Bitcoin Forum

The social media giant, Facebook has finally revealed the details of its cryptocurrency Libra. Today the platform released its white paper explaining Libra & its testnet before a public launch in the Q1 of 2020.

Additionally, the new Libra coin will allow users to purchase things at local exchange points like grocery stores. Also, enables users to spend it using third-party wallet apps or its own Calibra wallet that will be built on WhatsApp, Messenger, & its own app. The best part is that you can transfer money to people with nearly zero fees.

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

Read the complete White Paper of Libra coin  (https://coinpedia.org/news/facebooks-libra-coin-be-a-game-changer-in-crypto-ecosystem/)

Seems that more and more people are getting excited with this latest baby of the people behind Facebook. I also understand that just like a big project, there will be people who are making noises pointing the flaws and problems of the project, which is I guess just part of the dynamism that Libra is bringing to the marketplace.

Will this be a game-changer? YES and NO. Yes, it can be a big changer within the very ecosystem already established by Facebook conglomerate as it would mean smooth way to transact business to the social sites controlled by Facebook and members of those sites can do business efficiently and with a good speed which the market has been demanding. Now, this established Facebook network is the main star of the show as without it then Libra can just be another dead star in the heavens.

Now, will this be the game-changer that the whole cryptocurrency is waiting for? I would say NO. Considering the criticisms it is receiving right now, maybe it can take time for the whole industry and its established leaders and influencers to accept Libra. Just like how some people are viewing Mark Z. with distrust and skeptics, Libra is seen on the same way in some cryptocurrency circles.

In other words, let's all wait and see what can be. Only time can tell how Libra will eventually fare in the flow of things in the cryptocurrency market.

The only thing it does is prove that they can make blockchains more centralized and if it does bring any good to the industry it will be the buzz words.

Rich ones getting richer on this and seems like a cash grab. Facebook only aims for the financial user data and the same  for the companies supporting it.

Looks like this one would liberate cryptocurrency cause most people can relate with the credibility of Facebook period.

99% of people say Windows sucks but they 90% of them use Windows.
99% of people say they hate banks but most of them have at least one bank account.
The US is the most hated country but thousands try to get in illegally and thousands apply for a green card.
If you ask people about television, almost everyone will say its a waste of time but 3 hours later they are glued to the tv.

It will not be a decision of trusting or not trusting Suckerberg, it will all be about convenience.

In my opinion if we look at the core part of the Libra is to create an easy payment system for all users as easy as sending messages, all I can take from here is nothing special about this product, there are many similar products offering crypto currency payment systems which is practical and efficient, which makes libra viral and widely discussed so that it is considered an extraordinary product and will have a high selling value because the issuing of these products is a company that already has a high popularity throughout the world.

Facebook's cryptocurrency and blockchain project both are grabbing headlines; Libra is the talk of the town today, though Facebook has declared that Libra has nothing to do with Bitcoin.

in other words it is exactly the same as PayPal but with a couple of more apps investing in it first!

well it is not global when they are blocking certain countries from accessing it to create an account. again just like PayPal.

yes, it will compete with PayPal strongly and change the game by a lot so PayPal has to increase their efforts if they don't want to lose the market to Facebook.

They are just joining the hype, they saw a big opportunity and that's why they started to act. We don't know if this Libra coin is totally good for cryptomarket as we still have no idea about their real purpose. This mass adoption has the positive impact, but hopefully they will succeed because if not for sure we will enter into a bear market again. Cryptocurrency needs more big companies to adopt it, and to formally use it let's welcome Facebook for this but don't invest if you are still doubting about your security on that coin, for sure KYC will be needed.

I have said it here and I will say it again I am not a fan of stable coins and while there are a few in the community that are investing in this kind of coins I will not judge you in doing so but my thoughts are it will not gonna have a big impact with the price of bitcoin, And I will not give any suggestion in everyone that wants to invest with it to really not enter your money with it, decentralized all the way! 

I wouldn't mind investing to Libra, its a game changer of course its facebook that is developing it so its must be a huge project which some of us already figured it can kill ETH. ITs its going ot be easy to use Libra to pay just about anything, I don't think people will complain. If it gets bigger, its usually going to be the one that has authority just as we see Binance to be the biggest right now that can dictate which coin to delist.

Facebook can also act with authority one day when this Libra becomes the biggest project that we are hooked into. I hope they don't aim to destroy the crypto market.

It seems facbook won't be managing it directly but from what I can see it can beneficial for the facebook or calibra but at the same time consumers can accumulate large amount of debts if they are not careful enough.

