Libra - Banking Innovation

jadnven (66) · 6 years ago

It is very interesting what is happening with the movement of any currency or cryptocurrency, every time the financial system is decentralized, that will greatly help the emerging economies. It is very important to know every day the behavior of the pound and any currency to invest in them.

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sucona (46) · 6 years ago

I think you are not saying anything that we do not know .. I think the cryptocurrency of facebook what it shows is that no matter how big the company that tries to destroy the blokchain this will be unstoppable .. facebook and its owner two years ago spoke very badly bitcoin, now they have no choice but to surrender to the charm of this technology.

Credit cards have done more psychological damage than cryptocurrencies in the world, and credit cards have a completely different purpose than a cryptocurrency.

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chireerocks (72) · 6 years ago

@mariusfebruary, One thing is open and very clear that, in my opinion no matter how much Libra sounds as Decentralised but it's really ? because we know that it's supervision will be done under the shelter of Centralised Platforms.

And in my opinion one thing can repeat and that is, anyone can be banned from the serivces because we already saw that with Centralised System.

Let's see where this Ecosystem is moving towards. Stay blessed brother.

Posted using Partiko Android

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josediccus (75) · 6 years ago

I think libra trauncates privacy and that's basically the ugly side people are worried about, but like you said, Facebook didn't force anybody to share their data by all means, because I know there's an endgame to Libra and Facebook is yet to reveal this.

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michaeljn (67) · 6 years ago (edited)

Your mature take on Libra coin and FB entry is quite different to the general rhetoric AMD is somewhat refreshing. FB could really have launched this without making it a crypto project, but instead as a payment plan use case. Which as you said is possible something some people may need but crypto enthusiast do not and are not interested in.

Either way as you said FB does hold the power to do so, with the 2.7mil people access.

Thank you for a different view. I too will not return to FB or buy Libra just on principle.

I do think it will and already has brought more attention to crypto, which is probably a good thing.

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c-squared (60) · 6 years ago

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bdraj (3) · 6 years ago

I believe this coin is a lame attempt by Facebook to jump on the crypto currencies. Yes, even though the company recruited numerous expert researchers and a knowledgeable development team to work on this project, it will ultimately wind up either lagging behind true crypts or just failing altogether.

Any coin that is developed and controlled by a company will not be decentralized. Even if billions of Facebook users start using the coin, it will not have all the advantages of a decentralized cryptocurrency.

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shanghaipreneur (70) · 6 years ago

The thing I don’t get is it is just a SDR (as you say likely to be heavily overweight the USD) on a blockchain backed by Corporate America.

People don’t like the SDR. As a unit of account, it is too confusing. People don’t like corporations so much, especially FB. As a source of trust, it is notoriously awful.

So tell me how this is gonna work again? Cuz I don’t get it.

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mariusfebruary (61) · 6 years ago

I have not looked into the financial makeup much, I must admit. The Libra looks like an SDR, I agree. I think it is the daily active users that makes the difference for Facebook as the banks don't have these and the IMF does not have these either.

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blessed-girl (70) · 6 years ago

Much is said about this new currency. I never liked facebook, and even with this coin, it does not appeal to me, however, I think FB took a long time to decide to take this big step

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chekohler (70) · 6 years ago

While I can see its merit for Facebook and the centralisation of the web by merging eCommerce with social media I feel like there comes a point where we have to say how much are we willing to give up to a private company for the sake of convenience.

We already have Google and Facebook centralising web traffic and choking off independents through really no fault of their own. Perhaps it does bring mass adoption and people eventually migrate to decentralised alternatives, we don't know.

Never the less an interesting development

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mariusfebruary (61) · 6 years ago

I agree. In my opinion Facebook has overstepped its borders when it comes to using customer data. However, they don't force me to use it. So anyone can close their FB account, no big deal. The point is that most people are just happy the way it is for them using FB; and they will enjoy cheap and instant transactions. And I am also pretty happy the way it is for me not using Facebook, and using Google and other cloud providers / data aggregators as little as possible 😃. Free world.

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4 votes

oracle-tasks (38) · 6 years ago

I think this will be revolutionary. Following the footsteps of Facebook, a lot of other digital companies will also try to do the same - introduce their own crypto tokens and there will be a massive boom in the crypto market.

Imagine what giants like Google and Amazon could do if they create their own tokens. It might even come to a point where crypto becomes the new norm for everyday transactions.

This could be the start to those sci-fi futures that we all imagine. When looking at the grand scheme of things, this is still a baby step, but a step nonetheless. What do you think?

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jadams2k18 (64) · 6 years ago

Well, A long time ago I created an account on facebook when it was fashionable. But it didn't call my attention. Even when I closed my account, as you indicate, 6 months later, my data was still in their database. Are you sure they will erase your data?

