Facebook coin is coming 💰😋
According to reports from The Wall Street Journal and elsewhere, Facebook has partnered with companies like Uber, Visa and PayPal to create its new cryptocurrency called Libra.
The digital currency will allow Facebook users to send money to each other and pay for goods through Facebook's family of apps like Messenger and WhatsApp.
Why does anyone need to do that? Why not just sync with Paypal or build your own function that would transfer USD (or better yet, BTC)?
Why does Libra coin need to be a part of it?
Speculating on Libra might workout decently, if you get in early and we figure Facebook has deep pockets and will try to not let it tank. I'm not sure how big the buzz is. I could see stuff like this being the next wave of altcoins and replacing Ethereum and stuff up top.
So I'm not suggesting that there isn't opportunity here for people who want to play the market timing game.
But in general -- say, years from now after the buzz has worn off -- I don't want to hold and speculate on Libra just so I can send money to someone via Messenger.
It's not like it was difficult to send money to them otherwise, as tho Paypal and things like that don't already exist. Are there people out there who struggle to ever click away from Messenger to the point where they need this?
So there's little to no increased ease of sending money to people, and I have to speculate on some random token to be able to do it.
And if we're doing this for the unbanked or because Zuckerberg sees the perils of centrally managed currency networks.. well, Bitcoin already exists.
And the biggest network will be the most secure. So you could just sync Messenger to be able to transfer btc units rather than Libra units.
You only need Libra units if the goal is for Facebook to make money out of thin air by creating their own token.
There's no actual breakthrough here.
Allegedly I guess Libra is a decentralized blockchain, since they're pipping it as a cryptocurrency. I wouldn't be surprised if it's basically just centrally tracked on a database by Facebook and they're calling it "cryptocurrency". But I have no idea and haven't looked into it.
If actually it's centralized, and Facebook could control the creation of new units or reverse payments or ban accounts, or anything like that, then all the more reason to not see anything special here or wonder why they don't just build a way to transfer USD.
Doesn't make sense but I like it.
I'm not in the business of rooting against "cryptocurrency" being the talk of the town and being used by big businesses and stuff.
It's part of the progression.
When stuff like this happens, it indicates that we're evolving away from centrally managed money.
So I like what it indicates, but it itself is still pointless, and a misdirection and confusing to anyone trying to figure out what "blockchain" is and what it's useful for.
I challenge anyone to read what I say above, and please let me know what pray tell is the point or need for there to be a Libra coin.
The world does benefit from a decentralized transfer/confirmation mechanism.
That's essentially what blockchain is.
And it was a wonderful mathematical discovery.
We don't need to make 1000 networks. Essentially the same as why we don't use 1000 internets.
Your efforts as a miner or as a merchant or as a hodler or as anything will, in general, be more fruitful by doing it on the biggest and most secure network, rather than on a smaller, less secure duplication.
And gradually it congeals on the one network. (Probably Bitcoin.*)
*If there proves to be an attack vector or some sort of previously unknown fatal flaw with Bitcoin, it would probably mean we're decades away from having one that works. Or that this idea just doesn't work and we were wrong. And your diversified basket of altcoins will crash too. There's no hedge or purpose to the duplicates.
So when people duplicate the code and try to start from scratch, they're not tapping into the wonder of blockchain technology. The way to tap into blockchain technology would be to use the network that currently people are congealing on!
It's like if I tell you the point is to ride my bike really fast, I don't choose to take a headwind when I could just as easily choose a tailwind. If I choose the headwind I probably have some other motivation.
Maybe Zuckerberg wants to make a run at the house and be the 1. Fine. I don't see it happening. Long live the Winklevii. But that's actually more reasonable than anything else.
(Than the idea that we should have various different networks to service different websites or spending purposes.)
Well,
it's totally reasonable for Facebook. Reasonable for them to cash in, and be hip to the times. And if people are asking for this, then sure, give it to them. There just isn't actually a point to it.
Sometimes I think the people who want nothing to do with Bitcoin or any crypto are actually sharper than those who believe the altcoin storylines.
The altcoin logic makes strictly no sense, whereas I reserve at least some, Idk, tiny little chance that I'm out to lunch and missing something and Bitcoin won't work either.
It's like some people are wary of the thing that's new, and other people are wild with it and draw some wrong conclusions.. and a few of us actually get it.
😃😃🤣
Not trying to be a hater, just shedding light.
Buy Bitcoin, tune out the noise, hodl, look back in 10 or 20 years. Play around with things like Libra if you like to gamble or are good at market timing.
The end.
You give Mark too much credit.
