Topic: Would You Trust Libra Coin With Your Money? (Read 1157 times)

Facebook as the parent of Libra Coin is a big company and I think they will make various efforts to market Libra Coin. And if the Libra coin has been regulated by the Government, I think I will trust the Libra coin and be interested in investing or saving it as an asset

   Where this question comes from? Problem is not with trust here, problem is what we have from trusting Facebook with our
money? Can we make some profit by investing in Libra? I'm not sure, but it will be a stable coin, we can't wait for Libra to get
some value, it will be stable. Maybe some staking/interest option, I didn't see any announcement about that. Tell me why
would I keep my money at Libra? They will not be better or worst as any other bank, without any possibility for ordinary people
to earn, Facebook will earn, like always.

In as much as my funds will be preserve and not going to get missed, I will be in to entrust my money to their confine. They want a legal clearance from the regulatory bodies and when it's be achieve I will put in my money and invest with Libra coin. I will love to have my investment with the said Libra coin.

Same. They want too much info about us and collect data about us to sell back to us as Google does. FB are worse though sinve they charge you for ads and without them you struggle. With google you can do fine without ads but using google ads just helps more.


They don't understand what they are saying. Talking about contradiction from US officials and other people? So they won't invest because some people say not to and the bank won't.

i am still confused whether i will use libra coins or not. because until now there has been no clarity about this project. Libra has been abandoned by its big supporters like visa, mastercard and paypal. and also has not received permission from the government and the United States Congress. if this libra project has real use and the purpose of the libra project is to facilitate us in global transactions. if this goal can be realized and has received permission from global authorities then of course I will believe and buy libra coins.

Libra will change a lot. Imagine the places Libra can reach. Anyone who is a member of Facebook. And what if Facebook sends it to users for free? All of a sudden everyone starts to use that money. Of course they will prevent counterfeiting. The door of a new world opens.

How can you possibly be in crypto thinking like that? Crypto is supposed to make us free from banks and centralized finance management. Transparency and regard to privacy is the key to success and that's why we tell to the banks 'Go to hell!"

I can't even trust facebook with my conversations, so why would I? hahaha

When you invest in an ICO's project, you always want to see the real product, achivement they can get, this thing ensures the value of the project. So why Facebook creates Libra Coin, we don't trust? Real company, real product, clearly information, and professional team would increase your trust in the project.

yes I will trust the libra project because libra is made by a large company it is impossible libra will run our money. I will buy some coins. but I will wait until the coins have actually been received by the congress and the United States government and have entered into an exchange. we know that currently libra still faces licensing issues. and there has been no official announcement on the exchange where libra will be released.

If I can get something in return of trusting Libra with my money then I am willing to trust them but if in case I cannot get anything from Libra coin then I will not bother myself in learning about Libra. It's a matter of return of investment, if I cannot get an ROI of my hard earned money then I rather switch to other coins that has a high risk with a high ROI also.

But right now, there is a very less chance that Libra can still launch successfully as most of it's partners are exiting the Libra project.

Facebook  is a really big company so yes. Still I will wait a little more to see if facebook incorporates Libra inside it's apps: Facebook, Whatsapp, Instagram. That could provide real value and utility across platforms.

Big company doesn't mean they won't do any harm to you. Facebook has known to violate their users' privacy and so many people are doubting this company and now they are trying to expand their reach into financial technology. Some people might see no problem entrusting their money to Facebook because they are a "Big company" in their mind but people who always get updated with the company's news know well that they are fishy but it's all up to everyone whether to trust them or not because it's their money.

Facebook looks very strong and stable and so Libra may be quite stable and secure, in my opinion. But I would wait for some mass adoption before investing here, all this situation with regulators looks too risky now.

I will probably trust my money with Libra coin. It's just the trust that uphelds it. I trust the company behind it thus will trust my money on their coin. In terms of investment part, I'll just use their own currency as safe haven of my coins. It's probably a great alternative to USDT as it had a problem with its own.

Well.. it depends a lot on the listing price and other technical details. If a majority of the analysts believe that the listing is overpriced, then the response from the investors may be dull. Also, it needs to be seen whether the investors outside the United States will be able to purchase Libra in a legal manner. But all these factors are secondary. Libra needs to get clearance from the US regulators first.

I have already trashed libra on this thread already but my conscious has been bothering me. Even though i dislike facebook and libra. I will... if the opportunity presented itself for it to be profitable. I will be taking that opportunity. No matter your feelings about an asset you owe it to yourself and family to be loyal to your portfolio.

