Facebook Libra coin | Crypto Craft

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Facebook Libra coin

  • #1
  • First Post: Jun 16, 2019 10:00am Jun 16, 2019 10:00am
So ת I've been all these reports about how Facebook is about to roll out a cryptocurrency as soon as next week and how it has helped bitcoin to notch its best weekly trading period in about three weeks. In fact, the exact numbers are: Bitcoin futures for June delivery BTCM19, +0.41% trading on the CME Group Inc. CME, +0.18% on Friday settled at $8,440, up nearly 2% on the day and up about 5.3% for the week, according to FactSet data, representing the best weekly gain since the period ended May 24. Meanwhile, bitcoin prices BTCUSD, +6.65% were at $8,604, according to CoinDesk, tracking near the digital currency’s highest levels since March. Now this seems all perfect, but what bothers me here is the dependency of crypto coins on the new FB cryptocurrency that implicit from this trend. What happens is the FB coin isn't successful? Do we all lose money? Does Bitcoin go back under 9,000?
  • #2
  • Edited 7:30am Jun 18, 2019 6:39am | Edited 7:30am
https://libra.org/en-US/

Inserted Video
Money = Labour coupons
  • #3
  • Jun 19, 2019 5:33am Jun 19, 2019 5:33am
Excellent!
Now what does that libra thing use for? ...except an exchange medium for the real money?
Member
  • #4
  • Jun 19, 2019 6:41am Jun 19, 2019 6:41am
Quoting TudorIoan
Excellent! Now what does that libra thing use for? ...except an exchange medium for the real money?
- Reshaping of the payment industry
- New offerings of financial services
- Advancing greater freedom of money and lowering capital restrictions worldwide
- Un-dollarization of the world
Money = Labour coupons
  • #5
  • Jun 19, 2019 6:55am Jun 19, 2019 6:55am
Quoting Aldumbell
What happens is the FB coin isn't successful? Do we all lose money? Does Bitcoin go back under 9,000?
Libra(FB's cryptocurrency) and Bitcoin are not correlated. If no one uses Libra, bitcoin will not be affected. However if Libra does attract a significant user base, bitcoin will also see new user adoption and capital inflows.
Money = Labour coupons
  • #6
  • Edited 8:44am Jun 19, 2019 7:35am | Edited 8:44am
Quoting TMR
{quote} - Reshaping of the payment industry - New offerings of financial services - Advancing greater freedom of money and lowering capital restrictions worldwide - Un-dollarization of the world
Thank you for your reasonable approach! We can have a civil discussion.
Here's my view:

- the payment industry is currently reshaping without libra help; paying within FaceBook is like I send money through my_bank_account
to some other_same_bank_account creditor ...meaning zero commission, few seconds transfer time!!!
- the traditional financial services are already changing because the blockchain basis competition everywhere just started (or they die) ...even banks will adopt blockchain sys. because is the ultimate cyber security;
- nobody will offer greater freedom of money for the uncreditworthy ...the prejudice about capital restrictions comes form poor understanding of how credit works for the society;
- un-dollarization ...is just a wave of hate against the US hegemony, not a real economic argument;
Member
  • #7
  • Jun 19, 2019 7:33pm Jun 19, 2019 7:33pm
Well, I'd say that Libra is just a flat coin. It hardly comes under the category of cryptocurrency. Most of the Cryptocurrency community is not sold on the idea of Libra but it has a lot more mainstream appeal. It could boast other cryptocurrencies as more people now get to know about it as it is marketed as one. Personally I'd ask you to stay away from it. Although they have got some really good investors, It wont be long that people learn that this isnt what cryptocurrency supposed to be and move away from it. It does have an initial money making potential though but its probably not worth the risk.

Reason why not every crypto enthusiast is sold on the idea is because it has a centralized blockchain. Which isnt what cryptocurrency was made for.
  • #8
  • Jun 20, 2019 4:55pm Jun 20, 2019 4:55pm
First of all libra is NOT a cryptocurrency. It's just a digital token running on a blockchain. It's centralized and permissioned. It's coming from one of the most privacy invading and untrustworthy companies in the world. Overall I'm very happy they are launching this shitcoin. It will only expose crypto to the mainstream and when people learn about bitcoin, they will realize the shitcoin that libra is. Long term I see this project as a complete failure. No centralized blockchain can ever compete with a decentralized one. No matter how big the company is and how much money is invested.
  • #9
  • Jun 25, 2019 9:57am Jun 25, 2019 9:57am
I think it will have some relevance, but all in all it is not a true cryptocurrency, and Facebook is not exactly an entity you want to trust with your financial data.
It will come up as success but in time people will start noticing the flaws.
I've even wrote an article containing some details about Libra, if you guys want to check it out. https://coinexchangedata.com/blog/wi...changer-or-not
  • #10
  • Jun 29, 2019 5:17am Jun 29, 2019 5:17am
Very cool promotional video, I am truly fond of it if you would say that on modern language but to be real how much do you plan to do with that Libra in some other state of crypto currencies ? Me thinks that it would be sort of fails anyway for example cause I am pretty happy with my bitcoins for example. How does that sounds to you ? Let's wait out a bit cause Facebook already tried to push search engine and some virtual reality and it all failed anyway. Thanks in advance for all that.
  • #11
  • Jun 29, 2019 5:26am Jun 29, 2019 5:26am
looks like they are targeting the 3rd world unbanked which is a big market

