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What do you think of Libra’s White Paper?

What do you think of Libra’s White Paper?

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So here we are. Facebook, the data collecting machine. A business model that allows people to use Facebook for free in return for the utilization of your data. Although FB has other revenue streams such as ads & in-app purchases, the giant is looking to start a new model. This new model incorporates the blockchain where users can use ‘Libra’ an asset-backed cryptocurrency. People can access Libra by using Calibra, a wallet where you can exchange other cryptocurrencies such as Bitcoin and Ethereum. FB is looking to collect revenue not by charging from transactions, but by gaining dividends/interest from their inflationary monetary policy. Whether burning or printing, each coin is backed by an asset that is bought when printed or sold when burned. 

 

Their main value proposition is to be able to bring the 1.7 billion unbanked people of the world access to the financial system. Governments are concerned, as Libra could in fact grow more powerful than traditional fiat currencies. Could the pendulum now swing away from government monetary policies due to the accessibility from FB? It seems plausible in fact, as people would save money transacting Libra instead of using fiat banking technology which has been unchanged since the '70s. 

 

Some say that FB is avoiding pure decentralization from the start as their eco-system of nodes are run by company partners, not by the public. However, in their WP they emphasize the need to do this first in order to improve their monetary policy before a global node adoption from the general public. In fact, they promise after 5 years they will take this route for their decentralized model.  

 

So what’s your thoughts?

 

Do you see this good for the crypto scene?

 

Make sure to read their WP, and we look forward to hearing your thoughts!





79 COMMENTS 228 VOTES

Most recent Most voted Most verbose

About this cypto engagment, all people speak but my doubt is that few peolple could see the truth. I don't speak about some kind of plot, but some social development that we don't recognized jet. If Libra moves on financial market, or could attract unbanked people, the possibility that standard financial market could feel an earthquake is real. 

If you think that in 20 years Deutch bank leave on the ground 90% of financial value, you could realize that crypto market could be a real alternative asset for common person. And if you give to a strong company like Facebook the possibility to create a new coin, this could be a first step to smash the old standard financial market.

Good luck guys

1 week ago

Facebook as the king of social media content has provided support for cryptocurency. of course there are many pros and cons. my opinion is a good revolution in terms of finance. cut transaction fee into small fees. and can transact between countries for a small fee. this can spur transactions around the world.
in this case, it is also facebok and lybra must get closer and obey the regulations of state regulations to prevent money laundering and fraud

1 week ago

Facebook as the king of social media content has provided support for cryptocurency. of course there are many pros and cons. my opinion is a good revolution in terms of finance. cut transaction fee into small fees. and can transact between countries for a small fee. this can spur transactions around the world.
in this case, it is also facebok and lybra must get closer and obey the regulations of state regulations to prevent money laundering and fraud

1 week ago

I think it going to be very profitable in the future but my main concern is the security. I.e how the data of the users can be saved well, as we hear of many Facebook being hack

1 week ago

Facebook has become a whale of social networks and wants to become a major financial organization! With the use of our data and the ability to track messages - submit the appropriate product - a great future!!!
 

1 week ago

André Benjamim new user

Writer, Poet, Crypto Investor. Dreamer. Since 198… Oh! Wait! I'm not that old!

Sorry. Can't complete this task. Nothing will make me read that Whitepaper (And I've read a lot of Whitepaper, bot related with Crypto/Blockchain, or just Academic Whitepapers). I only have facebook (that I rarely use) to be easily in contact with family and friends that are around the world, literally. And to share «things» (airdrops, that kind of things); Actually I don't know why crypto projects still insists to use facebook as a mean of promotion - can't speak for others, but for me, and the people that are closer to me, we don't pay almost any attention to things shared at facebook... I wish there was other social network... just that. I don't trust facebook at all, etc... I use and read a lot of stuff on twitter, though.

1 week ago

To me, it appears that Facebook wants to be a bank. They don't want to be called a bank because of legal barriers to entering that market so they will call themselves a blockchain based cryptocurrency instead.

All I see here is opportunistic thinking. I see a company who probably has one of the most vast stores of personal data say, "we're not going to give you control of the data that you create on our network but we will give you the opportunity to bank with us!" Moreover, I understand what they're developing isn't even a blockchain... (I wouldn't know for sure, as I'm not an expert, just reporting what I've read.)

I actually drastically reduced my Facebook time since I started participating on Crowdholding and learning about crypto. I wonder if that's a trend. Are blockchain projects now cutting into FB's user time? I don't plan to utilize Libra unless it's necessary.

Moreover, I see a gaping opportunity for a blockchain based social media company to do it better. So one of 3 things might happen (1) it might just flop, i.e. nothing happens, (2) it might be the beginning of the end for facebook, (3) it might just take off an make fools out of all us naysayers! Only time will tell...

1 week ago

Karen M guru

I'm not even on Facebook. I enjoy spending time on crowdholding, learning about crypto projects, reading what others think and adding my thoughts.

1 week ago

I deleted my facebook account a few years ago. Just made a new one for airdrop bounties and experienced first hand how FB blocked cryptocurrency related content, now the want to sell their own "blockchain" cryptocurrency LOL

1 week ago

1 Votes YUP icon 29.61

That just got me thinking, Karen. Maybe FB sees crypto users as non-FB users, and want to also use Libra to entice them into signing up or using more often.

1 week ago

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Abdul Salihu new user

Well this is a nice initiative by the social media giant but the the idea of their ecosystem of nodes being run by specific company partners brings about skepticism

1 week ago

dinh_ 19 new user

I'm studying UX and i have time to give feedback so...

All of us know how facebook gather our data as one user mentioned below: "the gathering machine" or through data breachs like the cambridge analytica that happened last year. I met some case that facebook gather my data and use them to provide targeted ad on my fb timeline, example: i bought a new phone then they provided ad about phone accessories or i bought a shoes and they provided ad about other stuff of the shoes brand. How can they ensure that we will be safe when use libra? They said in wp that people don't have access to bank account and they can use libra but after that maybe they will provide ad about banking *laugh*. My conclusion is libra will destroy the "anonymous value" of crypto world and change the crypto scene a lot (negative way).

1 week ago

NARUTO RAPHEAL guru

I am a Mechanical Engineer with expertise in power and Mecha-tronics. An Entrepreneur

This innovation would bring a very big leap to the crypto ecosystem and also a redefinition of the meaning of a coin and also a token. As we have seen in the past days were facebook ban crypto related advert and has turned out to be the leading advocate of the same issue. I will again say that crypto is the future. In the nearest future, thee might be a lot of friction against bitcoin and also against Libra but I will say that bitcoin might soar higher due to its pure anonymous sense of usage.

the only concern here is how the information about users will be handled so that that sense of anonymity will be highly preserved.

1 week ago

Karen M guru

There will be no anonymity. Facebook is about sharing.

1 week ago

Once we saw Bitcoin soar and banks and government organisations standing up and began to take notice, it was inevitable that Facebook the leading Social media group in the world, would begin working on it's own coin. In theory this could be great but due to it's past discrepancies and the fact they hold a huge amount of the world's populations personal information, I fear this could be very dangerous. 

I'm not keen on this initially but i'm definitely intrigued to see just what will happen next and whether the Libra coin succeeds in it's mission of global dominance.

1 week ago

Karen M guru

You're right about it being dangerous. Facebook has already been hacked & they probably will be again.

1 week ago

This comment is not available, it has been removed for violating the code of conduct

2 weeks ago

The main content of Libra WPr is
1. Providing a simple international currency and financial infrastructure to billions of people called Liv.
2. Around 1.7 billion adults in the world can not use banks, and about 500 million people have access to the Internet, but they can not use the financial system
3. Protecting financial assets on mobile should be simple and intuitive.
4. Libra's mission is to make simple world currencies and financial infrastructures that empower billions of people.


Personally I think the FB wants to be a global bank, and I think the story of people who can not use banks is a simple business opportunity or justification.
A new currency libra must be created to be accepted in many places and easily accessible for those who want to use it. This part feels like a hope for Lisa to solve the problem. It is said that a real asset called Lib is available as a reserve. In other words, it is planting awareness that it is safe. The Libra Association, a nonprofit independent organization headquartered in Geneva, Switzerland, is responsible for verifying and monitoring the operation of the revolving block chain. It is necessary to look at Bloomberg 's reports that Facebook has begun consulting with major banks. In other words, Facebook seems to be in need of consultation with the US government that it is necessary to cooperate with large banks in terms of withdrawal and entrustment because there is no bank license, and that competition between Libra and the dollar is impossible.
Anyway, it is clear that the value of Libra is going to increase tremendously when the world 's biggest SNS(Facebook)' s cryptocurrency  is formally used.

2 weeks ago

Karen M guru

As of now, as far as I know, you have to use a bank or credit card to find your crypto purchase, so if all those people can't use a bank, how will they get crypto to begin with??

1 week ago

well, what i read is that Libra will be a centralized coin at the start which they will then shift to decentralized. now i will ask you If you as an investor have the control in your hand will you ever let go that people, the answer is no one want to give their power. So it will always be a centralized system just giving an organization a name with a coin doesn't mean it is a blockchain.
Facebook coming forward is good news for cryptocurrency because more people will know about it and they will soon start to invest or take part in it which will be good for cryptocurrency. As for as Libra is considered i don't think I will invest or use it but one thing i know for sure that Libra will pump high as they have a large number of users on their platform, facebook and whatsapp, and they know how to do marketing so there is no doubt that Libra will pump up high at start but can't say much that it will be for a short time or long but longer it will be dangerous it is but this is what i think.

1 week ago

It is true that people pay for fee for financial services.

