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Facebook's Libra coin could define the future of money more than Bitcoin


Much of the commentary about Facebook’s proposed Libra coin has focused on its defects as a cryptocurrency – centralised governance, weak privacy protections – or as a payment processing system – low throughput, inability to handle multiple currencies. I think it’s more interesting to examine the process for creating Libra rather than specific technical features.

But Libra is a work-in-progress. Its white paper describes aspirations, not technical design. Work has begun on only some of the aspirations, and they will have to be modified along the way to resolve conflicts, satisfy regulators, attract users, please investors and deal with unanticipated issues ...


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