Bitcoin Forum

The rumor had been swelling for several weeks. Facebook has just unveiled its cryptocurrency, the Libra, by dedicating a white paper to it. Designed as a true digital motto, Libra is under the aegis of an officially independent Geneva-based association. But there is no doubt that Facebook leads the boat: Calibra, one of the 27 members of the association, is the new banking subsidiary of the largest social network in the world.

Like most cryptocurrencies, Libra relies on a blockchain, a secure, distributed database that holds all transactions. Unlike most cryptocurrencies, the Libra is backed by a reserve of assets, which limits fluctuations in its price. The Libra association, "in charge of guiding the evolution of the ecosystem", acts as a currency board, the only one authorized to create and destroy Libra "coins".

This association comes out of the shadows with a "working group" of 27 members, who are responsible for finalizing a charter of operation, and will become the "founding members" of the Libra. For this first step, Facebook has surrounded itself with payment specialists and networks:

- Blockchains specialists: Anchorage, Bison Trails, Coinbase, Xapo;
- Payment networks: Mastercard, PayPal, PayU, Stripe, Visa;
- Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures;
- Telecom Operators: Iliad, Vodafone Group;
- Online sales: Booking, eBay, Farfetch, Lyft, Pago Mercado, Spotify, Uber;
NGO: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking.

As the founding members operate validation nodes that ensure network security and transaction validity, applications must meet certain financial and technical requirements and may be blocked by existing members.

The association wants to quickly reach the hundred members, then go to an open blockchain model, whose governance would be completely decentralized. Iliad, the home of Free, speaks of an "internet of money". If Facebook recognizes that she plays a central role in the organization, she says she will let go of the reins next year.

But she keeps a foothold in the association Libra, headquartered in Geneva and locals in Silicon Valley, through Calibra. Entrusted to David Marcus, vice president of Facebook in charge of Messenger passed by the presidency of PayPal and the board of directors of Coinbase, this subsidiary is nothing other than the "Facebook bank".

There remains the question of trust. Calibra assures that it "will not share account information or financial data with Facebook" ... without your consent. But Libra will be located at the heart of Facebook products, which hopes to make some profit. Apple, Google, and now Facebook: finance is the new horizon of the giants of Silicon Valley.

What do you think of this new facebook project, is it a benefit or a disadvantage for cryptocurrency?

Really? Calibra? Like that old car? :D Who comes up with these names?

https://farm9.static.flickr.com/8569/15239677794_a6fb7059e5_b.jpg

Let's hope it will be a better performer.

We don't really need another decentralized stablecoin even if it will allow people to buy real cryptos. They can already do it with fiat and there's less chance the bank will sell their data to the highest bidder or lose it in a database leak.

 ::)

Head of Facebooks Libra Distances it from BTC: We'll Share Information with Authorities ...
- https://cointelegraph.com/news/head-of-facebooks-libra-distances-it-from-btc-well-share-information-with-authorities

Chair of House Financial Services Committee Requests Halt on Facebooks Crypto Project ...
- https://cointelegraph.com/news/chair-of-house-financial-services-committee-requests-halt-on-facebooks-crypto-project

Oh, I hope it won't affect our decentralization idea..the main centralized giant gonna to rule the crypto market. Smells bad.

Decentralized but with a central issuer? Sounds like an oxymoron.

We re laughing but this can be the leader in the crypto market. Inst, Facebook, Whatsup. All will use that.

That's what I was talking about since the day Facebook announced their virtual currency. Facebook will be forced to share the information with the authorities even if they don't want to! It is not a cryptocurrency, even though the structure is similar to a cryptocurrency but the working model is vastly different! Probably they are trying to come up with a different definition for decentralization!

I think the name of libra looks too much like liberty and calibra was a combination of cash and libra. Because if you go to the calibra website you see them concerned with promoting it as a way of using cash.

And this is why they don't get it. "Distance" from Bitcoin because they "share" information with authorities? Guess what, Bitcoin shares information with everyone on the same level, including authorities. The blockchain is public and nobody gets special treatment.

This altcoin has several flaws and disadvantages. Mr. Zuckerberg is going to learn the hard way how NOT to make yet another altcoin...

Slowly we are getting some parts of the emerging Libra project led by people of Facebook. And now we are shown the name of the firms and personalities which will be involved with the project either in management capability or as partners. While there will be those who are always casting doubts if this can work, we have to remember that this project has a captured, read and huge market that it can (and will, of course) tap and that is the network of sites controlled by Facebook conglomerate. Of course, it is not perfect but what, who and which is? Let's wait and see how things gonna transpire with this hot and always-on-the-radar Libra thing.

I may not agree a lot with Mark Z. and Facebook but am honestly seeing this project on its real and huge potential -- I don't think Mark and his minions will get involved with anything half-baked and unprepared considering their vast business experience. And that brings us to my point -- this is all business.

And Libra is no better. There's a small bank from Romania called Libra Internet Bank (https://en.wikipedia.org/wiki/Libra_Internet_Bank).
Yeah, I'd sack the branding guys. On the other hand, the coin is no better. They falsely claim to be decentralized and pseudo-anonymous. What a (bad) joke!

I heard Libra won't be requiring users to go through the KYC procedure. Facebook says in a hush voice: No need for KYC; we already got the info we need.

Such trickery.

MY THOUGHT ABOUT LIBRA? IT WILL GIVE GREATER CREDIBILITY TO BLOCKCHAIN.