The way I see it, Mark and his goons simply want in on cryptocurrency on a massive scale. The best way is to create your own coin from scratch, own a ton and watch the market raise the value for you. It's cheaper (?) than stockpiling on btc (that would trigger a pump so they'll get less with each purchase and they still can't hold enough to. Control it)
In other news, btc just hit 11k
Maybe Libra has its u
Friggin Mark.
Ya, this is often what people are up to when they create a new crypto. I figured this too when I first heard about Libra.
Seems Libra is actually supposed to be designed to be stable and pegged to the dollar.
So... turns out this maybe isn't really the goal.
But it also isn't really a cryptocurrency lol. It's basically like a promise of all the companies involved to accept it for a fixed dollar amount.
So I guess his motivations probably have more to do with just drawing business and more eco system into Facebook.
And maybe some delusions of grandeur that it will get huge and he will be the central bank.
yaaaaaaa! crush
The thing is will users of facebook get rewards from using facebook or is it just a coin meant for transactions? Facebook is big enough to reward users for the use of their platform. They already have the user base.
I don't understand the excitement for the average user who has no plan to buy and sell or for some one like me who cannot access PayPal.
Ya, good question! The CNBC article makes it sound like it's just a coin to send back and forth. It's possible they didn't do a great job at explaining it tho.
A way to reward people for using Facebook would be more interesting. Maybe it will be something like..
They're making it where if you hold Libra, it's easy to click a couple buttons and make a small tip to a post you like.
That's essentially how STEEM works, just in a super convoluted way (like if you hold SP >>> you hold the rights to some newly inflated tokens >>> which you can send to people with an upvote.. so it's essentially also a tipping mechanism, just so convoluted that many people don't think of it that way)
I admit that I'd probably think about Facebook more if tipping for good posts became a thing.
But I'd rather they used BTC or USD. Build the tipping mechanism using one of those, rather than create Libra.
I think Libra is a borrowed idea to incentive their current users while attract new ones. It could also be a way to combat tiny threats like Steemit or other social media-like platforms running on blockchain technology.
I would definitely try to get in early and dump them for a nice profit. I do not believe they will over take BTC, but the hype and attention is great for crypto overall.
Ya I think you're right! I think I agree with all that.
It protects them from Steemit and things like it and also draws some attention to itself.
Good move for Facebook, I'd imagine.
Any idea how we buy it or if we can yet???
I have no clue about how or where to buy Libra. I just barely heard the news and read your post. If you learn how, please let me know and I will do the same.
Sooooo...
Still learning some of the details. But seems (1) it's supposed to come out in 2020 and (2) the idea is actually that it's a stablecoin.
So then hodling the token won't really be a thing. Maybe it won't be perfectly stable tho and there's little games you can play, like try to buy and sell at $1.06 or whatever.
And also, probably not actually a cryptocurrency lol. My understanding is it's stable because the partners (like Uber etc) agree to accept it for $1. But so then I'd imagine what also has to happen is that the Libra association can create new tokens.
(Because otherwise demand might sometimes outweigh supply, and the token would be trying to be worth $1.20 or $2... and then you can't really expect Uber to keep accepting it for $1.. so I imagine there needs to be central bank style inflation, but I'm not sure)
Not sure I have everything right.. fact check and do your own homework.. that's what I have right now tho haha.. stablecoin, basically
Thanks for your reply. Sadly I read similar details as well. So doesn't look like an investment opportunity as I was hoping for.
I am not sure how this differs from Paypal, Venmo, or CashApp aside form the blockchain aspect of this coin. What is the incentive for using Libra versus existing payment apps?
We've seen how SBD failed to be pegged to the USD, so it will be sorta interesting to see how Libra pans out.
Right! It seems so convoluted and pointless. It's basically a way of transferring dollars.
I think it could succeed at being stable...... until it falls apart 😆
In a way it almost seems like inflation of the USD, lol. Because it's like there's less USD hodling, and you can still essentially use it. I wonder how the government would feel if it started to get big!!
I hope it succeeds in some form or fashion so that it draw more attention to blockchain technology. If the masses can adopt Libra as a stable coin, perhaps it might not be as big of a step into the crypto word.
What would be interesting is if the Libra has some features like my credit card reward dollars. There is a group of affiliated companies that I can chose from where I can spend my reward dollars at a 1.2x exchange. For example, I can get a $25 Home Depot gift card for 20 reward dollars. Sometimes the exchange rate is higher too, but not for companies that I would use though.
This would incentivize me to use Libra for the savings.
Sounds good! Deal!
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