Vitalik Buterin: Facebook Coin Will not Overthrow Existing Cryptocurrencies

Vitalik Buterin’s tweet on the hyped facebook coin reflects the kind of friction that Libra could cause between; the centralized and decentralized financial universe. Criticism of the Libra coin is likely not to end any soon. Despite scheduling the coin’s launch to next year. The anticipation associated with the coin has left so much talk. 

 

The Libra whitepaper dragged with it a barrel of criticism and praise; bagged from all types of experts. I even saw an open letter to Mark Zuckerberg. Written to praise his ambition of streamlining the financial world. 

 

Most of those who had much to say are top personalities in the blockchain and financial worlds. The most recent person to share his thoughts on the subject is Vitalik Buterin, the founder of Ethereum. Vitalik’s thoughts gave an insight on the top question surrounding the Libra Coin.

Will Libra topple existing crypto coins and take over the decentralized world? 

In one of his tweets, Vitalik says – 

 

I think one of the benefits of crypto assets that’s going to be hard to replace is the feeling of not being thoroughly and completely “owned” by the system’

In the above tweet Vitalik reflects that the Libra Coin is not decentralized as a crypto coin should be. Furthermore, the Ethereum founder has a firm believe that Libra diverges from the real objective of a Blockchain currency. I.e lack of central control. 

 

Vitalik’s opinions shares a lot of similarities to most views shared by other crypto personalities. However, whereas his opinion shows that it is impossible for  Libra to dethrone other coins; Other fans think dethroning Bitcoin is quite possible. 

 

Conclusion

 

Vitalik’s Ethereum is one of the leading projects in the blockchain race. In fact, it was the first platform to spark the initial coin offering craze. Therefore, it seems that his opinion carries weight. Meanwhile, the unveiling of the Libra will  bring decentralized and centralized into a crash. 

 


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