Bitcoin Forum

Please see this (https://www.economist.com/business/2019/06/18/facebook-wants-to-create-a-worldwide-digital-currency) for background.

No, Facebook's new cryptocurrency, Libra, is not a new 'world currency,' as The Economist proclaims, nor a way to supplant (or protect Facebook and users against) the world's fiat money, as Bill Blain seems to think.

It's not even a real cryptocurrency whose value (in theory) stands on its supply and demand.  Libra's value will be pegged to a basket of dollars, euro, etc. by the Central Bank of Facebook.

What it will be is a new colony of the Western empire.  A country can, these days, be a sphere of activity, not just a geographic area.  Libra may be transacted across borders, but it is no universal money if its value comes from activities on Facebook and is issued and backed only by the Central Bank of Facebook.  (The Central Bank of Facebook stands ready to redeem each coin for a basket of national currencies, at a fixed rate.)

Why 'colony?'  Because what Facebook will do is precisely what official colonies of Britain and unofficial ones of America have done for centuries: use the value of real products and services produced in the colony to help support the paper money issued by Britain or America.  (To protect itself against the monetary policies of the 'mother country,' a colony must sell exports to buy and store reserves of the paper currency of the 'mother country.'  But, yes, you guessed it, not gold or silver.)

In any real sense, Libra will never be 100% backed by reserves of 'real money,' (as The Economist calls national currencies.)  Where would the fun be for Mark or colonial or banana-republic elites?  Why would you bother issuing a money if not to create wealth out of thin air?

If Libra becomes a magnet drawing new paid activity and associated software systems to Facebook, its reserves of dollars and euro will have to grow as this new economy grows.  I.E., more demand for dollars while Mark and software developers are doing all the work.  If, surprise surprise, the Central Bank of Facebook issues too much Libra and confidence collapses, Mark will take all the blame.  If anything, the demand for dollars will only go up, as users scramble to sell Libra for dollars and/or Libra is officially devalued, so the same dollar buys more real work.  (We've seen this movie before -- it's called the 'developing world.')

Libra won't be a brave new world; it goes way back to the old and enduring world that the top elites, if not everyone else, know well.  It's as if either a new Japan or a new banana republic has arisen from the sea, ready to serve the West with its teeming millions.  My quick guess is that it's more banana republic than Japan, judging by the scandals that have already plagued the company.  But who knows.  Holders (HODLers?) of state-free assets need not worry.  Things like this happened time and again over the last century.  State-free assets have endured.

P.S. Sorry if you think the Central Bank of Facebook exists, reading the above.  No, officially it will be a 'consortium,' where the Facebook delegation will be 'totally separate' from Facebook itself.  Right.

Sorry but reading all the above text, the only think that I understood is that Facebook will be a digital Bank.
If their crypto is going to be reserved by dollars, euros etc. then this is the definition of Libra notion.

It is a stable coin with a consortium of big companies as the validator. If Libra reserves genuinely backed by a 1:1 ratio, then I don't see any serious problem. However, If they use the fractional reserve, I'm afraid inflation will speed up rapidly and take down the global economy (assumed Libra would become mainstream). Perhaps this situation is good for Bitcoin. People will realize that Bitcoin is the only non-debased currency.

Do you think US government will just watch Libra coin taking down USD while inflation killing it?

Though really, there's some investors that switching their investment and getting ready to invest on it and leaving some alts dumped.


I hope they can prove it that they're really backed by it or it will be just another issue tho.

Any time I see these companies making a new thing that would affect the whole world I remember fight club. In fight club there was a scene where the narrator (edward norton) talks about how in the future when we have space exploration it would not be colonies of nations or governments but it would be more like planet starbucks or something like that where basically he says space will be conquered by corporations.

Facebook has already tried to send a 200 million dollar something into space with spacex, now they are making their own currency as well, Libra will be the facebook currency, what stops facebook from having their own nation in the future? They could literally bribe their way into some island and buy it and basically run it, they even have their own national currency with Libra.

Rather, we should be concerned about which companies are part of the consortium. It might also give a good idea for the future and explain what the OP wants to mean. I can guess already these companies. The same Zionist enterprises interested to rule the world on behalf of a few people.
A type of company like Facebook isn't designed for finance activity, it's my opinion. And I doubt it will be a success, FB has lost his credibility long ago

I do think this is actually a good idea you know .

To have a digital asset , a cryptocurrency that too backed up by major companies so that we can entrust it actually with some money and it won't go too low as we expect it be .

Therefore I don't know why this is not something that is a good thing .

We could avoid the bearish market and it may be beneficial for us in a long haul, I do think it might work out just fine.

We should experiment , we shouldn't just copy , if they would have just made a cryptocurrency like Bitcoin then it would still be lumped in the thousands other altcoins that we already have.

I like the headline, it`s says everything we need to know about future of facebook company and their transformation from social network to a central bank.
This is actually a great article, people should pay attention and read this. In the end of the article you can read this "Facebook claimed that its mission was to “empower billions of people”. Making money or strengthening its market power are, apparently, a sideshow." Let`s just add here their desire for control.
Well I don`t doubt they will have many supporters, just I`m not going to be one of them, and I will advise everyone else to stay away from it.

I think they will run on fractional reserves.

Yes, this is a great article to exposed what's the truth behind this Libra coin. And I think the US government knows a thing or two about it that's why they decided to go against it at the initial creation of the coin. Facebook coin might have open the pandoras box here, and now government around the world will be critical of any crypto that is going to open, and will used any excuses in the book to curb it out and cite this Libra coin as an example.

These are reasons enough to steer clear of this so called "cryptocurrency".

Just because something may utilise the underlying technology of blockchains, doesn't mean that it's free from manipulation or centralisation. I think people are blindly putting way too much trust in projects like these, where a centralised entity is able to essentially manipulate both sides of the market, as well as the fundamentals of their own currency.

The fact that it's pegged to a basket of fiats also raises alarm bells, as in the long run, it's guaranteed to lose intrinsic value.

Even holding the actual cash or insured bank deposits of these currencies yourself will be better, and you're ridding yourself one more counterparty risk in the form of FB's potentially fractional reserve, or creating these coins out of thin air.

So every crypto-currency exchange is basically just a bank and now Facebook wants to be a bank.

Most banks begin with good reputations but Facebook has a terrible reputation that nobody trusts.

I'm not sure why Blain would think this way.

The fact that Libra bases its value off of the fiat currencies that it has in its basket means that it's acknowledging that fiat currency will still be the underlying asset used by the financial system, and that it would never replace fiat.

I think that Libra's main objective here is to create a centralized alternative to bitcoin, but I'm not sure how effective that will be given that most bitcoin users know exactly what's going on.

Besides, there is absolutely no reason to believe that regulators will not act as they will see Libra as a threat, much the same way that they see BTC as a threat, as it takes away from their control over the economic system. As Chris Hughes said:

Facebook simply can't bear the risk of having same delegation for Libra as of Facebook. It's not that simple really! Why do you think Facebook has taken time till 2020?? As we are talking about Libra now, Facebook's highly paid executive's team has already started reaching to various governments of the big world economy and trying to get an official license for using Libra in their economy! I am sure some technically advanced economies like Japan or Germany will go ahead with this idea. However, majority of the Asian countries will be very skeptical to allow it in such a big scale!

