Blockstream’s chief strategy officer, Samson Mow said that Facebook should have used bitcoin (BTC) as a platform instead of developing its stable cryptocurrency. He criticised the new project in a series of tweets yesterday.
Mow also said that Libra is in a bad spot at the moment because of all the possible regulatory actions against it. He says that he believes Mark Zuckerberg had no clear idea of what he is building.
“Libra can't be everything for everyone, and it can't be both open and closed at the same time” Mow said. Mow also pointed out that the creators of Libra have to control its cryptocurrency in order to fulfil all their promises. However, that defeats the purpose of it being a cryptocurrency, as one of the main attributes of cryptocurrencies is that they are decentralised.
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