Today I had to create an account again at FB for work reasons. Sometimes I am afraid to hear the phrase: "they don't force to use it". Do they?

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theonlyway (69) · 6 years ago (edited)

I share what you mention about centralization and the control it will have, it says a lot about Mark Zuckerberg and the data filtering, I think it is a strategy to restructure FB, this currency will not be free, it will have many restrictions, on the other hand that will have a lot of publicity for the number of subscribers that FB has, I do not use this social network, I do not use it, the world of the crypto will continue to grow, soon we will see other social networks trying to compete as Twitter.

Thanks for sharing, I did not know the name that would be placed in Facebook's currency.

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joshman (70) · 6 years ago

There's no investment thesis for it unless you are part of their cartel, I don't understand all the excitement. Holding some would be the equivalent of depositing money into Paypal. Maybe it brings more liquidity into cryptos and accelerates adoption, maybe it doesn't. I really don't care because it doesn't change my investment thesis.

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carlgnash (69) · 6 years ago

This is obviously true, Libra isn't (or shouldn't be viewed as) an investment token likely to appreciate in value. For one it is going to be pegged to fiat currencies - no one invests in any of the stable coins already out there with the idea that the investment is going to increase in value, that is basically the entire point of a stable coin is that the value is not going to change :) Libra definitely has a use for the non-crypto people of the world who want to send $ between countries, but I don't see it as being a competitor in the crypto space as far as store of value or private transactions. It is going after a different use case, which is a real world need (tons of people send money between countries and traditional banking / wire transfer methods charge a ton and are relatively slow) and it will be used widely for that use case.

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acesontop (71) · 6 years ago

I welcome this move by Facebook even though I will not go back to use FB nor will I buy into Libra.

I am totally in the same situation.

In regards of sending money around the world I would use Dogecoin over many many cryptos. Its speed is great in my opinion and it has pretty good trading volume as well on multiple exchanges.

Moreover from my knowledge, in some European countries such as Austria, you can even cash it out at ATMs.

Libra for me is another tool towards an Orwelian created to control and supervise everything and transforming us more into products instead of treating us as beings.

I am a bit conspiratorial ever since I read more than a decade ago about the future of the humanity with a world government having total control on us, a world currency and some kind of a modern slavery in which we might live.

I am afraid of cryptocurrencies ending being manipulated by hidden and known world leaders more as slavery tools instead of financial freedom ones. I hope I'm mistaking and we will not dive deeper and deeper into the mud.

Sometimes I rather use cash instead of loosing that much of my freedom and privacy as the current financial system requires and who knows what the new one will bring.

I don't like Libra at all. A matter of fact I don't like anything related to Facebook as I don't believe in it being created by Mark Zuckerberg in a dorm and for the benefit of its users.

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kretorkk (56) · 6 years ago

It won’t be low volatility. It’s backed by a basket of currency and securities. It will not maintain a 1:1 peg, specially when the fire hits the dollar and the rest of fiat. Bankers are not going to let corporations move in on their territory like that. It’s not decentralized enough to prevent them from losing this battle. And the number of nodes doesn’t mean decentralization, it’s who has the access to run those nodes. Right now it’s corporations, and soon I’m sure some banks will join to take their piece of the pie. This might be using blockchain, but it’s not a real crypto currency. It’s a controlled currency thats going to burn consumers along the way. When this crumbles, real crypto will still be doing its thing while the world blames cryptocurrency for the crashes, and says blockchain is a failed experiment.

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adeljose (82) · 6 years ago

This is a good time for crypto coins, and the creation of Libra comes at a good time although it is not looking for a lucrative purpose, Bitcoin, steem as the libra are financial tools that we must adapt in judge after lives, came to stay.

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oracle-tasks (38) · 6 years ago

Facebook has a lot of years of mainstream adoption on Steem. That’s something we can learn from. But the problem with adoption on Steem is the level of apps do not quite live up to what FB, IG, and others can do. You’re talking mobile apps with video embedding and live-streaming from the app. You’re talking more than just photo filters, but 360 camera capability, and all the crazy video filters that IG and SnapChat offer in app. You’re talking private groups on FB. They just simply offer more and have a huge development lead that Steem needs to catch up ok. No Steem app offers these yet, and new features roll out quickly on mainstream social media.

The other part is the sign up process and in reality a lot of the content we see. And we won’t even talk about bid bots, and drama relating to disappearing acts we see with delegates Steem to projects that just vanish. All these things are red flags for new people in general, specially if they have a brand, following or reputation to uphold.

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uyobong (71) · 6 years ago

You’re talking more than just photo filters, but 360 camera capability, and all the crazy video filters that IG and SnapChat offer in app. You’re talking private groups on FB. They just simply offer more and have a huge development lead that Steem needs to catch up ok. No Steem app offers these yet, and new features roll out quickly on mainstream social media.