As the article rightly pointed out, Libra will be controlled by a consortium of big IT and Fintech companies in an endeavor to take their business penetration to the next level. Yes, common users will be benefited because a lot of new technologies will be brought into this field to make money transactions simpler and cost-effective, but can we call it a cryptocurrency really?? What common features Libra will have to a crypto??

Which just makes it scary knowing that Facebook is the one who operates it, and I'm sure as hell that that company lost its credibility and public trust already due to the number of data breaches it found itself into over the course of a few years. They can easily do a 1:1 backing on Libra and clear doubts on people but even then, I don't think many will still trust Facebook's own crypto.

But we all know that people can still make a fool of themselves just for the profit.


So are we really willing to make a poor and a losing compromise in exchange for profits? Yup, I was right about that all along. Facebook is just one of those giant corporations trying to make money in the expense of others, and Libra, too, is a clear indication of that.

Facebook is too smart to do anything that will jeopardize his relationship one more time with government, Facebook is already blacklisted by the congress, especially on the issue of user’s privacy, this is why I am having a feeling that whatever they intend the coin to be for would surely be in favor of fiat, especially Dollars and Euro.

Facebook had studied the issue the government is having with Bitcoin, being a decentralized coin, the best way for them to redeem their image with them would be for them to create a global digital currency that will be pegged to dollar and would be fully centralized for it to be useful to government, lets watch and see that Libra coin will get the full backup of government overtime.

People aren't very fond of it because they don't trust Facebook's ethics, and they see this as an attack to privacy. People are coming up with worst case scenarios, but most of these won't even come close to being realized if Libra doesn't achieve worldwide success -- something which I don't see happening, considering its limited use cases.

Everyone all have their hidden agenda, which they will gradually be working on underground and releasing it one after the other for such agenda to fully manifest, don’t be surprise that you are already talking about what is going on within the Facebook group already.

I am sure they have all the plans you stated here, in fact, studying their past and recent moves, from trying to have monopoly of the social media, to sending money out to space and now creating their own coin, I guess they really have their plan to own a nation, although it wouldn’t be a bad idea because Mark is really a good man and a great leader who has the interest of people at heart.

The main thing to realize is the "centralized" decision making powers of such a consortium and how that can be manipulated and exploited to further the agenda and interest of the people that would determine it's value. This is where Bitcoin is standing high above any other centralized token or Blockchain based technology, because no centralized authority are making those decisions and the price is determined by the market through supply and demand for bitcoins.  ;)

It is open for discussion on how rich individuals <whales> can manipulate open market prices too, but at least no centralized authority are calling all the shots and making the big decisions about Bitcoin's future.  ;)

I think one of FBs primary aims with this is so they can open up a new sphere to their relentless data mining. This new coin will give them access to huge swathes of purchasing data, which they will bolt onto the data they already have about us, and use it to improve the accuracy of their behavioural modelling, so that they can then sell the final product - more or less accurate digital models of each of us - to marketers and other nefarious third parties. This has always been Facebook's business model. This "free" product is only free in the dollar sense; we pay for it by surrendering our personal data.

They'll have other aims too of course, FB is nothing if not ambitious. Presumably they are going after WeChat and also eventually the US dollar. But we can't overlook the history of their motivations in extracting and monetising personal data.

We have to think this through carefully.

Say, the 'consortium' issues too much Libra.  By definition, this means the supply of Libra goes up, but its fiat reserves don't go up by the same degree.  There is too much Libra chasing goods and services, but not dollars or euro.  Inflation would happen within Facebook only.  At some point, confidence in Libra will falter, but this problem will be limited to the exchange rate between Libra and fiat.  (When Libra holders fear this problem, they will sell Libra for dollars or euro.)

The only scenario where the problem of confidence in Libra becomes a problem for fiat money as well is when central banks decide Libra is 'too big to fail' and bail it out.  I don't think that is likely.  The Western elites are not stupid.  The collapse of Libra will hurt a lot of people, but when the problem can be blamed on Facebook alone, why risk the reputation of fiat currencies to save Facebook?

Can Libra become so big that it really is 'systemically important' and really requires a bail-out by today's Western tradition of keeping voters happy?  That is always possible, but I think the Western elites will (correctly) sound the alarm on Libra before that bubble becomes too big, so the bubble can burst and the pain will be limited.

Libra will be a plus for the Western elites, most likely, in the short to medium term.

This is a good point, and goes back to the age of European merchantilist empires that went out and conquered the developing world.  'Private' entities like the (Dutch) East India Company that were heavily tied to governments would go out with state backing to take land and resources to help support the paper money and debt issued by their countries' elites.  This is nothing new.

For whatever reason, the ownership of all these colonies eventually turned from corporations to their governments.  My guess is that the rule by corporations, with all the 'private' incentives, became too obviously brutal and became a problem for the soft power of the empire.

What I was trying to say was that, Facebook and Libra will not be at the core of imperial system, but on the outer ring, doing real work to support the paper money of the system, and taking the blame for any crisis.  Let's face it, Mark is not exactly top-elite material!

@BobK71
Why worry about FB coin? Most countries won't allow this coin. Some countries have already started to be clear saying FB won't be able to issue coins here. The minority who will be using this currency will be from tier 3 countries, I bet you won't see it in westerner countries.
Also it's easy to block FB currency since there is a company behind, while because it's not possible.

One way or another, the Facebook coin will be used for trading within the network.  And if you consider each user individually, then since this resource is most used by citizens of Africa and India, you can outline the circle of interested people.  In any case, it is not necessary now to have a very limited opinion on this project.  The best look at the results.

With no official news on whether or not Libra coin will have a limited supply I think that they will just go in this route and create something out of nothing. The point here is that everytime you want to buy Libra it will just instantly pops out and you have a cryptocurrency who supposed to be can be use on any establishments that accept it. It will just be like a credit from your FB account and I don't think it's main purpose will be for us to trade it to earn money, any coin backed up by fiat is just a stable coin meant to be hold or spend.

They are not not creating money out of thin air.  They are still doing that but they are doing it more legit than you may think.

You think that the centralized ways of sending money will be totally free, there will be charges for it, even if not for transaction fee which I think that may happen as well or maybe not charging for having your money stored, it will be your financial history, facebook is known to sell their data of people on their websites to people who pay the most, so when you control the worlds biggest bank all of a sudden what will happen? They will be capable of seeing what you spend your money the most, you like to eat ice cream every once a week?

Well, your info will be sold to all ice cream companies, you like to bet on soccer matches? Your info will be given to sportsbooks, basically every single transaction you make will be data to sell for them. That is the money they create out of thin air, they like to watch over your expenses and be able to sell that data too.

Okay, one thing I do know for sure is that anyone that's creating cryptocurrency is doing it for the purpose of making money, even Facebook is not doing it for free, they are after the cryptocurrency business and how much they can make from it. But the money they make money is not pulled out of thin air, if it is like that, then maybe you should try pulling yours out of thin air as well. The coin is a stable coin and is going to be pegged 1:1 with the US dollars just like other stable coins are. That's why most institution are adopting it, if it wasn't stable they wouldn't have adopted it.

