Topic: The Central Bank of Facebook - page 4. (Read 6438 times)

Where did you hear Facebook's coin will be decentralized? Is it even true? If Facebook controls the coin it's not. It's just distributing the power/control to something else (here an enterprise (FB) instead of a government). This coin will be just a centralized (digital) currency, nothing more. I don't even understand why do you use the term 'cryptocurrency' to describe it. It's not a cryptocurrency at all.

There is no need to ban cryptos, and it would be inefficient and they perfectly understood it. That's why, as for example, the head of IMF wanted to be able to track everything in the EU. After they got it that they can't, they switched their politic to "cryptos must be regulated" and this is what countries are doing since, with new local regulations, G20 dinners (only to become fat!), harassing exchanges in their business, etc...

It seems to me that in the cryptocurrency market there have always been very good and promising projects, but nevertheless, they are still Irina of the developmental stage, or no one else is thinking of introducing everyday human life.  Development has remained at the development stage.  I think that we will judge about the Libra Project only by the results. And now this is only an assumption.

It will work for sure, but will you use it? We are trying to run away from the broken banking system, at least most of us want changes, what`s the point in creating the central crypto bank? For me, the choice is in front of us is simple, we can choose to continue with the centralized system in crypto form, or to pursue decentralization. I made my choice a long time ago, and I`m one of the people that will not use Libra coin, I`m sure in that.

If indeed Libra is a stable crypto currency then this is indeed a safe thing for Libra in the exchange of crypto currencies, so if Facebook aims to create a central bank of the currency then I think it will work.

Facebook might be the reason why governments will really built enmity around cryptocurrency more, I heard that the coin Facebook is planning to introduce is a decentralized one as against centralized coins we all thought that it would be, and would be targeting about 1.7 billion users which may render the system of banks completely irrelevance.

Government generally know what Facebook is , and they know how powerful the owner is financially, whatever cryptocurrency product he is creating may really not be in favor of government and the best any government can do is to start creating policies that will ban cryptocurrency. I just hope that Facebook coin will not do more damage to cryptocurrency than the benefit we think it will bring.

I know for sure that I will never touch this coin with a six feet pole
I am also sure that there will be plenty of people using it so my hope that the conglomerate fails to get approval from the EU and US financial institutions
and without those two , the idea is bound to fail , but something is telling me that Facebook will beg steal and borrow but push their coin through

It is already a NO-NO for Facebook coin with most people, who would see decentralization and chose centralization over it, but I know we still have gullible people that would do so, it is not everyone that understand all these terms and the implications of each of them, we have some people that what they are just after is to make payment irrespective of whatever method it is coming from, and would not care of it is decentralized or centralized, but I guess we have few of people who has that mentality, so there is a chance of Facebook still have people that will lease push it’s coin to fall between the top 100 in the coinmarketcap, maybe it could manage to climb the top 99th position or if it tries it’s possible best, may replace some few stable coins in the market.

Same as that we get access to our bank account through different wallets here with libra coin similar thing takes place through the blockchain platform. Here more the usage of the libra coin the usage of USD gets lowered which might indirectly affect the economy as banks will be visited only for limited needs. Lot of controversy over this has been going around, let's see what happens after the launch.

Does it seem to me, or is it really Facebook roasted on the fattest piece of the pie of the entire cryptocurrency market?  Increasingly, I read the news that Libra is a strong competitor for Bitcoin, not to mention all other cryptocurrencies.  And today, Facebook is already aiming at becoming the keeper of all funds for each user of cryptocurrency.

That's certainly true, mate. With many centralized exchanges and stablecoins available right now, Facebook's competition will be fierce. Not to mention, people would trust more a Bank than a controversial social network platform like Facebook. In order to gain people's trust again, a lot of hard work and effort must be done. However, knowing that Libra cryptocurrency will threaten people's privacy, it's hard to believe that FB will be getting any trust at all.

In my opinion, all that Facebook wants is to make more money. Also, it wants to become the standard digital "Fiat" currency of the world. If this happens, then traditional currencies like the USD, RUB, and EUR will be no more as Libra takes the lead. But, we all know that this is very unlikely to happen as Banks and governments worldwide won't allow it. It seems that Facebook will be facing a lot of regulatory pressure once its digital currency is launched.

