Stakes Are Enormous If Libra Would Pull Off Beyond Regulatory Head WingsJuly 27, 2019
The cryptocurrency market has slipped back to the red zone after its short-lived recovery. Significant Altcoins have been nursing losses ranging from 1.5% through 5%.
If despite all the regulatory head wings, which Libra is facing, if it can pull off, the stakes are enormous.
A fair deal of critiquing is going on concerning Libra. The Libra Association have recently stated that they would not want to “Impinge on the purview of the Central Banks.”
Lipton, Former head of Bank of America, stated, “The Libra people cannot say that they have not read that. Or, if they have not read that, they shouldn’t be probably doing what they are doing in the first place.” Lipton stated this because the actual structure of Libra has been lifted from the paper published by “Sandy Pentland and Thomas Hardjono.” Lipton further noted that the fact that adds insult to the injury is that the work of the Scholars has not been mentioned in the Libra document. Of note, the earlier structure was published as a part of the “free for all” section in the “Royal Society Effort.”
The MIT fellow talking about how Facebook lifted the idea from the paper is doing the rounds and triggering responses from different people.
Lipton stated that the key design problem with Libra will be that the coin might be issued in a non-immunized fashion in a way against the financial paper.
Lipton also stated, “I am not a big fan of the quantity theory of money, but I am certain that as the amount of money explodes, prices will go up.”
Cryptocurrency staking is a process where the owners are rewarded for holding on to a cryptocurrency for a certain period of time. BitGo is now offering these features. BitGo, a Palo Alto-based company, has been offering services that relate to the secure storage of cryptocurrencies. Now, the company is supporting cryptocurrency staking.
It will be further extending its range of services to providing custody services for proof-of-stake coins and other kinds of staking providers. BitGo is also providing instant access to digital assets combined with the benefits of insurance, which will cover for any kind of losses. This is the next step in the evolution of custody services solution, which is a move from cold-storage services to insurance-based solutions.
Several big shot clients like Celsius Network have moved their master nodes in order to ensure that their client coins are secure.