[Cryptography] Our leader opines on cryptocurrencies

Phillip Hallam-Baker phill at hallambaker.com
Thu Jul 18 12:19:56 EDT 2019

On Mon, Jul 15, 2019 at 7:27 PM Rick Smith <me at cys.me> wrote:

> Perhaps I’m overanalyzing, but it doesn’t look like his writing style, nor
> do those words look like ones he’d use. If someone on his staff provided
> this as something to talk about, why? And how did they get 45 to think it
> worthy of a tweet?

Trump is probably just upset about Facebook not using USD as the basis for
their Libre coin.

Libre is a cyptocurrency only in name. It is essentially nothing more than
Disney dollars for the Web. Mickey Mouse money. Only that is exactly what
the Web needs - a low friction way to pay for Web content that is universal.

If Libre was denominated in USD, people in Europe would be constantly
exposed to exchange rate risk both as providers and consumers. Using a
weighted basket of currencies mitigates that exchange rate risk. So if an
article is 1 Libre it will cost roughly $1 / €1 / £1 / 100¥. But I don't
need to know the dollar / yen exchange rate when I am buying an article on
a Japanese site. I will know the USD/Libre exchange rate from last time I
topped up my Libre account.

This is what we needed all along and the cost of running the system will be
addressing all the hard problems that BitCoin ignores by refusing to
acknowledge them as problems.
This is good news for crypto because one of the biggest reputation risks
the field faces is general disillusionment with crypto after BitCoin goes
the way of Gold Age/eGold and all the dozens of Ponzi schemes that preceded
it. Instead of the press saying the collapse of Tether proves BTC was a
scam start to finish, they will be saying that BTC failed because the big
boys took over and did the job properly.

Trump is upset because Facebook will be launching a new international
reserve currency in place of the dollar right when he is trying to chest
thump his way to re-election.
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