首页>>数链评级ShulianRatings >>Facebook Libra既非加密货币,也非ETF,而是一种革命性的法定货币形式

Facebook Libra既非加密货币,也非ETF,而是一种革命性的法定货币形式

2019-07-05 20:46:30

作者: Juan M. Villaverde

来源: 魏斯评级 www.weisscrypto.com

编译: 数链评级( www.shulianratings.com )

原题: Facebook Libra: A New, Revolutionary, Fiat Currency

简介: Juan 是一位计量经济学家和数学家,也是 Weiss CryptoInvestor 的联合编辑, Weiss Cryptocurrency Ratings 、 Weiss Cryptocurrency Portfolio 和 Weiss Crypto Alert 的编辑。 他构建了 Weiss Crypto 评级核心的技术和采用模型,并通过消除评级中的个人偏见而广受好评。

他毕业于乌拉圭共和国大学,获得经济学学位, 2012 年以来一直致力于对加密货币的分析。 他的观点经常被包括 Bitcoin , Cryptovest , Ethereum WorldNews , Independent UK , Ripple Coin News , Sludge Feed 等在内的全球数十家出版物引用。

Juan M.Villaverde , Weiss Ratings


Libra 是一种新型的、革命性的法定货币形式。

Libra 好像是私营中央银行?

Libra 与加密货币的增长是什么关系?

Libra= 比特币 + 支付宝?


在最近几周内,关于 Facebook Libra 项目已经有很多人说过和写过,这让很多人感到头晕目眩。


Within just thelast couple of weeks, so much has been said and written about Facebook’s Libra,it’s making a lot of people very dizzy.

But, as oftenhappens in the crypto world, much of it is misleading or simply not true.

Libra 是加密货币?

例如,有些人称 Libra 加密货币

For example,some call Libra a “cryptocurrency.”

是的,它使用加密货币技术。 但从一开始,我们就指出,无论具体技术如何,加密货币的基本定义原则都是分散化。

Yes, it uses thetechnology of cryptocurrencies. But from the outset, we’ve pointed out that,regardless of the specific technology, the fundamental defining principle ofcryptocurrencies is decentralization.

Libra 违背了这一原则。 它由 Facebook 和强大的金融科技公司(包括 Uber eBay Mastercard Visa Spotify Vodafone 等)支持、背书、发行和控制,它是中心化的。

Libra defiesthat principle. It is centralized, sponsored, issued and controlled by Facebookand a consortium of powerful tech and fintech companies, including Uber, eBay,Mastercard, Visa, Spotify and Vodafone.


其他人将其视为某种投资工具,如交易所交易基金( ETF )。

Others view itas some type of investment vehicle, like an Exchange-Traded Fund (ETF).

是的, Libra 将得到金融资产的支持,包括法定货币和以这些货币计价的政府债券。 然而,与 ETF 或共同基金不同的是, Libra 并不代表这些证券的份额。 当这些证券升值时,它的价值不会上升。它也不会为产生的任何利润支付红利。

Yes, Libra willbe backed by financial assets, including fiat currencies and government bondsdenominated in those currencies. However, unlike an ETF or mutual fund, Libradoes not represent a share in those securities. It won’t rise in value whenthose securities appreciate. Nor will it pay dividends on any of the profitsgenerated.

恰恰相反,它的价值将是固定的。 公司财团将保留所有利润。除了作为价值储存或交换媒介的实用性之外, Libra 的持有者将获得 zilch

Quite to thecontrary, its value will be fixed. The consortium of companies will keep allthe profits. And other than its utility as a store of value or exchange medium,Libra holders will get zilch .

来源: BitMEX Research ,《 Facebook 推出名为 Libra 的固定收益 ETF ,与 ETF 巨头贝莱德展开竞争》

Libra 到底是什么?

鉴于目前 Facebook 计划的透明度,这些误解是非常奇怪的。

Given thecurrent level of transparency of Facebook’s plans, these misunderstandings arequite strange.

更奇怪的是,两个阵营之间的辩论 - 那些声称它是加密货币的人和那些认为它类似于 ETF 的人 火爆进行 ing

What’s evenstranger is that the debate between the two camps – those who claim it’s acryptocurrency and those who think it’s akin to an ETF – rages on.


我再说一遍: Libra 既不是加密货币,也不是一项投资,而是 ......

I say both arewrong.

I repeat: Librais not a cryptocurrency. Nor is it an investment. Rather …

Libra 是一种新型的、革命性的法定货币形式。

Libra is a new, revolutionary form offiat currency.


It’srevolutionary for one main reason:

历史首次! 我们正在目睹一种货币的出现,这种货币不是由一个主权政府支持和背书,而是由数十亿美元的大公司支持和背书的。

For the firsttime in history, we are witnessing the emergence of a currency that’s backedand sponsored not by a sovereign government, but by large multibillion-dollarcorporations.

这就是让 Libra 真正具有革命性的原因。 不是它的技术,而是货币的私有化。

This is whatmakes Libra truly revolutionary. Not its technology. But rather the privatizationof money.

单个实体使用传统的法定货币来发行新型货币。 它以充分的信念和信誉支持货币领域内的所有资产和生产力。 此外,它还拥有各种资产的储备,特别是其他法定货币和以这些货币计价的债券。

With traditionalfiat money, a single entity issues the currency. It backs the currency with itsfull faith and credit -- all the assets and productive power under its domain.Plus, it maintains reserves with a variety of assets, especially other fiatcurrencies and bonds denominated in these currencies.

