Will you use a Facebook coin? - page 4.

posi

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Quote from: Jet Cash on June 19, 2019, 03:56:04 AM

My attitude is - no way!!

I don't use Facebook, and I don't like their lack of privacy and security. They seem to be talking about pegging the coin to a bunch of fiat currencies, and that is another big disincentive for me. I suspect we will start to see some government or banking based cryptos, and I'll probably end up using a couple of those alongside Bitcoin.

Firstly, the coin is no longer name facebook coin for a group of payment institutions, technology, marketplace, telecommunications etc have come together to create the coin which is now called Libra.
The way I see the whole things they are trying to make a fool of people because the statement writing in their white paper seems not to be straight forward because it was stated that the coin is decentralized while section 4 of the white paper was no the act of decentralization.

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The rules for allocating interest on the reserve will be set in advance and will be overseen by the Libra Association.

BurtW

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Quote from: Csmiami on June 20, 2019, 07:54:48 AM

PS: I thought that everything called Federal.... was part of the Government over the US Undecided

It was named "The Federal Reserve" on purpose to fool people into thinking it was part of the government and it has "reserves" of some sort. Both of which are lies.

enhu

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Not using facebook coin is always an option but if everyone is using it, we might be using it for their sake. As long as it don't ask my information and what I can have is just a wallet I'd be on it. I'm interested to see how pro the developers they got in developing the project. I think the counterparts of the facebook partner's can also be grouped to also developed a new coin. Adoption will somehow be possible in less than 5 years.

Csmiami

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Quote from: BurtW on June 20, 2019, 07:26:50 AM

Quote from: Csmiami on June 19, 2019, 02:01:57 PM

Fiat money does at least come from democratically elected governments (public institutions) so even if it's not perfect, it can be controlled, and is meant to be "for the people".

You obviously don't know that in the United States at least "fiat money" (the USD) is created by a conglomerate of private institutions: the Federal Reserve (a private institution owned by very large private banks and other private investors) and all the private banks in the private banking system.

The United States government (originally "for the people" but now, due to the citizens united decision is, is "for the Corporations") then uses the money created by this privately held corporate conglomerate of privately held corporate banks and the Federal Reserve central bank.

RESEARCH it.

Here is a list of the stockholders/owners of the Federal Reserve system. Unfortunately, since is it a privately held congolmerate, we do not know the amount of stock each of the stockholders owns. But hey, at least we do know who owns and profits from our central banking sytem:

http://philosophyofmetrics.com/wp-content/uploads/2016/02/List-of-Federal-Reserve-Member-Banks-2015.pdf

Hmmmm, that's a hell of a good point. I'm not sure how things work over America (or the USA), and you made me doubt about how things actually work in the European Union. As far as I know, we have the European Central Bank, that is formed from the different National Banks (say Bank of Spain, of France, of Germoney...) which I believe are part of the State. But I'll check it in the following weeks (unless someone else already know it and explains it) Lips sealed

PS: I thought that everything called Federal.... was part of the Government over the US Undecided

CryptoGM

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No way! My take is that it is highly compromised unlike Bitcoin. Libra does not offer any financial inclusion or freedom and should not even be called a cryptocurrency at all.

BurtW

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Quote from: Csmiami on June 19, 2019, 02:01:57 PM

Fiat money does at least come from democratically elected governments (public institutions) so even if it's not perfect, it can be controlled, and is meant to be "for the people".

You obviously don't know that in the United States at least "fiat money" (the USD) is created by a conglomerate of private institutions: the Federal Reserve (a private institution owned by very large private banks and other private investors) and all the private banks in the private banking system.

The United States government (originally "for the people" but now, due to the citizens united decision is, is "for the Corporations") then uses the money created by this privately held corporate conglomerate of privately held corporate banks and the Federal Reserve central bank.

RESEARCH it.

Here is a list of the stockholders/owners of the Federal Reserve system. Unfortunately, since is it a privately held congolmerate, we do not know the amount of stock each of the stockholders owns. But hey, at least we do know who owns and profits from our central banking sytem:

http://philosophyofmetrics.com/wp-content/uploads/2016/02/List-of-Federal-Reserve-Member-Banks-2015.pdf

Initech

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A shady "stable" coin backed by a "shady" fiat currency (which is backed by... anything at all) made by a [very] shady company owned by a shady guy.

No, thanks.

I don't even use Facebook after all...

odolvlobo

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I don't use Facebook or any of their apps, so I think it is unlikely that I will have a need for their currency.

Csmiami

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Reposting from Meta.... (to give some context)

Quote from: irfan_pak10 on June 19, 2019, 01:01:29 PM

Quote from: lobcmt2 on June 19, 2019, 09:34:12 AM

Will Libra be able to replace Bitcoin? I believe it won't. So, I don't think we should ask the question in OP, because both Facebook and its coins, Libra are worse than bitcointalk.org, and Bitcoin, respectively. Facebook platform also does not have good systems to control their quality of their community posts. Actually, they have reports but such things are not enough for huge platform like Facebook. Reporters should have rewards from their good reports.

