Topic: Libra – The Good, The Bad & The Ugly (Read 414 times)
and a little lack of this libra in my opinion is that their prices are made stable meaning that even though the number of transactions continues to rise, the price of this libra will remain. This coin is made to meet Facebook users when making transactions such as buying and selling on Facebook. so libra developers make prices stable like common fiat money.
And the most important - the dead. This project is cancelled and this is pretty good for all of us
So Facebook has decided to please the regulators and has decided to back away from Libra for the time being and will support digital government currencies. This is getting worser and worser 
Source: https://www.theblockcrypto.com/linked/57657/facebooks-digital-wallet-will-not-support-libra-for-the-time-being-report
Source: https://www.theblockcrypto.com/linked/57657/facebooks-digital-wallet-will-not-support-libra-for-the-time-being-report
If anyone one is looking for a stable coin worse than Libra, here we go, China Coin proposed by the Chinese Government, neither backed by fiat nor physical assets.
source: https://u.today/china-coin-new-details-make-chinese-investors-disappointed-heres-why
source: https://u.today/china-coin-new-details-make-chinese-investors-disappointed-heres-why
Proposed by government and manage by government, for me it's not attractive, they are just converting their money into coin to compete with the blockchain system or and use the concept of the crypto, I would rather invest in Libra than anything created by the government because they are in control and I don't believe it's a favorite investment for the people.
If anyone one is looking for a stable coin worse than Libra, here we go, China Coin proposed by the Chinese Government, neither backed by fiat nor physical assets.
source: https://u.today/china-coin-new-details-make-chinese-investors-disappointed-heres-why
source: https://u.today/china-coin-new-details-make-chinese-investors-disappointed-heres-why
there are a few points I can take from your article:
1. Libra like banking which distinguishes it from commercial banks is the use of blockchain.
this point will be a problem for a country because libra can kill state banks.
2. a centralized system (the policymaker is the founding council), even though the username is anonymous, and the user will still be tracked, because libra users must register AML through facebook or Calibra.
this second point, libra will never be the same as bitcoin or altcoin, libra is more like a virtual currency than what we call cryptocurrency.
this is my view.
1. Libra like banking which distinguishes it from commercial banks is the use of blockchain.
this point will be a problem for a country because libra can kill state banks.
2. a centralized system (the policymaker is the founding council), even though the username is anonymous, and the user will still be tracked, because libra users must register AML through facebook or Calibra.
this second point, libra will never be the same as bitcoin or altcoin, libra is more like a virtual currency than what we call cryptocurrency.
this is my view.
Many governments are concerned about Libra, they think that Libra is threatening their Fiat money, and the Government is afraid that they will not control the economy if Libra is popularized.
Of course the Government or the central bank will feel threatened because financial transactions that use Libra Coin will not be tracked and can interfere with the function of the central bank. In addition, the Government will find it difficult to collect taxes from every transaction that uses Libra Coin.
I haven't read much about Libra, but I am wary on principle: Bitcoin was born precisely to be outside the control of traditional political and financial institutions. It is a contradiction in terms and a scam that the institutions themselves promote a cryptocurrency.
Many governments are concerned about Libra, they think that Libra is threatening their Fiat money, and the Government is afraid that they will not control the economy if Libra is popularized.
So, France's Finance Minister, Bruno Le Maire has commented that Libra threatens the "monetary soverignity" of Governments and would not authorise the development of the Libra Project.
Source: https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/
Wow, that means that Facebook would not be getting much support and may not succeed in releasing the coin because if they do, they would declare it illegal, this is still one of the advantage of centralized cryptocurrency to the decentralized one, they know that when they say things like this about bitcoin, it will really not have any effect because they cannot even trace the transaction.Source: https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/
One more reason why they are being threatened by Facebook coin is that while it may take more than 3 decades for bitcoin to really get to one billion users in terms of awareness, it may not take Facebook more than 1 year to get their coin to their users because they still have the largest users database in the whole world, so I was not expecting anything less form them.
So, France's Finance Minister, Bruno Le Maire has commented that Libra threatens the "monetary soverignity" of Governments and would not authorise the development of the Libra Project.
Source: https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/
Source: https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/
I mean, even Paypal doesn't require you to give up your government issued ID for accounts with low limits.
I'm guessing this will be something that's going to stop many people from using Libra.
I don't think Facebook will be allowed to launch Libra soon, or will never have chance to launch it. Furthermore, I agreed with you that Libra, if launched, will destroy privacy of its users, based on some basics relate to USA's local law managements, and core approach of Facebook. I'm guessing this will be something that's going to stop many people from using Libra.
@eternalgloom Thanks for the merits(my first)
I see a lot of hate towards Libra in this forum and I understand the reasons behind it. So, let's compare Libra and Bitcoin and see which is better.