听起来有点熟? 没错, 因为这正是天秤座将要做的事情。

Libra 的新特点是,与美元,英镑,欧元或日元不同,该实体是一些世界上最大的公司之一。

Sound familiar?It should. Because that's exactly what Libra is going to do.

What’s new andspecial about Libra is that, unlike dollars, pounds, euros or yen, the entityis a group of some of the world’s largest companies.


It’s a form ofmoney that has never existed in the modern era.


Private money. Corporate-sponsoredmoney.

它使用与加密货币相同的技术 —— 分布式分类帐技术( DLT ) - 仅仅是达到目的的手段。

The fact that ituses the same technology as cryptocurrencies -- Distributed Ledger Technology(DLT) – is merely the means to an end.


And that end issimply to prevent any one of the companies in the consortium from gainingcomplete control over the asset. Instead, the idea is for decisions regardingthis new form of money to be made by committee.Each member of the consortiumgets a vote.

DLT 是被用作执行决策规则的机制。

And theDistributed Ledger Technology is used as the mechanism to enforce thedecision-making rules.

Libra 好像是私营中央银行?

Like a Private-sector Central Bank?


In many ways,yes! The model does borrow heavily from the way central banks work.

将财团视为美联储,并将每家公司视为为联邦公开市场委员会( FOMC )提供一名董事会成员或代表,该委员会决定货币政策。

Think of theconsortium as a kind of Federal Reserve. And think of each company ascontributing one board member or representative to the Federal Open MarketCommittee (FOMC), which decides monetary policy.

Libra 在所有权分配方面的立场是什么?

它可能不如政府货币那样的中心化,但也没有像比特币等加密货币那样的去中心化。所以 ......

Where does Librastand in terms of distribution of ownership?

It will probablybe less centralized than government currencies, but it doesn't even come closeto the decentralization of cryptocurrencies like Bitcoin.So …

Libra 与加密货币的增长是什么关系?

What does Libra have to do with thegrowth of cryptocurrencies?


A lot, actually.

首先,比特币的相对成功激励了许多公司和社区 —— 无论大小 —— 都在试图创造自己的货币。


First, it’s therelative success of Bitcoin that has inspired many companies and communities —big and small — to attempt to create their own money.

Before Bitcoin,only fringe communities would even think of doing so. But in this new era ofcryptocurrencies, it seems a new currency idea is born every week.

其次, Facebook 及其财团将为 DLT 带来极大的声誉。 它将有助于将加密货币从边缘传送到主流。

Second, Facebookand its consortium will lend great credibility to Distributed LedgerTechnology.It will help teleport cryptocurrencies from the fringes to themainstream.

即使 Libra 从未直接触及那些加密货币,它也必然会对任何加密产生更广泛的兴趣。

And even ifLibra never touches those cryptocurrencies directly, it’s bound to generate afar broader interest in anything crypto.

投资者将更加熟悉他们无法触及或感受到的资产,存入银行或添加到他们的 IRA 和 401 ( k )账户中。


( 1 )美国的个人退休账户 InpidualRetirement Accounts ,简称 IRA ;

( 2 )美国 1978 年《国内收入法》中的( section401K) 条款,它是美国一种特殊的退休储蓄计划。

Investors willbecome more comfortable with assets that they can’t touch or feel, deposit in abank, or add to their IRA and 401(k).

并且,我们可以设想未来的平台,提供简单的机制,直接将 Libra 转换为比特币, ETH 和其他加密货币。


And, we canenvision future platforms that provide easy mechanisms for directly convertingLibra into Bitcoin, Ethereum and other cryptocurrencies.

Plus, there’sanother, little-talked-about factor that may have contributed to this evolutionof money:

Libra= 比特币 + 支付宝?

A Fusion of Bitcoin and Alipay?



Alipay, createdin China, started as a simple payment application. But then it grew to becomethe largest commercial bank in the entire country (by number of users).

Beforethe Chinese government cracked down on it, Alipay was so large that it wasserving half of the small- and medium-sized enterprises (SMEs) in China.


( a )免费,开放的加密资产

( b )集中支付应用程序。

And today, ifyou visualize Libra as a fusion of Bitcoin with Alipay, you wouldn’t be far offthe mark. It borrows concepts from both

(a) free, opencrypto assets and

(b) centralized payment apps.


但现在, Facebook 及其财团已经更进了一步。

Alipay or WeChatmay have been too afraid or too shortsighted to create a brand-new currency;they stuck with whatever their government allowed.

But now,Facebook and its consortium have taken it a step further.


And the endresult is neither government-issued money, nor decentralized cryptocurrency,but rather a fusion of the two.

一些怀疑论者说 Libra 是一种时尚潮流,不会成功。

Some skepticssay Libra is a passing fad and won't be successful.


I think they’realso wrong. But even if they’re right to some extent, they’re missing the bigpoint:


This is thefirst time in history that multibillion-dollar companies have set out to createtheir own form of money. That alone will change the world of finance. Andthere’s next to nothing sovereign governments can or will do to stop them.


Bitcoin changedthe world's monetary system forever.


The cat is out of the bag.


Whether it'scompany-sponsored money or a pure cryptocurrency, the days in which governmentsmonopolize the issuance and control of money are numbered.



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