Title: Libra – The Good, The Bad & The Ugly Post by: akhjob on June 23, 2019, 06:34:48 PM It’s been a while since I last posted in this forum, so I thought of writing something useful to the community about the latest "Libra" Project as there is not much information in the ANN (https://bitcointalk.org/index.php?topic=5154522.0). In this post, I’ll be sharing my views, information from several sources that I have read and points from the Libra Whitepaper (https://libra.org/en-US/white-paper/) and Website. (https://libra.org/)
Libra Libra is aimed to be a stable digital currency built on a secure and stable open-source blockchain, backed by a reserve of real assets, and governed by an independent association. The project has targeted to launch in the first half of 2020. Libra has proposed a Libra Investment Token, for investment purposes and a Libra Currency, to serve as a stable digital currency. The Libra Reserve –
The Libra Blockchain –
The Libra Association –
Founding Members –
Calibra
The Good
The Bad
The Ugly
Edits: 1. Libra / Bitcoin / PayPal - https://i.imgur.com/ti47YRi.jpg 2. Libra Vs Bitcoin (https://bitcointalk.org/index.php?topic=5157660.msg51945057#msg51945057) Title: Re: Libra – The Good, The Bad & The Ugly Post by: key4co.in on July 21, 2019, 12:32:49 PM This is a very good article on Libra, I must say. The centralized nature of Libra brings in the disadvantages, but looking at it from a broader perspective, crypto will only go mainstream with some form of regulations (which is an attribute to centralization), hence it's not entirely bad. Facebook user base is the main focus here, if Libra goes live and facebook users adopt it, then it gives more exposure and acceptance for crypto at large.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: princerepon on July 21, 2019, 02:12:41 PM Thank you very much for sharing your thought. I was looking for information about Libra but there was not enough i found. This is completely a good article to know about Facebook new blockchain "Libra". I think people can do understand what is Libra and what are they trying to do. I hope you keep posting about Libra's new update. Thank you mate... ;)
Title: Re: Libra – The Good, The Bad & The Ugly Post by: semes on July 21, 2019, 02:20:24 PM The only thing that I think is this with your article. Bitcoin> Libra > PayPal> FIAT or Bitcoin> Libra > FIAT> Paypal. But I think Bitcoin is the only important point here. There is nothing that I can compare here with BTC. Title: Re: Libra – The Good, The Bad & The Ugly Post by: ishirut009 on July 21, 2019, 02:26:42 PM the only thing that i like about libracoin is the fact that they call it crypto, therefore, people will hear the word crypto and they will become curious about bitcoin and other alts. And if they research well enough, they will found out what libracoin really is. Which is a nice thing to happen.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: akhjob on July 22, 2019, 02:00:47 PM @princerepon - Thanks for the kind words. I'll try to keep this post updated with latest updates on Libra.
-skip- The only thing that I think is this with your article. Bitcoin> Libra > PayPal> FIAT or Bitcoin> Libra > FIAT> Paypal. But I think Bitcoin is the only important point here. There is nothing that I can compare here with BTC. I'm not trying to say that Libra is superior than Bitcoin in any way through this post. Believe me, I am not a fan of Libra either and I definitely don't want Facebook to have my identity and financial data. I just believe that Libra has helped Bitcoin in some ways. Since, I didn't find a detailed thread on Libra here, I thought of sharing the info I learned from several sources. Title: Re: Libra – The Good, The Bad & The Ugly Post by: tsaroz on July 22, 2019, 03:36:59 PM A well written and non bias analysis. I had no idea about Facebook being just a node after the release of the blockchain. If that's the case and the nodes are limited just among those enterprise, we as a general crypto enthusiast and users has nothing to hope from the Libra token. It would just be another Paypal that is not based on a fiat currency.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: coloseum on July 22, 2019, 04:12:42 PM Libra finished its role to boost bitcoin this year, or at least within the first two quarters, so it's good to stop dicussing about Libra, that has not yet allowed to launch. In coming months, might be next year, Libra might bring other rounds of impacts on bitcoin and crypto market, but not now. The Facebook team need to do something to change Libra's current destiny, and crypto market, includes bitcoin, need some months to re-consolidate.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: qazgroup on July 22, 2019, 04:24:15 PM The only negative side to libra for me is the government interference and control that they are demanding and in the end it will not be a surprise to me if libra comes up as a centralized product with probably every transaction taxed which can hinder its free use, otherwise everything about this project is positive and huge in terms of its global impact.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: coloseum on July 24, 2019, 08:20:30 AM The only negative side to libra for me is the government interference and control that they are demanding and in the end it will not be a surprise to me if libra comes up as a centralized product with probably every transaction taxed which can hinder its free use, otherwise everything about this project is positive and huge in terms of its global impact. Interference and control or management from governments occur not only with Libra, but also with bitcoin, and other altcoins or tokens, especially with crypto currencies that focus on user privacy. Because governments basically don't want crypto currencies to be used and compromised as good tools for money launderings.Title: Re: Libra – The Good, The Bad & The Ugly Post by: eternalgloom on July 24, 2019, 09:22:59 AM Great job on presenting all the information like this!
It's definitely interesting to see that they will need to tie people's real-world identity to accounts, especially since it's Facebook we're talking about. I mean, even Paypal doesn't require you to give up your government issued ID for accounts with low limits. I'm guessing this will be something that's going to stop many people from using Libra. Title: Re: Libra – The Good, The Bad & The Ugly Post by: akhjob on July 25, 2019, 09:00:01 AM @eternalgloom Thanks for the merits(my first)
I see a lot of hate towards Libra in this forum and I understand the reasons behind it. So, let's compare Libra and Bitcoin and see which is better.
