Sunday , August 25 2019
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Views on Libra

Summary:
Different aspects of the Libra proposal that various authors have emphasized: Jameson Lopp on OneZero: A “database of programmable resources;” Move; “[p]erhaps the network as a whole can switch to proof of stake, but in order for the stablecoin peg/basket to be maintained, some set of entities must keep a bridge open to the traditional financial system. This will be a persistent point of centralized control via the Libra Association”; not a blockchain, the “data structure of the ledger history is a set of signed ledger states”; initially, 1,000 payment transactions per second with a 10-second finality time; technical aspects. Laura Noonan and Nicholas Megaw in the FT: Gaining regulatory approval (in each US state, as well as in many countries) is burdensome even if Carney signals “open

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Different aspects of the Libra proposal that various authors have emphasized:

  • Jameson Lopp on OneZero: A “database of programmable resources;” Move; “[p]erhaps the network as a whole can switch to proof of stake, but in order for the stablecoin peg/basket to be maintained, some set of entities must keep a bridge open to the traditional financial system. This will be a persistent point of centralized control via the Libra Association”; not a blockchain, the “data structure of the ledger history is a set of signed ledger states”; initially, 1,000 payment transactions per second with a 10-second finality time; technical aspects.
  • Laura Noonan and Nicholas Megaw in the FT: Gaining regulatory approval (in each US state, as well as in many countries) is burdensome even if Carney signals “open mind but not open door”; ING declined to be part of consortium; how can merchants be brought onboard?
  • James Hamilton on Econbrowser: Currency board; currency competition.
  • JP Koning on Moneyness: Competition for national banking systems; new unit of account; global monies (or languages) never worked out.
  • Stephen Williamson on New Monetarism: Narrow bank or mutual fund; why “krypto” or “blockchain?” [T]ere’s never been a successful banking system that didn’t have a strong regulatory hand behind it.
  • Corinne Zellweger-Gutknecht and Dirk Niepelt in NZZ, Jusletter: Role of resellers; regulation in Switzerland.
  • Kari Paul in the Guardian: Astrology.
Dirk Niepelt
Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Centre for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was an invited professor at the University of Lausanne as well as a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University.

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