The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin, Ethereum and XRP Are Real Crypto Assets – But Libra Is Not, Warns US Lawmaker

by Daily Hodl Staff
October 24, 2019
in Regulators

A US lawmaker is drawing a line between true cryptocurrencies and Facebook’s digital asset Libra.

At a hearing on the future of Libra on Wednesday, lawmakers grilled the company’s CEO Mark Zuckerberg.

Republican Rep. Ted Budd of North Carolina used his time to separate Libra from crypto assets, warning that Washington should work to avoid stifling innovation in the blockchain technology.

“It’s crucial that members of this committee be able to differentiate between Libra, which is really not a cryptocurrency, and actual cryptocurrencies like Bitcoin, Ethereum and XRP, before we discuss draft legislation.

Many of the proposals would stifle financial innovation and if we’re to remain as a world leader in financial technology, it’s vital that this committee not embrace reactionary laws against cryptocurrencies.”

Although Bitcoin, Ethereum, XRP and Libra are all built on open-source code, the Libra ledger is corporatized and does not allow anyone in the world to run a node and power the network.

Instead, a group of hand-selected companies will power the Libra network, increasing the digital asset’s centralization and potential for censorship.

At a separate hearing on Libra back in July, CoinShares chief strategy officer Meltem Demirors compared and contrasted Libra with BTC to highlight some of the major differences.

“Imitation is the most sincere form of flattery, but it is important to distinguish that Libra is not a cryptocurrency. There is a clear line separating Libra, Facebook’s self-styled ‘cryptocurrency’ from Bitcoin and other cryptocurrencies…

Bitcoin is decentralized, which is an esoteric metric, but in practice, it means no one entity or group of individuals has the ability to block or reverse transactions.

In contrast, Libra is highly centralized. It is a project that was conceived, designed, and launched by the Facebook corporation and its employees, which proposes to keep a multi-billion dollar fund to back the currency, and to manage the code for the network and control access via a consortium that currently consists of 28 entities. Note that some of these entities in Libra’s governing body are investors in other members of the eight consortium, large owners of Facebook shares, or otherwise commercially affiliated with Facebook and its executives. In Libra’s proposed design, this consortium will have the ability to block and censor transactions.”

While several members have dropped out of the Libra Association, the structure of the platform and the project remain distinctly different from Bitcoin. Meltem also pointed to the fact that unlike Libra, Bitcoin is its own asset and not backed by other assets; Bitcoin is not run by a for-profit association; Bitcoin allows anyone to run nodes without needing permission; Bitcoin supports thousands of companies that are not handpicked by a corporate giant like Facebook.

The full six-hour hearing is below.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Poolz Security Incident Prompts Rapid Response and Platform Restructuring
    March 16, 2023
  • Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar To Combat Centralized Stablecoins
    March 16, 2023
  • Partnership Announcement – Oraichain x DoraHacks
    March 16, 2023
  • Wemade Announces Partnership With Space and Time To Power Blockchain and Gaming Services
    March 15, 2023
  • DAO Maker’s Degen Zoo Builds the Abandoned Logan Paul Game in 30 Days
    March 10, 2023
  • New Peer-to-Peer Chat Application Launches on the Decentralized Streamr Network
    March 9, 2023
  • SelfKey Releases AI and ZK-Based Solutions for Safer Digital Verification
    March 9, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,338.59
$28,338.59
4.01%
Ethereum
$1,790.79
$1,790.79
0.05%
Cardano
$0.346563
$0.346563
1%
XRP
$0.38519
$0.38519
0.07%
Dogecoin
$0.07481
$0.07481
0.13%

Spotlight

  • Circle Mints $407,000,000 Worth of USDC as Stablecoin Recovers From Depegging Incident: Nansen
    March 13, 2023
  • Coinbase Issues Alert to Crypto Traders, Says It Will No Longer Support Six Ethereum-Based Altcoins
    March 15, 2023
  • Most Dogecoin (DOGE) Holders in Profit As Over 65% of Shiba Inu (SHIB) Owners Languish Underwater: IntoTheBlock
    March 18, 2023
  • Bitcoin (BTC) Nowhere Near Finished Ripping, Says Top Crypto Trader – Here’s His Target
    March 14, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl