I honeslty 100% agree that people are not interested in bitcoin because they can see what it can achieve in the future and how it can change our financial system from the bottom and make the world a lot more equal between rich and poor. Right now the system is crooked towards rich people and the gap between rich and poor is getting wider and wider.
They are only interested in using bitcoin to get richer and that seems to be a big problem. That is why libra wouldn't change too much, they can't get rich using Libra since its just a security and stablecoin so if facebook ends up saying 1 libra equals 1 dollar then doesn't matter how much you invest it will end up the same amount since it won't get up. That means the people who are mostly interested in bitcoin for more money will not be interested in libra.
Topic: The Central Bank of Facebook - page 2. (Read 6479 times)
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Facebook currency will become a reality because there is nothing one can actually do to stop the technology from being released, they have every right to apply what will benefit them, but it will never gain the market dominance as we think, do you know how many countries that we have in this world, and each of them have their own policy, and so far they still have law in place that the citizens fear, then nothing to worry about Facebook coin. Before Facebook coin can really gain that popularity in any country, then the government of each country must have accepted it which like you say will be impossible because everyone wants to protect their own currency, in fact starting from china and India alone, Facebook coin is already a failure being that they have the largest population in the whole world.
Some people afraid that Libra will become the number one rival of Moneygram and Western Union as initially this coin is planned to be used for the online transactions.
Certainly, many people are looking forward to the day, when it is released. I do not remember the coin which could become popular before its release as it happens to Libra now. Actually, it will be a kind of a revolution.
Facebook currency will become a reality because there is nothing one can actually do to stop the technology from being released, they have every right to apply what will benefit them, but it will never gain the market dominance as we think, do you know how many countries that we have in this world, and each of them have their own policy, and so far they still have law in place that the citizens fear, then nothing to worry about Facebook coin.
Before Facebook coin can really gain that popularity in any country, then the government of each country must have accepted it which like you say will be impossible because everyone wants to protect their own currency, in fact starting from china and India alone, Facebook coin is already a failure being that they have the largest population in the whole world.
Before Facebook coin can really gain that popularity in any country, then the government of each country must have accepted it which like you say will be impossible because everyone wants to protect their own currency, in fact starting from china and India alone, Facebook coin is already a failure being that they have the largest population in the whole world.
We may not be able to stop the technology from being released, but the government could do so at any moment. After all, we've seen how the US has been concerned of Libra's legitimacy within the mainstream world. President Trump has expressed his ideas of Facebook's cryptocurrency, where it can be used for various illegal activities. Regulators from various countries have bashed against Libra, as they're afraid that it might replace the world's monetary system.
Believe me, many governments are aware how powerful Blockchain technology is. Facebook's aim of becoming the world's next-generation central Bank with Libra coin, will prove to be a threat to the existence of Banks worldwide. That's contrary towards the proposition of governments as they want to gain control over their people's finances. Central Banks want to remain in power, which is why they'll try to do anything at their disposal in order to destroy Libra at all costs.
Luckily, that won't be the case for other cryptos like Bitcoin and Ethereum because they're highly decentralized and censorship-resistant (unlike Libra). With their distributed nature, and ever-growing support from people within the mainstream world, they become a force to be reckoned with. Libra has a higher risk of failure within the long term, because of its single point of failure (Facebook). If it becomes a success, then it could bring a greater level of adoption for Blockchain tech within the mainstream world.
Nonetheless, Facebook would need to go through various regulations in order to establish itself as a central bank. And since it aims to become a global financial institution, it's going to become even harder to comply with all of the world's regulations. Which is why, it's very unlikely that Libra will launch by 2020. Just my opinion
I don't understand how people think that libra will be like a stablecoin or like a crypto currency. It is not, it has nothing to do with it, the project is based on blockchain from what we hear and that is the common part but it is just a very improved version of paypal that's it. They will have blockchain and tech behind it and they will create the project so people can send and receive money easily from facebook/instagram and mostly whatsapp but it will not be anything more than a paypal/venmo thing which is why they will not get big.
