Bitcoin vs. S###coin

Recent senate hearing on Libra cryptocurrency

Here is an interesting question raised during a recent Libra cryptocurrency hearing:

https://www.youtube.com/watch?v=vf1dym16poc

Then we have the following follow up:

https://www.youtube.com/watch?v=2WOVukI3f-g

Consortium controlled cryptocurrency

When a consortium-based non-sovereign entity that has access to a captive network of several billion users proposes to launch a financial instrument which is a digital asset, the proposal leads to several challenges:

  1. A regulatory challenge
  2. The disenfranchisement of existing financial entities like banks, mutual fund investors, etc.
  3. The rather unnerving possibility of seeing use cases of the technology and digital asset completely unseen earlier.
  4. The scary proposition of allowing a large consortium to control money supply in international markets when a sufficiently large population agrees to use it as a mode of payment.

Another followup, discussion about the same: https://www.youtube.com/watch?v=t1-9Hm_rF6A