"Blockchains and cryptocurrencies have a number of unique properties that can potentially address some of the problems of accessibility and trustworthiness. These include distributed governance, which ensures that no single entity controls the network; open access, "

this is true as well that it should not be controled by a single entity. but then reading

" Libra is fully backed by a reserve of real assets. A basket of bank deposits and short-term government securities will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value. "

so if i understand correctly it mean that the asset that is behind that coins will worth more now the question is who will be controlling that asset, anyone can have an asset or just the high investor or as we say big fishes only.


facebook taking a step in blockchain is a good initial for the blockchain as it will target more people but i dont trust facebook owner.

as it will be an open source and anyone can take advantage on there blockchain but how secure it will be because at the back end it is again facebook owner.

I dont trust him but many people dont care about there privacy and they will go for it as at the end as everyone know it will be a success and i also know it will be a good investment but then everything will be in his control.

2 weeks ago

Ejay Dario guru

I'm more experience and know the circulation in this Blockchain Industry.

Facebook, the information gathering machine. A plan of action that enables individuals to utilize Facebook for nothing as a byproduct of the usage of your information. In spite of the fact that FB has other income streams, for example, promotions and in-application buys, the mammoth is hoping to begin another model. This new model joins the blockchain where clients can utilize 'Libra' a benefit supported digital money. Individuals can get to Libra by utilizing Calibra, a wallet where you can trade different cryptographic forms of money, for example, Bitcoin and Ethereum. FB is hoping to gather income not by charging from exchanges, however by picking up profits/enthusiasm from their inflationary money related strategy. In the case of consuming or printing, each coin is supported by a benefit that is purchased when printed or sold when consumed. 

Their principle offer is to have the option to bring the 1.7 billion unbanked individuals of the world access to the monetary framework. Governments are worried, as Libra could in reality develop more dominant than customary fiat monetary forms. Could the pendulum presently swing far from government financial approaches because of the availability from FB? It appears to be conceivable indeed, as individuals would set aside cash executing Libra as opposed to utilizing fiat banking innovation which has been unaltered since the '70s. 

Some state that FB is maintaining a strategic distance from unadulterated decentralization from the begin as their eco-arrangement of hubs are controlled by organization accomplices, not by the general population. Be that as it may, in their WP they underscore the need to do this first so as to improve their financial arrangement before a worldwide hub selection from the overall population. Indeed, they guarantee following 5 years they will take this course for their decentralized model. 

Make a point to peruse their WP, and we anticipate hearing your musings! 

I'm more understanding and know the dissemination in this Blockchain Industry. 

At early introductions, Libra is a concentrated token that conflicts with a big motivator for digital money. I would even say it is a risk to decentralization. Indeed, it could prompted enormous appropriation and utilization of digital currency yet there is the security issue related with the Facebook platform.Well, I don't anticipate that there would be huge circulation, we'll simply need to sit back and watch how it creates. 

Libra will assurance go far to bring blockchain to more individuals whereby expanding the adequacy of the blockchain innovation. It a major move for facebook and blockchain network all in all. 

I am simply exceptionally inquisitive and hanging tight to perceive how this will turn out, libra whenever ate will absolutely change the meaning of cryptographic money or if nothing else rethink it, since there are some viewpoint that still doesn't fit into the present meaning of a crypto currecy, for example, the reality of all out decentralization. I will say that since facebook has more than 2billion clients it wont take long for this libra coin to pick up face in the market, may turn out vacantly to rival crypto mammoths, for example, bitoin, litcoin, etherum and others. I will likewise say considering the arrangements and its creation will's identity completely in control is it facebook, the controllers, or the financial specialists in this may very well end up being another bank. However, let us trust that we seeing the fate of crypto and furthermore in cash usaga. For the best.

Libra coin will be broadly acknowledged as a digital currency since it is from Facebook and it will be anything but difficult to be use as trade for administrations and it will go far to assuage the unbanked and those that live in a country zone. I adore this advancement 

The consept of bringing the underbanked to the formal monetary division through this tasks is all around conceptualized yet it is additionally imperative to focus on budgetary instruction to help the 1,7 billion monetarily rejected populace. 

Have gone about as a counsel on numerous blockchain and digital money related ICO's! 

The Libra stage is by all accounts a Centralized Financial System as opposed to a decentralized digital money. Its scarry when KYC is superfluous in light of the fact that the stage has enough or an excess of Knowledge of whom you are, D.O.B, address, companions, relatives, proficient foundation, leisure activities, interests, and so on. 

I am certainly not in help of Libra nor Calibra wallet. The whole undertaking scares me with worldwide power due to its really incorporated development held together by the biggest worldwide organizations and money related establishments. 