If Libra Coin has been regulated by regulators, I think many people will believe in Libra coin and maybe speculate with it. Libra coin will probably grow rapidly because with the support of Facebook, people will be easy to trade quickly and cheaply

we'll see, after launching whether libra can really be a stable coin or will continue to follow the current crypto market in general. if it managed to become a stable coin and according to the aim of the Facebook CEO who said that libra was created as a substitute for the dollar in the digital world, I think it's worthy of trust.

If it is generalized in general I would trust Libra because of security, then the issue of legality. With the strength of the Facebook Company, which is one of the biggest in the world, of course, will not commit the folly of deceiving investors with Libra, it is clear they have legal documents where they can account for the projects they make. You can hate Libra, but you cannot block the trust of Facebook users with the presence of Libra. Almost everyone uses the Facebook platform. All altcoin campaigns use facebook to share their project news long ago.

Honestly? No. I will not trust libra to my money investment. If I will invest my money I will invest in a good and most trusted coin which is bitcoin. All we know that libra also have a great featured and uses but I think it's existence and experienced is not enough to give my trust specially that libra already faced so many issue from the past months.

I don't trust them. You have to sometimes give your KYC to them on your fb account. I don't agree with this at all. I don't like how they restrict the content of your pages then if you want to unrestrict it and gain the exposure you must pay. They can just make endless money for as long as fb exists. Based on these things I would never invest in fb. I just don't trust them and also because of the principle.



In that regard yes your money is safe. I still don't trust them though. Yes, PayPal is reversible. It's a big problem.

I believe that any cryptocurrency is much more reliable for investing our money than Libra.  For me, the argument when there are specific warnings and prohibitions for this coin by the states is very significant.  Of course, a lot of negative statements also sound at Bitcoin, but if you turn your attention to Bitcoin, then this coin does not meet only resistance from the government, as much as the Facebook project does.  In any case, I will not risk my money because of Libra.

Libra is trustworthy and we know our money is safe here but why should we invest our money in it?

Especially do we know that these are stable coins that only use like PayPal? And from what I've read in the articles the transaction here is reversible.

Maybe for now I believe in other stable altcoins like usdt but for libra itself we can't predict it precisely because libra coin is not officially launched at this time, so it is very difficult for us to trust or even reject it. but I think all of that will be answered by itself later when the Libra Coin has been officially launched by the Facebook platform, because we don't know whether the Libra Coin will make the world of Cryptocurrency better or not, so, we just wait for the Libra Coin to be launched.

Actually, centralization and decentralization are able to work side by side, we don't need to debate both, just determine which one is more suitable for us. Fiat is a central currency that has authority, as well as other digital currencies (non crypto).

What makes it different from libra is that it runs on a blockchain which is called crypto, this is just a different technology from non-crypto digital currencies. If libra comes with the concept of centralization does not mean it will destroy bitcoin because in my opinion, the two can still develop side by side. Libra will always be stable but bitcoin will look special with its volatility.

These are all speculations, Facebook management already stated that they are going to comply, and follow all the regulations that regulators will impose, there are so many hypes on what Facebook coin is going to do, and what power they are going to yield, all these regulators must do is to implement a very strict regulation so Facebook will not yield so much power and will not become a threat.

Since the beginning of the rumors that Facebook will launch the Libra project, I felt something negative about this project, and now it is proven that Libra project has been abandoned by many big investors such as Mastercard and others because there have been many contradictions from top US officials and other influential people.

it caused by some people are still feeling doubt about the facebook scandal. Remember about even a major company can be trusted. you must try to consider about the scandal that owned by the company. Facebook is a trusted company but it can't be 100% trusted by the users especially when it comes to manage your finance.

Facebook is a big company so why you shouldn't trust them? In crypto we know, that private keys are important, but you have to look at Libra project as a centralized project - smotehing like a bank. And this bank will manage your finances.

I sure about this but of course I'll take in the middle not the first time. We need track record before decide to join project, even Libra support by Facebook it doesn't mean can success. People will give trust because Facebook but not me because I know they have different purposes, system and strategy. Let see the progress and I hope it will positive impact into crypto market.

Libra is going to push the whole industry forward and it does not matter if it is centralised or decentralised. This coin will draw a lot of new attention to crypto space and it is a very positive move science nothing changes for years.

The only problem with Libra is the affiliation of Facebook which denied thr crypto in their social media in some while ago when he banned some crypto ads and now creating one? That's eating youre own pride for some hidden agenda. Maybe Libra has a good concept since its facebook owned but the trust of crypto enthusiasts destroyed by them how can they let the community trust them again?

