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Analyst Rips Libra Saying It’s The Worst Product In The World Ever

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Analyst rips Libra, Facebook’s crypto project saying that it is the world’s worst product ever invented. In the coming altcoin news below, Karen Petrou the managing partner by the Federal Financial Analytics company noted that the project is a poorly managed product.

When she appeared on the CNBC show, Petrou said that that the cryptocurrency was incompetent at best since it had unified political rivals such as the Republican President Donald Trump and Democrat Maxine waters who is the chair of the US House Financial Services Committee saying:

You’ve got to admit that this is about the world’s worst product launch ever. To bring out President Trump, chairwoman Maxine Waters and now the Treasury Secretary along with the Bank of England, the head of the Federal Reserve Board and many other top policymakers to tell Facebook that they don’t feel good about this is sending a real message.

The views that Petrou has are based that Facebook had skipped on the groundwork that the traditional providers of financial services normally have to go with. Petrou also expressed doubts that Facebook will be able to proceed with rolling out the crypto project in the developing world in the event that the countries such as U.S. and U.K. close their doors on it. According to her, this is because the entire financial system is highly intertwined.

The backlash against Facebook’s cryptocurrency comes after the social media giant’s executives prepare to hold Congressional hearings over the week. With Libra’s already facing privacy violation accusation on its social media platforms, the lawmakers will be interested in finding out how customer data will be handled.

The analyst rips Facebook’s libra project mainly because of its controversies. Back on Monday, Treasury Secretary Steven Mnuchin stated that he is concerned over Libra while nothing that Facebook will only be allowed to access the financial systems in the US but only after it convinces the regulators that it has abided by high standards. The lawmakers are also frustrated over Facebook’s lack of clarity over cryptocurrency plans.

In the latest cryptocurrency news, the Bank of England governor Mark Carney stated that Libra will have to meet the highest standards before getting into the United Kingdom.

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Libra News

Galaxy Digital Blames Libra For $68 Million Loss In Q3

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Galaxy Digital blames libra for the latest new loss of about $68 million in the third quarter. The popular crypto company suffered from the harsh trading conditions in the crypto markets when Bitcoin dropped by 30 percent since Q2. So let’s find out more in the Libra coin news today.Most of the assets which are under management approached half a billion dollars and the company is still capable to withstand some similar slides as those that happened in the third quarter. Also, the company is still up by 57 million USD for nine months to September 30 suggesting the extent of the exposure to the market and the performance.The founder of the company Mike Novogratz told the investors that:“While the third quarter proved to be another challenging one for the cryptocurrency markets broadly, the teams here at Galaxy Digital continued to make forward progress across each of our three primary operating business lines as well as to conservatively allocate new capital where we saw pockets of clear value in the industry.”Galaxy Digital blames Libra after the OTC trading desk onboarded 47 percent more counterparties that were compared to the previous quarter despite the desk losing up to 43 million. Novogratz pointed out that the company has a number of positive developments in the operations in these harsh trading conditions:
 “Whether one points to Trading’s OTC market share gains and entry into the structured and derivative product markets, Asset Management’s launch of the new bitcoin funds, Advisory Services’ successful work on two IPOs on the NYSE and Nasdaq, or our Venture and Principal Investment teams’ continued and acute focus on portfolio management and positioning, the second half of 2019 has seen the company leverage our relationships and insights to improve our standing in the digital assets, cryptocurrency and blockchain technology industry.”
Galaxy trashed Facebook's crypto project Libra suggesting that the stablecoin’s influence on the market sentiment damaged the entire investment ecosystem and even reduced the market activity. Mike Novogratz believes that this could be attributed to several factors including a geopolitical and regulatory uncertainty stemming from Libra as it was reported for months before.
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Libra News

