what do you think about the future of Libra? Do you think they will finally break through?
I hope it does. People have a tendency of geeking all over it and comparing it to other crypto when all it is really trying to achieve is something that no one else really made any difference in: providing access to the billions of unbanked people to financial institutions. Bitcoin did nothing for that. The large banks make A LOT of money for "transferring" money globally very inefficiently. This is the only real attempt to tackle this
Yeah but it's Facebook doing it. I really don't want to give Facebook my money spending data. Not the best track record with data.
Fair, altough: 1. It is not really FB... libra really is a completely separate association where fb only has a single vote. And for fb 1. You probably ignored everything that I wrote. You are on blind, there is no way that you are one of the billions of people without access to a bank. 2. The privacy concerns are very local to us, uk. Most of the world doesnt care. 3. Most of the privacy concerns are, in my opinion, fake news. This requires a longer discussions though. 4. FB has a much stronger track record of not sharing people's data with non democratic regimes that have no respect for your data. That's why it get repeatedly blocked in african countries, had some of its services blocked in egypt and india because they weren't willing to share data with the governments, etc.
Money is about trust. Nobody trusts Facebook.
Well said
Here's what will happen. 1. All reasonable central banks will block / severely cripple Libra. They just can't afford a parallel fiat. They want control. Hell, Germany didn't let Greece print more Euros (Their own fking currency) to bail itself out back in 2008. Also look at what all Uncle Sam's done in the Middle East, motivated in part to safeguard the petrodollar. (Haveto admit. it's fun imagining Trump going to war with California) 2. Members of the Libra Alliance will keep dropping like flies. Yeah, saving some basis points on txn fees is great, but not worth the optics of creating a parallel financial world order. It's not their hill to die on. 3. Facebook might be able to jam Libra through in some failed nation states. Ones that lack basic financial institutions and govts that can enforce writ. Best case scenario, it might help a couple of folks make their first bank account in Africa, though just as likely it'll make a good replacement for blood diamonds for your run of the mill dictators/warlords. 4. Folks at FB will realize that there's not enough growth/money-to-be-made that significantly impacts their topline. Atleast for the next decade or so in these places. All that "Banking for the new world" hype will die away in a year or two and Facebook will treat it like a reasonable side project with a midsized team (uhem uhem internet.org). 5. In one year, hippie FB folks who're high on koolaid will continue to stay on to do bugfixes after all the builders see the inevitable and move on. They will also sing Kumbaya while assigning JIRAs to each other.
Looks like FB and other companies never considered that issuing a parallel currency might be perceived as a threat to the sovereign.
Itβs more of a threat to fiat and global bank than it is to crypto. Itβs centralized, so canβt really be compared to Bitcoin, etc besides that itβll be using ledger-based platform.