OK, I am new at digital money and novice Dapp designer yet I think the white paper of libra is like Coda. I don't why. Sure I could be wrong.Honestly, I don't care for the possibility that a blockchain been controlled or claimed by certain individuals (like hyperledger for IBM and Libra for Facebook) I think for a blockchain to proceed with it must be opensource and anybody could mine or contribute. 

I imagine that the stage takes after to a greater extent a bank and a fintech organization than a genuine digital currency. It has a specialty, and most likely will be effective. 

The thought is extraordinary the reality the Facebook will run it is awful. The truth will surface eventually how terrible this will in the long run.

I believe it's a smart thought. We need simpler access to cash and approaches to make it. It would be great and awful relying upon your identity yet it would be useful for Facebook and I would appreciate it 

In the event that all goes well I will say this may be the best crypto venture, yet I will say since they are attempting to make it not all decentralized, they should set up enough security and strategies so as to verify the data of the clients. this will be too marvelous and many individuals - like me- - has been sitting tight for this. this will be the second bitcoin.

Its truly intriguing, how Facebook who blocked substance identified with digital currency and ICO's currently introduces his very own cryptographic money. Likewise the name is fascinating, "Libra", LOL. FB may give you some freedom, to send computerized cash distributed to FB clients everywhere throughout the world, yet there must be some catch without a doubt, however to that later... 

They present Libra as this unadulterated, phenomenal free cash for the general population, similarly as Bitcoin has dependably been applauded. That it is for the unbanked, for settlement, for oppressed and how it is lifting up billions of individuals from their tragic conditions. While indeed, what we as of now have seen with bitcoin, its primary incentive today is being advanced gold, individuals will store it, not spend it, nor use it for settlements (for the most part). Truth be told I accept, Libra who is utilizing that equivalent trademark, there won't be any genuine exertion to help the enduring peopl in the third world, yet despite what might be expected Libra will cook for the most part toward the western world and to the working classes in the creating nations. 

Libra is set to be a steady coin, I wonder whether the corporate individuals from the Libra Association are going to print cash for themselves, since nobody can demonstrate the hidden resources. Alright, a trusted (or less) substance could do periodical reviews. Wouldn't wager anything here, since there is a superior option (decentralization) I will unquestionably stay with the option. 

I could envision, that the Libra Association hold themselves a few rights, for instance the responsibility for clients exchange information and that could possibly additionally be sold. I may not be right however. 

The constructive side anyway is that the move of FB and their corporate companions into this digital currency attempt unquestionably leaves almost certainly that cryptographic forms of money have a splendid future and subsequently these tech goliaths with all the skilled individuals they have utilized need a cut of the pie. For the specialized less smart end-client Libra could be the beginning of the learning courve and in the long run a portion of the clients will change over to Bitcoin or another decentralized digital currency on the off chance that they understand the nature and the benefits of permissionless cash. I anticipate Libra, not for myself, yet in the long run this could be the beginning of a major progress far from FIAT government cash to a more "Libra"tarian world.

2 weeks ago

Includes my content rewritten

2 weeks ago

Lily Panter expert

I'm sugar, spice and everything nice

At first impressions, Libra is a centralized token that goes against what cryptocurrency stands for. I would even say it is a threat to decentralization. Yes, it could led to massive adoption and use of cryptocurrency but there is the privacy issue associated with the Facebook platform.Well, I don't expect that there would be large distribution, we'll just have to wait and see how it develops. 

2 weeks ago

ahmed musa expert

Libra will certainty go a long way to bring blockchain to more people whereby increasing the acceptability of the blockchain technology. It a big move for facebook and blockchain community as a whole.

2 weeks ago

Rapheal Ngene expert

I am just very curious and waiting to see how this will come out, libra if lunched will totally change the definition of crypto currency or at least redefine it, since there are some aspect that still doesn't fit into the present definition of a crypto currecy such as the fact of total decentralization. I will say that since facebook has more than 2billion users it wont take long for this libra coin to gain face in the market, might come out blankly to compete with crypto giants such as bitoin, litcoin, etherum and others. i will also say considering the policies and its creation who will be fully in charge is it facebook, the controllers, or the investors in all this this might just turn out to be another bank. But let us hope that we seeing the future of crypto and also in currency usaga. All for the best.

2 weeks ago

Libra coin will be widely accepted as a crypto currency because it is from Facebook and it will be easy to be use as exchange for services and it will go a long way to relieve the unbanked and those that live in a rural area. I love this innovation

2 weeks ago

The consept of bringing the underbanked to the formal financial sector through this projects is well conceptualized but it is also important to pay attention to financial education to help the 1,7 billion financially excluded population.

2 weeks ago

Ryan Olesen expert

Have acted as an advisor on multiple blockchain & crypto currency related ICO's!

The Libra platform seems to be a Centralized Financial System rather than a decentralized crypto currency. Its scarry when KYC is unnecessary because the platform has enough or too much Knowledge of whom you are, D.O.B, address, friends, relatives, professional background, hobbies, interests, etc.