Libra really exists (still under development) but to trust libra as cryptocurrency, oh no no, let alone entrust my money to libra coin. Why does libra coin cause so much controversy? because people's trust in Facebook itself is now in doubt after being caught committing identity theft. And again, Facebook itself wants to create an independent libra not bound by the government but Facebook is under US law. and the last is the investors one by one began to leave Libra, meaning there was a distrust in the concept of libra itself.

Until now there is no certainty about the launch of Libra. the truth is who the owner of the coin project does not necessarily make the coins reliable. Especially as we know that Facebook used to not support crypto but suddenly created Libra. I wonder if this will be manipulation in the world of crypto or not?

I might not need to convert my money to libra ever. I'm not an advertiser on the Facebook platform and I have plenty of stablecoins and asset backed coins to trade with. There are no direct benefits of using Libra. They would be as good as bonga tokens from the bongacam.

KYC is a procedure of each project, so they do it to avoid cheating or anything that can be anticipated by KYC.
why do you doubt big projects like libra.
if it only aims to pump and dump, then you don't need to do it.
but this libra is different and has many partners

unfortunately libra hasn't been released yet how will I see something great in their launch, isn't it they are stable like dollar value, I'm still waiting for this project in the end, next year they will release it, if YES of course we all know the real answer, we didn't know the libra project could be far greater than what we all think, so just being neutral just waiting until their launch to be able to gain the trust of people and their money

Should we keep on discussing Libra until now? I think the project is already dead for now. There is no more reason to extend the discussion of a project that we cannot see in the near future. It will be revived for sure. We will see how it will make its move in the next years to come. However, right now, it is effectively put to rest by the governments that do not want to see a major player that would be against their own objectives.

I cannot yet fully trust Libra coins. because Libra coins have not been tested whether good or bad. moreover Libra coins have yet to be released. so, I think we are waiting for the launch first before we can draw conclusions about the Libra coins.

If they will launch successfully and will be regulated, I am gonna trust them with my money.
There is no intention to invest from me since this is a stable coin but I will definitely try to use the platform as for sure a lot would try knowing their market influence.

No way! I don't care about the hypothetical profit I could get from it. I'm not using Libra by no means. That's my protest against Zucker and the like who f*ck with our privacy and get off scot-free.

Such projects have made fun of cryptocurrency. They are just destroying the principles of satoshi nakamoto. We really don't need such cryptocurrency that are backed by single authority. They jumped into crypto market to get there share. If we think Libra is fine as crypto currency then we don't need bitcoin and other decentralized cryptos.

If ever it gets rolled out, I believe it will make a good profit if you invest in it. But knowing the fact that investing in it will put my data and financial information at risk, then it is a big NO. My privacy is more important than the profit I can make from that coin.

Certainly, both Mark Zuckerberg and all the companies he runs are always convicted of disclosing security and private information. Although he is very popular in the internet world and owns the world's most used social media applications, these are not enough reasons to trust him. I don't think that a person who sells people's private information and thoughts to other companies will use their money safely. I also think that the Libra project will not comply with the rules of the United States and may have some problems with the state.

Of course it's impossible for me to entrust the money I have to the Libra Coin. As we know, Mark Zuckerberg's track record is very
bad related privacy issues. Very risky in my opinion if we invest in libra coins, not to mention that it is still problematic with the american
government. I think it's better to invest in another place that is guaranteed the security of our personal data, so it's not need to worry
about privacy issues.

No, I don't trust the Libra project and I'm not thinking of investing. Although this project has received a lot of attention when it was first announced, it has lost its popularity and power, even though it has reached an agreement with very large partner companies. In addition, no new developments have occurred since the project was announced. For this reason, this project unfortunately did not win my trust. Particularly the partnerships that they have lost in succession, the fact that they are constantly postponed and that they face more problems with each passing day are very sufficient reasons not to choose this project. On the other hand, the fact that the project is connected to a central structure makes it repulsive.

Maybe if for long-term investments that require storing Libra in the wallet is very dangerous "as you mentioned". But for short-trades it seems very profitable, considering the hype on this coin is very big. So just take advantage of this moment as possible.

I absolutely agree with you. The system will inflate and spin up the project to the fullest, primarily for its own interests, so it’s hard to guess what will happen to the libra and all the news like - the European Union has limited the use of the libra coin, it can be regarded as another marketing move.