If we need mass adoption of the cryptocurrency we need to accept the centralization too, aren't we using centralized exchanges, centralized blockchain platforms. If Facebook successfully launch its Libra Coin they will set benchmarks & bring competition in the market for upcoming projects & already existing projects. A lot of new money will flow in the cryptocurrency ecosystem & there is chances after Facebook move into blockchain other big players will also enter in the market.

I think this market is not only good.I think good and bad fact is available hear.So IF Facebook come this market i this it can good for the market. Because no need extra marketing it can be easy for this marketing.   

You're going to invest in a coin that will most likely be pegged to an average value of the most used currencies, like the Euro and the USD?  ;D ;D
Some serious investment plan you have there. How much time did you spend on your research, three, four seconds?


Ebay is one of the founding members of the project:
https://www.ebayinc.com/stories/news/exploring-the-opportunities-of-blockchain-and-cryptocurrency/
https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/IntroducingLibra_en_US.pdf
(Ebay is still owning Paypal even if they say they split three years ago )


He doesn't have a clue what's he's talking about, he wrote two lines, made his quota and he's gone.

The existence of libra coin will create more awareness among the common people about cryptocurrencies. After the launch of libra I believe the usage of cryptocurrencies will increase in a much large scale compared to the present. As Facebook is already an established network, it can easily reach common people with ease. From my understanding there won't any big disturbance over the growth of bitcoin.

i am torn i dont know if i will hold this coin but surely it will create a hype that will certainly leads
none crypto people knowledgable about the fact that community like us exist and such opportunity like Bitcoin is real.
so i love it ahaha it is good for the market i guess

the one thing i know this coin will surely do to crypto space is exposure, the very million users of facebook with little or no knowledge of blockchain or crypto will be expose to it which is a good thing, am just really looking forward to the lunch of this coin, history is about to be made 8)
i can't wait to hear from my non crypto friends and colleagues when the coin has been lunch and the news is all over the internet ;D

The project is yet to commence but since the website was released this week, there has been a lot of predictions. Libra was trending on twitter for almost twelve hours. Probably Zuckerberg and his boys will be hiding somewhere taking note of the criticism and looking for a way to factor in all of them. I have seen a lot of comments about how some top companies including banks will not allow this. I am sure they all forget the influence the Facebook has on many financial institutions.

I just can't let go without quoting to say thanks for this truthful post, if i had a merit would have merited this post but too bad, anyways just want to say you really hit the nail on the head, people will say one thing and do something different, it is human nature ;D
my best post of the day

It has been coined the crypto killer due to its unforseen take on data mongering and capital

Investing in Libra? It's USD pegged and you saying you will invest in USD? Good Luck! Bitcoin is the only way to be free. Facebook owns your person data(If you use FB) and if you use Libra they will own financial data too.

Facebook’s Libra Coin will be game changer for Facebook. GAME OVER

Well you should know that Facebook won't be fully taking control of Libra but will still be a heavy part of this cryptocurrency, I saw the white paper, everything and their objectives, and Libra also has other big companies teamed up with them, which can be a big threat to BTC, although it may seem to be a threat yet I don't think these are enough proof that BTC will be dethroned soon from its first spot and being the world's biggest cryptocurrency, the competition may or may not be close but I still think BTC will be staying on that spot for a long period of time.

If they are giving some Libra coins for free to any facebook user I'd gladly accept them all. I hope they integrate the coin into facebook like out accounts are also gong to be the wallet and we could spend it on facebook too.

If its a game changer, will it kill BTC? I don't think so. This is facebook we are talking, we all know how these big companies ripp us off, they will eventually find ways to get our data, I believe its facebook's ultimate objective here.

Quite true, it can be a risk and I see the advantages from having BITCOIN and from having Libra, don't let the hype bring up to you, think about the things that can actually cost you in Libra and also think about the benefits that you can see when investing in Libra, though they may access data from you yet I just do hope that hackers may not be able to breach in as it will really cost you a lot. and because of this I am quite sure that they could at least make everything secured and settled before they set the launch.

Know more about Libra and their partners: techcrunch.com/2019/06/18/facebook-libra/

It would certainly be a game changer. Facebook is a company powerful enough to topple a government. It has became one of the important and effective tool to reach to the general public. When Facebook would embrace crypto, a huge discussion would be started around the world about crypto. And if Facebook be able to stick with it's plan to issue a crypto, that would be game changer to every crypto and how people view them.

I don't use any kind of money for social networks features and payments inside of applications. I just never need anything to buy. Moreover, while I use Facebook for communications, I am very cautious about their moves and privacy scandals. I don't trust their new coin by default, so they gotta do something really amazing to gain the trust. I also don't like the general concept of this coin. Being backed up by assets - sounds like creating a market over another market, contributing to economic bubbles. And the coin will be centralized, right? So Facebook doesn't trust their users on the matter of pricing. This whole thing might make cryptos even more popular, though, and this can be a good thing.

