I'll be the first to admit. I'm not nearly as crypto savvy as I'd like to be at the moment. So I'm turning to the amazing and supportive Steemit community to help give me the lowdown on Facebook's new moves into the world of cryptocurrency and what broader implications it could have for steemit itself..

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Obviously Zuckerberg's announcement earlier this week that Facebook was planning on adopting it's own form of a global blockchain run currency known as Project Libra rocked the boat with many. It definitely had a LOT of lawmakers alarmed, with Republicans and Democrats alike calling for a halt on the project pending further analysis. House Financial Services Committee Chairwoman Maxine Waters (D-CA) said in a statement yesterday:

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

These policymakers are visually shaken and unnerved by what they see as Facebook's continued unchecked expansion and extended reach into the lives of it 2.5 billion users.

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Experts that have been interview within the blockchain industry, and subreddits alike, are divided over this divisive issue.. Some believe that it heralds a broader mainstream adoption of crypto in everyday use, which is an additive for all cryptocurrencies in general. Indeed this week has seen bitcoin prices surge 2.5% yet again today and its over 150% YTD!

Other's aren't so optimistic, voicing fears that Libra is likely to fail and the fallout will have disastrous implications for the rest of the blockchain industry. If that happens, the backlash from the public might very well be the nail in blockchain.

Most people seem to be observing the moves Libra makes from afar, but are on the whole unconcerned either way. Facebook's plans for using the blockchain seem to be more in competition with fiat currency and banks than with truly decentralized cryptocurrencies. Facebook seems to be taking aim at money wire type transaction companies, like Paypal or Venmo who take advantage by charging an exorbitant transaction fee.

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Facebook and partner company Calibra (which makes and is the wallet for Libra) do seem to have a challenge moving forward to prove that the currency remain censorship free, as well as allay concerns about tax implications and Facebook's history of allowing government meddling..

Facebook, which has maneuvered backers to invest $10million apiece to serve as a reserve for the currency, will most likely use its advantage to monitor the blockchain, track transaction/shopping behavior, and market that data to advertisers. Also, giving easy access of purchasing power to those who don't have credit cards or even a bank, does seem rather risky.. if not for Facebook, for the user..

I can see comprehensive marketing campaign customized to the individual user, combined with the "one-click" purchase style in app integration, financially ruining more than a few under-prepared netizens..

As for it's effect on us over here on Steemit.. I guess time will tell. SBD seems to be holding its own.. so ::fingers-crossed::

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What about you? What do you think about Facebook throwing its hat into the blockchain ring with Libra? Will there be massive repercussions on the industry, or is it something to observe with mild amusement? Is it's implementation even be plausible?? Weigh-in with your thoughts to enlighten me and our readers in the comments below!

Until Then..