So clearly, Bitcoin is the winner and we can see why most hate Libra.
Feel free to comment your thoughts on the table.
I see a lot of hate towards Libra in this forum and I understand the reasons behind it. So, let's compare Libra and Bitcoin and see which is better.
| +/- | Libra | Bitcoin | +/- |
| -1 | More of a centralised ecosystem. Validators being big corporates | Decentalized ecosystem. Anyone with the right tools can validate. | +1 |
| -1 | Permissioned network | Permissionless Network | +1 |
| 0 | Stable coin pegged to a basket of currencies | Store Value - Digital Gold. (Other Cryptos will be pegged to BTC in future) | +1 |
| +1 | Will trigger mass adoption of Crypto | If Libra triggers mass adoption, Bitcoin is the one that’s going to benefit. | +1 |
| -1 | Being a stable coin, it is not a investment material. | Best to invest and HODL | +1 |
| -1 | Prone to inflation | Not prone to inflation, because of the limited supply | +1 |
| +1 | Might become a major cross border Gobal Payment System | Can be used for payment | +1 |
| -1 | Might not even launch as promised, considering the recent Libra hearings | Working as it is meant to be. | +1 |
| -1 | Facebook leading the Libra Association till its launch and acting as a validator | Privacy and security assured | +1 |
| -1 | Minimum investment to earn from Libra is $10 Million | No minimum investment | +1 |
| -5 | +10 |
So clearly, Bitcoin is the winner and we can see why most hate Libra.
Feel free to comment your thoughts on the table.
Great job on presenting all the information like this!
It's definitely interesting to see that they will need to tie people's real-world identity to accounts, especially since it's Facebook we're talking about.
I mean, even Paypal doesn't require you to give up your government issued ID for accounts with low limits.
I'm guessing this will be something that's going to stop many people from using Libra.
It's definitely interesting to see that they will need to tie people's real-world identity to accounts, especially since it's Facebook we're talking about.
I mean, even Paypal doesn't require you to give up your government issued ID for accounts with low limits.
I'm guessing this will be something that's going to stop many people from using Libra.
The only negative side to libra for me is the government interference and control that they are demanding and in the end it will not be a surprise to me if libra comes up as a centralized product with probably every transaction taxed which can hinder its free use, otherwise everything about this project is positive and huge in terms of its global impact.
Interference and control or management from governments occur not only with Libra, but also with bitcoin, and other altcoins or tokens, especially with crypto currencies that focus on user privacy. Because governments basically don't want crypto currencies to be used and compromised as good tools for money launderings.
The only negative side to libra for me is the government interference and control that they are demanding and in the end it will not be a surprise to me if libra comes up as a centralized product with probably every transaction taxed which can hinder its free use, otherwise everything about this project is positive and huge in terms of its global impact.
Libra finished its role to boost bitcoin this year, or at least within the first two quarters, so it's good to stop dicussing about Libra, that has not yet allowed to launch. In coming months, might be next year, Libra might bring other rounds of impacts on bitcoin and crypto market, but not now. The Facebook team need to do something to change Libra's current destiny, and crypto market, includes bitcoin, need some months to re-consolidate.
A well written and non bias analysis. I had no idea about Facebook being just a node after the release of the blockchain. If that's the case and the nodes are limited just among those enterprise, we as a general crypto enthusiast and users has nothing to hope from the Libra token. It would just be another Paypal that is not based on a fiat currency.
@princerepon - Thanks for the kind words. I'll try to keep this post updated with latest updates on Libra.
I'm not trying to say that Libra is superior than Bitcoin in any way through this post. Believe me, I am not a fan of Libra either and I definitely don't want Facebook to have my identity and financial data. I just believe that Libra has helped Bitcoin in some ways. Since, I didn't find a detailed thread on Libra here, I thought of sharing the info I learned from several sources.
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The only thing that I think is this with your article. Bitcoin> Libra > PayPal> FIAT or Bitcoin> Libra > FIAT> Paypal.
But I think Bitcoin is the only important point here. There is nothing that I can compare here with BTC.
The only thing that I think is this with your article. Bitcoin> Libra > PayPal> FIAT or Bitcoin> Libra > FIAT> Paypal.
But I think Bitcoin is the only important point here. There is nothing that I can compare here with BTC.
I'm not trying to say that Libra is superior than Bitcoin in any way through this post. Believe me, I am not a fan of Libra either and I definitely don't want Facebook to have my identity and financial data. I just believe that Libra has helped Bitcoin in some ways. Since, I didn't find a detailed thread on Libra here, I thought of sharing the info I learned from several sources.
the only thing that i like about libracoin is the fact that they call it crypto, therefore, people will hear the word crypto and they will become curious about bitcoin and other alts. And if they research well enough, they will found out what libracoin really is. Which is a nice thing to happen.
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