I mean their size depends on the money they have, its not like price of libra will go up, it won't and that is not how it works, do you invest into usdt so it will go up? No. You use it for yourself for trading, same will happen for libra as well, its not a crypto currency, its a stablecoin AT BEST.
I mean their size depends on the money they have, its not like price of libra will go up, it won't and that is not how it works, do you invest into usdt so it will go up? No. You use it for yourself for trading, same will happen for libra as well, its not a crypto currency, its a stablecoin AT BEST.
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Facebook currency will become a reality because there is nothing one can actually do to stop the technology from being released, they have every right to apply what will benefit them, but it will never gain the market dominance as we think, do you know how many countries that we have in this world, and each of them have their own policy, and so far they still have law in place that the citizens fear, then nothing to worry about Facebook coin. Before Facebook coin can really gain that popularity in any country, then the government of each country must have accepted it which like you say will be impossible because everyone wants to protect their own currency, in fact starting from china and India alone, Facebook coin is already a failure being that they have the largest population in the whole world.
People have a very negative attitude towards the banking system, but are thoughtlessly happy about the new project from Facebook. It seems to me that even in this case, you need to be very careful not to create unnecessary problems for yourself. Of course, I understand that Libra can be a real substitute for existing payment systems.
Most people don't understand how cryptocurrencies work. They're only in it for the money. This explains why most of them believe that Libra is better than a traditional bank, as they don't perform their own research. When the moment of truth comes into play, they will realize that they've been wrong from the start. Facebook's Libra cryptocurrency will become the world's Central Bank 2.0, if its launch becomes a success.
Most governments have realized the true potential of Blockchain technology, which is why they're afraid that cryptos like Libra will take over the world. The main intention of governments worldwide is to stay in control no matter what. They aim to achieve this by forcing people to use their national currency instead of other alternatives. Which is why, I believe that most governments will do anything within the power to try to stop Facebook's cryptocurrency from becoming a reality anytime soon.
The US has already been reacting towards Libra, in a negative way. They could prevent Libra's development from taking place within the mainstream world. If they allow Facebook to launch their coin, then it will become a disaster for our economy as we know it. People won't have any privacy at all when performing their transactions with Libra, as Facebook audits its internal Blockchain ledger. But, everything will depend on how governments will allow this to happen.
Nonetheless, if we have decentralized cryptocurrencies like Bitcoin and Ethereum, we shouldn't worry much about Facebook's Libra coin as it'll become another central banking system like traditional Fiat is right now. Just my thoughts
No one ever said it is the new world currency, that’s not going to happen and anyone saying it is just being dumb. People just believes that the Libra coin might gain lots of attention and might make a lot of people to choose it as their payment method online, some even believes that there is every possibility that the new coin is going to put PayPal under, that’s if lots of companies starts to accept it and if it is also available in so many countries.We don’t even know that for sure, this is all hype and nobody is even sure about it. So I am just going to wait till the coin is released before I start believing anything about it
People have a very negative attitude towards the banking system, but are thoughtlessly happy about the new project from Facebook. It seems to me that even in this case, you need to be very careful not to create unnecessary problems for yourself. Of course, I understand that Libra can be a real substitute for existing payment systems. No one ever said it is the new world currency, that’s not going to happen and anyone saying it is just being dumb. People just believes that the Libra coin might gain lots of attention and might make a lot of people to choose it as their payment method online, some even believes that there is every possibility that the new coin is going to put PayPal under, that’s if lots of companies starts to accept it and if it is also available in so many countries.We don’t even know that for sure, this is all hype and nobody is even sure about it. So I am just going to wait till the coin is released before I start believing anything about it
Libra might attract lots of people within the mainstream world, if it has a successful launch. However, it will never become the new world currency because governments won't allow that to happen. They always want to remain in control, and what better way to achieve it with their own national currency? (Fiat). No matter how good Libra will appeal to its users, it'll always be a centralized cryptocurrency subject to manipulation and fraud. That's why, Blockchain was created with the purpose of counteracting such effects.