What makes you think that majority of Asian countries will be skeptical about it, is it because it will be rejected because it is indirectly associated to United Stated since Mark Zuckerberg is a citizen of US, because to the best of my knowledge, if we talk about continent that is the most cryptocurrency friendly, it will still be Asian countries, except china that is still skeptical about its acceptance which I believe that very soon they will loosen up on it too and wholeheartedly accept it.

The edge that I see that Libra coin will be having over some of the cryptocurrency is because it’s centralized technology will make the cryptocurrency transparent to government, and they will have the access to still be able to monitor activities surrounding it, most especially that of its transaction which has been their main challenge with cryptocurrency.

True, this coin will not return more value if you buy it. So this libra coin is purely for Facebook only for their business currency. Maybe only institutions will adopt it, bitcoin investors will not switch from bitcoin and adopt this stable coin.

So you are saying it is a trap for the people of the world? More buyers will certainly boost dollars or euros worth is that it? IF it is then it will be a damn failure for sure, people wants decentralized money that is why we are here, we chose to support the one that is called Bitcoin. I think that could be a double edge sword for Facebook, and maybe it will totally drag the app down if this fails.

I think you are wrong about this, if you Google and check the population of Facebook users according to countries, you will realize that united State is the first while India follows, I don’t think Africa even fits in at all. So if are looking for people that will use the resources most, it will be united State and India too, but I doubt if it will be useful to India.

Facebook coin will be more of a centralized coin, and you know the issue with Indian government and cryptocurrency, India prohibit the use of cryptocurrency, and India citizens adopting Facebook coin will exposed those who are using it secretly to the public, which I learnt that 10 years minimum jail awaits crypto user, so we have to count India out first among countries that the resources will be useful to.

Interesting topic,however I'm still not 100% sure that the libra project will be finished.
I was wondering what the Facebook's hidden goal might be and your post doesn't answer all my questions.
There must be something we don't know about Facebook's crypto(or pseudo-crypto) strategy.

I guess they can do the copy of the same thing for themselves?
We are open to many other libra like stuff, as long as its crypto and in the blockchain realm we should all support it.

You can just hate facebook and not use libra at all but when its on the public and you want to talk about it I would say support it even if its a fake support because people who get into Libra because of the facebook name will be getting into crypto currency easier. Think about it which one is easier, going from fully fiat life to dealing with crypto a bit or going from some fiat and a knowledge about libra to a bit of crypto as well?

I would say libra would be our entry point for the new people, even old people can use libra to send money to their children whereas they will get to learn more about crypto thanks to it and we can attract them to bitcoin later on.

OP is correct , not only it will be pegged to the basket of the currencies
that are by themselves not even valued to any of the real asset i.e. gold, silver or energy whatever
and are nothing but a mafia agreement between the central bank(s) - all we see is the rate USD to EUR od JPY to USD , for example
with Libra it is going to be the same but  blockchain based , total centralization and cybernetic minting of the money instead of printing paper
add to that inbuilt KYC on the next level , since facebook knows about you more than your wife does and you get the next cybernetic Orwell-like society with your money and social security number and all the info in the hands of the chosen few who can turn you on and off by pressing a key 

As far as i know facebook is not supporting the Libra coin to be used in India at present. They may include and increase the supported countries list in the future though. Anyways it is yet to see whether this over hyped facebook coin manage to keep its hype and interest among the public.

No only.
Libra will be backed also by Gov bonds.

It will work like that:

Users give their money to Libra in exchange for Libracoins.

Libra will buy Gov bonds with the money of the users, in order to back its coins.

Libra will keep the yields of the Gov bonds bought with the users' money.

Evil geniuses

Pretty much the only thing I've read about Libra is from this thread, because I'm not interested in anything Facebook has to offer.  But I concur that it might be good for bitcoin eventually, depending on how many people actually use Facebook's shitcoin.  If people do get interested in it, they could come to realize how much better a true cryptocurrency like bitcoin is.  But we'll see.

Not sure about the fractional reserve thing.  But knowing how greedy and corrupt large corporations like Facebook and their cohorts are, it wouldn't surprise me if they did something like that.  It's obviously already standard practice in the banking industry.

Yep.  And I hope it blows up in their face(book).

I think public interest in this is still too weak, only limited to news that spreads on other social media or Facebook ads themselves. Some of my friends were also quite surprised that Facebook started entering crypto but I guess it's only temporary, he just shared the news but wasn't quite interested in it.

As Libracoins are backed through western Gov Bonds too, Govs will be more than happy to help Libra.
They have found a big new source to finance their debt.
Sometime politician's opposition is put up just in order to save face, in which case it is just fake opposition.

Do you prefer to trust a company or a government with your money? A company that will do nothing in exchange for your local economy, and won't give you many benefits compared to cash, and maybe less.
It doesn't work like that where a FB is bought for $1, it's not going to reduce countries debt. Otherwise, it would have been done a decade ago.
Most EU countries, for example, are hunting FB because the company abuses the EU. Do you think EU countries will let FB coin issued in the EU?

That's certainly true, mate. With many centralized exchanges and stablecoins available right now, Facebook's competition will be fierce. Not to mention, people would trust more a Bank than a controversial social network platform like Facebook. In order to gain people's trust again, a lot of hard work and effort must be done. However, knowing that Libra cryptocurrency will threaten people's privacy, it's hard to believe that FB will be getting any trust at all.

In my opinion, all that Facebook wants is to make more money. Also, it wants to become the standard digital "Fiat" currency of the world. If this happens, then traditional currencies like the USD, RUB, and EUR will be no more as Libra takes the lead. But, we all know that this is very unlikely to happen as Banks and governments worldwide won't allow it. It seems that Facebook will be facing a lot of regulatory pressure once its digital currency is launched.

Despite this, it would be horrible if Facebook gains full support from governments into launching its own digital currency as it'll become a "Bank 2.0" taking custody of people's funds. And since Blockchain technology provides transparency, privacy within transactions will be non-existent allowing Facebook to do as it desires.

Nonetheless, crypto will still do fine as it's decentralized whereas FB's Libra currency is not. Whenever Libra fails or not is yet to be seen. If successful, then it could help spur the adoption of Blockchain technology within the mainstream world. Just my thoughts ;D

Does it seem to me, or is it really Facebook roasted on the fattest piece of the pie of the entire cryptocurrency market?  Increasingly, I read the news that Libra is a strong competitor for Bitcoin, not to mention all other cryptocurrencies.  And today, Facebook is already aiming at becoming the keeper of all funds for each user of cryptocurrency.

Same as that we get access to our bank account through different wallets here with libra coin similar thing takes place through the blockchain platform. Here more the usage of the libra coin the usage of USD gets lowered which might indirectly affect the economy as banks will be visited only for limited needs. Lot of controversy over this has been going around, let's see what happens after the launch.

It is already a NO-NO for Facebook coin with most people, who would see decentralization and chose centralization over it, but I know we still have gullible people that would do so, it is not everyone that understand all these terms and the implications of each of them, we have some people that what they are just after is to make payment irrespective of whatever method it is coming from, and would not care of it is decentralized or centralized, but I guess we have few of people who has that mentality, so there is a chance of Facebook still have people that will lease push it’s coin to fall between the top 100 in the coinmarketcap, maybe it could manage to climb the top 99th position or if it tries it’s possible best, may replace some few stable coins in the market.

