FaceBook dabbling in the cryptocurrency Libra (≋)
Libra (≋) The Currency.
We all know how was the growth in a few years of facebook and how he managed to take over social networks worldwide, in addition as Facebook is everywhere with its multiple applications and a variety of programs.
Facebook now ventures as it was announced in the world of digital currencies and soon will have its digital currency Libra, you can say that there is much expectation for all the benefits it offers, just visit your official page Libra in which you can read in many languages what this new currency is about. There was foresight for the reach, they know that it is in all the communities of the world and it is very difficult or it is hard to believe that there is a country where Facebook is not present, well except for North Korea.
This coin will be handled under a wallet called Calibra
In order to manage the wallet, another subsidiary of Facebook was also created and will operate independently. Calibra will be a digital wallet that will allow the new digital currency Libra to be stored and used. That is, a payment platform for Facebook, Messenger and WhatsApp that will exist as a separate application on iOS and Android.
Libra
Blockchain that will be supported by more than 100 large financial companies
With this digital currency from facebook you can pay online. (Yes nothing new) one of the most important things is that the digital currency Libra is based on Blockchain and will be supported by more than 100 large companies financial institutions, including MasterCard, Visa or Paypal. All payment services will be based on the digital currency Libra if we talk about more than 100 companies, the visible face will always be FACEBOOK.
Well it is well known who are behind this new open source currency based on Blockchain undoubtedly for its development it has a group of engineers, it can not miss the presence of some Facebook members, it is expected to maintain a leadership role during 2019 to boost the use of Libra.
All of us who are in this crypto world know that it can be very volatile, Libra will take forecasts and will be supported in its entirety by the Libra Reserve, a collection of coins and other assets that is used as collateral for each Pound created.
Since it will be available worldwide as well as other cryptocurrencies, it can be used to make normal payments such as buying clothes, shoes, going to the supermarket or paying for public transport. Through the digital wallet Calibra, also save digital money, but that is not all other way you can use it is to send money through Calibra what you will do is send Libra, you can also convert local currencies into Libra and vice versa . By making these conversions, the Calibra application will show you the exchange rate so you know exactly how much money will be obtained.
Calibra will not be exempt from commissions, Facebook promises that they will be low and transparent. Especially when sending money abroad.
As Facebook carries out the processes to finalize the launching of its currency, I believe that there will be much more information, which is already going out, a very important one is the regulating entities.
But the company should wait until the United States Congress has examined the bill, according to the chairwoman of the House Financial Services Committee.
Facebook said it expected to answer questions from policy makers.
Facebook is urged to pause the pound project of cryptographic currency source: Facebook urged to pause Libra crypto-currency project
The subject Libra must follow very closely I think it has a future, however I do not abandon steemit.
Sources and references:
Calibra it will be a digital portfolio
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Libra will be the future if you can pay with it. In my country this is not the case with other cryptocurrencies. With it Facebook will also have all your personal information also that last bit you do not want to share with them. Your bankaccount, ID, fingerprints, social security number, etc etc.
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Yes, I wouldn't trust them with my bank account details, ID, fingerprints, social security number etc.
New rules in the EU are on the way: If you buy something the seller can have insight on your bankaccount.
Also in the Netherlands social security number, health insurance, medical report, family history are all registered. If you have one number they can find out everything about you and your (ex) family.
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Hi @wakeupkitty
If I definitely would not give my data, that's not good. For us.
I hope you find yourself very well.
I struggle and stumble through life and so far we manage, how about you? ☘💕🌞
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Good point @wakeupkitty
Somehow I'm not really comfortable sharing all those personal details with them.
Yours
Piotr
For me I think it is a welcomed development in the sense that it enlightens the world about cryptocurrencies and the possibility it holds and that is where my positives ends for it.
I think with all I have read about it it is a centralized thingy and not a decentralized thingy. So there is going to be massive control of how things work on it.
People can get kicked out at will for speaking against their government, you can easily be traced and all your funds frozen.
It is an easy way of the same set of sh.t holes, sorry for the bad mouth. It's so painful that the same set of big players that have been frustrating the cryptocurrency community are the same set of people that are going to be big players in this so called cryptocurrency called Libra.