I wouldn't put any trust in Libra, that's for sure. Look who's behind it - Zuckerberg, the person who gathered our personal info via Facebook, compromised our passwords and injected a specific piece of code into every image downloaded from FB servers. What can you expect from an asset launched by someone like that?

yes agree it is still too early to believe or not believe however Libra has been supported by large companies so its likely that everyone will believe ,but time will prove it all maybe conflict might occur someday so I personally think neutral at this time keep waiting and not reckless

it’s important to understand that Libra is no big threat to Bitcoin and other cryptos. But it is a threat to banks and central governments. It directly threatens their sovereignty and their control of the currencies. As we have seen in Europe and the USA, governments are not welcoming Libra. They are being very aggressive towards it. And in my opinion, Libra simply will never be allowed to see the light of day, unless banks and governments find a way to get complete control of it. So I think some of it’s investors are starting to see this, and pulling out.

I don't trust Facebook with my real details so I wouldn't trust them with my money either.
Adding to that it's supposed to be a stablecoin it's even less interesting than most of crypotcurrency imo.

So it's a no-no for me.

 Well every investment has to do with risk taking  , so investing in Libra coin will be just like taking another risk in crypto  which might pay. so i will invest. 

Should we trust Facebook and buy a coin? Only if they can fulfill the requirements of regulators. Yes, PayPal and other companies left them. But it happened because of a crude project. Let them improve their offer and then it will be possible to evaluate them as a crypto coin.

Once I have heard this on the radio, it is when the time it is being hyped by news outlets all over the internet. The jockey explained it quite well and her final words were "Let us give it a chance".
I am not quite sure if she knows what she is talking about but it looks like to me like she is supporting it because of her usage in the Facebook application which also gives her more followers and to reach out for fans.

This is the problem with Libra. Some may be supporting it just because they love Facebook and they are connecting it quite well with it using all means possible in the internet specially facebook. There is hype and there is FUD for other other currencies.
To conclude it all, I just cannot trust it all with them.
They already have your profile if you are signed up with them. What else do you think they can do afterwards?

100% absolutely because Libra is a project developed by Mark Zuckerberg, the face and creator behind Facebook the worlds largest social media platform. Mark was just a regular Joe who borrowed an idea
originally belonging to the Gemini twins of terror (Winklevoss bros.) and expanded upon it making it as of today a global phenomenon amongst every day social media usage. Facebook has partnerships with Occulus Rift, WhatsApp, and of course last but no least Instagram (for the babes).

If Libra project pursue I'm pretty sure all those who comment that they not put their money on it will eat their pride. Why? Libra will probably be a hype coin and many wanted a hype project and will ride with it during trading. Dont you think it will not pump either once? Especially if the project has backed by conglomerate groups. I dont think so IMO.

I am a little different, will test several times in the usage offered if it is proven, Facebook has brought many things that have changed the world so far, and of course this time will not be free of controversy. What we expect from everything that happens in crypto is the foundation to build trust and especially its strength in something called a working product.

of course , elite people will take action to something like that , but i am not stand for libra , i am just saying it's just a normal thing from institute institute in the world.
so what i do ? of course i cleary see libra is not worth for investement.
even i dunno what libra created for ? besides for to facilitate people in their daily lives, i dont see anything special from libra, hodl it ? nope.

I would rather put my money inside a bank with good reputation than to put it into libra coin which it has a lot of on going issue with the government. A successful social media platform company doesn't equal to a good digital currency creator. It is still better to risk my money in investing in bitcoin which it has a huge opportunity in the long run compare to libra coin that is a stable coin that will bring nothing to you after years of holding.

For me personally, i can say yes if that doesn't need to require various requirements to use the stable coins. Im still using facebook right now maybe some people are getting affected caused by the facebook scandal will not use facebook again. Im using facebook products right now and it looks like still good enough to say yes for libra but not for all. just try to use libra to pay anything related to the facebook products.
But that will never come true caused by facebook digital payment will be coming soon. No future for libra.
As long as the libra can be fully audited and why not?

I do not understand what kind of trust can we talk about? You understand that Libra has not even been approved and implemented yet. And most likely it will not happen. He can't let that happen. And plus, many countries are very negative against Libra. We must understand that the promotion of cryptocurrency is everything! Especially for stabilcoins.

I read a lot of issues about Facebook's Libra coin that it will be centralized and it will be a stable coin like USDT, that is why a lot of people has doubts investing their money in launching this coin. So i think Libra coin can be trusted with my money, but for sure my money will not have a good value because just what i have said it is a stable coin.

