Libra: Facebook’s Cryptocurrency

Goldman Sachs TLwq61
Jun 18 279 Comments

Details about Libra were announced today. According to the article, PayPal and Uber are among the companies that will control the new currency. What’s your take on Libra and how it will be managed? Do you think people will adopt it?

https://www.npr.org/2019/06/18/733701971/facebook-unveils-libra-cryptocurrency-sets-launch-for-2020

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TOP 279 Comments
  • Hubspot / Eng hebtidhevh
    A currency designed by a silicon valley oligarchy, what could go wrong??
    Jun 18 19
    • Facebook / Data Jeef Besus
      This is fair and something we still need to regain trust over.
      Jun 19
    • Facebook zxxqqwczrt
      Anybody who actually read the thing would know there is no concern with transactional data.

      But yeah, let’s bring our guns in here!
      Jun 19
    • Amazon Northerner
      Trusting Facebook. Right.
      Jun 19
    • Facebook / Eng
      deepanalys

      Facebook Eng

      PRE
      Facebook
      deepanalysmore
      You trusted the US dollar.
      Jun 19
    • Twitter / Eng
      levels.wtf

      Twitter Eng

      BIO
      Definitely Jack Dorsey
      levels.wtfmore
      I’ve bought enough cocaine with US dollars and don’t get ads for it.
      Jun 19
  • This comment was deleted by original commenter.

    • IBM / Strategy Sbls04
      Very eloquently answered by the former Indian Finance minister by addressing two key concerns of privately owned and controlled digital currency. I do not agree with his politics but his points are a valid. FYI 1 lakh crore is 1 trillion
      https://m.youtube.com/watch?v=vClmfJwtjM4
      https://m.youtube.com/watch?v=qC1oPbT9BOM
      Jun 18
    • Facebook / Data Jeef Besus
      It will not be privately owned. FB doesn’t own Libra
      Jun 19
    • IBM / Strategy
      Sbls04

      IBM Strategy

      PRE
      Deloitte
      Sbls04more
      Thanks for the clarification.The launch from FB, FB investments gave such an impression. My comments above was all non-federal/Central Bank operated currencies m. Who is operating the consortium as in onboarding new partners, infrastructure, operations etc if not FB?
      Jun 19
    • Lyft ihb47
      Owned by insiders based in Switzerland
      Jun 19
    • IBM / Strategy
      Sbls04

      IBM Strategy

      PRE
      Deloitte
      Sbls04more
      I think you are in the wrong sub thread!
      Jun 20
  • Amazon Northerner
    Facebook would have the details of every dollar spent. Hard NO.
    Jun 18 11
    • New
      vNTN27

      New

      PRE
      Facebook
      vNTN27more
      Libra it's only going to store the account id, FB will only be able to know your transaction history if you use their wallet calibra, but you can use any wallet
      Jun 18
    • Facebook zeuss
      &northerner hahaha u must not be familiar with the current state of credit card companies
      Jun 18
    • Amazon Northerner
      I know that MasterCard, Visa sell your transaction data. Haven’t heard anything about Discover yet. So I try to maintain different spending on different payment networks.

      The problem is that Facebook has tons of data about you already.
      Jun 18
    • Facebook zeuss
      U think fb doesn’t already buy your transaction data for its advertising?
      Jun 18
    • Facebook / Data Jeef Besus
      “Aside from limited cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products. The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity.” https://newsroom.fb.com/news/2019/06/coming-in-2020-calibra/
      Jun 19
  • Amazon
    beedoop

    Amazon

    PRE
    Microsoft
    BIO
    Brb bio.
    beedoopmore
    Financial Times loves it. Lol.
    Jun 18 6
    • Twitter / Eng
      levels.wtf

      Twitter Eng

      BIO
      Definitely Jack Dorsey
      levels.wtfmore
      I wouldn’t use ripple as a benchmark seeing how the company behind it has ditched it.
      Jun 18
    • Ripple / Eng
      oekg25

      Ripple Eng

      PRE
      Two Sigma
      oekg25more
      The company behind what has ditched what?
      Jun 18
    • Google rAnD0mNam3
      At least Ripple has a blockchain, you control your public/private key. I don't think you have a private key for Libra, at least not I can find from Libra.org, it also goes through Libra's API. It is just a glorified database controlled by Facebook or whoever else pays the fee.
      Jun 18
    • Microsoft VeprevoKln
      Will the money be confiscated if Facebook knows a person has certain political views?
      Jun 19
    • Oracle / Mgmt stields
      No, you can still keep it, but it loses half of its value.
      Jun 19
  • LinkedIn Wiener
    If the transaction fees are very small and the conversion between USD is seamless then it could be a nice thing for merchants to avoid 3% credit card fees.
    Jun 18 16
    • Oracle !ora
      I heard hedera hashgraph is also doing the same thing but in much faster and safer way. Lets see who wins
      Jun 18
    • Facebook chromeo
      There’s a difference between currency conversion and exchanging money between countries that use different currencies. That is, unless you want to share account access with all the people you want to send money to. 🤦‍♂️
      Jun 19
    • Amazon Northerner
      Yes. And transferwise solves the money transfers between countries.
      Jun 19
    • Facebook chromeo
      You still don’t get it despite the comment above. Solutions exist to transfer money between countries. That’s existed for a long time. Today, over half a trillion dollars are transferred through remittances.