I know for sure that I will never touch this coin with a six feet pole
I am also sure that there will be plenty of people using it :( so my hope that the conglomerate fails to get approval from the EU and US financial institutions
and without those two , the idea is bound to fail , but something is telling me that Facebook will beg steal and borrow but push their coin through

Facebook might be the reason why governments will really built enmity around cryptocurrency more, I heard that the coin Facebook is planning to introduce is a decentralized one as against centralized coins we all thought that it would be, and would be targeting about 1.7 billion users which may render the system of banks completely irrelevance.

Government generally know what Facebook is , and they know how powerful the owner is financially, whatever cryptocurrency product he is creating may really not be in favor of government and the best any government can do is to start creating policies that will ban cryptocurrency. I just hope that Facebook coin will not do more damage to cryptocurrency than the benefit we think it will bring.

If indeed Libra is a stable crypto currency then this is indeed a safe thing for Libra in the exchange of crypto currencies, so if Facebook aims to create a central bank of the currency then I think it will work.

It will work for sure, but will you use it? We are trying to run away from the broken banking system, at least most of us want changes, what`s the point in creating the central crypto bank? For me, the choice is in front of us is simple, we can choose to continue with the centralized system in crypto form, or to pursue decentralization. I made my choice a long time ago, and I`m one of the people that will not use Libra coin, I`m sure in that.

It seems to me that in the cryptocurrency market there have always been very good and promising projects, but nevertheless, they are still Irina of the developmental stage, or no one else is thinking of introducing everyday human life.  Development has remained at the development stage.  I think that we will judge about the Libra Project only by the results. And now this is only an assumption.

Where did you hear Facebook's coin will be decentralized? Is it even true? If Facebook controls the coin it's not. It's just distributing the power/control to something else (here an enterprise (FB) instead of a government). This coin will be just a centralized (digital) currency, nothing more. I don't even understand why do you use the term 'cryptocurrency' to describe it. It's not a cryptocurrency at all.

There is no need to ban cryptos, and it would be inefficient and they perfectly understood it. That's why, as for example, the head of IMF wanted to be able to track everything in the EU. After they got it that they can't, they switched their politic to "cryptos must be regulated" and this is what countries are doing since, with new local regulations, G20 dinners (only to become fat!), harassing exchanges in their business, etc...

The funny thing might be that Libra is more stable for many parts of the world, as it will be a balanced basket of international currencies.   Where as most prices are based off something backed by US dollar which of course is subject to the continually revolving 4 year cycle of politics and promises to spend more on fiscal budgets then can be repaid, hence the value is continually dropping in real terms.
    If people held Libra instead for even quite small amounts of (regular) spending for digital commerce it could be very influential on the scale of billions of people who use Facebook.   I would like to see a shake up, some surprise and change occurring to what is a biased frankly broken 1 currency global reserve system we are all leaning on right now.

Deserves some merit guys.  ;)

It aint just a story, fiction or an imaginary thing.
It is the real deal. He just saw it.
I just hope many does and be reached by this statement. Mostly it will be newbies of crypto currencies which be the victim of the act of Mark the Libra. But to those who have been in this forum and had opened eyes, it will be nothing more than another online version of USD.

We have to reach out some people whatever possible act we can have. Just so to give them a warning.
Let them see the real light.

People here understand what's going on but they are targeting massive adoption of their "cryptocurrency" via their FB platform. And most of the people that are currently using FB have no idea the real deal behind it. But the exposure of this project can be done easily now because of the social media channels. People need to be informed of this coming libra coin and what it will do to their lives. It needs to be exposed in the public eye.

I'm not that familiar with Libra and how it would be operated so i really find this topic helpful. I'm rather curious as to what kind of businesses will compose of the facebook consortium that you speak of. I know that there are some who will test out libra when it is officially released, but really it is not that different from fiat money, the only thing that distinguishes both of them from one another is how it would circulate. It is true that librs is not a cryptocurrency but rather a digital currency that will be administrated by facebook. There are a number of benefits when it comes to using libra as it would be regulated and governed by a single entity, transactions will be fast and simple.

Social networks compete with each other, so I suppose that in the future we will see the "central bank" of Twitter or another popular platform that is widely used by people from all over the world. I recently heard that U.S. lawmakers urge Zuckerberg to cease developing Libracoin until they scrutinize this new issue and decide how to regulate such a centralized "crypto currency" that is based on a platform which is visited daily by millions of potential customers. Undoubtedly, governments do not want to lose control over payment systems.

That's not the point Gaulois.
The question was, will Govs block Libra or not.
You say yes, I say no, and explained why


As per Whitepaper, Libracoins will be backed by the major currencies and by gov bonds of countries "known for their financial stability".
Let's say, 1 Libracoin = 1$
It works like this:

Gaulois buys 1LC for $1 --> Libra's management buys $1 of currencies and Gov bonds --> 1 LC get issued to Gaulois.
Will Libra's management buy 0,5 $ and 0,5 Treasuries?
0,3 €, 0,3 $, 0,3 German bonds, and 0,1 Treasuries?
0,2 Yen, 0,2 Japanese bonds, 0,4 French bonds, 0,2 Euros?
Libra's management will decide.

Point is, with your $1 they will buy a basket composed of currencies and Gov bonds.
With a portion of your $1 they will finance some Govs.

The countries debt doesn't get reduced, it get financed.

It wasn't done a decade ago because a project like Libra didn't exist a decade ago.


Most EU countries are hunting FB because they don't get any money out of it.
Up until now, FB taxes --> USA.

Did you think EU Govs care about the rights of their citizens?


Yes, as long as they will get assured that Libra will finance them in a substantial way.

Right, US lawmakers are really very giving Zuckerberg a hard time because they are afraid or at least wanted to scrutinise what this Libra will offer to the public. But I don't think there will be central bank of Twitter or other social media giant. Facebook is very different though and I don't think that other social media will follow that path. They supposed to be a platform only, and not design to compete with the current centralised payment systems.

Of course not! USA will not probably let libra ruin the usd. Specially, that Trump is a businessman. He has something to do in regards with USA`s economy. He will never let a free enterprise destroy the usd in just a few time. Looks like libra is a threat in all forms of currency. I don`t know if they are really threatened by Libra. I guess that libra will just be a hyped. It may die soon or become stable once it suffers in inconvenience. Just like all coins that drop in the market.

That's certainly true, mate. Most people don't seem to care about decentralization these days. All they care about is how to make money with cryptocurrency. As such, every crypto project which claims to be the next big thing would gather the attention of mainstream people. Facebook's Libra coin may be centralized, but most people are only looking its future prospects and how they could make money with it. Of course, the social network giant has undergone a bad reputation because of its privacy violations among its users.

But, I believe that many people will join Libra despite these facts. Comparing Libra against other established cryptocurrencies like Bitcoin and Ethereum, it doesn't stand a chance. It all comes down to whenever Libra could remain sustainable and censorship-resistant for the foreseeable future. Right now, many governments are questioning the implications of Facebook's Libra cryptocurrency, which makes it hard to believe that it'll survive in the long run. Governments and central banks will become Facebook's biggest threat, as they prevent Libra from becoming a widely-used cryptocurrency within the mainstream world.