Yes... I will trust my money in libra since it is made by facebook which is a huge company to begin with although it's quite a bummer since you will have to comply all the requirements to own one so, it's quite a hard to own unlike the other coins in top 10

Facebook's cryptocurrency project called Libra should be trustworthy in as much as it will probably be restricted to smaller transaction limits and be properly regulated, which should ensure consumers funds are safe and secure when using its payment network

Libra will no longer enjoy the tremendous trust of people. Their planned release met with such great resistance from states and regulatory bodies that it can be said that this coin is unlikely to ever be issued at all. In addition, at a meeting of the Congress in the United States, Zuckerberg himself was forced to declare that Facebook will not have anything to do with the Libra coin.
In addition, the United States and other leading states themselves already announce the creation of their national stable coins and, in my opinion, these coins will be more popular than the scandalous Libra.

The signs are out there already telling us to back off Libra. A lot of powerful countries such as France, Italy, Netherlands, and Germany are already against Libra and has told that they will block any kind of Libra related transactions that will happen in their country. Aside from that the heat against Facebook's privacy and data protection controversy is not yet dead it may have died down a bit but the heat will rise once the launch will get nearer. Don't be fooled by the support it is having by other big companies since it doesn't tell the success it will have in the future, it may have a lot of companies supporting it but it also has a lot of governments against it so I don't think they will win in this one.

I will not say believe or not on libra coin. because the assessment will be able to be answered when the libra project has started a sales session or their tokens can already be purchased. At the moment I don't assume anything about the Libra project. You need to know the Libra project is surrounded by many large companies and teams of experts in all fields.

Absolutely NOT
I'm against facebook products, because in my opinion they don't do things clearly and fair

I don´t like the idea of having my personal data sold to other companies, and so important as my data is my money
Even if they can get through regulation, I won't use this coin in any case
The only thing in commom is the fact os Libra is based on internet, but it's the opposite of BTC and a lot of another good coins we have

To be honest, I do not understand the essence of the issue. In my opinion, many people make the mistake of trusting their money to anyone.
What's the point of this? In today's world, unfortunately, you cannot trust your money to anyone, these are the facts.
Libra, if it finally starts up fully, will have a huge credit of trust among the population because it is under the strongest supervision of regulatory structures.

Libra hasn't launched yet, just so you know.

As to whether I would own or use libra the answer is 'no'.  Since facebook's practices disgust me, I wouldn't have anything to do with whatever they have planned for their cryptocurrency, and it's a stable coin anyway.  I have never had the need to own tether or any of the others, so why would I own libra?

I think discussions like this are kind of moot, because I doubt the U.S. gov't is going to allow facebook to proceed on this and let libra launch.  I'm very curious to see how it all plays out but I wouldn't keep my hopes up if you're looking forward to it.

satoshi nakamoto would hate libra . Facebook is a centralized institution firstly .

Secondly They sensor everything they do not like:
- Plus-sized women
-Mothers
-Women, generally
-Sexual health organizations
-Indigenous groups
-Journalists
-Cannabis advocates
-Europeans
-Artists, museums and galleries
-LGBTQ groups and individuals
Don't believe me? https://qz.com/719905/a-complete-guide-to-all-the-things-facebook-censors-hate-most/

With all that said NO. I would not trust them for my social media needs much less my MONEY

Also asking for government permission is about as un-crypto as it gets. One of the first responses to this question was a good one by avikz

absolutely correct avikz... Libra gets approval it will come with strings attached

Was Libra ever launched? I have no idea it was actually launched when most of the countries in EU are opposing it and even the opposition are attacking it. But why is this OP making it sound like its been launched and were in the market already?

None might even trust it but users in facebook might just be using it.

It's pretty sure that Libra won't turn out as a huge hoax when it comes to financial aspect, but it's not the main concern of crypto enthusiasts. The privacy is. Facebook and other companies based on big data collected from billions of users are redeveloping the world on their own, sick conditions and that's why I'll stay away from Libra. But I don't think that you should be worried about your money invested in Libra project - it's quite the opposite, they'll handle it very well. Most probably Libra will let you earn some money, even if you are a complete newcomer into crypto, but instead they are taking your data and this is more valuable for Facebook etc than money.

Facebook has been doing everything on a proper channelised manner. This increase the trust among the common public who are into cryptocurrency usage. The launch of libra isn't scheduled, fulfilling all regulations it takes more time. Until then it is our time to analyze the true nature of libra, upon which one can make the investment.

