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A comment on Open Libra: An open platform for financial inclusion. Parent comment

Re:Open Libra: An open platform for financial inclusion by nordsieck on Wednesday October 09, 2019 @12:58PM (#21205140)
> I didn't realise it was pegged. So agreed without deep pockets it will be difficult.

I did a bit of research just to make sure I wasn't mis-remembering

> Libra would operate as a stablecoin. That means its value would be pegged to a basket of specific currencies and backed by assets denominated in those currencies. [1]

I'm sure FB has good employees, but so did the Bank of England. [2] I just don't understand decisions like this. ___

1. https://www.barrons.com/articles/facebook-libra-currency-wil...

2. https://www.thebalance.com/black-wednesday-george-soros-bet-...

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Re:Open Libra: An open platform for financial inclusion by eru on Monday October 14, 2019 @04:40AM (#21246216)
Libra is pretty vague about how they would peg.

What's the connection to the GBP supposed to show? You can uphold a peg given the right setup, the pound just didn't have that. (And in this case, the British economy was better off with a cheaper pound.)

Eg balances in my bank account are very successfully pegged to cash. Similar the HKD has been pegged to the USD without much issue for a few decades now.

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