Nonetheless, if Libra becomes a success, then Facebook would become the world's next-generation central bank. Which means, that they'll gain control over the economy like never before tracking its users every step of the way. In effect, there will be no privacy and governments could easily restrict/approve people's transactions at will. Hence, everything will become worst than existent credit cards and physical Fiat currency. Just my thoughts ;D

What exactly is the use-value of Libra supposed to be anyway?? Just a "borderless" currency?

Hope people read this.

There are a lot of people thinking that Libra will be another currency, another project wherein people can join their projects through their Bounty Campaigns and earn themselves some of it and sell it when it has a good price.

And the banks as well as the powerful governments are cringing at the thought of this actually taking place in the world. They are now afraid that they will eventually be losing hold of their once powerful positions. They are now trying to stop the advancement of this plan. They have been busy trying to discredit this very powerful plan. It is exciting to see developments on this in the following months. This is a huge battle for sure.

Government will do all their best not to lose control especially when its already dealing with money involvements, they need to make sure that this kind of act will be in their hands before even started, urging the owner of Facebook only showed that they will not allow this to facilitate without their authorizations, centralize cryptocurrency that will be built under the government umbrella.

That is what I'm wondering about with Facebook. They say they are not a threat to Bitcoin, as it is a STAKE coin linked

to USD/Gold and other currencies, (probably not crypto). So the folk running the nodes at $10 million a pop make all the

$$$ for the transaction fees. (let us call it 1% but that is likely too high). Facebook, supposedly, being 'hands off' on this

Libra coin thru 3rd parties, gets its revenue and $$$ from the even more personal data they can collect on your spending

habits and of course use that, even more, metadata, to target you with their usual revenue stream of ad's, etc.

0K. Now let us say some time passes and this all above is working. People have their bank accounts via Facebook linked

to get Libracoin for quick and easy purchases via Facebook/Paypal/Amazon/eBay, etc. Worldwide indeed. The node runners

are making bucko bucks, Facebook knows even more about what you are likely to buy, likely better at guessing than you are.

What I don't understand is the idea that this Libra 'eventually' will NOT be a threat to Bitcoin everyone claims?

Really, the centralization of power/money and influence is well documented by History. Would not Facebook, as a centralized

coin they can change at a whim not make a Libra 2.0 or even a different coin and try to make it the replacement store of value

that Bitcoin has now? See, they will say, we are centralized it is working just dandy, trust us.

Then using the analogy above of, historically, the centralization of power/money and influence would they not chip away with

such twisting government regulations to stifle these 'pesky' open source coins, like Bitcoin and Litecoin, etc?

Not saying it would work, but I'd bet crypto of any flavor, once established they will try, count on it.

As being complete masters of the centralized coin, it would not be an issue to change the protocol or indeed as I said above

make a Libra Gold that acts like Bitcoin and is a store of value.

Anyway, this is unlikely to be the case, with 10 years of Bitcoin and open source in the world, but again, I'll bet you right now

once Libra is established and even 'moderately' successful, they will make a run at Bitcoin in some manner to knock it down.

So to me, it comes down to 1) when will they make their play, if they get settled and established with Libra say in a year or so.

2) how they will use their power and influence with the many partners running NODES for facebook involved, to regulate and

try to trip up Bitcoin.

If as everyone on this forum claims that Bitcoin is going to change the world, turn finance upside down, well, there is 'always'

pushback and this is what I see on the horizon. Again, don't think it will work, but I'm damn sure Facebook and others are

going to try and topple Bitcoin as a 'store of value' someday. Indeed, count on it. :(

Anyway, my guess at the future of this Facebook experiment and this Libra coin.

Brad

I think people would choose facebooks coin very easily, it would be loved, it would be worshiped and used insanely, look at what venmo managed to do and they are not remotely close to facebook at all. The difference is crypto people wouldn't see it as a good thing, we may not like it but a regular Joe could potentially love the idea.

You are looking at it from the face value and how it is centralized and how it is controlling the data of your spending and all of that jazz we got to know but they are not looking at it that way, they are looking at it "I can just whatsapp you 50 bucks" type of deal and lets be honest that is quite cool to have that type of power compared to how hard it is to send 50 bucks globally in any normal way. So, don't get your hopes up about people not liking facebook, they will probably love it.

I see other platform also joining the race too, because presently, everyone wants to explore the trending blockchain technology and time will come when people will see platforms that are not running on blockchain or having a relationship with blockchain technology as obsolete.

Remember that Facebook too was once against cryptocurrency by banning lots of projects that are posting cryptocurrency adverts on their page, but who would imagine that they will also make a U-turn one day to join the industry to the extent of trying to create one of the biggest altcoins we can ever have in the cryptocurrency world aside bitcoin. Take it or leave it, if Facebook coin scales too, then I see all other coins hype dyeing and being forgotten.

FACEBOOK LIBRA WILL ACCELERATE THE LOSS OF CREDIBILITY OF CENTRAL BANKS

in addition to competing with the traditional banking sector, Libra risks accelerating the loss of credibility of central banks. Because this time, it is not just about new payment services, but a new international currency in its own right.

Indeed, the Libra will be what is called a stablecoin, i.e. a stable cryptocurrency because it is based on a basket of several major international currencies (dollar, euro, pound sterling, undoubtedly yen and yuan). This stability is an essential difference with bitcoin, whose high price volatility discourages many users.

With nearly 3 billion members, Facebook (as well as its subsidiaries Whatsapp and Instagram) has a strike force that no company has ever before had in history. As a result, its cryptocurrency can compete with the world's sovereign currencies.

Emerging countries with an inflationary currency and exchange controls can legitimately see Libra as a direct competitor. Their population will have an interest in switching to the new currency to free themselves from the inflation that is eating away at their savings. Central banks in emerging countries must be seriously concerned and it is to be expected that many of them will simply want to ban it.

https://www.goldbroker.com/news/facebook-libra-will-accelerate-the-loss-of-credibility-of-central-banks-1570

Libra coin is just like another PayPal and that’s just how it is. It is mainly for transaction and it is not going to be like Bitcoin, because it’s not going to be volatile, it’s just going to be another stable coin. I have already seen a lot of big names jumping on it… but it wouldn’t like Bitcoin, it’s a whole different Bitcoin. The way I see it I might even make use of it, it’s not going to be of any use to me since I can make use of PayPal to send money to others so what’s the need for it? Unless maybe it will be important to those places where PayPal is not available, they can use it to send and receive money and also get paid online, cause lots of company are likely to accept it.

Facebook's standard approach when faced with a competitor is either a) buy it and make it a part of the Facebook empire, or b) steal the tech and grind the competitor into the dirt.

They can't buy control of bitcoin... (surely even FB wouldn't try to 51% it)

Open source is great so long as the people using it are great. This could turn into a big battle of centralised vs decentralised. Oh, I forgot - Libra will be decentralised and administered by Facebook the "independent" Libra Association. Hahahahahaha.

Our best hope against Libra is governments waking up and understanding that FB wants to rule the world, and then finally having the guts to legislate against what this company is doing. Would that hurt bitcoin and the rest of crypto? Difficult to say.

Maybe. If people become too concerned about their privacy (since Facebook has a reputation about it), then they wouldn't use Libra at a large scale. But, even after Facebook's latest privacy scandal, people seem to use its social network platform. This means that they don't care about their privacy, as long as, they receive convenience and ease of use. The same thing could happen with Libra, as people find it easy to send money with it worldwide.