I am definitely not in support of Libra nor Calibra wallet. The entire project frightens me with global power because of its truly centralized construction held together by the largest global corporations and financial institutions.

I give the project 2-Stars ☆☆

2 weeks ago

yehia tarek new user

Okay, I am new at cryptocurrency and beginner Dapp developer but I think the white paper of libra is similar to Coda. I don't why. Sure I could be wrong.Honestly, I don't like the idea that a blockchain been controlled or owned by some people (like hyperledger for IBM and Libra for Facebook) I think for a blockchain to continue it must be opensource and anyone could mine or contribute.

2 weeks ago

I think that the platform resembles more of a bank and a fintech company than a true cryptocurrency. It has a niche, and probably will be successful. 

2 weeks ago

The idea is great the fact the Facebook will be running it is terrible. Only time will tell how bad this will eventually be

2 weeks ago

Alisha Strain new user

I think it's a good idea. We need easier access to money and ways to make it. It would be good and bad depending on who you are but it would be good for Facebook and I would enjoy it

2 weeks ago

TOM STEEL guru

if all goes well I will say that this might be the most successful crypto project, but I will say since they are trying to make it not all decentralized, they should set up enough security and policies in order to secure the information of the users. this will be super awesome and a lot of people --like me-- has been waiting for this. this will be the second bitcoin.

2 weeks ago

Its really interesting, how Facebook who blocked content related to cryptocurrency and ICO's now presents his own cryptocurrency. Also the name is interesting, "Libra", LOL. FB might give you some liberty, to send digital money peer to peer to FB users all over the world, but there has to be some catch for sure, but to that later...

They present Libra as this pure, extraordinary free money for the people, just as Bitcoin has always been praised. That it is for the unbanked, for remittance, for underprivileged and how it is lifting up billions of people from their sad conditions. While in fact, what we already have seen with bitcoin, its main value proposition today is being digital gold, people will hoard it, not spend it, nor use it for remittances (mostly). In fact I believe, Libra who is using that same slogan, there won't be any actual effort to help the suffering peopl in the third world, but on the contrary Libra will cater mostly to the western world and to the middle classes in the developing countries.

Libra is set to be a stable coin, I wonder whether the corporate members of the Libra Association are going to print money for themselves, since no one is able to prove the underlying assets. Ok, a trusted (or not so much) entity could do periodical audits. Wouldn't bet anything here, since there is a better alternative (decentralization) I will certainly stick with the alternative.

So what is the catch with the FB coin Libra?

I could imagine, that the Libra Association reserve themselves some rights, for example the ownership of the users transaction data and that could potentially also be sold. I might be wrong though.
The positive side however is that the move of FB and their corporate friends into this cryptocurrency endeavour most certainly leaves no doubt that cryptocurrencies have a bright future and therefore these tech giants with all the talented people they have employed want a slice of the pie. For the technical less savvy end-user Libra could be the start of the learning courve and eventually some of the users will switch over to Bitcoin or another decentralized cryptocurrency if they realize the nature and the advantages of permissionless money. I look forward to Libra, not for myself, but eventually this could be the start of a big transition away from FIAT government money to a more "Libra"tarian world. 

2 weeks ago

Nik Bin new user

The project of Libra is very vague. It is difficult for this project to have success. The users of FB are indeed millions but how many of them would give a penny (in Crypto) for using services that were free?

2 weeks ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

First of all, anonymity and heterogeneity are very important in cryptocurrency. Very very important. Libra doesn't seem to consider these as primary concerns. What makes cryptocurrency beautiful is that it is not run by "a single group or person or organisation with personal interests". Instead, it is ran by "the people' - us! Let's take a look at some of the investors in the Libra project: Mastercard, Visa, Farfetch, Paypal, Vodafone, Spotify, Ebay, Stripe and Andreessen Horrowitz. There a host of others as well. What does this catalogue of investors tell you? What is familiar with them? These organisations run the world. Maybe not directly from your country's government but they have the power to dictate to you. They decide what you do in a lot of ways. Now if all these people come together, do you think they will put your interests first? Absolutely not! It is their interest first.

Cryptocurrencies weren't designed that way. Decentralization is key. With a project like Crowdholding, a teacher in Zimbabwe can take part, a nurse in Morrocco can partake in it, a driver in Turkmenistan can join and a footballer from Norway can also enlist. Together, they decide the value of the YUP, not Ethan and his team. With Libra, you and I don't have any say in it. The "Elite" get to make the decisions and history is replete with examples of the selfishness of the elite. Facebook can go as far as freezing your account which is not a pleasant thing to hear in the world of cryptocurrency. I mean how? Imagine your blockchain or ethereum wallet being frozen. Not good.

