As the missteps of BTC and Libra continue to pile up, there’s plenty to analyze and figure out where they went wrong. Bitstocks CryptoTime Youtube podcast took on the recent news of both these camps, and Relationship Managers Antonio Shillingford and James Coughlan did not hold back.
They began with Libra, discussing Mark Zuckerberg’s recent testimony in front of the U.S. Congress and the Libra association partners quickly leaving the project. They agreed that Zuckerberg pretty much had to bend to congress members to have any hope of pushing Libra forward.
The quick departure of Visa, Mastercard, Paypal, and other Libra members, while unfortunate for Zuckerberg, makes a lot of sense. They have licenses and businesses to protect, Shillingford noted. “It makes sense on why all of those companies, right now, are backing out. Because they need to protect home, they need to protect their bread and butter,” he added.
To wrap up the topic, Coughlan took a look into the future. “The prediction I’m going to make is that Libra will never launch,” said Coughlan. “I don’t think that’s going to happen.”
“I don’t think they have a working model,” Shillingford agreed.
They then moved on to the recent scandals surrounding BTC. Before discussing the specific news at hand, Coughlan shared a basic premise anyone should understand well when it comes to Bitcoin privacy. “Sometimes we have to give up things that, you know, we don’t particularly want to, with the view that it has a greater good on the other end.” he said.
Shillingford then introduced the recent news, broken by Bloomberg, that a massive child pornography ring had been tracked down and broken up thanks to analysis of the BTC blockchain.