Bitcoin Forum

My attitude is - no way!!

I don't use Facebook, and I don't like their lack of privacy and security. They seem to be talking about pegging the coin to a bunch of fiat currencies, and that is another big disincentive for me. I suspect we will start to see some government or banking based cryptos, and I'll probably end up using a couple of those alongside Bitcoin.

To do what exactly? There isn't any difference between the proposed Facebook coin and PayPal. I presume transaction made on their Network might be reversible too. I read the transactions will be free (no fees) and fast but judging from facebook's previous mode of operation, our privacy is actually what we'll be used as fees. The only possible value the Libra project is bringing into the community is mainstream publicity of blockchain technology and cryptocurrency in general.

I don't intend using it, but we need it to succeed for people to see actually what bitcoin is all about. Whereas Facebook controls your digital funds through a centralized system, Bitcoin gives you control over your funds through a decentralized system.
                               https://i.imgur.com/I1DxxEk.jpg

It is totally pointless, I've never ever used Facebook to send money to anyone, I don't see why I need too.

However in terms of Buzz words... It's the only purpose is getting some people knowing and understanding what cryptocurrency can do, but even then I am clutching as the centralized nature of what Facebook is and what Libra will fail to show is how cryptocurrency REALLY does work.

We all want people in this industry for the right reasons. It does look like Facebook are just here to line their pockets again.

Me neither. Facebook's business model is based around surveillance capitalism. They store anything and everything you do on their platform. The whole aim is to feed your data into behavioural analytics programs to profile you and then sell the information on to third parties for the purposes of advertising and further behavioural modelling. This is how FB makes money. The old adage is true: you are the product.

The FB coin is just another step on the road to achieving perfect behavioural prediction. The coin gives you convenience, but takes away every bit of personal information you share. For me that's not a fair trade, and it's not even an explicit trade as they won't even admit to what it is they are doing.

The big question is that is Mark Zuckerberg trying to cash in on the publicity of facebook?
Is not hard to detect that the Libra project would get enough attention coming facebook with massive users on the platform.
But I don't have a  great enthusiasm about the project facebook has already had enough information form us and our wallet or bank details should not be inclusive

I want to hold the coin but might not use them though.

I've read the news about the project being halted temporarily by the government. The project was so hyped that it already affected the price even when its not yet developed. Just when the news of it being halted, the price of BTC also dip. Impact is already there.

Do you think now the SEC will be pressured to approve ETF now that they are also pressure about the Libra project to be developed without proper regulations in this market?

The downside of a stablecoin is that it can only really get umped to the downside.

If someone can buy a dollar for 98 cents, they're going to do it. No one is going to buy one for $1.02 thouf h...

Look at what bitfinex did with usdt and how it went all the way down to 90 cents...

^This.

To answer the OP, most definitely not.

as long as i need it, i'll use it.
People including me wanted blockchain adopted massively and this is one of the kind.

Maybe, but only if I can buy Bitcoins with it.

I agree with this point of view. If you are an ardent user of fb, somehow they have idea of who you are, where you are, your favorites and a lot more. So if you will use their coin for your financial reasons, then they will see your other side, additional from what you have been feeding them for years of using their platform. But it is all up to you how you value your privacy. It is only a matter of self preservation. And if you think you will benefit from the use of it, then no one is forcing you to not join their community.

Reposting from Meta.... (to give some context)

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And that exactly why we should stay away from it; we are talking about actual (credit) PRIVATE companies creating their own money.

Fiat money does at least come from democratically elected governments (public institutions) so even if it's not perfect, it can be controlled, and is meant to be "for the people".

Private companies are there to make money. Users don't matter. So this is a whole new level of economic liberalism (which is kind of horrible to see).


Just because many people use it, it does not mean it's good; take a look at drugs  :-[


I sincerely hope it won't and can't; and it will make real crypto even stronger

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So the answer is a hard no

I don't use Facebook or any of their apps, so I think it is unlikely that I will have a need for their currency.

A shady "stable" coin backed by a "shady" fiat currency (which is backed by... anything at all) made by a [very] shady company owned by a shady guy.

No, thanks.

I don't even use Facebook after all...

You obviously don't know that in the United States at least "fiat money" (the USD) is created by a conglomerate of private institutions:  the Federal Reserve (a private institution owned by very large private banks and other private investors) and all the private banks in the private banking system.

The United States government (originally "for the people" but now, due to the citizens united decision is, is "for the Corporations") then uses the money created by this privately held corporate conglomerate of privately held corporate banks and the Federal Reserve central bank.

RESEARCH it.

