Libra - Banking Innovation
Much has been written already about the Libra coin. See for example Jameson Lopp's analysis of their whitepaper.
I think it is an innovative step in which a company is capitalizing on its strength (market access). Nothing wrong with that. After all, Facebook did not force anybody to sign up or share their data. People did that voluntarily.
I welcome this move by Facebook even though I will not go back to use FB nor will I buy into Libra.
It might force people to think about their values and goals. Banking the unbanked has long been a humanitarian goal advertised by crypto enthusiasts. FB is likely going to do more for its implementation than most other crypto initiative.
Libra will split the crypto community further as it brings more differentiation to the market. To me, it looks like a statist coin — regulated, supervised, fool-proof.
If FB users can send, for example, 5 Euros worth of Libra across the globe with more than 4.95 arriving, then that will be appreciated.
People who value financial freedom will have little use for Libra as FB and government bodies will be able to stop transactions anytime. Large corporations are too vulnerable to statist interventions to withstand such requests, and Libra will not be able to compete with Bitcoin in this respect.
I think it is time for maximalists to re-evaluate. Some people need to send small amounts around the globe with minimal cost and legal risks. Others seek the ability to transact privately, anywhere, and anytime with minimal risk of third-party intervention. These goals contradict each other, and it is a bad idea to force a compromise.
If the US government allows FB to proceed with Libra, I would not be surprised to see the USD take a dominant role in their basket (Bretton-Crypto-Woods).
It is very interesting what is happening with the movement of any currency or cryptocurrency, every time the financial system is decentralized, that will greatly help the emerging economies. It is very important to know every day the behavior of the pound and any currency to invest in them.
I think you are not saying anything that we do not know .. I think the cryptocurrency of facebook what it shows is that no matter how big the company that tries to destroy the blokchain this will be unstoppable .. facebook and its owner two years ago spoke very badly bitcoin, now they have no choice but to surrender to the charm of this technology.
Credit cards have done more psychological damage than cryptocurrencies in the world, and credit cards have a completely different purpose than a cryptocurrency.
@mariusfebruary, One thing is open and very clear that, in my opinion no matter how much Libra sounds as Decentralised but it's really ? because we know that it's supervision will be done under the shelter of Centralised Platforms.
And in my opinion one thing can repeat and that is, anyone can be banned from the serivces because we already saw that with Centralised System.
Let's see where this Ecosystem is moving towards. Stay blessed brother.
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I think libra trauncates privacy and that's basically the ugly side people are worried about, but like you said, Facebook didn't force anybody to share their data by all means, because I know there's an endgame to Libra and Facebook is yet to reveal this.
Your mature take on Libra coin and FB entry is quite different to the general rhetoric AMD is somewhat refreshing. FB could really have launched this without making it a crypto project, but instead as a payment plan use case. Which as you said is possible something some people may need but crypto enthusiast do not and are not interested in.
Either way as you said FB does hold the power to do so, with the 2.7mil people access.
Thank you for a different view. I too will not return to FB or buy Libra just on principle.
I do think it will and already has brought more attention to crypto, which is probably a good thing.
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I believe this coin is a lame attempt by Facebook to jump on the crypto currencies. Yes, even though the company recruited numerous expert researchers and a knowledgeable development team to work on this project, it will ultimately wind up either lagging behind true crypts or just failing altogether.
Any coin that is developed and controlled by a company will not be decentralized. Even if billions of Facebook users start using the coin, it will not have all the advantages of a decentralized cryptocurrency.
The thing I don’t get is it is just a SDR (as you say likely to be heavily overweight the USD) on a blockchain backed by Corporate America.
People don’t like the SDR. As a unit of account, it is too confusing. People don’t like corporations so much, especially FB. As a source of trust, it is notoriously awful.
So tell me how this is gonna work again? Cuz I don’t get it.
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I have not looked into the financial makeup much, I must admit. The Libra looks like an SDR, I agree. I think it is the daily active users that makes the difference for Facebook as the banks don't have these and the IMF does not have these either.
Much is said about this new currency. I never liked facebook, and even with this coin, it does not appeal to me, however, I think FB took a long time to decide to take this big step
While I can see its merit for Facebook and the centralisation of the web by merging eCommerce with social media I feel like there comes a point where we have to say how much are we willing to give up to a private company for the sake of convenience.
We already have Google and Facebook centralising web traffic and choking off independents through really no fault of their own. Perhaps it does bring mass adoption and people eventually migrate to decentralised alternatives, we don't know.
Never the less an interesting development
I agree. In my opinion Facebook has overstepped its borders when it comes to using customer data. However, they don't force me to use it. So anyone can close their FB account, no big deal. The point is that most people are just happy the way it is for them using FB; and they will enjoy cheap and instant transactions. And I am also pretty happy the way it is for me not using Facebook, and using Google and other cloud providers / data aggregators as little as possible 😃. Free world.
I think this will be revolutionary. Following the footsteps of Facebook, a lot of other digital companies will also try to do the same - introduce their own crypto tokens and there will be a massive boom in the crypto market.
Imagine what giants like Google and Amazon could do if they create their own tokens. It might even come to a point where crypto becomes the new norm for everyday transactions.
This could be the start to those sci-fi futures that we all imagine. When looking at the grand scheme of things, this is still a baby step, but a step nonetheless. What do you think?
Well, A long time ago I created an account on facebook when it was fashionable. But it didn't call my attention. Even when I closed my account, as you indicate, 6 months later, my data was still in their database. Are you sure they will erase your data?
Today I had to create an account again at FB for work reasons. Sometimes I am afraid to hear the phrase: "they don't force to use it". Do they?