Allowing only big corporations to invest in Libra is wrong. Secondly, centralization of Libra initially is seen as the right thing to do to ensure security but it's also wrong. For the system to be more secure, it has to be trustless. Libra will require nodes to identify themselves, their location, their name and their address. This can lead to a lot of attacks, phishing, blackmail and hacking because the attackers know the owners of the nodes with all the info given and can try all sorts of methods to steal their logins, passwords and other vital info. You can't do that with Monero, Bitcore, Ethereum or Bitcoin because the runners of the nodes are anonymous. 

Read more on why Libra doesn't qualify as a decentralized project here: Is the Libra blockchain decentralized?

Will they be able to bring the 1.7 billion unbanked people of the world access to the financial system? Hell, yes. Why not? Will Libra be revolutionary? Very very yes! But will power belong to the people? A biiiiig No! Will my identity be hidden? No. That is my bone of contention. Otherwise, Libra is one of the finest projects ever thought of.

2 weeks ago

We'll said, de gem! I like how you gave Libra credit where it's due as a product, even though your feedback was (rightfully, in my opinion, as it relates to crypto) critical.

1 week ago

Simasjb new user

The creation of an digital currency on FB is quite genius, indeed. if adopted by most users on FB- this truly could usher in a new paradigm for living, communicating, governing, and otherwise inhabiting our planet earth.? An single earthcoin, one to eliminate all nation's fiat currencies would create huge qty of cash by not printing and minting actual monies, might just be a good idea...

2 weeks ago

Karen M guru

Some of us are not on FB so hopefully there will still be some type of currency for us.

2 weeks ago

Simasjb new user

I hear you- I tend to stay away from FB... an earthen token for the planet should be created and available to all inhabitants of this planet (;

1 week ago

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Karen M guru

There are so many coins/tokens already & more to come, I doubt there will be one for the entire planet. Novel idea though!

1 week ago

Simasjb new user

One Earth! One Planet! One Crypto! Sorry, but i do like idea of an truly all inclusive crypto-currency usable by all. Actually I'm working on an single "earthling I.D." on blockchain to prove we'er from planet earth- and wanted to create the "earthen" token to help grow an earth first forward thinking community- linking all earth's inhabitants together to strive for better living conditions for all of us earthlings. Any ideas... please!

1 week ago

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Karen M guru

We can't even get everyone in one country to agree on things. How will you get the entire planet to do that. I'm all for world Peace. I wish you luck on this endeavor.

1 week ago

Jonny Dee guru

For me this is a double edged sword and saying that i am leaning more towards it being a negative. 

 

The positive note is that it has the potential to open up the world to the crypto world, even my mum is now asking about cryptocurrencies as she has read that Facebook is coming out with one. Also Facebook has always worked hard to make their UI / UX to make everything simple and attractive looking. Let's be honest, any massive social media platform that opens the door to cryptocurrency will be massive, as it will have a ripple effect throughout the online world, even more so if it extremely successful. 

 

Now the negatives, I thought this day would come after 2020 / 2021 but i don't like huge companies jumping into cryptocurrency, it is for the people and no large company should be creating their own coin because of the hype. I also don't like that their investors are huge. 5 investment companies that have bottomless pockets? Visa, Mastercard and Paypal who all were against crypto not so long ago. I don't like that people will be pushed around by multi billion dollar companies. 

On top of that, I don't like Facebook. They are challenged morally from the numerous issues ranging from impacting elections, live streaming shootings, selling data to cash in on their users to deplatforming users whose ideas they do not agree with. I don't like that they have a complete monopoly on the social media world, Have a nicer image platform? Buy up instagram. Better messaging platform? Buy up whatsapp. I also dislike the hypocrisy of banning crypto related adverts to save their users, only to come out with their own. Crypto was supposed to break away from tradional huge banking systems controlling everything you do. 

Outside of my thoughts on Facebook, I am not a fan of their system. There is a strong argument that the Libra isn't even really considered a cryptocurrency, but just uses some crypto technology. Libra is a stablecoin, but is backed  isn’t pegged to one specific currency. Libra is pegged to a group of “of low-volatility assets, including bank deposits and government securities” in multiple currencies. While there is a Libra Reserve, Libra doesn’t seem like it’s necessarily pegged to its value. Rather, the reserve functions as a kind of lower bound on Libra’s value.

Unlike bitcoin and other cryptocurrencies that have a finite suppy, governing members of Libra will be setting some kind of policy by picking the basket of investments used for the reserve. (They have said: “The association does not set monetary policy. It mints and burns coins only in response to demand from authorized resellers.”

The reserve will come initially from Facebook and its partners, but later, if you buy Libra (Libras? This also seems semantically unclear to me) for cash, your cash will be part of the reserve. That reserve is then “invested in low-risk assets that will yield interest over time.”

There’s a different hitch here, though. Under normal circumstances, like with a bank deposit, you’d get to keep the interest. But with Libra, that’s not the case. Also this is Facebook, you really think that your privacy will be upheld? No i thought not. 