Here is a list of the stockholders/owners of the Federal Reserve system.  Unfortunately, since is it a privately held congolmerate, we do not know the amount of stock each of the stockholders owns.  But hey, at least we do know who owns and profits from our central banking sytem:

http://philosophyofmetrics.com/wp-content/uploads/2016/02/List-of-Federal-Reserve-Member-Banks-2015.pdf

No way! My take is that it is highly compromised unlike Bitcoin. Libra does not offer any financial inclusion or freedom and should not even be called a cryptocurrency at all.

Hmmmm, that's a hell of a good point. I'm not sure how things work over America (or the USA), and you made me doubt about how things actually work in the European Union. As far as I know, we have the European Central Bank, that is formed from the different National Banks (say Bank of Spain, of France, of Germoney...) which I believe are part of the State. But I'll check it in the following weeks (unless someone else already know it and explains it)  :-X :-X

PS: I thought that everything called Federal.... was part of the Government over the US :-\

Not using facebook coin is always an option but if everyone is using it, we might be using it for their sake.  As long as it don't ask my information and what I can have is just a wallet I'd be on it. I'm interested to see how pro the developers they got in developing the project.  I think the counterparts of the facebook partner's can also be grouped to also developed a new coin. Adoption will somehow be possible in less than 5 years.

It was named "The Federal Reserve" on purpose to fool people into thinking it was part of the government and it has "reserves" of some sort.  Both of which are lies.

Firstly, the coin is no longer name facebook coin for a group of payment institutions, technology, marketplace, telecommunications etc have come together to create the coin which is now called Libra.
The way I see the whole things they are trying to make a fool of people because the statement writing in their white paper seems not to be straight forward because it was stated that the coin is decentralized while section 4 of the white paper was no the act of decentralization.

Seems like it's just another big company trying to use the "blockchain" and "cryptocurrency" label for its own purposes, even by not being any of this.

But it does not matter, whether you use it or not. Peeps like you and other people joined the blockchain initiative because they found it liberating and free from control of any central authority. But the common man which comprises of the vast population just doesn't care about what the principles or the guiding motive was behind the Bitcoin.

All the care about is the monetary and financial ease that a system built on the similar ideas can provide to them. Facebook has the numbers with it and it can easily change the landscape of P2P payments and remittance markets. It already has close to 2 billion users and can easily build the Libra system on top of its Whatsapp and Facebook network. It would have taken Bitcoin some 20-30 years to reach the numbers which Facebook will in a matter of months. Sad but true.

I gather they have hit some trademark issues with the name.

Does not look like a coin as we know them. I think that Facebook is simply creating an electronic means of transfer with and averaged monetary unit similar to an SDR of the IMF (https://en.wikipedia.org/wiki/Special_drawing_rights).

This is a bold move from Facebook that is just steping onto the Insurance, Banking, Transference, Direct Sales and even on the monopoly of governments to create money. I won´t use it if I can avoid it, but being honest, this is a "world takeover" by Zucky and some other Bilderberg´s friends. Once this becomes big enough, they will have a government above all governments, and I am not overstating anything.

Personally, at the moment I cannot understand why there is so much noise around the libra, I can say with confidence that Zuckerberg will not be able to make another breakthrough, this is a completely different area. Libra does not reveal something new, it has no virtues.

I don't think I will use a Facebook coin but I will own 1 or 2 just for a part of history.

I dont expect anyone who has been fully involved one way or the other about crypto and its concept of Freedom would want to be much thrilled with Facebook's proposition. Even without the coming of coin, a lot of people are even pissed off about Facebook's amount of control based on the information and access it has and this has not been void of controversy at one point or the other. For me, I would want to take a look of it for understanding but not thrilled to use it except it becomes absolutely necessary but I think we are still a long way from that happening...

My guess is that Facebook will abandon this whole thing eventually.  Once they fully realize the amount of regulation they are up against:  license in every state, different licenses and requirements per country, reporting requirements for all countries, etc. etc.  Banking is the most heavily regulated thing that Facebook can try to do.  Jumping into this much regulation is not their style.  But on the other hand if they can make enough money selling everyone's spending habit information to the highest bidder it may be worth the pain.  They have to be able to gather and sell enough private information on their victims "customers" to make it worth dealing with all those regulations.

I don`t use facebook, so I doubt I`ll use facebook coin. Mark this post, Elon Musk to join Libra with Tesla before launch.

I think FaceBux will be a goer. What a great chance to make a "stable" coin, and the price can be guaranteed by the purchase of a chunk of the Deutsche Bank derivatives portfolio. I can't see the bankers turning down such a great opportunity.

