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
This currency is complete centralized across 60 companies. They want to make a global coin when over half of the world still uses cash...
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.
If this is used as an alternative to credit/debit card, may be yes. For C2B transactions. Or C2C transactions within a country, within a strict limit on size and frequency of transactions within a time period. But if I read it correctly, goal here is C2C, and cross countries. This is far more difficult and can be very easily misused for terror funding and underworld transactions. In that case, Facebook will need users id proof like drivers license and SSN and address proof. And frankly I don’t know if any sane person will like to share that with Facebook. Before you know, Facebook will share that information as well for “targeted” ads. :(
For cross country transfers check TransferWise.
If the Kabal wants crypto to become mainstream, they must first do away with paper money entirely.
Doesn't interest HODL gang if it's stable. And that's a good thing
Huh? What HODLer cares if it's volatile in the short term or not?
Exactly why they wouldn't like this if it doesn't "moon" in few years. HODL gang likes speculative aspect but ready to hold on short term decline/stability.
Financial Times loves it. Lol.
What could go wrong between Facebook and a business with potential for shady tactics?
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
While I share the sentiment, it’s still better than archaic banking systems, hands down.
But we don’t know different it would be from a banking system. Still controlled by an entity
Facebook would have the details of every dollar spent. Hard NO.
No correct fellow. Block chains are not anonymous. Especially when they are tied to your Facebook account using a Facebook built app.
Did you read the paper? All the verification is done by partners where you pay a $10M bribe to get in. Blockchains in general are not anonymous. The only thing anonymous about bitcoin is that I don’t know who owns who’s account. Once I find out you account number I can go back and see all your transactions. It’s a shared database. Please tell me you’re not an engineer
A currency designed by a silicon valley oligarchy, what could go wrong??
Me getting rich is what could go wrong. Edit: I meant make money on FB stock going up.
More probable: you would get poor. And Facebook would make money by selling your transaction data.