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Facebook announces 'Libra' cryptocurrency

eddie4

eddie4

Genuinely Generous
"Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020."

Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations. The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.

The 28 soon-to-be founding members of the association and their industries, previously reported by The Block’s Frank Chaparro, include:
  • Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
  • Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
  • Telecommunications: Iliad, Vodafone Group
  • Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
  • Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
  • Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Libra-Association-Founding-Partners.png

meh, as soon as I saw 'control' and 'Facebook' ... I dono how I feel about it. I guess I'll let it play out.

src:
techcrunch.com

Facebook announces Libra cryptocurrency: All you need to know | TechCrunch

Facebook has finally revealed the details of its cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees.
techcrunch.com techcrunch.com
 
O

oagboghi2

Member
I don't understand the point of these crypto's. Why wouldn't I rather have U.S backed dollars. How is "Libra" different from just.. I don't know, a Facebook gift card or something.
 
Bigarmsbigguns

Bigarmsbigguns

Banned
oagboghi2 said:
I don't understand the point of these crypto's. Why wouldn't I rather have U.S backed dollars. How is "Libra" different from just.. I don't know, a Facebook gift card or something.
Click to expand...
OK so we've sold $100m worth of cocaine, but bro, we need to get this money State side, or to Germany or something ASAP. What do we do?!
 
Pagusas

Pagusas

Elden Member
The worst thing they could have possibly done with this platform was tie it’s name to Facebook. Such an idiotic marketing move.
 
eddie4

eddie4

Genuinely Generous
Bullet Club said:
Did they name it after the feminine hygiene products?
Click to expand...

I'm gonna assume they named it Libra based on the definition of Libra in astrology... "The symbol of the scales is based on the Scales of Justice held by Themis, the Greek personification of divine law and custom. She became the inspiration for the modern depictions of Lady Justice."

Basically obey the law, while no one at Facebook does.
 
ThatStupidLion

ThatStupidLion

Member
hopefully this does more to intro the general public to the world of crypto and btc rather than harm it.

it was disgusting seeing the news shit all over Bitcoin and praise Libra, and yet not even mention any altcoins
 
S

Slings and Arrows

Banned
Yeah, let me give all my details over to a company with notoriously laughably lax security.

Can't wait for all of the "my facebook was hacked and I've lost everything" posts or the even more inevitable "facebook has banned me for wrongthink and I've lost access to everything"

The mega-corps are looking at China's social media punishment policy and saying "gimme sum dat sugar"
 
nocsi

nocsi

Member
There's no way the US & EU will let facebook get away with this currency. For US in particular, we have so much power in being able to sanction - and this currency subverts that
 
Bandit Messiah

Bandit Messiah

Member
Yah, because I am gonna trust a company known for selling it user info, massive security flaws, and banning people for the most mundane shit possible with a cryptocurrency and my banking info.

Hard pass.
 
llien

llien

Member
Major players are on board,.
Funny to see Mastercard, Paypal and Visa putting fingers into "no fees" business.

As far as I understand they are building "a la bitcoin" distributed system, that should, in theory, given their goals, address the major problem bitcoin has: it is absolutely not possible to use it as payment system for transactions other than speculation, it's absolutely not able to handle billions of transactions per day.

PS
"women world banking" (what on planet earth is that?)
 
EviLore

EviLore

Expansive Ellipses
Staff Member
"Women's World Banking (WWB) is a nonprofit organization that provides strategic support, technical assistance and information to a global network of 40 independent microfinance institutions (MFIs) and banks that offer credit and other financial services to low-income entrepreneurs in the developing world, with a particular focus on women. The WWB network serves 24 million micro-entrepreneurs in 28 countries worldwide, of which 80 percent are women. It is the largest global network of microfinance institutions and banks in terms of number of clients, and the only one that explicitly designates poor women as the focus of its mission."
 
N

NickFire

Member
The corporations can punish you severely (prevent you from getting a job or having an income), and people say no foul because its not the government punishing you.

The corporations can shut down free speech, and people say no foul because its not the government.

Now the corporations are printing their own currency.

Does anyone else see the pattern here?

Is anyone else even a bit concerned about replacing the US constitution with a handful of companies' terms of service?
 
Smiles and Cries

Smiles and Cries

Member
NickFire said:
The corporations can punish you severely (prevent you from getting a job or having an income), and people say no foul because its not the government punishing you.

The corporations can shut down free speech, and people say no foul because its not the government.

Now the corporations are printing their own currency.

Does anyone else see the pattern here?

Is anyone else even a bit concerned about replacing the US constitution with a handful of companies' terms of service?
Click to expand...

The people who print the US Dollar IS a corporation no matter how they try to spin it so this issue sailed generations ago

 
Last edited:
Guiberu

Guiberu

Member
Lots of people will end up using this.

Which is an awful concept, given who's at the helm.

Already ruffling feathers in Europe.

www.bloomberg.com

Facebook Token Runs Into Instant Political Opposition in Europe

Facebook Inc.’s ambitious plan to roll out its own cryptocurrency ran into immediate political opposition in Europe, with calls for tighter regulation of the social-media giant.
www.bloomberg.com www.bloomberg.com

And already being called out by Crypto folk.





rOxdN.gif


No sir. I don't like it.
 
H

hariseldon

Unconfirmed Member
I'll be sticking with my bitcoin thanks (4k average buy in, fucking nailed it). I don't trust Facebook for most of the same reasons as you guys. I reckon you fuckers have turned me a bit libertarian...
 
TTOOLL

TTOOLL

Member
Facebook and my money is something I'll never allow to be together in the same room. I've recently deleted my Instagram account and now I only use WhatsApp but that gives them only my phone number since conversations are encrypted. I expect to move to Telegram only as soon as possible tho.
Facebook is a disgusting company and I look forward to their downfall.
 
Chairman Tickles

Chairman Tickles

Banned
Yeah...fucking don't. Anybody that buys this is either an imbecile or a paid shill looking to promote corporate influence over the crypto market. They know they can't directly control it, so they're looking to saturate it with their own shit because they can control their own crypto.

A nefarious development, indeed.
 
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eddie4

eddie4

Genuinely Generous
When I read the part about "Facebook won't have complete control" it defeats the purpose of a decentrilized currency, so fuck that.
 
daveonezero

daveonezero

Banned
Fuckbux zuckbucs

No thank you. Those are not companies that I want to give more or my data to.

An advertising company who now owns a currency regulated by the state is just a new branch of government.

And your cognitive dissonance is strong if you think this isn’t a fascist organization. Big banks big big corporations big social media. They cooperate with all regulations at the same time writing them.

This is a dangerous efficiency gain for those who oppose individual choice.
 
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