Exactly - their style is to move quickly into unlegislated space and then define their activities there as the new normal, before governments and regulatory authorities have even noticed what is happening.


This is it - the core of Facebook's business model is and always has been user data. As per Facebook's standard approach, they euphemistically call this 'data exhaust', as if it's a wasteful and entirely inadvertent by-product and messy pollutant that good kind morally-upright Facebook will sell for profit clean up for us. They are very good at linguistic sleight-of-hand. Nowadays though people are starting to call this practice out for what it is: surveillance capitalism.

For the practical use I have found according Libra's White Paper, I rather keep using bitcoin... maybe only in the crazy scenario that my mother needs me to send money and specifically ask for a transfer trough facebook or something, which is very unlikely.

It is funny how in the WP states:


It's almost like Mark never heard about Bitcoin.

I do not use Facebook, I do not like centralized systems, I am not active in any of their social networks.
Only BTC

Facebook coin will be like other centralized coins that has been rise in this field of business industry.
I might join if they have project campaign, and hold em but I'm not sure if I'm gonna use it usage. But, there is
high chance that I won't use it all. Because I still like decentralized not the centralized one like Facebook coin.

No. Because I don't see the reason.
Have you read this article?

• How Will Facebook’s Libra “Blockchain” Really Work? (https://onezero.medium.com/thoughts-on-libra-blockchain-49b8f6c26372)

I will say NO too. A no for me not because I hate FB or whatsoever but because bitcoin was existing already so what's the essence of switching to a coin with almost the same features but riskier at the same time (e.g. privacy issues). Besides, I only prefer to use Facebook for social media purposes, nothing more nothing less, and I think it will stay that way :D.

As a normal community in terms of communication, I will use Facebook of course. But as a form of digital currency just like other altcoins, my answer is definitely no! I won't use it. I would still rather go to use decentralized altcoins compared to Facebook or Libra coin. Because, for me Bitcoin still remain the Father of digital currency.

Maybe what Facebook will do by issuing coins will only be enlivened. I have not seen the originality of that publication with bitcoin. it is not easy to replace the role of bitcoin even though it will do big companies.

I am not a fan of Facebook.

So I won’t have a lot of them maybe one to mock it.

The ONLY time I use FB is to look for someone Ive lost over time.
It pains me to use, and likewise - I know Facebook, through LIBRA are just Cliques Of Normals Secretly Planning Insidious Rituals Aimed at Controlling You.. a globalist plan to destroy individualism and privacy by controlling how the world settles exchange; deciding who and what can and can not prosper. So FUCK NO I won't use LIBRA. Libra is electronic FIAT controlled by psychopathic pedophiles.

I would sooner use https://zuckbucks.cash/

I can hold the coins of Facebook temporarily as an investment onl, but it doesn't mean I will use FB to make transaction in terms sending money, no I won't do it.  Because still Bitcoin is the best potential and have a better future to hold in a long term.

As stated in the reply you quoted, Libra is going to be pegged and to multiple currencies and not just one, this makes it a stable currency.
It's primary objective is to be used for daily payments and leverage on the blockchain to make transactions seamless while having low volatilty and requiring permissions, so it's still somewhat like your traditional fiat currency.
Early investors would get a bit of profit but revenue generated would be reinvested back into the project and majorly to associate partners:


You should also note that the concluding part of the quote in italics is no longer on the website but is on the original white paper. May be an issue from my end, but this sort of centralization is one of the reasons I do not consider it a good investment for cryptocurrency enthusiasts.

I will only use Facebook as my communication to all people who are closed to me wherever they are.
But I will never use it to make transaction whether it is sending money or not or whatever. Yes, they may have a huge
investors before it launching period but I know the volume won't take long, it will only be the same just like what other centralized coins  happened in crypto currency.

The budget of the corporations behind is higher than one from many countries and the volume of the business they are looking to overtake immense. There is a good chance of success and they are going to fight hard for it. Just think of UBER.

Welp, but at least Uber offered a rather neccesary service; as taxis (at least here) had quite the monopoly/mob.

No as I don't care much for Facebook.

If AMD  NVIDA or INTEL  made gear backed coins.

  I would support them.

Libra obviously sucks. What about Telegram's TON coin??

I have not found truly coherent info on this project, but saw a couple pages indicating that it will reboot soon. Anybody have GREAT info?

(I just realized this looks like a shill, not shilling! swear to god! just curious)

It depends on the adoption. While I don't like Libra since it's a centralized currency at the start and pegged to fiat basket, but if more and more people are to use it and accept it as a day-to-day currency, I may soon need to use it.