my guess is that they will give money gram etc a run for their business
life is a reflection of what we allow ourselves to see
  • #12
  • Jun 29, 2019 7:39am Jun 29, 2019 7:39am
It's not a cryptocurrency, it's just another shitcoin.
  • #13
  • Jun 29, 2019 8:00am Jun 29, 2019 8:00am
It’s a complete disaster from a regulatory perspective, it’s a whole new ball game for law makers!
The plan for Libra involves taking customer deposits, investing them in government bonds, holding traditional currencies in reserves and offering cross-border services and transacting in the new coin will require engagement with central banks, financial regulators and enforcement authorities around the globe.
Crazy mess we don't need!
Member
  • #14
  • Jun 30, 2019 3:41am Jun 30, 2019 3:41am
Quoting trickshady
It's not a cryptocurrency, it's just another shitcoin.
I think so; since it’s not a centralized market!
  • #15
  • Jul 3, 2019 12:50am Jul 3, 2019 12:50am
Quoting TudorIoan
It’s a complete disaster from a regulatory perspective, it’s a whole new ball game for law makers! The plan for Libra involves taking customer deposits, investing them in government bonds, holding traditional currencies in reserves and offering cross-border services and transacting in the new coin will require engagement with central banks, financial regulators and enforcement authorities around the globe. Crazy mess we don't need!
Correct. US Congress has requested Facebook to halt the project due to “massive risk”.

https://financialservices.house.gov/...9_-_fb_ltr.pdf
  • #16
  • Jul 3, 2019 9:08am Jul 3, 2019 9:08am
Quoting Blockhead
{quote} Correct. US Congress has requested Facebook to halt the project due to “massive risk”. https://financialservices.house.gov/...9_-_fb_ltr.pdf
Haha, imagine Feds and CIAs asking Mark nicely: hey Mark, we have a suspect, would you mind if we investigate around this massive load of a couple of tones of drugs from somewhere Middle East in your yard?! ..
Mark: hehe, you guys have a warrant? No? Buzz off then! :-)))
Member
  • #17
  • Jul 20, 2019 6:41pm Jul 20, 2019 6:41pm
The ultimate impact that Libra is going to have upon the world will be orders of magnitude greater than bitcoin and the other crypto coins.

Libra is a stablecoin, the plan is to back it with a basket of fiat currencies. With the clout that a large company like FB has, the largest financial payments companies such as Visa, Mastercard and Paypal have gotten on board. They will put Libra onto their existing payments networks, giving Libra widespread acceptance at retailers worldwide. Libra has the potential of becoming a common currency used worldwide, replacing the US dollar that has largely served in that role for the past 50 years or so. This has US lawmakers scared, because if the USD loses its status as the world's currency the US gov't will

  1. lose its ability to impose sanctions around the world, which it can currently do only because international capital and commerce flows in USD and the US gov't controls the USD banking system;
  2. no longer be able to finance deficit spending without paying significantly higher interest rates -- and, since a significant portion of their borrowing goes to refinance existing debt, they will have to pay much higher rates on old debt too. The total US gov't debt has gotten so large that they realistically have no hope of repaying it, and if their borrowing rates go up they will be forced to default.

Facebook was asked to halt development on Libra by US lawmakers, which they have done. But FB has released the Libra code into the public domain and a whole lot of development is now going on regardless of what FB does. So this is going to happen, its only a question of how fast.

The US is an insect flying a few feet above a highway, and Libra is a windshield heading straight for it.

Sure I have a trading plan. Buy low. Sell high. What's yours?
  • #18
  • Jul 21, 2019 3:48am Jul 21, 2019 3:48am
Quoting trickshady
First of all libra is NOT a cryptocurrency. It's just a digital token running on a blockchain. It's centralized and permissioned. It's coming from one of the most privacy invading and untrustworthy companies in the world. Overall I'm very happy they are launching this shitcoin. It will only expose crypto to the mainstream and when people learn about bitcoin, they will realize the shitcoin that libra is. Long term I see this project as a complete failure. No centralized blockchain can ever compete with a decentralized one. No matter how big the company...

So you think libra won t disturb market of cryptocurriencies? In my idea will be a kind of enemy.
  • #19
  • Aug 5, 2019 12:15pm Aug 5, 2019 12:15pm
Quoting TudorIoan
Excellent! Now what does that libra thing use for? ...except an exchange medium for the real money?
Everyone is talking about Libra now, but don't forget about Gram. That's the technology which people need. The game-changer. It will be launched in a few months. Check out this video about Libra (a bit) and Gram (mostly) https://blocktv.com/watch/2019-07-30...-t-forget-gram
  • #20
  • Aug 5, 2019 2:12pm Aug 5, 2019 2:12pm
Quoting cryptomike
{quote} Everyone is talking about Libra now, but don't forget about Gram. That's the technology which people need. The game-changer. It will be launched in a few months. Check out this video about Libra (a bit) and Gram (mostly) https://blocktv.com/watch/2019-07-30...-t-forget-gram
After your post I checked into it. Here's a nice FAQ that helped me out: https://www.liquid.com/gram/
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