Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Friday 5 July 2019

LIBRA : Am I the only one worried ?





Till last week ,   I thought so when I sent following email to  Cabinet Ministers :


LIBRA : The coming battle of Currencies ?




Apparently, some other, very knowledgeable persons too seem to be worried with potential implications of Libra on :



#  Other crypto-currencies


#  fiat currencies issued by Reserve Banks of various countries


#  Thousands of mobile payment wallets issued by Banks – E Com web sites – Mobile apps
    launched by umpteen FINTECH companies




For details of these potential implications, read :



Libra is a Quasi-Fiat Digital Currency    /   Libra currently looks more like a fiat currency than a cryptocurrency     


Those who do not have time to read this entire article, here are the highlights :



# ….token economy that would bypass a lot of regulation and banking solutions to introduce
   a whole new kind of financial services convenience.



#   Libra Globalcoin resembles more the launching of a digital bank with a digital currency
    than anything related to cryptocurrencies or Bitcoin.



#  To even make the comparison is really dumbed down for mass adoption. Facebook wants
    to use Bitcoin hype for its own profit.



#  The reality is then that Facebook’s Libra could be an on-ramp for the death and dead end
    of crypto



#  In other words, it looks like a blockchain, but it’s not a real blockchain. In the same vein
   as EOS or Ripple. It’s the same scam as Tron, just smarter in that the Libra coin is
   tethered to a fiat basket.



#  It’s not truly decentralized. It’s not truly open, as the ledger of transactions will be
    accessible to Libra Association founding members exclusively.



#  Libra can pretend and be packaged to be whatever it wants to gain mainstream adoption



    (  Following the adage : “ If you can’t lick them , then join them “ : , I had. In my earlier mail , suggested to negotiate with Facebook to get it to agree to implement :

Digital Dividend from Demographic Data [ 4 D ] 



#  Facebook can thus ‘move fast and break things’ all over again, more or less with a clean
   slate.



#  The Libra Association will work with a list of authorized resellers. It creates a barrier to
   entry and transforms the Libra Association into a regulatory body for the Libra ecosystem



#  Small financial institutions will have no choice but to work with an authorized reseller if
   their clients want to get paid back in Libra, for instance. All the founding members become
   a sort of Visa or Mastercard for the 21st century



#  This is how you begin a dynasty that leads to a global digital currency that has no nation
   or state, but belongs to the entire world. Facebook will own it, literally.




#  Facebook or other companies will have to set up servers, will have to run the software,
   will have to validate transactions. Facebook will have all our chat and Libra coin data.



#  Libra could become an instant hit and power many of the peer-to-peer and even business-
    to-customer transactions. It could also launch the biggest unregulated shadow digital
    bank the world has ever seen. Out with the old and in with the new



#  Given the current nature of the Libra Association, there’s a chance that Libra becomes a
   quasi-sovereign currency in Venezuela, Argentina, Turkey or South Africabut it would be
   controlled by private companies that don’t care about monetary policies.

=======================================================


Dear  Shri  Ravi  Shankar Prasadji  /  Madam Nirmala  Sitharamanji  :



Even as you are fully occupied with sorting out hundreds of questions in connection with yesterday’s budget, I once again urge you to :



Ø   turn this “ Libra Threat “ ( from Facebook ),

 
Ø   into  a “ Liberating Opportunity “ ( for 310 million users of Facebook ), by telling Facebook ( in as blunt a manner as possible ) :



  If you wish to operate in India , you  must sign / implement :

Digital Dividend from Demographic Data [ 4 D ]  


Some 67 years ago, Bapu gave an ultimatum to the British Empire , : Quit India :


May our National Goals ( $ 5 trillion economy ) give you the courage to tell Facebook :   Sign up or Quit

========================================
=====
06  July  2019
Rsvp : hcp@RecruitGuru.com





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