Bitcoin Forum

Right before the launch of libra the global coin, a lot of controversies is associated with the project. Amongst it controversies is that from Yves Mersch  an ECB executive board member who said Libra is a “siren call” that will ultimately lead to the formation of a “cartel-like” ecosystem.

It is noted that libra is designed in a way to give Facebook centralized control over the entire entity admist Facebook claim they won't be directly involved in the libra ecosystem.

However the group that will be managing libra project is calibra a fully owned subsidiary of Facebook which is indicative Facebook will still have full control over the ecosystem.

Facebook has acknowledged what many have been saying – that regulatory issues may be an insurmountable barrier to the launch of its Libra global cryptocurrency project.

And not only is Libra “based on relatively new and unproven technology,” the laws and regulations around digital currency are “uncertain and evolving.”

Central banks, government ministers and watchdog chiefs have been lining up to demand more information on the project over fears it could pose a threat to central bank money and financial stability, and provide a global avenue for money laundering and fraud.

In your opinion should the libra project be halted?

Facebook has acquired Servicefriend, a startup that built bots — chat clients for messaging apps based on artificial intelligence to boost the Libra reach my knowing the usage of consumers.

I hate Libra from the very fact it comes from Mark who has been spying on all users data and using it towards the campaigns in US elections.

To read about the accusation of Servicefriend , you can click this link : https://techcrunch.com/2019/09/21/facebook-servicefriend/

I don't like Libra for having a centralized network but I like how it is pissing many regulators from different countries. Should it be halted? I don't think so but that's not for us to decide. Some countries will ban them for sure but so much money has already been poured into this project and stopping is no longer an option for them.

We can say that libra project is already halted. One factor is their too much controversies so it's image is already damage about that. Then their malfunction upon launching is also one reason. In fact all we know that using facebook coin name has a very big impact but upon launching all investors and potential users  and clients are not satisfied.

the good thing with libra coin is being handled by facebook and the purpose of it is being the medium of international payment. It was not stop it is just postpone as said by Mark “Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” he said. “But right now I’m really focused on making sure that we do this well.”

This is the assurance that Mark want to do a good project and can lift the image of cryptocurrency.

No, it should not be halted but instead, it should be terminated completely. It is very harmful to people who seek freedom and at the same time, it is very bad for an economy.
and yes it will eventually lead us to the “cartel-like” ecosystem. Because of its total centralization and the fact that it has a red flag in this area.
I am completely against this kind of digital currency because it might affect our cryptocurrency in a negative way, even it is very possible for every country to ban cryptocurrency completely because of the side effect of Libra once they manipulate it at its finest.

do not think about the short term but instead, think for the future.

In my personal points of view regarding this thread was no need to halted Facebook Libra's Launch, cryptocurrency space needs to be open for competition to bring more opportunity in the industry! facebook's billion's of users can drive cryptocurrency adoption in a massive scale! Thats why no need to be treatened because Bitcoin has already a huge fundamental position in the market so it remains the King of all cryptocurrency in existence.

1. Facebook censors and/or bans pages/accounts that violate their "rules". As each day passes, their "rules" seem to change to adhere to an ideology that does not include things like Freedom of Speech. It impacts people of all political/ideological persuasions.

2. Facebook has shown that they value gathering as much data on you as they possibly can and are unwilling/incapable of ensuring any aspect of your privacy.

So. Anyone that will let Facebook "control" their money, and cut off to their access to it for whatever reason they want. Well, they deserve what they get for being so stupid.

So sure, Libra should be "halted/killed" or whatever. More importantly, companies like Facebook should be broken up so they no longer have as much power as they do as it's getting worse and worse.

it is a centralized shitcoin and it is not the first time one of them is being created, the only thing that is first is the size of the pockets of people who are creating it otherwise it is the same as shitcoins such as ripple. nobody can stop them from creating their shitcoin, they may end up shutting them down at some point in the future though or force them to get a banking license and report every single transaction to the 3 letter agencies in the US just to let them live.