Just like fiat when you to travel to another country, you will have to exchange and use the accepted currency in that country (sort of like forced) to be able to avail of goods and services that you need.

Yes, if the blockchain system is more secure. People in my country use Facebook and a majority of them have lost their personal information. It's really annoying.

I use Facebook, but I don't like the idea of a Facebook coin. I don't see the point, the coin could only be usable in Facebook and would probably have no value whatsoever in the outside market. They just want to hop on the crypto bandwagon but they don't fit to it.

Are you going to use Libra?  No
Is your granny going to use Bitcoin?  No

Two completely different use cases.

I don't know i will use it or not when the coin launch. But if it is a coin that can make profit in investment and business, so i will use it.

I am not planning to use it at the moment but can get along as the event unfolds. The advertisement and public awareness that it will bring to digital currency is the most thing I am keen with. As it has been rightly said, we are sacrificing our personal data for the fee, so there is hiding cost. I am of opinion that it will still be executed despite been in a halt mode for now. They have all the necessary tools: be it in person, capital, network, connections to lobby there way through.

That pretty much sums it up for me. I would never use any coin related to social media since I simply attempt not to use social media (for the most part)

As such, I couldn't invest in something I already don't have an interest/investment in.

What if you happen to write something that Mark doesnt agree with? They now have a way to put you in a naughty conner that could also hurt your pocket, they could just freeze you Libra wallet! What if you share the same name with a terrorist who has just bombed the US? Stay away from that shit!

Truest! I suspect the reason behind this is that Facebook has more than 30% of the entire world’s population or 2.38 billion people as its users so they added crypto as its the most outgrown way of earning right?

But still the answer is NO. I will not take the risk using facebook coin as its way different.

I’ve heardy they are also  planning to install ATM-like terminals for people to manage their  coins while out and about. Honestly ita quite enticing but nowadays i dont feel facebook anymore as there’s a lot of security issues happening on that site.


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I have read a lot about Libra from Facebook, and I think that Libra's purpose is not to compete with any cryptocurrency, nor are they interested in technology, I think they are looking to take advantage of the data that they have crossed through the network social to somehow link people to enter their business model.

Both Facebook and Google have always had bad intentions, this according to "Edward Snowden" at https://www.youtube.com/watch?v=e-5KFP-BKr8, where clearly our privacy will be affected, and I think that within Some years if nothing is done about it, it will not exist. Libra will develop business models worldwide, the impact is beginning to be seen in China where they have placed the magnifying glass, and some other nations have reacted. The positive thing about this is that by energizing every business through technology, Bitcoin will have a price increase because everyone would seek to switch to Bitcoin, making it much higher, and its fall is increasingly difficult.

Libra will for those who want to approach cryptos on a safe mode if I can say this and not for those who wants to trade it / hold it and anything similar. So if my grandma wants to put her pension there , Libra might be a solution for that but personally I would not use anything that come from facebook or social medias.

In the long race I think we already have a coin like this and its name is DogeCoin , I know some of you won't agree with me and its perfectly fine but why would you jump on a safe coin when you already have doge , you think that Libra will be stable in price all the time ? Like if bitcoin goes down , libra will stay at same price ? Because if does stay at the same price , it won't move even if bitcoin goes up or down so this does not make Libra a cryptocurrency and more likely an experiment for those who don't dare to touch cryptos. Just my thought tho...

I don't trust the guy with my data, am not going to trust him with my money...

If facebook coin does push through, I think it will have a short lifespan in the cryptocurrency
market. Well for sure, the social media addicts particularly the die hard facebook users would
indulge in the idea but to what extent. It's pointless, facebook has it's own unique specialty, it's
addictive to some, it's alluring to the youth and they posses a huge massive influence today,
but it's not gonna do well if it does indeed propel itself in launching it's own cryptocurrency.
It's gonna hit a wall inevitably.

I would use it if it gives benefits to use it. I don't trust Facebook too much, but if it makes things more convenient or gives actual bosuses then why not.. But definitely wouldn't hodl too much of such coin. Long term only BTC for the win  :D But Facebook would find a lot of users who would use it anyways no matter what, because its fcb :P

Hope you meant bonus :P . Does anyone trust the banks while transacting, no one does but they will have all your private details but you can trust that they will do their best to secure your identity and that cannot be said with Facebook and their past practices.


I do not think that facebook is coming up with any novel coins to hold for a long time. There are many legal issues they will be facing and despite that if they launch, they will try their luck for a few years and then i expect them to fold the project as if nothing happened  :D.