Well, one thing is for sure, it will give cryptos A LOT more exposure. They are calling it a cryptocurrency and not digital cash, or digital money. When people see it they will search for cryptocurrencies and will find out about bitcoin, facebook obviously has a ton of exposure, their stock also reacted really well to the news and they got a 10% increase which is huge in normal stocks.

Thank you for that.

What will you get out of it? You are just making money for Suckerberg and also to his colleagues who invested in starting the project. But guess what? They dont really need you to invest in it. They want you to use it.
They will profit again in advertisements and fees.
Even if it has the lowest price in transaction out there, it will still be profit.

I am not questioning all of that. It is a good project.
I am just having goosebumps with the privacy. I am sure they will want you to connect it with your facebook account.
Guess what you have in your profile?
Everything.

Again boys, privacy.

Facebook has no credibility mate, they are fond of selling out users data to the buyers(either the government or to other individuals for use), the government are just trying to infiltrate into the world of cryptocurrency and they think that, thorough facebook they can hit the whole world 

Facebook Libra will be a failure. Learn from former billionaire Anil Ambani. All the hype created by those MBAs and CAs for nonsense. Bitcoin has also run into trouble in many big coutnries.

I doubt it will be a failure considering how many big names they have behind and even if they didn't, it's fricking facebook. Their stocks already reacted really positively to it, 10% gains in 3 days and how are they going to fail anyways? A lot of noobs will certainly use it and buy it even if they don't know anything about cryptos.

Anil Ambani was 6th richest man in 2008. Few months back, Mukesh Ambani paid $80 million so that Anil Ambani does not go to jail for non-payment.

It will absolutely change the ecosystem and the way all cryptocurrencies will be like moving forward. Especially the regulations and compliance. Ciphertrace cyber security brought up how their wallet Calibra will require users to go through an intensive AML and KYC process which just means this will have regulators watching closely with that large of user base

That is crazy. No way facebook have made some miracle here we have never seen. Just a tracking tool that will profit the mega rich. 

Its most definitely going to be a game changer if their white paper can be implemented to the last but the problem here is that, are there plans to solve unforseen opposition

I guess not for cryptocurrency but this will be a game changer for money fiat. If I read the whitepaper that's pointed out facebook made a coin just not for payment system on digital area but they will change a bank traditional with their system. This is no threat for cryptocurrency such as bitcoin, bitcoin will be use as an investment placr actually. I'll agree if bitcoin to be use as payment system then it's still not feasible especially for the fees things. For some people who has a little amount of bitcoin then will use it for investment place only because if they use for payment system they will think about fees that will spend.

You don't need to look further as US is going to give Libra coin a hard time ->  https://www.coindesk.com/facebook-has-yet-to-answer-us-lawmakers-questions-about-libra-crypto. So just imagine the pressure that Mark Z. is feeling right now. Not again, the company has been fined already and now they are questioning everything again. I'm sure that when the congressional hearing starts, it will be the same over and over again, questions about privacy and data security will be raised.

Hey mate, let me remember you of the biggest social media which is facebook.com and they are up to something good for the crypto-world. Not saying that, they will be above Ethereum not to of Bitcoin but they will help adoption of Blockchain and Bitcoin to the entire masses. But remember that, their token is centralize and it can be measure by ripple.

What facebook is doing and expressing is really special when they start public, apply crypto and bitcoin-related technologies and issues to the community, from an objective perspective, this is a good event for this field. But with a strong publicity with such a large scope, the government's attention will probably go to the crypto world, perhaps the rule and everything in this game will begin to change when the emergence of libra coin marks government intervention in crypto.

tbh its a very controversial news. on the one hand Global coin will be really easy to get, retain & use it. But on the other hand we dont know exactly about its safety and real purpose.
however, it seems to be good payment system.also u can read more information here https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

That would be a huge milestone if they able to do that what other coins have failed to do, the Facebook coin can make all the big difference in the name of adoption, they have the funding, the resources can tap the best people, had the marketing platform, if they fail, what else can.

So OP you are believing this centralized market company is going to change the complete crypto ecosystem! Naah... I will never believe any centralized cryptocurrencies first of all and then they are not worth to invest and make a long term profit.
These centralized cryptos will not give the way to sell their coins as our wish. Team and exchanges controls will be there in their terms and condition itself.
Let's see when it comes to the market, how it is will be reliable for us.

hey , everyone. recently i have found an interesting thread regarding this discussion. You can check it following the  link. (https://bitcointalk.org/index.php?topic=5155721.msg51512527#msg51512527)

Good question
This is something that struck me too: among the members of the Libra Association there are no megabanks.
JP Morgan, Goldman Sachs etc., they are all developing their own Stablecoins