I honestly think that Facebook libra should have to go up in front of some political establishment to force them to set things in stone, this is not a normal ICO or token, this platform has over 2 billion users and made Mark into a billionaire by the time he was 23. I don't trust Facebook as an entity and neither should anyone else, and i am a social media manager!

 

 

2 weeks ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

Great point over there John. The fact that the public has no say in it is what worries me.

2 weeks ago

Jonny Dee guru

That's the main issue, huge multinational companies will be in control, just like we have it right now.

1 week ago

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Karen M guru

You really gave this a lot of thought & the fact that you are a social manager adds much clout to your response. FB seems to have lots of power & influence, maybe too much so they really need to be open about Libra. I doubt that will happen.

2 weeks ago

Jonny Dee guru

Thanks for the kind words. I just think Facebook is too big and controls too much. I don't know if anyone saw yesterday but Facebook wasn't working well yesterday and also Instagram and WhatsApp. They own three huge platforms!

1 week ago

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Karen M guru

I'm not on any social media, unless you count crowdholding

1 week ago

Angelo Jesus Penaranda senior

Because a very dedicated man with great visions on every project that i do with

For me this is a great step for expanding the adoption on crypto  and Facebook has 2.8 Billion users. Old and  young people  have facebook account so this is major adoption on crypto🤗 Expect good things in this project 😋

2 weeks ago

I think that Facebook is having a very good view when trying to monetize via cryptocurrencies. You are already seeing that your main source of advertising revenue (facebook) is losing users and although it makes up for it with Instagram I think you can get another model of monetization with this part.

In the face of the world of crypto I think it is very good news as it reinforces the capacity and the potential that decentralized networks can have for the future.

In fact, facing the future in Cripto, I believe that there will be a natural selection and in the end the strongest and strongest proposals will remain at the level of users and capitalization and it is obvious that this is a great possibility to be one of them

2 weeks ago

ithing facebook  make visioner at digital before with social media now with libra ithink it will be famous in the world with much and good famous company patner now we need digital libra to send cheap and fast with blockchain tecnologi i hope it can be fast to used in the world at 2020  mybe can be more than 100 company to join with libra 

2 weeks ago

Xcnyte Xcnyte new user

about gemstone I know more cause I cut facet and polish that's knowledge for me

my thoughts about this working method it's tremendous and it's enough supportive day by day crypto universe getting bigger

2 weeks ago

Xcnyte Xcnyte new user

about gemstone I know more cause I cut facet and polish that's knowledge for me

I didn't use Libra or surf on browser about Libra whats I know is the detail working farmoula for Libra define Libra quiet well time will tell when we give it to Libra. but I like the Libra idea

2 weeks ago

Adam - Mn expert

This is definitely a new stage in the history of cryptocurrency. Large companies with a huge audience will step into the matter. This is not only FB, but TON, for example, and probably many others will follow their example, somehow connecting themselves with cryptocurrency and blockchain. (But, of course, if this experience becomes positive)

As for Facebook, I'm a bit skeptical about them. Transferring the financial management of this company does not seem like a good idea. In addition, I think that Facebook  is not very well implemented, and its main advantage lies in a huge global audience, but technically I don’t really like it there. Therefore, I believe that Libra will not be perfect either, and will leave enough space for other projects.

If talk about the experience in general, for me one of the main things is that social networks get a domestic currency, which is likely to be distributed as easily as likes.
In the future, this can greatly change the Internet, especially in terms of content monetization.

In any case, it will be a great and useful experience.

2 weeks ago

The WP it's really well made, thinking about all aspects in terms how it will work, protocol, governance and even charity, with money to non profit organizations. But Facebook will face the pressure that Bitcoin has been receiving all this years and as a organization will be really hard to make this project really works. 

2 weeks ago

anurag shandilya new user

Facebook is big social media group and very big world.i think facebook create history in crypto curency world.

2 weeks ago

I think that Libra will be a very useful additions to the crypto world and we should welcome it. an all finicial instution and Banks should be worried.

2 weeks ago

I think those project like Libra is very needful and useful for crypto mass adoption. Their White Paper looks strong, optimistic. May be not good. May be it will have changed a little.

In my opinion, crypto community and usual non-crypto people needs more such projects like Libra!

2 weeks ago

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2 weeks ago

Libra will rase cryptocurency even more. More people will enter in crypto world. With libra and facebook everyone will know what the crypto is. Probably more strong company like facebook will follow libra and we will have new crypoto on the market.

2 weeks ago

Louise Stanley new user

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2 weeks ago

Laszlo Bihary new user

I am a web and video editor for 20 years...I really love what I do

For me the Libra White Paper sounds really nice and it will be a really good thing for the Blockchain and Cryptocurrency Industry, the more people we are getting into Digital Assets the sooner mass Adoption will go through. I personal am a big fan of XRP which looks like to me is like a father for Libras White Paper and Technology behind it and I am not happy that a Social Media Service like Facebook who made Millions already with selling our personal data will be the big player in this game.

