Libra: Facebook’s Cryptocurrency

Jun 18, 2019 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, 2019 19
    • Facebook / Eng
      deepanalys

      Facebook Eng

      PRE
      Facebook
      deepanalysmore
      You trusted the US dollar.
      Jun 19, 2019
    • 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, 2019
  • This comment was deleted by original commenter.

    • Lyft ihb47
      Owned by insiders based in Switzerland
      Jun 19, 2019
    • IBM / Strategy
      Sbls04

      IBM Strategy

      PRE
      Deloitte
      Sbls04more
      I think you are in the wrong sub thread!
      Jun 20, 2019
  • Amazon Northerner
    Facebook would have the details of every dollar spent. Hard NO.
    Jun 18, 2019 11
    • Facebook zeuss
      U think fb doesn’t already buy your transaction data for its advertising?
      Jun 18, 2019
    • 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, 2019
  • Amazon
    beedoop

    Amazon

    PRE
    Microsoft
    BIO
    Brb bio.
    beedoopmore
    Financial Times loves it. Lol.
    Jun 18, 2019 6
    • Microsoft VeprevoKln
      Will the money be confiscated if Facebook knows a person has certain political views?
      Jun 19, 2019
    • Oracle / Mgmt stields
      No, you can still keep it, but it loses half of its value.
      Jun 19, 2019
  • 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, 2019 16
    • 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, 2019
    • 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, 2019
  • GoDaddy gddy
    Isn't this the company who stored passwords in plain text? :)
    Jun 18, 2019 3
    • GoDaddy gddy
      Isn't that worse?
      Jun 18, 2019
    • Amazon / Eng dock this
      I bet they found out when someone set their password to “Exception”
      Jun 21, 2019
  • 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, 2019 9
    • 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, 2019
    • 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, 2019
  • Apple / Eng 🐒codemonk
    Men using Facebook global coins are called Libruh
    Jun 18, 2019 2
    • Facebook huawd
      Hahahaha love it
      Jun 18, 2019
    • New uyrdxc
      Deranged sheep using Facebook global coins are called Liberals
      Jun 18, 2019
  • 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, 2019 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, 2019
  • Amazon @rrr
    What could go wrong between Facebook and a business with potential for shady tactics?
    Jun 18, 2019 5
    • Townsquare Media triplef
      I am surprised Amazon isn’t at the party
      Jun 18, 2019
    • New
      vNTN27

      New

      PRE
      Facebook
      vNTN27more
      Me too, if I were them I would pay the 10 million and have a vote
      Jun 18, 2019

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