The publicity that the Libra coin will bring to bitcoin and cryptocurrency is the major benefit and not really the usage . Facebook is very popular with its networking and using it for crypto coin and fiat transaction will  create huge patronage for blockchain.
Anyway, I'm not a biff of Facebook, if I need to use the libra, I will.  ;D

If it is a stablecoin and has limited investment value, I may buy some to use for my kids.   
They are always playing FB games so if it can be used as in-app currency it would be convenient to be able to keep my credit cards numbers out of my children’s phones. 

I also wanted to say that. if we could use the facebook coin to buy in-site and in-app goods. such as advertisements. games than I'll definitely use that. also if there would be any opportunity to earn some coins by doing normal day life facebook activity, such as making posts, getting likes, sharing etc. then that would be a good reason to use that too.

Use or not later we will see how the direction of technological progress. because we certainly follow the developments that will occur later. all as needed. whether someone needs it or not. I myself whether it's made by Facebook or a new company that is clear when it provides convenience in my activities and no problems will certainly be used

taking into account that major investors / players like Amazon, Visa, Master Card  have left Libra project I think the future of this project is very grim.
also feds have questions to telegram token and the the pressure they put on Libra might be links of one chain..

Bitcoin was not supported by anyone too. but still Bitcoin is today the biggest crypto currency. bitcoin even had less support as that was made by a completely unknown person (or group of people) but libra has a Giant (Facebook) behind it.
I don't think Libra need Vias, MasterCard or Amazon's help to be succeed.

I wouldn't use a Facebook coin, no. They are trying to take over crypto and make it a part of their corporate empire. No, definitely definitely not. Facebook just take over anything they see as a threat, and if they can't then they crush their competitors into the ground. I don't like them or trust them, and I wouldn't use their coin.

No way would I use a facebook created crypto.  They represent everything crypto is against.  No thanks.  And I agree we will probably see a decent amount of government based crypto, even at the local levels and as with fiat might end up using some of those at some point as well.

I would stick using bitcoin as my alternative payment and its decentralized than using their coin which i think will use my personal information before making a transaction since they rquired KYC which is not really good.

And some of their partners are leaving them which maybe because of the laws they need to regulate and adoptation.

So far I have only heard Facebook coins but I don't know the details, because I am not interested and now the news about Facebook coins is not as good as before it was released which I thought was very viral at the time, and until now I did not know its development.
I only use bitcoin which has been trusted for years to invest and as an alternative payment and decentralized, and there are still many differences and advantages of bitcoin besides being profitable compared to other coins or new coins.

the Facebook Coin is Called Libra. it's suppose to be a Stable Coin Like Tether (USDT) but I don't know about it's price if it'll be backed with US dollar or some other currency. the coin is not launched yet as Facebook want to complete all the regulations before launching.

using Bitcoin is good. but there are always doors for good projects. and facebook's libra coin will be a good project for sure. and it'll be very profitable as well . that's what I m thinking.

I am a regular Facebook user. However, I have never made a transaction through Facebook. So until now I still have not thought about whether I would later use facebook coins. Maybe as a stable asset, the coins would be exchanged if Facebook later slipped the coins. But as a transaction tool in the Facebook community I am most likely not there.

not unless it's absolutely necessary. It's a stable coin. It is no different than any other censorable transaction. Paypal is easier.

ill probably get facebook coin as an investment , buy the coin in an ico or something, but I probably use bitcoin instead if libra or facebook coin, its too risky since the security of facebook has been breach leaking information to the wild imagine, trsutijg your money to someone who cannot take care of your information, its a no brainer,

Calibra will just be another "situational" coin. After all those data breaches, that's one of the last coins I'd ever use.

I don't think I will. There are pros and cons in my mind. It's good that there is more media and focus on crypto in general, but i feel a "facebook" coin defeats the purpose and ideology behind why crypto currency was invented to start with...

With high incidence of hacking into one's account on Facebook have totally defeat the idea of using a fcaebook coin. Yes it is possible for the Facebook to create a large awareness, but the insecurity couple with high cyber crime will leave many of the Facebook users with an impression that crypto currency is not a reliable currency that should be relied upon, when the negative effect of Facebook begin to affect bitcoin. That was why the Blockchain Technology was masterly design for bitcoin  as a crypto currency to maintain a high standard of digital currency.

Facebook has authority to ban every people if they find out some inconvinient behaviour (at their opinion). They will do the same with their centrilised coin. I don't wish to use Libra because it is faked cryptocurrency. It is not decentrilised, not anonymous and not trusted.