      The difference in using a cryptocurrency is that it can be done at no/low cost.
      Jun 19
    • Amazon SeekingHLP
      International money transfer has a lot of over heads. Each country has its own compliance rules. Companies are required to file suspicious activity reports, collect & store identifications like drivers license and address proofs. It is not easy, and unless companies are doing charity, somebody has to pay for all these expenses.
      Jun 19
  • GoDaddy gddy
    Isn't this the company who stored passwords in plain text? :)
    Jun 18 3
    • Facebook whodattt
      Stored in logs
      Jun 18
    • GoDaddy gddy
      Isn't that worse?
      Jun 18
    • Amazon / Eng dock this
      I bet they found out when someone set their password to “Exception”
      Jun 21
  • Facebook chromeo
    This thread is like watching the committee of senators trying to understand how Facebook works. It’s pitifully sad how little even people in the Valley understand technology.

    I’ll dispel a few myths for you:

    1) The goal is for FB to make a bunch of money from this and track you.

    Wrong. Facebook doesn’t own or control Libra. While we’ve put in the engineering work, we 1 vote in a consortium of companies (currently 28 across many different business vertical including companies like Uber, Stripe, Kiva, Visa, Spotify, and Coinbase.) Each member will control a validate node.

    Facebook’s participation is through a regulated subsidiary called Calibra. The consequence of this is that data between the entities are not shared.

    2) The goal is for FB to sell more ads.

    No. The goal is to make remittances for people (basically money transfer) very low cost. Right now people can spend up to 7% transferring money back home. Also, while smart phone penetration has reached the billions, banking hasn’t. The world is far more connected through the internet when it comes to texting than they are through money.

    We’ve helped create the currency and the system but were 1 vote in a consortium (which today sits at 28 companies and the goal is to reach 100 globally). FB isn’t getting some kind of special cut from each transaction.

    3) People can make money speculating on this like Bitcoin.

    Nope. This is not designed to be an investment vehicle. It’ll be backed by a basket of real world currencies. The intent is to preserve value.

    It might be a way for people to save the money of their money if they, for example, live in a country that has massive inflation that can occur in a short amount of time (eg Argentina’s Peso) as people can hold Libra instead of the local currency.
    Jun 19 9
    • Intuit iyutre
      Facebook has a really shitty reputation. you can't expect people to think they're operating in good faith on any topic.

      inb4 "read the white paper"
      Jun 19
    • Microsoft Azurno
      So you built a platform for migrants. Congratulations.
      Jun 19
    • Facebook chromeo
      People are people. Facebook products aren’t just for US citizens. Jesus that was a horrible comment.
      Jun 20
    • Cisco ciscorock
      Chromeo if you are so god damn high on Libra, why do you think the top dogs that built the damn thing didn’t go off and build it on their own!! They knew building it at FB would come with asterisks attached to it, if they really believed all that... they built it at fb because of all those myths you stated
      Jun 26
    • Facebook chromeo
      Why did Instagram sell to Facebook? Why did Android sell to Google? Aspirational small companies that have promise always go to bigger companies because they believe that with the company resources, their products can reach global scale. A currency is basically useless if it doesn’t have broad reach and adoption.
      Jun 27
  • Apple / Eng 🐒codemonk
    Men using Facebook global coins are called Libruh
    Jun 18 2
    • Facebook huawd
      Hahahaha love it
      Jun 18
    • New uyrdxc
      Deranged sheep using Facebook global coins are called Liberals
      Jun 18
  • Amazon sinter
    Total fuckin scam to get a market bump. They've all got to sell before the massive decline in user growth becomes impossible to hide.
    Jun 18 1
    • Microsoft !=l33tc0d3
      They cant even keep my fb post privacy on lock. Like im gonna let them track where I make purchases? NOPE!
      Jun 18
  • Amazon @rrr
    What could go wrong between Facebook and a business with potential for shady tactics?
    Jun 18 5
    • Amazon Northerner
      Not potential. PayPal, Facebook, Visa do engage in shady tactics.
      Jun 18
    • Facebook huawd
      @Northener Be careful not to fall off that horse. It's pretty high up there.
      Jun 18
    • New
      vNTN27

      New

      PRE
      Facebook
      vNTN27more
      Libra is an organization and FB only gets one vote.
      Jun 18
    • Townsquare Media triplef
      I am surprised Amazon isn’t at the party
      Jun 18
    • New
      vNTN27