A system which implements a single point of failure (centralization) is not a Blockchain, in my opinion. Libra could very well be the next generation of Banks (Banking 2.0) as it tries to overcome traditional payment processors such as VISA, MasterCard and Paypal. If it wins, then Libra would have nothing in its way except for decentralized cryptocurrencies and Fiat.
Still though, it looks unlikely that Libra will launch in the future as many governments and central banks are already opposing it. There's too much pressure worldwide (especially within the US), which will make it hard for Facebook to launch it's own cryptocurrency. After all, Facebook has been well-known of violating people's privacy. Giving it the power of tracking our daily transactions, will do no good for our society.
Therefore, the central bank of Facebook won't be able to stand a chance against giants such as governments and Banks worldwide. Just my thoughts
No one ever said it is the new world currency, that’s not going to happen and anyone saying it is just being dumb. People just believes that the Libra coin might gain lots of attention and might make a lot of people to choose it as their payment method online, some even believes that there is every possibility that the new coin is going to put PayPal under, that’s if lots of companies starts to accept it and if it is also available in so many countries.We don’t even know that for sure, this is all hype and nobody is even sure about it. So I am just going to wait till the coin is released before I start believing anything about it
Of course, the banking system and the government do not want to lose control over the money of their clients and citizens. In any case, the libra becomes competitors. But if the Facebook project becomes a reality, then all available information about users will be concentrated in one hand, that is, Facebook.
Prior to the announcement of the Facebook coin, I have learnt through several sources that the government of America had called Facebook to enquire about the purpose of his cryptocurrency creation, and through this dialog, and for them to have been impressed with it or given their consent, then Facebook must have built an application that will favor the government and the financial institutions. With coin like Facebook, they will still be able to control their citizen money, but where Facebook coin will have issue is for it to be globally accepted.Libra coin cannot be globally accepted, and I see Libra coin being accepted more in United State, if Libra coin is used globally, it will definitely exposed the data of certain people that not ought to be released to the government of United State, because I know that Libra coin will be fully operated on a centralized technology.
Wouldn't this Libra coin only be usable within the Facebook environment, meaning just FB, Insta and maybe some other apps?
I'm on the opinion that the mean reason for making this is for Facebook the be the main controller of digital identities. It's likely going to require KYC and from there Facebook would be able to eventually track EVERYTHING you do on the internet. I bet Google's gonna get pissed.
Amen. Not to mention there are people who would bristle at the idea of a private company printing money.
I'm on the opinion that the mean reason for making this is for Facebook the be the main controller of digital identities. It's likely going to require KYC and from there Facebook would be able to eventually track EVERYTHING you do on the internet. I bet Google's gonna get pissed.
It is a stable coin with a consortium of big companies as the validator. If Libra reserves genuinely backed by a 1:1 ratio, then I don't see any serious problem. However, If they use the fractional reserve, I'm afraid inflation will speed up rapidly and take down the global economy (assumed Libra would become mainstream). Perhaps this situation is good for Bitcoin. People will realize that Bitcoin is the only non-debased currency.
Amen. Not to mention there are people who would bristle at the idea of a private company printing money.
Hope people read this.
There are a lot of people thinking that Libra will be another currency, another project wherein people can join their projects through their Bounty Campaigns and earn themselves some of it and sell it when it has a good price.
Indeed!There are a lot of people thinking that Libra will be another currency, another project wherein people can join their projects through their Bounty Campaigns and earn themselves some of it and sell it when it has a good price.
People mostly would see this as a money making opportunity rather than being serious on seeing its usage.
Profitability would always come to mind and even myself doesn't recognize on Libras coins existence which I do see it as
an another shitcoin in the market without having that actual usage and value.
Of course, the banking system and the government do not want to lose control over the money of their clients and citizens. In any case, the libra becomes competitors. But if the Facebook project becomes a reality, then all available information about users will be concentrated in one hand, that is, Facebook.