Despite being a heavily centralized cryptocurrency, it'll provide many benefits such as instant transactions and the lowest fees possible. That's something which Bitcoin lacks, as its Lightning Network isn't ready yet. Of course, the main advantage of traditional cryptocurrencies like Bitcoin and Ethereum versus Facebook's Libra coin would be decentralization and censorship-resistance. But many people will choose convenience over censorship-resistance as we've suspected.

Nonetheless, Facebook's Libra cryptocurrency may become a success if it manages to comply with regulations worldwide and people adopt it at a large scale. However, knowing that central banks and governments have controlled Fiat for a long time, they would do their best to prevent this from becoming a reality anytime soon. Just my thoughts ;D

Of course, the banking system and the government do not want to lose control over the money of their clients and citizens.  In any case, the libra becomes competitors.  But if the Facebook project becomes a reality, then all available information about users will be concentrated in one hand, that is, Facebook.

I also did not really understand this post. But I am very skeptical about the Facebook project. I don’t like Facebook at all, and besides I don’t like that Facebook divulges customer data and transmits it to US intelligence. I personally do not intend to use the new cryptocurrency from Facebook. If we compare Libra and TON, then TON clearly has more advantages in that Pavel Durov does not issue any customer intelligence information in principle and protects the information of his customers. Facebook, on the contrary, almost openly works with the US special services.

They want to replace western union and VISA fees.

In other words, the exact same use-value as bitcoin, but Zukerberg reckons he can do it better. And there is his rivalry with the Winklevoss twins in the mix there too.

Exactly. Every transaction made on Libra's ledger, will be easily tracked by Facebook itself. This will give them some level of control (even higher than ordinary Fiat like the USD) over the way people spend their money, where privacy is non-existent. For us crypto enthusiasts, Libra may well be a nightmare. But for the general audience it's not, as they believe that it's going to be the next big thing in our worldwide economy. Given that Libra hasn't launched yet, it's too early to tell if it's going to be a success.

Right now, there's a lot of hype surrounding Facebook's new cryptocurrency. People are eager to invest into Libra ASAP without even doing their own research about it. Eventually, Facebook will become the Bank 2.0 of the world if people (and governments) allow it. Regulators have the power to either restrict the growth of Libra, or devise laws that would contribute towards its longevity. On the other hand, Facebook is prepared to comply with every regulation to allow Libra's use to become widespread across the mainstream world.

Nonetheless, if Libra's launch becomes a success, then Facebook will effectively act as a central bank while Fiat's existence would be put at risk. But with many opposition from governments worldwide, it looks highly unlikely that this will go somewhere. Just my opinion :)

Indeed!

People mostly would see this as a money making opportunity rather than being serious on seeing its usage.
Profitability would always come to mind and even myself doesn't recognize on Libras coins existence which I do see it as
an another shitcoin in the market without having that actual usage and value.     

Wouldn't this Libra coin only be usable within the Facebook environment, meaning just FB, Insta and maybe some other apps?

I'm on the opinion that the mean reason for making this is for Facebook the be the main controller of digital identities. It's likely going to require KYC and from there Facebook would be able to eventually track EVERYTHING you do on the internet. I bet Google's gonna get pissed.


Amen. Not to mention there are people who would bristle at the idea of a private company printing money.

Prior to the announcement of the Facebook coin, I have learnt through several sources that the government of America had called Facebook to enquire about the purpose of his cryptocurrency creation, and through this dialog, and for them to have been impressed with it or given their consent, then Facebook must have built an application that will favor the government and the financial institutions. With coin like Facebook, they will still be able to control their citizen money, but where Facebook coin will have issue is for it to be globally accepted.

Libra coin cannot be globally accepted, and I see Libra coin being accepted more in United State, if Libra coin is used globally, it will definitely exposed the data of certain people that not ought to be released to the government of United State, because I know that Libra coin will be fully operated on a centralized technology.

No one ever said it is the new world currency, that’s not going to happen and anyone saying it is just being dumb. People just believes that the Libra coin might gain lots of attention and might make a lot of people to choose it as their payment method online, some even believes that there is every possibility that the new coin is going to put PayPal under, that’s if lots of companies starts to accept it and if it is also available in so many countries.We don’t even know that for sure, this is all hype and nobody is even sure about it. So I am just going to wait till the coin is released before I start believing anything about it

Libra might attract lots of people within the mainstream world, if it has a successful launch. However, it will never become the new world currency because governments won't allow that to happen. They always want to remain in control, and what better way to achieve it with their own national currency? (Fiat). No matter how good Libra will appeal to its users, it'll always be a centralized cryptocurrency subject to manipulation and fraud. That's why, Blockchain was created with the purpose of counteracting such effects.

A system which implements a single point of failure (centralization) is not a Blockchain, in my opinion. Libra could very well be the next generation of Banks (Banking 2.0) as it tries to overcome traditional payment processors such as VISA, MasterCard and Paypal. If it wins, then Libra would have nothing in its way except for decentralized cryptocurrencies and Fiat.

Still though, it looks unlikely that Libra will launch in the future as many governments and central banks are already opposing it. There's too much pressure worldwide (especially within the US), which will make it hard for Facebook to launch it's own cryptocurrency. After all, Facebook has been well-known of violating people's privacy. Giving it the power of tracking our daily transactions, will do no good for our society.

Therefore, the central bank of Facebook won't be able to stand a chance against giants such as governments and Banks worldwide. Just my thoughts ;D

People have a very negative attitude towards the banking system, but are thoughtlessly happy about the new project from Facebook.  It seems to me that even in this case, you need to be very careful not to create unnecessary problems for yourself.  Of course, I understand that Libra can be a real substitute for existing payment systems.

Most people don't understand how cryptocurrencies work. They're only in it for the money. This explains why most of them believe that Libra is better than a traditional bank, as they don't perform their own research. When the moment of truth comes into play, they will realize that they've been wrong from the start. Facebook's Libra cryptocurrency will become the world's Central Bank 2.0, if its launch becomes a success.

Most governments have realized the true potential of Blockchain technology, which is why they're afraid that cryptos like Libra will take over the world. The main intention of governments worldwide is to stay in control no matter what. They aim to achieve this by forcing people to use their national currency instead of other alternatives. Which is why, I believe that most governments will do anything within the power to try to stop Facebook's cryptocurrency from becoming a reality anytime soon.

The US has already been reacting towards Libra, in a negative way. They could prevent Libra's development from taking place within the mainstream world. If they allow Facebook to launch their coin, then it will become a disaster for our economy as we know it. People won't have any privacy at all when performing their transactions with Libra, as Facebook audits its internal Blockchain ledger. But, everything will depend on how governments will allow this to happen.

Nonetheless, if we have decentralized cryptocurrencies like Bitcoin and Ethereum, we shouldn't worry much about Facebook's Libra coin as it'll become another central banking system like traditional Fiat is right now. Just my thoughts ;D

Facebook currency will become a reality because there is nothing one can actually do to stop the technology from being released, they have every right to apply what will benefit them, but it will never gain the market dominance as we think, do you know how many countries that we have in this world, and each of them have their own policy, and so far they still have law in place that the citizens fear, then nothing to worry about Facebook coin.

