Libra is not a cryptocurrency.
There is no open blockchain to validate the transactions on. They validate the transactions through big corps such as PayPal, Uber, etc.
You can't call a project like this a cryptocurrency just by using a ledger.
As for its network design, Libra will start off on a permissioned blockchain, meaning only members of the Libra Association will be permitted to run the validator hardware required to participate in the consensus process. This is akin to the private blockchain instantiations supported by enterprise-focused firms like R3 and ConsenSys Solutions. In Facebook’s view, permissionless systems like Bitcoin are not ready for the big leagues — for now.
To fully understand the difference, I'll advice you guys to read a small part of Stakenet's FAQ on the subject. (5 min read).
https://stakenet.io/faq/#what_are_cryptocurrencies_and_altcoins
Topic: [ANN] LIBRA - Simple Global Currency - Reinvent Money - By Facebook - page 8. (Read 2848 times)
June 18, 2019, 09:09:55 AM
June 18, 2019, 08:37:10 AM
Mark Zuckerberg already unveilled Libra on his personal account.
https://www.facebook.com/photo.php?fbid=10107693268644761&set=a.612287952871&type=3&theater
https://www.facebook.com/photo.php?fbid=10107693268644761&set=a.612287952871&type=3&theater
3) Reskinned PayPal.
To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.
The Libra Association – Crypto’s New Oligarchy To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.
June 18, 2019, 06:04:15 AM
June 18, 2019, 04:57:49 AM
Here are my general thoughts and some speculation regarding libra. Just to be able to say in the end: I told you so.
Don't take anything of the following as a fact. This is just my opinion and expectation.
1) Libra will use delegated proof of stake.
This means that there will be a very few master-nodes. It will be impossible for a normal person like you and me to run a full node. Instead, those 100 companies, which paid 10.000.000 USD will all run a node => 10m USD license fee to run a node.
It won't be truly P2P. Instead, you are required to trust these parties. Trusting 100 for profit companies - most of them are US-based - does not sound like it is decentralized.
2) Data is the new oil.
Facebook is analyzing your habits to place targeted advertisements. These ads aim for you buying a product or service of the advertiser. But tracking whether the user did buy or did not is hard.
Libra is worth gold in this case.
Facebook will be able to track every transaction you make. Every product you purchase. This is worth gold.
3) Reskinned PayPal.
To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.
Don't take anything of the following as a fact. This is just my opinion and expectation.
1) Libra will use delegated proof of stake.
This means that there will be a very few master-nodes. It will be impossible for a normal person like you and me to run a full node. Instead, those 100 companies, which paid 10.000.000 USD will all run a node => 10m USD license fee to run a node.
It won't be truly P2P. Instead, you are required to trust these parties. Trusting 100 for profit companies - most of them are US-based - does not sound like it is decentralized.
2) Data is the new oil.
Facebook is analyzing your habits to place targeted advertisements. These ads aim for you buying a product or service of the advertiser. But tracking whether the user did buy or did not is hard.
Libra is worth gold in this case.
Facebook will be able to track every transaction you make. Every product you purchase. This is worth gold.
3) Reskinned PayPal.
To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.
June 17, 2019, 03:50:32 AM
LOL guys...are you saying to me that I will be able to mine the supreme shitcoin of all times???
Not really zucko style...I think it will be full premined because they know how to do it and fb people must relax and don't worry about mining or such headache things for nerdie!!
Fuk
Not really zucko style...I think it will be full premined because they know how to do it and fb people must relax and don't worry about mining or such headache things for nerdie!!
Fuk
June 16, 2019, 10:12:40 PM
I hope it is decentralize and still promotes the aspect of what is a cryptocurrency. 'coz what I have heard is that facebook's coin is a centralize coin.
June 16, 2019, 07:56:17 PM
Stable coin? People look for so much stability that they always become destabilized. Good luck to that 'Libra'.
June 15, 2019, 07:42:53 AM
You have already created a thread about this subject:
What do you mean to say by that mate? This is the ANN as the project is about to be released. The linked thread is a general discussion thread about people's first impression of "GlobalCoin". Since then the project's name has been made public as "Libra".
Looks bad, will mine anyway if I can.
Will not be minable as far as I know
"[...] the firms involved in the project, as members of its governing consortium, include companies spanning technology, digital assets, and retail. These companies include likes of custodian firm Anchorage, payments firm Visa, cryptocurrency exchange Coinbase, and many others."
https://www.theblockcrypto.com/wp-content/uploads/2019/06/libra-tb-map-watermark-the-block-1192x675.jpg
June 15, 2019, 07:19:52 AM
Looks bad, will mine anyway if I can.
Let's hax on that open source though to try and get a proper deanonymizing block explorer so at least the financial data is all public
Let's hax on that open source though to try and get a proper deanonymizing block explorer so at least the financial data is all public
June 15, 2019, 05:01:36 AM
Announcement telegram channel [@ANNBTCTALK]
You will be the first
▀T.ME/ANNBTCTALK ▀
► T.ME/ANNBTCTALK ◄
You will be the first
▀T.ME/ANNBTCTALK ▀
Code:
This post added to announcement telegram channel: @annbtctalk enjoy!
► T.ME/ANNBTCTALK ◄
June 15, 2019, 05:06:52 AM
You have already created a thread about this subject:
May 25, 2019, 03:13:48 PM
Your thoughts on Facebook's GlobalCoin
May 25, 2019, 03:13:48 PM
Your thoughts on Facebook's GlobalCoin
June 15, 2019, 04:52:20 AM
Libra
Watch the Introduction Video: https://youtu.be/4zw-jpVFKMY
Visit the Website: https://libra.org
The Libra mission
A simple global currency and financial infrastructure that empowers billions of people.
Reinvent money. Transform the global economy. So people everywhere can live better lives.
Libra is for everyone
Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn.
Libra is accessible to everyone with an entry level smart phone and data
=> Learn more on the official website Libra.org
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