I'll agree with you in some aspect of your position, but truth be told, all those are possible from the billion dollar of gains they make from users. Libra is a "rob Peter and Pay Paul" scheme.

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carlgnash (69) · 6 years ago

This is a very level headed look at Libra - I think Facebook identified a real need and use case (sending money between borders with low fees / fast transactions), and Libra has a great chance of filling that niche. I don't think it is aimed at the traditional crypto users at all, nor is it really a direct competitor for most cryptos out there.

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lanzjoseg (74) · 6 years ago

Hi @mariusfebruary

Good point what you mention, however I think the issue Libra has a lot of fabric to cut, is already on the table his new and not yet launched virtual currency. but also the congress asked that not yet release its currency, they are asking for information and facebook is in the obligation to show its transparency will be a blockchain but we will see the cost of its opening in the first month after entering the market officially.
For now only in many publications we will only read many conjectures, ..ot combine Steemit with FB

Very warm greetings from Venezuela

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4 votes

juanmolina (68) · 6 years ago

Regards appreciated Sir @mariusfebruary.

Libra will split the crypto community further as it brings more differentiation to the market.

I see a polarization. On the one hand, there would be companies that will be subject to the regulation of government agencies such as the FATF and the other "free" companies such as BTC.

The truth is that this will set a very important precedent that will definitely affect the cryptography market.

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uyobong (71) · 6 years ago

To me, am not yet in acceptance of this changes. AM seeing it as another to centralize the already decentralized economy of blockchains. I'm yet to trust the truths being told about Libra. Or do we not see it as a game plan by the centralize world to run down bitcoin and other altcoins?
Let' think.

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mariusfebruary (61) · 6 years ago

I agree with your assessment that it is an attempt to provide a centralized solution under the crypto banner. However, many people seem to want to be taken by the hand financially and accept to be told what they can and cannot do. In return they do not have to assume responsibility for their own money. Sent funds to the wrong place? No problem, we reverse the transaction. Lost your password? Don't worry we get you a new one. Few people are ready for true cryptos like Bitcoin, Monero, Cardano, Iota, or Steem. Libra uses cryptography and blockchain as a technology not as an ideology. It is still Facebook.

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4 votes

uyobong (71) · 6 years ago

Thank you for this well thought-out response. That's the simple truth. My worry is how do we save our people from this trap? Besides, how do we safeguard the future of truly decentralized assets?

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jorgebgt (72) · 6 years ago

For me, behind the "Libra" is the government, it is a way for the government to participate in something that supposedly is unsettled, besides Facebook owes that to the government! It is a way to control the world market and reduce the influence of China in the crypto trade, it is a war and they go with everything !!

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crypto.piotr (70) · 6 years ago

Dear @mariusfebruary

I'm not sure if you would even read my comment (my impression is that you don't have enough time to engage with your followers) so I will keep it short.

Thanks for sharing your own view and approach towards FB and Libra. I'm also not really interested in buying or using this coin, but I will gladly follow news related to this project.

If the US government allows FB to proceed with Libra, I would not be surprised to see the USD take a dominant role in their basket (Bretton-Crypto-Woods).

Good point Marius.

Yours
Piotr

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deeanndmathews (66) · 6 years ago

Thank you for the breakdown on Libra -- I saw it announced on the news, but the ins and outs were not explained. I suppose people who are even newer to crypto than I am would find it difficult to pick up how all this works in a five-minute news section anyhow. This was a good read, and cements my initial decision that I am not planning to deal with Libra.

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jadams2k18 (64) · 6 years ago

Hello! @mariusfebruary

I've heard so much about this Facebook strategy. Well, I can only say that it will have to be seen. Anyway, it doesn't hurt to have an account in calibra and keep an eye on Libra.

Thanks for sharing

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urme33 (63) · 6 years ago

How are you sir I hope you are very wonderful.I wish to you happiness forever .
I think Facebook is very dangerous for young people.Young people pass time to it here.
Most people do not use Facebook for money.

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abangace99 (51) · 6 years ago

sorry i want to ask maybe it has nothing to do with this content. how do I get more like steaming power? but I don't have capital

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edmundocentenor (64) · 6 years ago

Thank you very much for sharing this information about the Libra, no, and I am not in agreement with as much freedom, and as open information as in FB, something with this launch, greetings @mariusfebruary!

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rakheroy (0) · 6 years ago

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adeljose (82) · 6 years ago

There is a relevant trend to boost the pound, along with the steem can come to strengthen social networks interested in decentralizing their financial system and enter this new economic era.

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darrenclaxton (70) · 6 years ago

Thanks for the information my friend!
I'll be keeping a close eye on FB and Libra.
Thanks again
Darren

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belkisa758 (70) · 6 years ago

Are important advances and the actions of FB however, they leave to the expectation many issues, especially the privacy policy.

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