Before Facebook coin can really gain that popularity in any country, then the government of each country must have accepted it which like you say will be impossible because everyone wants to protect their own currency, in fact starting from china and India alone, Facebook coin is already a failure being that they have the largest population in the whole world.

I don't understand how people think that libra will be like a stablecoin or like a crypto currency. It is not, it has nothing to do with it, the project is based on blockchain from what we hear and that is the common part but it is just a very improved version of paypal that's it. They will have blockchain and tech behind it and they will create the project so people can send and receive money easily from facebook/instagram and mostly whatsapp but it will not be anything more than a paypal/venmo thing which is why they will not get big.

I mean their size depends on the money they have, its not like price of libra will go up, it won't and that is not how it works, do you invest into usdt so it will go up? No. You use it for yourself for trading, same will happen for libra as well, its not a crypto currency, its a stablecoin AT BEST.

We may not be able to stop the technology from being released, but the government could do so at any moment. After all, we've seen how the US has been concerned of Libra's legitimacy within the mainstream world. President Trump has expressed his ideas of Facebook's cryptocurrency, where it can be used for various illegal activities. Regulators from various countries have bashed against Libra, as they're afraid that it might replace the world's monetary system.

Believe me, many governments are aware how powerful Blockchain technology is. Facebook's aim of becoming the world's next-generation central Bank with Libra coin, will prove to be a threat to the existence of Banks worldwide. That's contrary towards the proposition of governments as they want to gain control over their people's finances. Central Banks want to remain in power, which is why they'll try to do anything at their disposal in order to destroy Libra at all costs.

Luckily, that won't be the case for other cryptos like Bitcoin and Ethereum because they're highly decentralized and censorship-resistant (unlike Libra). With their distributed nature, and ever-growing support from people within the mainstream world, they become a force to be reckoned with. Libra has a higher risk of failure within the long term, because of its single point of failure (Facebook). If it becomes a success, then it could bring a greater level of adoption for Blockchain tech within the mainstream world.

Nonetheless, Facebook would need to go through various regulations in order to establish itself as a central bank. And since it aims to become a global financial institution, it's going to become even harder to comply with all of the world's regulations. Which is why, it's very unlikely that Libra will launch by 2020. Just my opinion :)

Some people afraid that Libra will become the number one rival of Moneygram and Western Union as initially this coin is planned to be used for the online transactions.
Certainly, many people are looking forward to the day, when it is released. I do not remember the coin which could become popular before its release as it happens to Libra now. Actually, it will be a kind of a revolution.

I honeslty 100% agree that people are not interested in bitcoin because they can see what it can achieve in the future and how it can change our financial system from the bottom and make the world a lot more equal between rich and poor. Right now the system is crooked towards rich people and the gap between rich and poor is getting wider and wider.

They are only interested in using bitcoin to get richer and that seems to be a big problem. That is why libra wouldn't change too much, they can't get rich using Libra since its just a security and stablecoin so if facebook ends up saying 1 libra equals 1 dollar then doesn't matter how much you invest it will end up the same amount since it won't get up. That means the people who are mostly interested in bitcoin for more money will not be interested in libra.

Trump too never supported it, and I think so many people have responded to it negatively, I think the issue with this Libra coin is that it created a system that would connect world financially, which may make the world’s finance to be under his control, because if you look at it, it is assumed that he wants to create a global currency, and if you look at the world global, it seems like trying to encompass the whole continent of the world, and how can the world submit to Facebook.

I know that the CEO is rich, but it would be a shame to the world leader if they also allow him to use his money to control them, their citizens and the world at large in the financial system. Well, with time, we will see exactly what Facebook coin intends to do when it is being released.

I think you are correct. Indeed, if for some reason Facebook as a lead partner or with someone else in the lead partnership they are never allowed to make their own crypto, well, IMHO,

all Facebook would have to do is BUY Bitpay for say what 100 billion USD? Thus, bingo bango...they got their crypto they can data mine users about use and shopping of such,

which is the real reason for crypto, that data for ads, etc. Can't really beat up Facebook for using a service that has been in play for what 10 years?

This very well could be their backup position.

So the reason for their own crypto is they wanted complete control, but nothing I think could stop them from being just

another vendor or Bitpay and/or owner.

Anyway, my 'meandering' view of this topic. Not that I know squat.

Brad

Whatever Facebook does is their own right and that is a reality we must accept.
but for me what is done by Facebook is ripples that will eventually get used to, whether it will be accepted or not by the general public. at least it can enliven the technological developments that occur.

There's a high probability that Libra might replace MoneyGram, Western Union, and several other traditional payment processors within the future, upon its successful launch within the mainstream world. This is because Libra will obtain Blockchain's benefits of high efficiency and extremely low costs for transactions. Since neither MoneyGram nor Western Union are using Blockchain technology, Libra will prove to be a superior system for mainstream payments.

Even if Facebook plans to "wiretap" Libra's transactions across the Blockchain, it'll still be a popular choice for people within the mainstream world. We've seen how many people don't care about their privacy, despite Facebook's latest scandals with its social network platform. Most people in the mainstream world are just looking for convenience, and ease of use. Considering that Libra will be a stablecoin pegged to the value of $1 USD, it has all the odds of becoming easily accepted by average people instead of decentralized cryptocurrencies like Bitcoin and Ethereum.

Nonetheless, Libra is still fighting its way towards launch by next year. If governments worldwide approve it, then there should be nothing stopping Facebook from becoming the world's next-generation central bank. After that, traditional banks may see their existence threatened by Libra unless they fully adopt Blockchain tech for their own benefit. In the end, Libra may be the USD's successor while it'll co-exist with decentralized cryptocurrencies for a long time. Just my thoughts ;D

Agreed.  Please don't misunderstand my words 'creating money out of thin air.'  (See below.)

Absolutely, the money issued will be backed by real value created in the economy.  Isn't this the same as fiat money everywhere today?  When engineers create something good in the lab, the central bank can issue new money without causing inflation, since there will be extra activity (growth) that provides legitimate demand for the new money.  And AFAIK Facebook has a very good lab.

It is the same for Facebook as everywhere else in the modern world.

The problem comes from the incentives built into this kind of money system.  Since the issuers of the money or debt, politicians, bankers and central bankers, have the incentives to keep issuing new money and debt regardless of economic growth, and have a lot of power to temporarily prop up the value of any new money issued above the growth, human nature says that, eventually, the system becomes unstable.  (If you see how well the long-term price of gold in dollars has done, you have the historical data for this argument as well.)

So, my definition of 'out of thin air' (and I apologize for not making it clear at the beginning) is: any issuance of money that is not backed by 100% reserves of another money.  (Now the 'other' money might itself be issued out of thin air, but that's not a problem for our issuer.)  If Libra would like us to believe it is 100% backed by national-currency reserves, don't believe it.

I guess we never know for sure, but we can guess that it'll be the same as all the Western elites who benefited from issuing money and debt:

- Issue some claim to value which costs very little to produce in itself.
- It works better and for longer if your token can or will buy things that people really want.
- Use whatever power you have to prop up the value of your token: have the media write stories, start wars to force 3rd world countries to do what you want, whatever it takes.
- Keep issuing and strongly denying any instability as long as possible.
- Diversify or get out of that token yourself before it's too late.
- When at the end of your rope, devalue your token, enough to regain stability.
- Start the cycle all over.