Libra is a great add to the cryptocurrency niche for sure ,there is no single doubt about that although it's 100% centralized. The major problem that faces Libra is that they won't allow it as payment coin since this jeopardize the whole monetary system & open new major problems that threaten those thieves, that's why Trump said it plain simple in this sense in concerns of Libra: " if they wanna make it to as payment, get your banking license first ".

Facebook will have to deal with shit load of legal problems to get Libra working, i won't be surprised to see KYC mandatory in the accounts that wanna use Libra.

It's still early to see Libra in 2020 like they said, & i won't be surprised if they cancel this whole Libra thing, it's not that easy to make a payment option in the biggest market (Facebook) & the monetary financial institutions watching without doing anything, hard to believe that.

I have mixed feelings on this myself. FB is huge and could make crypto go mainstream if they succeed due to their size.

But I dont trust FB because of their lack of control with personal information.

I certainly would not use it if they succeed. But if it helps the crytpo community, then so be it.

Libra project can not be stopped my our comments and dissatisfaction because it have the supports of some world powers and they have determine to proceed whether we invest into it or not on the second hand most of us will still join the train when we discover that we are loosing money by not investing into Libra.

Facebook has been involved in many controversies when it comes to data being compromised and playing with the privacy and security of their users. Such company coming up with a cryptocurrency and payment system and entering into the financial lives of its users is definitely a cause of concern. The whole payment system will be controlled by a few people which is no different than the fiat currency we have currently. The only difference will be that this time, it will be under the control of a corporation which is more riskier than the government. I was never in the support of such currency. Regulators are being involved and have asked Calibra to stop any development until the question on privacy have been answered. I hope a calculated decision gets taken.

1. If the reason is “cartel-like” ecosystem then maybe a kind of regulation has to be adopted to make sure there is no such potential. The possibility of monopoly is real since Libra is gathering together some of the richest companies in the world. It could affect free market and healthy competition. But there is no need to halt the project.

2. If the reason for halting is that the project is “based on relatively new and unproven technology,” and that cryptocurrencies are “uncertain and evolving”, this is not enough. It has already been demonstrated that cryptocurrencies and the technology that they represent are very viable in our modern world.

I cannot see a very valid reason why Libra project should be halted. The way I see it, this is their real reason:


This is just an excuse of the fearful chiefs:

Appatantly purchasing the Israeli chat ware service friend is an indication that Libra will definitely launch. Asides the negative attributes Mark especially In handling users personal data, I think Libra will do more good to for he cryptocurrency space than harm and should not be halted

Why halt a project like Libra? It should be allowed to proceed and let's see how traditional banks fair. Traditional banks are scammers reaping where they have not sold. Lending out your own money to you and making you pay interest on it. Libra will favorably compete with them if allowed.

Libra Project has come to stay, Facebook is a multinational company and when you look at the number of company behind Libra you will realise that it is just a matter of time. For me Central banks are scared because they have failed the system already and project like Libra could take away part of their roles. These politicians have their price and Libra team is going to pay it

I hate Facebook and personally Mark. I don't like everything this guy does, but watching regulators around the world get angry is fun. I think Libra should be halted just because Mark should not have this power.

I don't think so, the Facebook team already analyzed the market conditions and there is not big competitor against the Libra. Maybe in the future, there will be restrictions by the governments but I don't think it will be completely blocked by the major countries. The regulation talks will not help the crypto community and the Libra team for reaching their goal in the crypto space.

Libra may make facebook too powerful. They like to track  users so much. And do it libra  should be halted

I do not think that Libra project should be stopped. Once Libra coin is released all the Facebook community will come to know about crypto currencies and this will increase the adaption of bitcoins.