PayPal, MasterCard, VisaCard, Facebook, you name it, the wanted an end to bitcoin and altcoins, they encouraged governments to ban it or not accept it because they wanted to remain in control and control our money.
I don't intend buying any of it or getting involve in it, but I use MasterCard, VisaCard and PayPal and I won't be shock if they won't implement a way of linking them such that you're forced to own them.
That is my 2 cents worth of contribution to the discussion @lanjoseg. Nice article by the way. Cheers.
You hit the nail on the head, @ketcom. Good observation.
Hi @devann
I agree with your comment and it was what I thought after reading what our friend says @ketcom
Hi @ketcom
The more controls, the more will be the escapes to other sites your comment is very accurate and difficult to refute.
However, my grandfather was one of those old people who use some sayings to explain something difficult. And all those who bring facebook to the table and your comment brought me a memory of my grandfather who said:
"Son God made the goat's horn, and the man turned it around."
and even a drink was made ..
So we are always going to find the solution to the powerful ones that only want to control us.
Greetings friend.
This is my opinion about the subject, I wrote in another post earlier.
I just had a chance to read your comment @joelsegovia. Amazing. Thx for sharing your thoughts with us.
Yours, Piotr
Dear @lanzjoseg, Libra is causing a stir in the whole cryptographic world. Even though it has its detractors, I think that Libra will bring a lot of visibility to blockchain and this will favor the adoption. This is simply my opinion.
Thank you very much for sharing your work with us.
Dear @fucho80
If I think it will be very well received, however, we should not lose the focus that this will bring ..
I appreciate your opinion friend.
No it's not!! The greatest majority of the people doesn't have not even the slightest idea of who are behind this project. };)
And since you say you appreciate my comment & opinion very much. I'm gonna give a rather short response to try enlighten you and enlighten to your dear readers just a little bit about this subject. Everything, merely at the distance of a simple click on the pic below. };)
Yeah, you may say I'm not known precisely for my short replies. But I guess that anyone who is not willing to read, is lazy to read or does not have the patience to consume an informative reading fully as to be able to contrast their previous beliefs and points of view about something... then, they won't need my opinions or explanations anymore.
Cheers!! :)
Well friend @por500bolos I must congratulate you for your brief answer, but better than that was the excellent link I will be very honest two days hard reading and in many things I agree but in others not and what the author says is respected. Thank you for visiting my post and open my understanding a bit more.
I hope to hear from you soon with your preparations
Haha yeah, through such an extended essay it shouldn't be a surprise that we can not agree with everything the author states. };)
My pleasure mate. Feel free to ask for my opinion whenever you want. :)
Me too, working on that as I writing this comment.
Cheers!!
Very good article outlining FBs attempt to control the world a d every aspect of our lives.
I left that platform sometime ago due to its controlling nature.
I would not be in favour if giving them my banking details as well.
Having said that, it is good news for all crypto including steem.
Those that are being controlled by FB will jump on this latest band wagon with glee and the few that are clever will steer clear, but may start to look at crypto in a new light.
At last Facebook may actually do some good in this world, all be it by mistake.
I think the establishment is now shaking in its boots.
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Hi @andyjem
I have known since steem facebook leave, and when I do some type of publication by facebook is because I previously did it here in steemit.
They had been slow to annotate it, but a few years ago they were Facebook. They were seeing the terrain of the crypto-
Thanks for your comment
regards
Lanzjoseg
Nice explanatory post. Do you think it is a co incidence he calls it libra when his two old enemies own Gemini , the cyrpto exchange . I think he is going for them. Very concerning for BTC
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Hi @blanchy
I do not think it's worrying for the BTC. since btc has its good floor made. You can see his behavior lately it's on the rise, I still remember the end of 2017 but that's another story.
However we must follow very closely all the development of what may happen with Libra is not yet in circulation soon will make another delivery but your wallet. What I think may be even more important than the currency itself, since it could change with your own crazy currency and against other currencies, that wallet is where we should be most concerned. Clear is my opinion.
If fb ask me for money to convert to libracoin, i will not waste it, if fb will not give me free coins for years of using my data as collateral for their business.
No libra for me.
I prefer steem.
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Hi @guruvaj
We are in the same situation of thought, but that will not be the reality they will ask for change of fiat for its crypto