Obviously as seeing the current condition people will believe the libra coin because people have trust on Facebook. But as of now there is no big marketing allocation from them to market it.
I don't know why they were not showing to everyone that they were investing cryptocurrency to all the people.

It should me much better coin than USDT or any other stable coin which are using as trust part because it is coming from one of the biggest companies in the world but this not alone makes the crypto should be invested especially when we have coins which are not controlled by anyone.

I would never trust my money to such a centralized tool as the Libra. so many times they showed their attitude towards users (I'm talking about Facebook) that after all, it will be really crazy thing to trust them my money

Since Libra is from Facebook and Facebook is already a trusted social media, so I think that it's fine to trust on Libra. But personally, I don't think I'll invest on Libra cause I prefer decentralized and Bitcoin more... Though I might still change my mind in the future...

I do believe that trust is still needed in investing. Because why would you invest on a coin you don't trust? Why would you risk your money on a coin you don't trust?

First and foremost when you say trust Libra Coin with your money, are you referring to people investing in the Libra Coin ?  Investment has nothing to do with trusting the crypto coin. You don't need to trust the Libra Coin before investing in it.  So far as there is an investment opportunity for a particular crypto coin, investors do not need to trust the coin before investing.  

who thought Libra wouldnt get attention? comparing it to these daily shitcoin launches seems pretty crazy lol
Libra is an instutional cash grab, like a bank not a shitcoin cash grab.   Of course it was hyped, its facebook, 1/2 our generation lives no that shit site
this article seems like just a rehash of what we have been talking about for months now, when will these newbie crossposting shills learn? you wont get our merit this way

I do not trust Facebook and neither should anyone here. They are a bunch of thieves who are always selling your Identity to big companies. It was in the DNA of the owner, who cunningly stole the idea of others.

They are always in the news for the wrong thing. Why? therefore anyone should trust their crypto Libra. It is not a currency meant to help the people but, to the company.

I would trust Libra coin with my money. Because Facebook is trying to get regulatory approval and legal clearances before starting it up. So I am sure my money is not going to go anywhere!

I wouldn't trust Libra coin with my financial privacy. Because Facebook is trying to get regulatory approval and legal clearances before starting it up. So I am sure that my entire financial information with Libra will be shared to the regulatory bodies and enforcement agencies.

I hope you are getting my point!

Trusting Libra aside I am not entirely sure if I would trust the system that would allow libra to exist.

Think about it, this is a USA based company (Facebook) that is creating a new type of currency in the said country yet the country allows them because exactly what? Because, they will get some for free? Because, they have something to look forward for it?

I feel like if Libra is allowed that means SEC or some other people above SEC got some incentives for it in return. No country from USA would ever get my trust if they require governmental help, government only allows if they also get something in return. So, it is not about Libra or Facebook for me, it is about USA government, if it was another nation I may have considered using it for at least test purposes to see how it works.

Digital currency Libra needs the global reach of Facebook to thrive, but its opposition is also driven by the social network. Controversy reigns as regulators assemble

By June 2019, there were more than 2,400 cryptocurrencies in circulation, with occasional daily launches. Most of them were almost useless, virtually no one knew of them, and they would never be. So when another –called Libra –was announced on June 18 in a white paper, you might have expected that it would not attract more attention than any of the others.

Yet Libra has received a huge amount of attention from the moment of its launch. The project made many of the same promises for most new digital currencies to venture: it would work more efficiently than existing payment technologies, avoiding the enormous spikes and falling in value that made Bitcoin, the first and best-known cryptocurrency, such a roulette wheel. More eye-catching was his pledge to reach billions of unbanked people around the world–people with little or no exposure to the global financial system–to open up vast new business and work opportunities for at least some of the world’s poor and revolutionize the global financial system.

One of the biggest supporters was the main reason people heard this time: Twitter. Freshly emerging from a seemingly endless series of data privacy controversies, the social media giant now emerged as the lead partner in a plan to create a new global currency alongside a consortium of other major tech, finance, and business firms, and vowed to carry it out in early 2020.

Clearly, Libra was attacked from all sides in the weeks and months following its launch. Cryptocurrency fans said that Libra was not a true cryptocurrency because it violates some of the basic principles advocated by the sometimes techno-anarchic fan base in the community–including the important distinction that Libra transactions still depend on confidence rather than mathematical proof.

Others attacked Libra as an accumulation of corporate power. Economists cautioned that it might challenge the influence of countries over their own monetary policy, thus undermining democracy. And lawmakers and regulators around the world came together to say they would launch investigations or take action against the fledgling currency before it even started.

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