Today’s Pill (12): Don’t worry, an alliance with a war chest will hold the keys for you

To flex your muscles within the crypto space, you go to an exchange, sign up, get KYC’d, download a wallet, wire in fiat money, buy crypto, and then… send cryptos to your Bahamas accounts, play with cards of kitties, wizards or so. Fb is doing much more; they take the best of the crypto world and build a killer biz model on top of a global platform — for their validators, not for you. Libra has nothing to do with the open cryptos like ETH, BTC and rest. Daniel Jeffries refers to this as “an Extinction Level Event for the old financial world order.”

Fb’s Calibra wallet looks simple and easy to use. Libra’s consensus is like a Delegated PoS , scaling to thousands of tps. Libra gets created/minted as money comes in, and if you take money out the coins are destroyed. Libra is designed to stay stable. Move, their smart contract language, looks strong and uses “safe code.”

The Association members paid $10m each for the privilege of functioning as validators; with the fiat money they get from the market, they can do anything. The Validators keep the profit and you get nothing/experience, and they’ll develop more apps to run on the platform, and sell you goods and services. The fat fingers get richer.