Exactly. Every transaction made on Libra's ledger, will be easily tracked by Facebook itself. This will give them some level of control (even higher than ordinary Fiat like the USD) over the way people spend their money, where privacy is non-existent. For us crypto enthusiasts, Libra may well be a nightmare. But for the general audience it's not, as they believe that it's going to be the next big thing in our worldwide economy. Given that Libra hasn't launched yet, it's too early to tell if it's going to be a success.
Right now, there's a lot of hype surrounding Facebook's new cryptocurrency. People are eager to invest into Libra ASAP without even doing their own research about it. Eventually, Facebook will become the Bank 2.0 of the world if people (and governments) allow it. Regulators have the power to either restrict the growth of Libra, or devise laws that would contribute towards its longevity. On the other hand, Facebook is prepared to comply with every regulation to allow Libra's use to become widespread across the mainstream world.
Nonetheless, if Libra's launch becomes a success, then Facebook will effectively act as a central bank while Fiat's existence would be put at risk. But with many opposition from governments worldwide, it looks highly unlikely that this will go somewhere. Just my opinion
What exactly is the use-value of Libra supposed to be anyway?? Just a "borderless" currency?
They want to replace western union and VISA fees.
In other words, the exact same use-value as bitcoin, but Zukerberg reckons he can do it better. And there is his rivalry with the Winklevoss twins in the mix there too.
I also did not really understand this post. But I am very skeptical about the Facebook project. I don’t like Facebook at all, and besides I don’t like that Facebook divulges customer data and transmits it to US intelligence. I personally do not intend to use the new cryptocurrency from Facebook. If we compare Libra and TON, then TON clearly has more advantages in that Pavel Durov does not issue any customer intelligence information in principle and protects the information of his customers. Facebook, on the contrary, almost openly works with the US special services.
Of course, the banking system and the government do not want to lose control over the money of their clients and citizens. In any case, the libra becomes competitors. But if the Facebook project becomes a reality, then all available information about users will be concentrated in one hand, that is, Facebook.
I think people would choose facebooks coin very easily, it would be loved, it would be worshiped and used insanely, look at what venmo managed to do and they are not remotely close to facebook at all. The difference is crypto people wouldn't see it as a good thing, we may not like it but a regular Joe could potentially love the idea.
You are looking at it from the face value and how it is centralized and how it is controlling the data of your spending and all of that jazz we got to know but they are not looking at it that way, they are looking at it "I can just whatsapp you 50 bucks" type of deal and lets be honest that is quite cool to have that type of power compared to how hard it is to send 50 bucks globally in any normal way. So, don't get your hopes up about people not liking facebook, they will probably love it.
You are looking at it from the face value and how it is centralized and how it is controlling the data of your spending and all of that jazz we got to know but they are not looking at it that way, they are looking at it "I can just whatsapp you 50 bucks" type of deal and lets be honest that is quite cool to have that type of power compared to how hard it is to send 50 bucks globally in any normal way. So, don't get your hopes up about people not liking facebook, they will probably love it.
Maybe. If people become too concerned about their privacy (since Facebook has a reputation about it), then they wouldn't use Libra at a large scale. But, even after Facebook's latest privacy scandal, people seem to use its social network platform. This means that they don't care about their privacy, as long as, they receive convenience and ease of use. The same thing could happen with Libra, as people find it easy to send money with it worldwide.
Despite being a heavily centralized cryptocurrency, it'll provide many benefits such as instant transactions and the lowest fees possible. That's something which Bitcoin lacks, as its Lightning Network isn't ready yet. Of course, the main advantage of traditional cryptocurrencies like Bitcoin and Ethereum versus Facebook's Libra coin would be decentralization and censorship-resistance. But many people will choose convenience over censorship-resistance as we've suspected.
Nonetheless, Facebook's Libra cryptocurrency may become a success if it manages to comply with regulations worldwide and people adopt it at a large scale. However, knowing that central banks and governments have controlled Fiat for a long time, they would do their best to prevent this from becoming a reality anytime soon. Just my thoughts
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