I believe Yes! This coin will be a game changer. As it is backed up a few big companies like PP, Master card and Coinbase etc.

And that exactly why we should stay away from it; we are talking about actual (credit) PRIVATE companies creating their own money.

Fiat money does at least come from democratically elected governments (public institutions) so even if it's not perfect, it can be controlled, and is meant to be "for the people".

Private companies are there to make money. Users don't matter. So this is a whole new level of economic liberalism (which is kind of horrible to see).

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Also, more than 2.2 Billion people who are using Social media will be using it,

Just because many people use it, it does not mean it's good; take a look at drugs Embarrassed

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It surely going to take down bitcoin.

I sincerely hope it won't and can't; and it will make real crypto even stronger

So the answer is a hard no

Twinkledoe

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Quote from: Sharon121212 on June 19, 2019, 07:57:27 AM

The big question is that is Mark Zuckerberg trying to cash in on the publicity of facebook?
Is not hard to detect that the Libra project would get enough attention coming facebook with massive users on the platform.
But I don't have a great enthusiasm about the project facebook has already had enough information form us and our wallet or bank details should not be inclusive

I agree with this point of view. If you are an ardent user of fb, somehow they have idea of who you are, where you are, your favorites and a lot more. So if you will use their coin for your financial reasons, then they will see your other side, additional from what you have been feeding them for years of using their platform. But it is all up to you how you value your privacy. It is only a matter of self preservation. And if you think you will benefit from the use of it, then no one is forcing you to not join their community.

BurtW

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Maybe, but only if I can buy Bitcoins with it.

wumBowo

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as long as i need it, i'll use it.
People including me wanted blockchain adopted massively and this is one of the kind.

Trifixion713

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Quote from: sergey1980 on June 19, 2019, 09:10:40 AM

If you wrote the wrong post, you will be left without an account and without money

Very convenient!

^This.

To answer the OP, most definitely not.

jackg

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The downside of a stablecoin is that it can only really get umped to the downside.

If someone can buy a dollar for 98 cents, they're going to do it. No one is going to buy one for $1.02 thouf h...

Look at what bitfinex did with usdt and how it went all the way down to 90 cents...

sergey1980

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If you wrote the wrong post, you will be left without an account and without money

Very convenient!

cabron

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I want to hold the coin but might not use them though.

I've read the news about the project being halted temporarily by the government. The project was so hyped that it already affected the price even when its not yet developed. Just when the news of it being halted, the price of BTC also dip. Impact is already there.

Do you think now the SEC will be pressured to approve ETF now that they are also pressure about the Libra project to be developed without proper regulations in this market?

Sharon121212

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The big question is that is Mark Zuckerberg trying to cash in on the publicity of facebook?
Is not hard to detect that the Libra project would get enough attention coming facebook with massive users on the platform.
But I don't have a great enthusiasm about the project facebook has already had enough information form us and our wallet or bank details should not be inclusive

Cnut237

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Quote from: Jet Cash on June 19, 2019, 03:56:04 AM

I don't use Facebook, and I don't like their lack of privacy and security.

Me neither. Facebook's business model is based around surveillance capitalism. They store anything and everything you do on their platform. The whole aim is to feed your data into behavioural analytics programs to profile you and then sell the information on to third parties for the purposes of advertising and further behavioural modelling. This is how FB makes money. The old adage is true: you are the product.

The FB coin is just another step on the road to achieving perfect behavioural prediction. The coin gives you convenience, but takes away every bit of personal information you share. For me that's not a fair trade, and it's not even an explicit trade as they won't even admit to what it is they are doing.

CryptoMobster

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It is totally pointless, I've never ever used Facebook to send money to anyone, I don't see why I need too.

However in terms of Buzz words... It's the only purpose is getting some people knowing and understanding what cryptocurrency can do, but even then I am clutching as the centralized nature of what Facebook is and what Libra will fail to show is how cryptocurrency REALLY does work.

We all want people in this industry for the right reasons. It does look like Facebook are just here to line their pockets again.

CryptopreneurBrainboss

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To do what exactly? There isn't any difference between the proposed Facebook coin and PayPal. I presume transaction made on their Network might be reversible too. I read the transactions will be free (no fees) and fast but judging from facebook's previous mode of operation, our privacy is actually what we'll be used as fees. The only possible value the Libra project is bringing into the community is mainstream publicity of blockchain technology and cryptocurrency in general.

I don't intend using it, but we need it to succeed for people to see actually what bitcoin is all about. Whereas Facebook controls your digital funds through a centralized system, Bitcoin gives you control over your funds through a decentralized system.

Topic: Will you use a Facebook coin? - page 4. (Read 1152 times)