An uproar was witnessed in the cryptocurrency ecosystem long before Facebook officially released the whitepaper for Libra, which is supposed to be a global cryptocurrency. Whether this will be an open system or become a permissioned system, is still unclear.
Muneeb Ali, CEO, and co-founder of BlockStack spoke to CNBC about his thoughts on Bitcoin and media giant, Facebook’s Libra, and how they will fare in the future. Ali, referring to the Libra and its development ideas that people are coming up with, said that the initial models have started to pop up, which “may be true or not” but also added that it might catch on “once enough people start using these models.”
“I’m on the side of Bitcoin but I am also cautiously optimistic about Facebook’s Libra”
Although Libra turned heads, it also faced criticism, more importantly, it rattled the regulators enough to ask Facebook to put a hold on Libra’s developments.
Even though Libra was stopped in its tracks, its effect has definitely spilled over to the crypto ecosystem, which is very evident. Ali stated:
“I think, overall, it was a good development. I’m cautiously optimistic in the sense that Facebook the company has done certain things in the past that would make you distrust the company. But this team is new…I think they have really good intentions”
Ali further elucidated that Facebook would have to take a stance to determine if they were truly building an open system or a permissioned system, like the current state of things.
A Twitter user @howtobuildatent, commented:
“These kind of issues start at the top. As long as Zuckerberg is there the problems will continue.”
Another Twitter user @MattBoyleisme, commented:
“He said “this team is new”… snicker snicker… “I think they have really good intentions”… ???????? no.”