US Lawmakers Want To Classify Stablecoins As Securities Including Libra

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The US lawmakers want to classify all stablecoins as securities and they include libra here in the list as we are reading further in the Libra coin news today.Libra considers adopting the fiat-pegged stabelcoin method rather than only one token getting supported by a basket of national currencies so the crypto project could be facing another regulatory issue. In the meantime, the US lawmakers who are sponsoring the bill, claim that the stablecoins will be classified as securities in order to protect the customers in the United States. If the bill passes, the projects such as Libra will fall under the US securities regulations.The critics of the move noted that such measures will only serve to further complicate the country’s position in the emerging digital landscape and some of the commentators have long accused the regulators of chilling innovation in the crypto and blockchain space. Libra maintains its position that the stablecoin project is a commodity. The association also noted that they are improving their payment system and released updates on the state of the testnet and detailing the number of all transactions that were carried out so far.As reported previously, the two Texas representatives proposed new legislation that will classify the stabelcoins as securities. Named as the Manager Stablecoin are Securities Act of 2019, the bill sponsored by the representatives from both sides of the aisle could put a much larger weight on stabelcoin projects such as Libra. Representative Sylvia Garcia noted:
 “Managed stablecoins, such as the proposed Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.”
The co-sponsor of the bill, Rep. Gooden, also explained the sentiment that the Congress will take the lead in shaping the legal landscape for all cryptos and the digital space overall. According to Gooden:
 “It’s the responsibility of Congress to clarify the regulatory framework that will apply to stablecoins, especially now that mainstream institutions are offering them to consumers.”
The Libra association commented on the proposed bill and Dante Disparte, the head of policy and communications noted:
 “We maintain that responsible financial services innovation and regulatory oversight are not in contest. The Libra payment system is designed from the ground up to serve as a payment infrastructure that can empower billions of people left on the margins of today’s networks. The Libra Coin is simply a proxy for an instantaneous payment system that is low friction and high trust.”
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Libra Network Logged 30+ Projects In The Past 2 Months Of Testing

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There were apparently more than 30 projects and 51,000 transactions which the Libra network logged over the past two months of testing. As the Libra Associaiton (which stands behind the upcoming stablecoin by Facebook) noted, despite the controversial stance towards the coin the project managed to fulfil its goals and record many projects and transactions.It was the controversial stance towards Libra and the loss of around a quarter of its founding partners which made the general public skeptical about the coin's future. However, the Libra network logged many projects and has plans to introduce a range of new features in the coming months, as an officially published press release on November 15 shows.Around ten wallets, 11 blockchain explorers, one integrated development environment, an application programming interface (API) and 11 clients have taken part in the development of the network.The Libra network logged more than 51,000 transactions on top of that (since activating its testnet on September 17). As we previously reported in our Libra coin news, non-custodial keyless cryptocurrency wallet solution ZenGo started supporting this testnet in mid-August and allowed users to send and receive the stablecoin, just like any other cryptocurrency, but in a test mode.The plans for the upcoming months for Libra are to launch new process for the Contributor License Agreements (CLAs) which will be completed. This is aimed at the improvement of the way CLAs are submitted, reviewed and verified for both individuals and businesses. The organization also plans to deploy around 100 nodes on the mainnet, representing a mix of on-premises and cloud-hosted infrastructure.Among the other objectives besides the milestones that the Libra network logged, we can also see the establishment of a Technical Steering Committee which will be set up to supervise and manage the technical design and development of the Libra network on behalf of its association members.Meanwhile, Facebook launched a new fiat payment system called Facebook Pay earlier this month. The system is designed to facilitate payments across many platforms including Instagram, Facebook, WhatsApp and Messenger. However, the firm made it clear that the payment service will be kept separate form the new Facebook Calibra wallet and the Libra network.
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Libra Crumbles As Facebook Launches Its Alternative Payments Platform

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As you could see from our previous Libra coin news, most of the regulatory scrutiny towards cryptocurrencies has been geared at mostly one coin - the upcoming Facebook Libra stablecoin which is expected to launch in 2020. In the latest updates, we can see that Libra crumbles before the launch of the alternative payments platform, Facebook Pay.In fact, we can see that the social media giant is now scrambling to launch this platform and that the major economies from the world do not like the company's plans on crypto domination with its own centralized digital coin (something which Libra would focus on).However, there is no one to blame. Even from the start, it was clear that a new player like Facebook has ambitions which went over the moon and were way too lofty considering the appalling track record of the company. The lack of trust for the social media giant was enough for regulators and bankers from all around the world to slam its Libra cryptocurrency project.What started as a mass exodus of the partners behind the Libra Association such as the payments heavyweights VISA and PayPal, today we can see that Libra crumbles and barely makes the news as the company appears to have moved on by launching an alternative payments platform.As a recent company blog post shows, Facebook Pay will be launched this week and will start in the US. The platform is said to provide people with a "convenient, secure and consistent payment experience" on Facebook, Messenger, Instagram and WhatsApp.While Libra crumbles, on a first glance we can say that the Facebook Pay idea is good - but it is no different to PayPal or Alipay or the tons of similar payment apps and services. Users need to enable the app when it gets rolled out, add a payment method and use it to send or receive dollar payments.
“Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network,” the social media giant noted.
Jake Chervinsky who is known as the General Consul at Compound Finance also had his say:
“Facebook Pay sounds an awful lot like an admission that Libra is dead in the water.”
All of this confirms that Libra crumbles and Facebook is trying to get in the mind of its potential customers with new innovations. As the billionaire Zuckerberg and head of the company said, Libra is not the threat - China's proposed crypto yuan may do a lot more damage to global finances and dollar domination.
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