I think Libra is a big project, if it has to be stopped then at least there must be a pretty important reason. After it was released, I thought they would have a large community and that's what I think now.
Regulations may apply to some countries that reject the presence of the Libra project. The question is whether with the presence of Libra, financial stabilization will be disrupted or just a threat?

There is a point what the ECB executive board member is telling, if everyone comes up with their own version of a centralized coin then we will create another worm of trouble which could have major implication over the global financial system where all the fraudsters in the world will reign free and come up with something to wash their money. It is a real challenge for facebook as well as the governing bodies to come up with a resolution which will be fair for everyone.

Personally i just want one coin and that is BTCitcoin and the rest of the market should be halted  ;D.

If they would successfully negotiate with major countries and especially with Europe, there would be no problem at all. Libra is a blockchain based Paypal, that would bring a lot of new people to the industry.

yes this can affect the adoption of crypto. but many big companies and some big countries like the US balked about facebook coins. there are still many disputes about this

Even though Coin Libra has not been officially released yet, there have been a lot of controversies happening today, both those who agree and those who do not, but I personally consider this coin Libra will not greatly affect crypto especially bitcoin, Because, regarding price it is clear that Libra and crypto have big differences, where the bitcoin fluactive price is an attraction for investors to buy it while Libra has a stable price so that investors will find it very difficult to benefit from Libra coins, because Facebook specifically designs Libra coins as a means of payment rather than as an investment asset and of course has a price that is stable.

i haven't heard much about this coin lately, i even thought it has been halted already, though i would have love to see it continue, such big project like libra will have a massive impact on crypto, i mean, we could already see it in the past few days that the news came out, it was the talk of all social media which was also indirectly increasing the recognition of crypto because there was no mentioning of libra without crypto been mentioned.

In my opinion the Libra project should not be halted, although a lot of check and balance ought to be put in place in order to avoid the constant breach of user personal details and abuse of data. If regulations are put in place I think the libra coin will have more of a positive impact on society.

What Libra needs is favourable regulation to put the project in check and to protect the users. Libra will bring massive adoption to crypto industry like never seen before. From a perspective of a crypto lover, I propose Libra should be given the chance to demonstrate the ability of blockchain to world on a large scale.

Libra would really be a very big company if it were not heard and constrained by some of the government's regulations for the project.
I also disagree with the birth of Libra. because it dominates an ecosystem so large and besides, money laundering also becomes easier for facebook and other businesses.
Besides, the fact that Facebook is holding a lot of personal information of users will make the MPs more suspicious.
I really had a strong belief that Libra would not be able to be established and that it should not appear in this world either.

And where have you been lately? This controversial project has been around and never left the peering eyes of the media. Before, the controversy stirred by this big project, was focused in the US only. And then it went as far as Europe and countries such as Germany, France, and others have said one or two remarks on it. Mostly, feedback from these governments are on the negative side, but then it has never been halted. There will be postponement for sure but a project as big as this will not just stop for good.

How can we trust Libra if the social site Facebook is spying on us? Remember the logging in of 50million accounts on facebook incident? Are you not confuse, how suddenly there's a breached in the system? Or more like it they trying to monitor some potential threat on their company. I guess it's all facebook doing and not an error alone. Libra has now become a mainstream and trending project but most crypto society is frying out its development even its platform capability.

In fact, it will have a lot of influence on the market as well as cash. I do not know whether Libra should appear or not

It's hard to trust the security of our funds in companies that have spied on their users like Facebook. But the idea issued by Facebook about Libra Coin provides a perspective that transactions can be easier and cheaper.

For the past few months, I haven't heard anything positive about Libra in the mainstream media. It looks to me that the project will be either delayed, or dropped altogether. Libra was Zucker's idea of getting some forward momentum for the stagnant Facebook. FB is facing a stagnation in user-growth and loss of market share to other social media platforms such as Twitter and Reddit.