What we should aim to achieve is not necessary something that will help Bitcoin.  We should try to arrive at the truth, whatever the consequences may be.  If the truth comes out, eventually, if not immediately, it should always help things like Bitcoin.

Ha ha!  Exactly how these things work!

They can't just do whatever they want, they are guided by the law and therefore they need to seek approval first before they can implement what they like.
Libra has to pass with a lot of regulatory requirements before it will be launch and might take time.

Facebook can never replace those companies that you mentioned, don’t also forget that the establishment of those companies has also increase the financial base of government and also better the economy of the country where they operate, do not first forget that those countries will first not do without given it a fight, and if it is blockchain technology that Facebook want to use to suppress them, they will simply just go on blockchain technology also.

These guys are strong competitors, and they are ever ready to face any competitors that may want to double cross them and even with the help of the government, Facebook will find it very difficult to send them packing because of its own system. Don’t ever expect government worldwide to ever approve it.

Good point. Existent payment processors are too powerful to come down anytime soon. They might as well adopt Blockchain technology in its entirety than doing anything about it while other alternatives take the lead in mainstream payments. Be aware though, that if traditional payment processors like PayPal, MoneyGram, and Western Union adopt Blockchain technology, then the competition will be fierce against Libra. By then, it would only be a matter of which payment processor provides the lowest fees and the fastest transactions possible.

As for Libra, its future will greatly depend on how many people use it, and how governments are willing to let it survive within the mainstream world. Facebook's ambitions of becoming the world's the next-generation central bank is not surprising at all, especially since it's been a threat towards people's privacy. The newly-issued digital currency would serve as a surveillance tool for Facebook, as it'll be able to keep track of people's transactions with ease. Facebook will quickly report those transactions to the government, whenever it sees anything unusual within its Blockchain ledger.

Which is why, I believe that it's best for Libra to never become adopted by people within the mainstream world in order to prevent another scandal like the one happened with "Cambridge Analytica". Even if it becomes popular, it might benefit the crypto industry in many ways. The success of Libra's launch would lead other people to look for other alternatives as well. Once this happens, decentralized cryptos like Bitcoin and Ethereum would gain massive traction within the mainstream world.

Nonetheless, Facebook is going to have a hard time with governments and central Banks worldwide. It would seem rather impossible to comply with regulations on different countries worldwide. Such entities would battle their way towards non-stop power by reducing Libra's influence within the mainstream world. Hence, only decentralized cryptocurrencies will prevail in the long run. Just my thoughts ;D

Facebook doesn't seem to release its Libra coin. The United States and other G7 countries simply will not allow this and will legislatively prohibit its use on its territory. It is no coincidence that Visa has already refused to cooperate with Facebook regarding this coin. Anyway, Facebook will be very difficult right now. I think they themselves will eventually abandon this project.

Something recently around the new Facebook project has flared up quite a lot of scandals and therefore today there is a good chance that this project will not be implemented.  I think that the special services and the US government have succeeded in imposing a moratorium on the implementation of the Libra.  Someone may not like my opinion, but I would not want all my personal data, including information about balances and transactions to belong to Facebook.

Facebook itself wont be a central bank but by holding a basket of currencies and addressing a population of billions it will highlight the already standing differences between central bank standards throughout the world.   This Libra might encourage the greater flow of currency from weaker currency into the more strongly defended currencies that have less inflation.    Obviously anyone in Venezuela would immediately be better off siding with such an arrangement but also its true for some of the largest countries in the world, Libra could become the safe preference for free cash.

Unfortunately, the US government do not see it that way, they have their own perception and judgement based on their constitution and framework and they see Facebook's Libra coin as a big threat to the banking industry and the strength of the dollar, they do not want interruption and they do not want a new financial power coming in to challenge them.

But are they not allowing Libra to be launch? I think they haven't said something like that and they also didn't say about that threat.
AFAIK, all they mentioned is just in relation to regulation and they want Libra to complied with the strict regulation so they can monitor this project properly and that's their job, imagine the risk if they can't monitor it, Libra might attract billions of users world wide and illegal activities could be rampant without a strict policies impose on them.

Unfortunately this challenge by a simple process of alternatives in an economy isnt a new problem for governments.   I think the measures previously used are called Capital controls (https://www.investopedia.com/terms/c/capital_conrol.asp) which is to restrict your own population from its choice of currency.
   We do not live in a time of capitalism, I've been saying this many years.   We retain democracy for now but we have effectively lost capitalism when the central bank looms over so largely on the value of every note of value held and exchanged in the country.

It means all are a threat even when they have no intention to be, Libra by not backing the US dollar has stepped outside the shadows cast by the central banks that might allow it to continue unopposed.   Zuckerman does not realise by establishing his own basket of currencies in his arrangement he could unbalance the capital flows of countries quite vulnerable to devaluation.
    It doesnt take alot to do this to a country with 10's of thousands in debt for every citizen and long standing trade deficits, Sterling is currently feeling the steady loss of value from markets favouring currency alternatives with less risk then its politics has for this year.

This article basically underlines the problem, Japan is quite favourable to BTC so its quite a contrast. -
https://uk.reuters.com/article/us-japan-facebook-libra/former-japan-central-banker-warns-facebooks-libra-may-undermine-monetary-policy-idUKKCN1US0SK

Well, I have seen some news around about G7 discussion disapproving the use of Libra and seeing it as a global threat and this may be the reason why Facebook too announced that they might not succeed in launching the project too, if the source of news where I read it was true because I don’t rely on Facebook official statement again, it has been long that people started talking about Facebook Libra coin which I never believe because Facebook did not make any official statement, only for me to see their statement about it at the dying time.

So, I believe there is still element of truth in this and Facebook might have been advised to halt the project and I would not be surprised if we don’t hear anything about the project again.

I think that soon the passions around the appearance of the scales will calm down, since such an ambitious Facebook project will remain unrealized. Against the appearance of the Libra coin, the G-7 countries were very tough and I think that this is already enough to prevent such a project from happening. Even Facebook already doubted whether they would succeed or not. And this is actually their surrender.
However, something similar to the Libra coin may later be released in China. This state is less dependent on the United States and other world states. Therefore, the events surrounding the idea of ​​issuing such a stable coin will continue.

That's certainly true, mate. It's the usual behavior of governments worldwide, as they don't want an alternative currency taking over the world. Their main intent is to keep control of their citizens whatever the cost may be. In the case of Libra vs the US, I believe that the government is afraid that Facebook's infamous cryptocurrency will take over the USD. We've seen President Trump's comments recently where he said some negative comments about Libra, while praising the USD in every way.

Even if Libra doesn't become a reality anytime soon, the US government will surely devise a digital currency of its own. That would be a modernized version of the USD, with its very own Blockchain ledger controlled the central Bank in the US (in this case, the Federal Reserve). This would be preferable over Facebook's cryptocurrency which has the intent of violating people's privacy in every way. Despite what people think about Libra and crypto in general, it's the way of the future and we cannot ignore it.

Nonetheless, the odds of Facebook becoming a central Bank in the future, are zero to none. This is widely because, regulators have become too fierce against Libra's launch with the aim of destroying the project altogether. Successful or not, at least we have decentralized cryptocurrencies like Bitcoin and Ethereum which are more than sufficient for our daily transactions without middleman. Just my thoughts ;D