Despite this, it would be horrible if Facebook gains full support from governments into launching its own digital currency as it'll become a "Bank 2.0" taking custody of people's funds. And since Blockchain technology provides transparency, privacy within transactions will be non-existent allowing Facebook to do as it desires.

Nonetheless, crypto will still do fine as it's decentralized whereas FB's Libra currency is not. Whenever Libra fails or not is yet to be seen. If successful, then it could help spur the adoption of Blockchain technology within the mainstream world. Just my thoughts

Do you prefer to trust a company or a government with your money? A company that will do nothing in exchange for your local economy, and won't give you many benefits compared to cash, and maybe less.
It doesn't work like that where a FB is bought for $1, it's not going to reduce countries debt. Otherwise, it would have been done a decade ago.
Most EU countries, for example, are hunting FB because the company abuses the EU. Do you think EU countries will let FB coin issued in the EU?

As Libracoins are backed through western Gov Bonds too, Govs will be more than happy to help Libra.
They have found a big new source to finance their debt.
Sometime politician's opposition is put up just in order to save face, in which case it is just fake opposition.

I think public interest in this is still too weak, only limited to news that spreads on other social media or Facebook ads themselves. Some of my friends were also quite surprised that Facebook started entering crypto but I guess it's only temporary, he just shared the news but wasn't quite interested in it.

Pretty much the only thing I've read about Libra is from this thread, because I'm not interested in anything Facebook has to offer.  But I concur that it might be good for bitcoin eventually, depending on how many people actually use Facebook's shitcoin.  If people do get interested in it, they could come to realize how much better a true cryptocurrency like bitcoin is.  But we'll see.

Not sure about the fractional reserve thing.  But knowing how greedy and corrupt large corporations like Facebook and their cohorts are, it wouldn't surprise me if they did something like that.  It's obviously already standard practice in the banking industry.

Yep.  And I hope it blows up in their face(book).

No only.
Libra will be backed also by Gov bonds.

It will work like that:

Users give their money to Libra in exchange for Libracoins.

Libra will buy Gov bonds with the money of the users, in order to back its coins.

Libra will keep the yields of the Gov bonds bought with the users' money.

Evil geniuses

As far as i know facebook is not supporting the Libra coin to be used in India at present. They may include and increase the supported countries list in the future though. Anyways it is yet to see whether this over hyped facebook coin manage to keep its hype and interest among the public.

OP is correct , not only it will be pegged to the basket of the currencies
that are by themselves not even valued to any of the real asset i.e. gold, silver or energy whatever
and are nothing but a mafia agreement between the central bank(s) - all we see is the rate USD to EUR od JPY to USD , for example
with Libra it is going to be the same but  blockchain based , total centralization and cybernetic minting of the money instead of printing paper
add to that inbuilt KYC on the next level , since facebook knows about you more than your wife does and you get the next cybernetic Orwell-like society with your money and social security number and all the info in the hands of the chosen few who can turn you on and off by pressing a key 

I guess they can do the copy of the same thing for themselves?
We are open to many other libra like stuff, as long as its crypto and in the blockchain realm we should all support it.

You can just hate facebook and not use libra at all but when its on the public and you want to talk about it I would say support it even if its a fake support because people who get into Libra because of the facebook name will be getting into crypto currency easier. Think about it which one is easier, going from fully fiat life to dealing with crypto a bit or going from some fiat and a knowledge about libra to a bit of crypto as well?

I would say libra would be our entry point for the new people, even old people can use libra to send money to their children whereas they will get to learn more about crypto thanks to it and we can attract them to bitcoin later on.

Interesting topic,however I'm still not 100% sure that the libra project will be finished.
I was wondering what the Facebook's hidden goal might be and your post doesn't answer all my questions.
There must be something we don't know about Facebook's crypto(or pseudo-crypto) strategy.

I think you are wrong about this, if you Google and check the population of Facebook users according to countries, you will realize that united State is the first while India follows, I don’t think Africa even fits in at all. So if are looking for people that will use the resources most, it will be united State and India too, but I doubt if it will be useful to India.

Facebook coin will be more of a centralized coin, and you know the issue with Indian government and cryptocurrency, India prohibit the use of cryptocurrency, and India citizens adopting Facebook coin will exposed those who are using it secretly to the public, which I learnt that 10 years minimum jail awaits crypto user, so we have to count India out first among countries that the resources will be useful to.