at the heart of cryptocurrency – if some coins are good, but others are “bad,” then the system might not be sustainable long-term. Efforts have been deployed to “dust” the entire Bitcoin blockchain so that every wallet would necessarily hold “bad” coinage. The goal is to make it such that the whole network must be accepted, or none of it can be.
Nevertheless, governments have banned specific Bitcoin addresses from use. Which raises the question: what does a world of crypto and government look like? How much friendly interaction can the two have?
For his part, Antonopoulos believes that the Facebook project is another beast entirely. Answering a question submitted to him, he elucidates his position on Facebook’s Libra.
First joking that he sold all his Bitcoin to get into Facebook’s crypto, the speaker then talks about his understanding of the project and why it doesn’t concern him as a “threat” to Bitcoin.
“What Facebook, or any company like Facebook, is proposing is not a cryptocurrency. It doesn’t have any of the fundamental characteristics of cryptocurrency. It doesn’t stand on the five pillars of an open blockchain. In fact, it has none of those.”
He then explains the pillars of an open blockchain. A blockchain must be open, public, neutral, censorship-resistant, and borderless. The famed Bitcoin evangelist says that Facebook’s project fails all of these tests, on numerous accounts. As such, it’s not a blockchain – nor something for real blockchains to worry about. He explains that…