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‘Major validation’ to ‘catastrophic regression’: How the crypto world reacted to Facebook’s Libra announcement

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On June 18, Facebook unveiled its plans for a new cryptocurrency called Libra which it hopes will reshape finance by changing how people send money and pay for things. It is backed by a host of companies including Visa and PayPal. Here’s how the crypto world reacted to the news. ‘Major validation of cryptocurrencies, will benefit developing countries’ Some were optimistic, others less so. Garrick Hileman, head of research at Blockchain, told CNBC that Libra was a "major validation of cryptocurrencies and blockchain technology to be the financial infrastructure of the future,” and that it had the potential to be “one of the most significant and positive events” in the history of cryptocurrencies as “billions of Facebook users could join the ecosystem we’ve been building over the last decade”. There was also broad agreement that Libra could benefit users in developing countries. Tony Perkins, editor of Cryptonite, told CNBC that by giving users the ability to transfer funds to one another, and to merchants at a low cost, Libra would bring billions of people into the modern economy, and “represents a gigantic economic opportunity like we have never seen”. ‘Not a pure cryptocurrency; don’t expect privacy’ Bitcoin advocate Erik Voorhees tweeted: "Zoom out for a second and realise how far this industry has come. The biggest companies in the world are now launching cryptocurrencies. BOOM.” https://twitter.com/ErikVoorhees/status/1141062947055079426 He then went to talk about Libra’s privacy issues: “Libra is clearly not a 'pure cryptocurrency’. Nobody should expect privacy by using it. Nobody…

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