Watch “Bitcoin Joe” Kernen of CNBC absolutely destroy Facebook’s Libra cryptocurrency with five deft punches. | Source: CNBC/YouTube (i), Shutterstock (ii). Image Edited by CCN.
By CCN Markets: Facebook’s Libra cryptocurrency isn’t getting any love from CNBC host Joe Kernen, better known on Crypto Twitter as “Bitcoin Joe.”
Reacting to a report indicating that founding members of the Libra Association had developed cold feet after the pushback the cryptocurrency has received, the recent Bitcoin convert stated that he has never liked the Facebook coin “one bit.”
— Squawk Box (@SquawkCNBC) August 23, 2019
Kernen then outlined five reasons why.
1. Libra is centralized
“I don’t like it [Libra] ‘cause it’s centralized” was Kernen’s first shot.
Is he right?
Despite the decentralization phrase and its variants being mentioned ten times in the Libra whitepaper, there has been widespread skepticism regarding this. Libra’s cryptocurrency credentials have consequently been questioned, with Facebook being viewed as having central control over the cryptocurrency.
Is Libra really a cryptocurrency? Facebook’s new money, explained by @Gmvolpi. A new WIRED Explains video.
— WIRED UK (@WiredUK) August 14, 2019
The Facebook coin has even been described as a “banking venture dressed up in cryptography.”
2. The Facebook brand is tainted
Another reason Kernen cited for his anti-Libra stance was the company backing the cryptocurrency project.