So clearly, Bitcoin is the winner and we can see why most hate Libra. Feel free to comment your thoughts on the table. Title: Re: Libra – The Good, The Bad & The Ugly Post by: coloseum on July 25, 2019, 09:29:33 AM I mean, even Paypal doesn't require you to give up your government issued ID for accounts with low limits. I don't think Facebook will be allowed to launch Libra soon, or will never have chance to launch it. Furthermore, I agreed with you that Libra, if launched, will destroy privacy of its users, based on some basics relate to USA's local law managements, and core approach of Facebook.I'm guessing this will be something that's going to stop many people from using Libra. Title: Re: Libra – The Good, The Bad & The Ugly Post by: akhjob on September 13, 2019, 05:10:55 AM So, France's Finance Minister, Bruno Le Maire has commented that Libra threatens the "monetary soverignity" of Governments and would not authorise the development of the Libra Project.
Source: https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/ Title: Re: Libra – The Good, The Bad & The Ugly Post by: SquallLeonhart on September 14, 2019, 02:38:19 PM So, France's Finance Minister, Bruno Le Maire has commented that Libra threatens the "monetary soverignity" of Governments and would not authorise the development of the Libra Project. Wow, that means that Facebook would not be getting much support and may not succeed in releasing the coin because if they do, they would declare it illegal, this is still one of the advantage of centralized cryptocurrency to the decentralized one, they know that when they say things like this about bitcoin, it will really not have any effect because they cannot even trace the transaction.Source: https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/ One more reason why they are being threatened by Facebook coin is that while it may take more than 3 decades for bitcoin to really get to one billion users in terms of awareness, it may not take Facebook more than 1 year to get their coin to their users because they still have the largest users database in the whole world, so I was not expecting anything less form them. Title: Re: Libra – The Good, The Bad & The Ugly Post by: tranduong123 on September 14, 2019, 02:43:59 PM Many governments are concerned about Libra, they think that Libra is threatening their Fiat money, and the Government is afraid that they will not control the economy if Libra is popularized.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: Brunus on September 15, 2019, 10:21:44 AM I haven't read much about Libra, but I am wary on principle: Bitcoin was born precisely to be outside the control of traditional political and financial institutions. It is a contradiction in terms and a scam that the institutions themselves promote a cryptocurrency.
Title: Re: Libra – The Good, The Bad & The Ugly Post by: cahbagus555 on September 15, 2019, 10:43:35 AM Many governments are concerned about Libra, they think that Libra is threatening their Fiat money, and the Government is afraid that they will not control the economy if Libra is popularized. Of course the Government or the central bank will feel threatened because financial transactions that use Libra Coin will not be tracked and can interfere with the function of the central bank. In addition, the Government will find it difficult to collect taxes from every transaction that uses Libra Coin. Title: Re: Libra – The Good, The Bad & The Ugly Post by: Alisha FR on September 15, 2019, 01:33:41 PM there are a few points I can take from your article:
1. Libra like banking which distinguishes it from commercial banks is the use of blockchain. this point will be a problem for a country because libra can kill state banks. 2. a centralized system (the policymaker is the founding council), even though the username is anonymous, and the user will still be tracked, because libra users must register AML through facebook or Calibra. this second point, libra will never be the same as bitcoin or altcoin, libra is more like a virtual currency than what we call cryptocurrency. this is my view. Title: Re: Libra – The Good, The Bad & The Ugly Post by: akhjob on December 24, 2019, 12:14:47 PM If anyone one is looking for a stable coin worse than Libra, here we go, China Coin proposed by the Chinese Government, neither backed by fiat nor physical assets.
source: https://u.today/china-coin-new-details-make-chinese-investors-disappointed-heres-why Title: Re: Libra – The Good, The Bad & The Ugly Post by: Ziskinberg on December 24, 2019, 12:40:42 PM If anyone one is looking for a stable coin worse than Libra, here we go, China Coin proposed by the Chinese Government, neither backed by fiat nor physical assets. source: https://u.today/china-coin-new-details-make-chinese-investors-disappointed-heres-why Proposed by government and manage by government, for me it's not attractive, they are just converting their money into coin to compete with the blockchain system or and use the concept of the crypto, I would rather invest in Libra than anything created by the government because they are in control and I don't believe it's a favorite investment for the people. Title: Re: Libra – The Good, The Bad & The Ugly Post by: akhjob on March 04, 2020, 11:15:35 AM So Facebook has decided to please the regulators and has decided to back away from Libra for the time being and will support digital government currencies. This is getting worser and worser ::)
Source: https://www.theblockcrypto.com/linked/57657/facebooks-digital-wallet-will-not-support-libra-for-the-time-being-report Title: Re: Libra – The Good, The Bad & The Ugly Post by: Lance203sin on March 04, 2020, 11:26:13 AM And the most important - the dead. This project is cancelled and this is pretty good for all of us
Title: Re: Libra – The Good, The Bad & The Ugly Post by: thiscomm on March 04, 2020, 11:42:33 AM and a little lack of this libra in my opinion is that their prices are made stable meaning that even though the number of transactions continues to rise, the price of this libra will remain. This coin is made to meet Facebook users when making transactions such as buying and selling on Facebook. so libra developers make prices stable like common fiat money.
|