Facebook Has Seen Better Days…Like On Thursday
Facebook’s vision for Libra was for it to be a global currency for billions of people, especially those in developing countries who have no access to banks or financial services.
After Facebook spent more than $10 million this year to lobby the federal government to win approval of Libra and last week Zuckerberg testified before the Housing & Financial Services Committee in the US House of Representatives with the discussion focusing on Facebook's involvement with the Libra Association. That day, Libra didn’t gain any additional fans or support. And that same negative sentiment is being felt around the world.
Five EU nations (Germany, Italy, Spain, Netherlands and Fance) are looking to stop Libra from launching in Europe unless it get regulated by the EU.
Huang Qifan, the former mayor of Chongqing in southwest China, said describing the coin as a “delusional” project that is destined to fail.
On Wednesday, Facebook reported third quarter earnings and beat Wall Street estimates. What was impressive by the beat was after announcing the numbers several analysts upped their price target.
Facebook (FB) reported third-quarter results after the market close Wednesday that beat Wall Street estimates on the top and bottom line.
Morgan Stanley analyst Brian Nowak raised his price target on Facebook stock to 250, from 235, and maintained a rating of overweight.
Nowak, in a research note to clients, said there were three key bullish takeaways from the Facebook earnings report.
One is Facebook user engagement trends remain strong and broad based. A second bullish trend is that strong user engagement and innovation at Facebook have boosted monetization levels. Third, increased monetization leads to higher earnings power and free cash flow.
The Facebook earnings report showed 1.62 billion daily active users, an increase of 9% year over year. Monthly active users topped 2.45 billion, up 8%.
UBS analyst Eric Sheridan raised his price target on Facebook stock to 240, from 235. He maintained a rating of buy.
In July of 2018, I wrote a post about Facebook titled,
The call I made was since revenue growth was decelerating (95% coming from ads), since the Markets were topping and Steem was starting to become mainstream through SMTs, that we have seen the tops in Facebook’s stock for years to come.
Thus far I’m batting 0 for 2…the Markets didn’t top and we still don’t have SMTs yet and only time will tell if I end up batting 0 for 3. At the moment, the chart is suggesting there is nothing saving me from price reaching all-time highs again...however, only time will tell.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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It's going to be so hard to dethrone the monster monopoly that Facebook has... Facebook can throw so many lawyers and money at the problems, and so much money at oppressing Steem, etc... I'm not sure if it will ever be dethroned, they are very quick to adopt new technology, Facebook could very well adopt Cryptocurrencies, even with Libra... Facebook could share some of their ad revenue with the community via Libra, it wouldn't be hard and it would help people a lot and it would make Facebook a real competitor against Steem
Great points, however, Facebook is owned by Wall Street and they will never do that as they are greedy and want to keep all the profits.