Personally I do not see Libra as a direct competitor of Bitcoin, even though many will (mistakenly) believe it is, or will be induced - because of misinformation - to do so.

Those who buy Bitcoins want to get out of the traditional system, while Libra is replicating the current system, albeit in a more efficient manner.

This is just a first step to shake up the banking system, the most obsolete technology on the planet that has slept on its laurels for centuries, enjoying secular privileges ... but from now on, every payment will go through the blockchain, and everything will be transformed.

This will lead people to better understand the blockchain or, at least, trust it. They will understand that it is not as ridiculous a technology as they had painted it at the beginning ... and that it has incredible use cases.

Once people understand what the blockchain is, then they will get to discuss why bitcoin is different from other traditional currencies.

This is a very positive sign for bitcoin, even if at the beginning it will be ostracized and I do not exclude bearish maneuvers in conjunction with the launch or the first Libra tests, to obscure its immense power.

Whether Bitcoin will fight against the current banking system or whether Libra will do it is not relevant.

In the end, on the one hand we will have Libra, clashing against the current banking system ... and Bitcoin will be on another level, an elitist level, with its unique characteristics.

The blockchain will make banks what the internet has done to the media.

Libra will bring more credibility to the blockchain and this will bring new competition to the market.

And competition is always favorable for consumers.

They've clearly used the astrological sign for inspiration, probably because of the scales symbol,  there are just too many things and organizations and plays and cartoons that share the name.

I like the name, it's far simpler and easier to use than ethereum or aeternity metaverse etp, maximine coin...you get the idea.


Never underestimate facebook.
One pop-up banner shown a day to each of their users will get more promotion for that that all cryptos have had in their entire life.
Besides, it's not a real altcoin, it's more like a paypal wallet.
If it gets accepted on Ebay alone it will probably top all cryptos in terms of transactions per day in less than 6 months.

Anyhow, nothing changes, it's a centralized coin, it shouldn't affect decentralized cryptos as it targets different users.


Did you forget to change accounts?

There is nothing spoken relative to bitcoin in terms of comparison. Facebook always has a broad view about the future, as a part now it has got into the cryptocurrency network with its own cryptocurrency named libra and calibra which is opened for all cryptocurrency related dealings. Once Facebook banned all activities relative to cryptocurrency from Facebook for security reasons as more scams got promoted through Facebook. Now Facebook having its own cryptocurrency with zero fee makes it more popular.

There are many rumors that Facebook are creating Libra crypto, I don`t know if this is a fact or just a mere rumor. If Facebook will invest or make their own crypto, then I think it will give a positive impact to the market and crypto community.

No doubt that this project can definitely succeed, but a "leader in the crypto market"? High in marketcap sure, but it's a stablecoin; and the project doesn't even mainly compete with Bitcoin.

It's obvious. Does anyone think otherwise? Cash+Libra = Calibra

here there are no assumptions, because the team has long been announced about the real events of this project.  The validity of Calibra will be used to store Libra, and the entire project will be engaged in the transfer of funds following the example of Western Union, only on the basis of the libra blockchain.

There were official statements that Facebook plans to launch only the Calibra wallet in 2020, and this suggests that the Libra project will be fully launched in test mode only after all the functionality is available.  Based on this real results, it will be necessary to expect no earlier than 2020.

At Least it is not a Fiat https://upload.wikimedia.org/wikipedia/commons/0/0a/2008_Fiat_Grande_Punto_Sport.jpg

Calibra was reasonably popular and good car for the young drivers who want cheap and sporty car. Too bad the name is now smeared by fecesbook project.

Libra in my opinion is not cryptocurrency
it's more like paypal version 2 than cryptocurrency
and like many others say Libra is not decentralized because many companies are behind it
but the positive is that this will have a good impact on cryptocurrency
many people will find out what cryptocurrency, blockchain, bitcoin and altcoin are

Calibra is stable coin. So, I think Libra not for invest but only for payment gateway, although Libra has a very strong patner but he chooses to be a stable coin.

It's a payment who will use blockchain technology, more on stable since it will use as payment for each transactions that will be process under this new
system, there's  a good impact inside crypto industry as it will hold the crypto side using blockchain, people who are not familiar how this system works
will be given the opportunities to learned deeper and start to get interest it will result to have more new investors.

People do not often analyze corporate motives. They think more about how to get a good profit. Therefore, prejudices should be postponed and viewed without emotion. The Facebook company is the largest social network, which means it will be easy to distribute and replenish the base of new users. This will raise the value of cryptocurrency to a new level.   

They ultimately have a grandiose goal to compare with Bitcoin in popularity and make a very flexible product that will allow a large number of users to send cryptocurrency without any problems and use it for purchases. However, on the whole, the society is not prepared to start using cryptocurrencies en masse, since speculations are too strong

The society is not ready, because there are not enough popular sources where people could learn how to use cryptocurrency. I am glad that I found the project taklimakan, he helped to deal with many terms and understand how to trade on the crypto exchange. But we still continue to see cryptocurrency price manipulations. So it will be interesting that Facebook will be able to offer users and investors.

I perceive the expansion of the cryptocurrency market positively. Because there was a time when people did not believe in the blockchain. But now it doesn't even matter which companies, facebook, visa or paper are launching their coin. All this shows the value of the blockchain and reinforces public interest in it. So people can better understand the true value of decentralization and the power of blockchain technology, and innovation can start to happen faster and faster.