Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet […]
#Libra - I hope that Zuckbucks fail in the long run but in the short term this is bullish for #crypto.
Proprietary platforms often advance the state of the art until open platforms can advance enough to overtake them.
And crypto badly needs usability.
Facebook today confirmed that its in-development global cryptocurrency Libra, will be launched 🚀 in 2020 alongside the underlying #blockchain (without the blocks or chain) that will support it. https://t.co/oHcXLNUyHL
Truly decentralized blockchains not are controlled by one single person or entity. (focus on initial blockchain (bitcoin) values of decentralized governance amongst the crowd).
Sources have compared Facebook’s GlobalCoin to Alipay, which provides digital payments across social platforms however has been linked to the Chinese government surveillance, and cited political lobbying as a foundation of Facebook’s broader effort.
Crypto and blockchain adopters are in control of what they spend, with whom, and on what. Project Libra, which was started by centralized powers that are frequent violators of privacy and security rights for their own gain. Such centralization poses a risk to the values the crypto community strives for. We all want mass adoption. Are we willing to sell our soul and our values?
Blockchain adoption at the cost of enforcing centralized surveillance so big powers can keep their monopoly on society is unacceptable.we ought to contemplate whether this is healthy, and if giving away our purchasing information into safety. Why should we all of a sudden trust Facebook as their business model wanes?
You don't need to know anything. This is a company that promises to not sell your information without consent, but they bury the consent inside a EULA that changes constantly. You need this like you need a hole in your head. Said another way....
"If you can't see the product..you are the product."
How long before someone asks "Why doesn't Brave just pay me in Libra to look at ads?" and "Why doesn't Facebook have their own browser to look at the web?"
To which I say - well assuming by 2020 this launches, and that Libra is eventually rolled out to a significant number of FB user in 2020 and assuming that it becomes freely tradable (given the contract language it has and the presence of cross-chain atomic swap technology I think that is inevitable)... then Brave could easily give you the ability to immediately sell your BAT for Libra just like they already let publishers take their payments in the fiat currency of their choice (as supported by Uphold).
And - well in a way Facebook already has a browser, at least on mobile. Many people search for and consume considerable amounts of content within Facebook. Those that choose to live in the book will eventually effectively get that experience - rewards from Facebook for watching ads and paying for content with Libra. Those who live outside of the book not so much. I mean I guess they could just clone Brave like the alt-right did, or roll their own. That might be a smart move long term but would it be any more successful at capturing consumers than say the ill-fated Facebook phone?
So while it is possible I think it won't be probable any time soon - the have plenty to distract them with patching Libra monetization into all of Facebook as a whole and figuring out how to squeeze as much bang for the buck out of that. Then they will focus on trying to spread Libra outside of Facebook as far and wide as possible. Can they get Amazon to take Libra Pay? How about other online retailers and hight street stores? Paying you Libra to look at ads outside of Facebook... I just don't see it as a priority.
Or I could be completely wrong, these guys do after all have huge piles of money and tons of engineers to build stuff to make pretty much anything they want to do happen :-)
The 21st century is already as much different from the 20th century as the 20th century was different from the 14th century and we are only 20 years into it. The governments, the powerful corporations and the powerful individuals are exploiting the population at levels never imagined possible, much less understood.
Cryptocurrency, one of it's main positive aspects being it's privacy and discretion in regards to usage. Being created by a company with more data and privacy leaks than the Iraqi Navy. Yeah this'll work out
Unfortunately most people (read: developing nations etc.) don’t care about privacy. In these countries where most people don’t have access to a bank being able to digitally send money to your son who is studying a few villages away will be a god send.
For America, and many other western markets, the average person is going to be more trusting of ‘Facebook in conjunction with master card’ then cryptocurrency made by some guy in his garage or worse, Bitcoin, no one knows who made it.
While I agree that the privacy is probably the best thing about cryptocurrency I don’t think that is the thing that will lead it to being successful.
Hit the nail on the head. I see lots of hate for this on cryptocurrency forums. Everything from lack of decentralization to FB monitoring you. Here I am excited about cheaper and more convenient methods of sending money to people overseas as I travel constantly.
It seems like they aren't sure what they want it to be they just want all of corporate America that is interested to be "in".
The only 'investment' part of it is really a joke and it's a giant scheme in an attempt to get more 'anonymous' user data to monetize users in a traditional sense.
Here's the biggest hole in the entire story (in terms of the average user ever thinking they want to partake in this as an 'investment').
“Because the assets in the reserve are low risk and low yield, returns for early investors will only materialize if the network is successful and the reserve grows substantially in size,” Facebook said in one of a series of documents that supplement the long-awaited Libra white paper. "
When they say "low risk and low yield" they are talking about Government Bonds. The exact opposite of any purpose a traditional crypto currency like Bitcoin serves. If you want low risk and low yield you can open a savings account too (at the same time, they aren't offering the low risk low yield tokens to average people, only the founding members anyway) but you are trading in Crypto Currency backed by Government promises to pay it's debt if you buy and hold Libra and at the same time you aren't even entitled to the interest.
It's nothing more than a grand scheme to circumvent banking fees and hours and credit card processing fees (I am not sure why Visa and MasterCard are supporting it at all).
In the end who knows what it will become but one thing I can guarantee, it will not gain much value but may cause other quantity restricted coins like Bitcoin and Litecoin to really shoot as it will make it easier for the average person to trade Libra for Bitcoin or Litecoin.
Did they actually say anything about returns for people who simply hold Libra? If they did I missed it although to be honest I was just skimming. My take was there is no interest or gain in value for this coin, and whether they choose to make it non inflationary is anyone's guess. Those profit opportunities will be centralised on the ones who stake billions in collateral behind Libra. They actually said the interest on that collateral would be used to pay to run the network - doesn't that rather imply zero fees for Libra transactions?
I guess I need to reread the white papers again.
The launch of BTC futures on CBOE and Chicago exchange CME triggered the cryptocurrency crash, enabling bears to make a fortune shorting the bitcoin price .
That was a different animal then FB/Libra