      New

      PRE
      Facebook
      vNTN27more
      Me too, if I were them I would pay the 10 million and have a vote
      Jun 18
  • Microsoft lwqO27
    How can I short this?
    Jun 18 3
    • Microsoft !=l33tc0d3
      Sign me up
      Jun 18
    • Accenture shortsell
      Need some leverage baby. Raw dog some naked puts 💀💵
      Jun 18
    • LinkedIn tar-cfz
      Brb calling Chuck
      Jun 20
  • Google IIFTM
    I think it’s going to be incredibly successful. It makes me want to join Facebook.... so much potential with the right leaders and top class engineers. If they can’t do it, no one can.
    Jun 18 12
    • SurveyMonkey / Eng m0nd0
      Riiight... pass the Kool-Aid
      Jun 18
    • Amazon sinter
      lol
      Jun 18
    • Facebook easzss
      It took a while, but I finally found one top class engineer at amazon. He was busy loving someone alive though.
      Jun 18
    • Google IIFTM
      I don’t think Google is interested in crypto, they should be but I don’t think they are.
      Jun 18
    • Snapchat lullerina
      Agreed. Kevin Weil is a pretty solid product guy (who drove a lot of this), so this whole thing seems fairly well thought out
      Jun 19
  • Amazon / Eng ohaddo
    lol I strongly recommend interested parties read the several articles in The Financial Times before putting any faith in this “cryptocurrency”. The FT has some very interesting observations on how Libra is not a cryptocurrency at all and how global financial regulators like the IMF are very concerned about a new global currency run by people with no experience running such things. Fakebook says they will make money on data mining. Oh my dear and fluffy lord, run away!
    Jun 18 4
    • Google IIFTM
      The IMF is concerned because their status quo is being threatened. All forms of paper get disrupted by tech, currency is the last one and oh boy is it going to be big.
      Jun 18
    • PwC
      OSINT

      PwC

      PRE
      PwC
      OSINTmore
      Actually IMF is embracing digital currencies. Some currencies are currently being explored by them
      Jun 18
    • Facebook chromeo
      A quick note for people. There’s a difference between a news article and an op-ed.
      Jun 19
    • Facebook Lt. Ilia
      Thank you.
      Jun 21
  • Amazon AmazIngram
    It will be Like PayPal and Venmo had a baby and Facebook is a nurse that delivered it without cutting the umbilical chord. Facebook is trying to use its massive size to fool people in making a blockchain currency. If it’s centralized and controlled it beats the main purpose of crypto
    Jun 18 3
    • Booking.com shitepost
      While I share the sentiment, it’s still better than archaic banking systems, hands down.
      Jun 19
    • Amazon AmazIngram
      But we don’t know different it would be from a banking system. Still controlled by an entity
      Jun 19
    • Apple Okidoki
      Zelle looks fine to me, lives within standard bank ecosystem, just needs to expand to more banks
      Jun 19
  • Tesla 100thievea
    Bunch of leetcode ninjas worked on this 🤔
    Jun 18 1
  • Microsoft YsTJ07
    This currency is complete centralized across 60 companies. They want to make a global coin when over half of the world still uses cash...
    Jun 18 0
  • Google wHtB0a
    > anonymous and decentralized currency model
    > operated by Facebook and Goldman Sachs

    bruh2.wav

    The only plus side is that "zucc bucc" will become part of Blind's vernacular.
    Jun 18 0
  • Capital One EuCn42
    Shitcoins will crumble, and people will see the importance of Bitcoin
    Jun 18 7
    • Visa tYgiup2
      ...litecoin?
      Jun 18
    • Capital One EuCn42
      That isn’t directly pegged and a derivative of bitcoin :)
      Jun 18
    • Amazon sinter
      eth
      Jun 18
    • Uber himu00
      What’s in your wallet?
      Jun 18
    • RhythmOne BeerMeNow
      Factom
      Jun 18
  • Salesforce cmu
    Only if Facebook decides to pay their employees in Libras
    Jun 18 4
    • Expedia / Eng vacations
      Not a bad idea, you could probably skirt income tax with it
      Jun 18
    • Spotify / Eng qbeforeu
      lol good luck telling the IRS that you don’t owe them tax
      Jun 19
    • Expedia / Eng vacations
      The IRS doesnt need to know shit, it's a pseudonymous cryptocurrendy
      Jun 19
    • Salesforce tUbbaw5
      Facebook will want the write off so yes the IRS will know
      Jun 19
  • Microsoft dTJQ43
    In a few months we'll struggle to even remember this just like that Facebook screen device they were selling a few years ago
    Jun 18 2
    • Google / Eng Pri
      That was last year :)
      Jun 18
    • Visa tYgiup2
      Now you're thinking with portals
      Jun 18

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