What are your thoughts after today's announcement?
Last thing we need is for Facebook to be involved with banking
Why? Other than it competes with amazon of course?
Things I don’t trust Facebook with: - My privacy - My security - Bannings and censorship - Pegging the price of their currency to the dollar without manipulation - Distribution of advertisement in a neutral manner - Following the laws of the Sovereign States and adhering to subpeonas - Coding, in general - Ethical use of AI
This is the best. Thing. Evar. I am going all in.
In what sense?
I think they'll have a problem with trust.
In both senses of the word
It’s not controlled by facebook. It’s backed by the assets in some Swiss foundation.
Proud, no matter how it ends up with, simply one of the biggest innovations these years.
In what sense is it an innovation? Stablecoins aren’t new.
How is it an innovation? Basically just P2P and digital wallet with its own currency.
🤢
Everyone complaining about Facebooks trustworthiness hasn't probably read the fine print of thr announcement. 1.Facebook is not the only steward of Libra but one of the 100 + founding member team. 2.It's governed by a not for profit entity which is separate from Facebook. 3. Libra is maintained by open source Libra association and all the development is done in the open. 4. No mixing of social and financial information at all. 5. Facebook has more to gain by keeping it open and separate from main Facebook for acceleration of adoption.
I think that’s the problem. How would they educate the gen pop in developing countries who are underbanked on all of these? First impression decides 80% and if it’s no then it’s no. But I like how FB says about the long journey - it would not change immediately but maybe slowly.
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Closed now - thank you all
I am not going to use it but I think it's great that Facebook is taking the initiative & risk in tackling this as a big tech company.