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Read the long ass tech crunch article...is it just me or does it seems like this is something that could come out of a sci-fi movie... poll question would you trust this libra association with your hard earned coin? https://techcrunch.com/2019/06/18/facebook-libra/
I would trust it as a medium of exchange. I even trust Bitcoins, which has no backing of any kind, as a medium of exchange. If the transaction fees are small and conversion between fiat currencies is seamless then it is a good way for merchants to avoid 3% credit card fee.
This libra shit is weird as hell. And sounds like some George Orwell type stuff
So if I violate the TOS of any single member of the ~20 partners, I lose Libra from all of them? Are the Libra converted back to cash if I’m kicked out due to a TOS violation?
I fail to comprehend how this is good. The only plus I see here is that it will be easier to send money cross country. But it does not have most of the advantages of crypto. 1) The nodes are operated by big players so it is a distributed ledger but not really. 2) They are basing it off of multiple fiat currencies so that there is no price fluctuation. Why not just use fiat currency instead ? Please enlighten me if I am missing something here.
How exactly do you transfer Fiat currency, specially across borders? You'll need a banking license in both countries, and be subject to a bunch of regulation. Instead, you transfer FBCoin. There's no regulation against transferring FBCoin. But you do need a way to track who has how much FBCoin - hence blockchain. As long as you can easily exchange FBCoin for your local currency, you're golden. If this takes off and FBCoin is accepted everywhere, people may not even need to exchange FBCoin for local currency.
Ahh got it. So the idea is more about making a global currency.