2 weeks ago

Sandra Fuller new user

Facebook has more than a billion users worldwide, so can shake up the market in the world of cryptocurrencies. With Libra it would be fierce competition with traditional banks. Given the size and power of Facebook today. We will know more in a few months, while waiting the project looks solid, supported by major players.

2 weeks ago

I think is one of the better-structured Whitepaper until the moment. However, there are still some aspects to add in order to increase the understood of readers.

About content on it, I see a clear strategy and is obvious due to Mark Zuckerberg is involved in the project. Doing what you've always wanted, the Libra has a good chance of triumphing in the environment in which it was created, to put cryptocurrencies within everyone's reach.

At the moment it seems that, without the currency still being operative, there have already been some signs that make us see that this can have a strong positive impact on this market.

We will see how everything continues, and what impact the entry of the Libra has at the beginning of 2020. All hands on deck;)

2 weeks ago

mike dmann expert

I am excited about the future of all crypto currency.

As a non FB user, I am very bias against libre. I so think it will help other crypto coins and exchanges profit. It is a stable coin so the media hype is just hype. I'll stick Bitcoin. Don't want to add any Zuck bucks to my portfolio. Looking forward to Zucks new definition of decentralized.

2 weeks ago

Karen M guru

I thought I was the only non FB user! I think the hype is intensified since it is FB

2 weeks ago

Its a good project which can create mass adoption of crytocurrencies but I also see it as becoming the distraction of most crypto projects. They will become More like a crypto bank and they will control cryptos. That is bad.

2 weeks ago

It is a good project for Facebook, and to the 1.7n unbanned people in the world. This Libra coin will solve the issue of international currency disparities.

2 weeks ago

Yadi Yadi new user

Saya akan menunggu kedatangan libra sebagai blockchain pendatang baru, Terdengar sangat menarik bagi saya

2 weeks ago

Any white paper begins with market problems that will be solved by the startup. Judging by the positioning of the project, Libra in the first place - Finteh-startup. The authors of the project represent LibraCoin as a new global currency that will facilitate cross-border transfers and reduce their cost, and will help in integrating into the global economy 1.7 billion people without a bank account. Libra should provide its users with a solid currency and infrastructure that will ultimately lead to the creation of the Internet of money, and cross-border transfers should be as easy and simple as sending text messages or sharing photos. Therefore, the mission of the project is to create an international currency and financial infrastructure that will expand the capabilities of millions of people.

Advantages of the project The authors of the document see the following:

  -  Safe, scalable and reliable block cache;
  -  Liquidity of LibraCoin, which is provided with reserve assets;
  -  An ecosystem is managed by an independent consortium, the Libra Association.

So, It will be great global project. Let's wait for 2020 )

3 weeks ago

I have been waiting for crypto from Facebook for a long time, hopefully it will be at the forefront

3 weeks ago

akram dawra new user

The Libra Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world. We present a proposal for the Libra protocol, which implements the Libra Blockchain and aims to create a financial infrastructure that can foster innovation, lower barriers to entry, and improve access to financial services. To validate the design of the Libra protocol, we have built an open-source prototype implementation Libra Core in anticipation of a global collaborative effort to advance this new ecosystem

3 weeks ago

Karen M guru

Akram, are you part of Facebook & Libra?

3 weeks ago

Karen M guru

Facebook is huge! Mark Zuckerberg obviously is a very wise business man. But, sometimes I wonder if Facebook got too big. I'm sure Zuckerberg can make Libra successful. This, however will hurt a lot of other crypto companies.the little guys won't make it, but maybe Libra will take them over. Facebook accounts have been hacked, so more security will need to be put into place for Libra accounts.

3 weeks ago

Dean Walsh guru

Don't listen to me because of who I am, I'm nobody like everone else.

"The Libra Blockchain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity. This approach is familiar to many users, developers, and regulators. The Libra Association will oversee the evolution of the Libra Blockchain protocol and network, and it will continue to evaluate new techniques that enhance privacy in the blockchain..."

This reminds me of when Tony 'dodgy dossier' Blair, having recently left the office of UK prime minister where he personally ordered the bombing of half the middle east and provided fake intelligence which the USA used to justify joining him, became the UN Middle East peace envoy. By all accounts he acheived absolutely nothing in the role to the surprise of nobody, and that's really all I have to say on the matter.

3 weeks ago

Certainly it's the most anticipated event of the year, the Libra crypto by Facebook. Generally FB are taking advantage, a big advantage to actually makes more profit, an unimaginable profit from billions of user. 

The temptation are too great to be avoid. Big player like Visa, Mastercard,Coinbase and lots more wasting no time to join in as they sees the big market or influence hold by Facebook. 

Some quarter are not trusting FB but hey it's makes no difference if won't be able to stop the giant 

3 weeks ago

Dody &Dina new user

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2 weeks ago