My opinion is simple, you don't have to block, ban, outlaw Libra, it will die of its own accord.   I don't really see anyone going from Bitcoin (decentralized) era back to the fiat old days

There are many good reasons to stop the Libra project. Facebook violated the privacy of its users many times and, in connection with this, recently paid five billion dollars in penalties. However, first of all, I believe that the global digital currency should not be issued by a private corporation. This is too dangerous for global financial stability. As the idea arose, a similar coin will be issued in any case. It is no accident that China is in a hurry to get ahead of Libra and is urgently launching its stable CBDC coin.

At present, there is no concrete announcement as to whether it will actually launch its true start in the crypto business. Someone says next year but no month and date yet. If it continues to launch, I believe that it will have control and manipulation with every potential FB user and that it can also be a huge success for big companies in this regard.

It seems like it is already halted. But I do not think it should be. Imagine a blockchain space where Facebook uses its own cryptocurrency. Can there be a better marketing for cryptocurrencies? When people get to know more about Libra, they will be more interested in others. This way, it will be easier to get new investors in the market which will make crypto better-valued.

I think Libra's launch will make the market more exciting. Competition will promote the development of the cryptocurrency market.
For those who do not like Libra people simply ignore it.

The Libra project is very similar to ripple, in that it does not have decentralization ... This makes it possible to manipulate the exchange rate, up to a complete collapse of the price. I believe that the libra is contrary to the main principles of cryptocurrency. She may have a future, but it will be difficult for them to exist.

It will be launched, otherwise, FB would be blamed in making much ado about nothing. Some countries, Japan, for instance, know that Libra will appear soon. The other day, the head of the central bank of this Asian country called everybody to cooperate in the regulation of stable coins, such as Libra, which is run by FB. Besides, this country has created a team of specialists working at Libra.

The project has not being able to achieve it's previous roadmap and is in near halt to make things clear and have a certain future. Though Facebook has expertise and capital enough to go on with its project, they would not risk to make US angry as US is the largest market for Facebook. They'd rather abandon Libra than the US.

Facebook has sufficient funds to realize their project.  But if they are faced with a big risk then I think they will step down and cancel the launch. It's just that, quite a lot of people have been waiting for Facebook to launch Libra since the news was published.
When the roadmap has not been reached, they will need more time to realize the project.

However Facebook is a company that has a good lawyer to defend every step they take. With a large budget and also the potential that will be obtained, I think Facebook will continue to issue Libra Coin despite many conflicts in the regulatory field.

In my opinion, Libra, if it is yet to be released, will indeed pose a certain danger to users in terms of the possibility of disclosing our confidential information. For states, in addition, financial stability is also important. Transferring global financial security into the hands of a private business structure is very risky. However, let governments deal with this issue for now. It seems that they categorically intend to prevent Libra from entering our world. Even if this coin appears, which I deeply doubt, then we can decide to support it or boycott it. A similar coin will appear all the same, but let it not be issued by Facebook.

I'm sure some people are aware of that and they might get rid of Libra, however, look at how big the facebook users and a certain percentage of that if facebook will get them to use Libra, that will bring more money to their business.

Personally, I am using facebook and I am willing to use Libra when it will be successfully launch as I'm confident the government with be more strict with them and they will be monitored closely. 

Lawmakers in the USA and France have already called for the project to be halted. So, I am not sure that Libra will be launched in 2020. There are so much fuss about the launch of Libra in media, but all we have is delaying, investigations, doubts and opposition. Even Zuckerberg put Libra launch date in doubt. I try to avoid Facebook, the worst social network for me, so I don't care if Libra succeed or not.

That's being published before, this two countries state there stand about libra projects and there's a lot of questions regarding to how things will work inside this stable and centralized project. The fate will be in the hands of its owner and the team behind the only thing right now is about expectations and different opinions about the potential and the possibilities of the future of this project.

Im afraid of doing any advertisement or clicking in facebook going into another website, I just browse there to read some updates and that's it. Some people already use the platform too bold to display all their info. Libra is good to some who uses Facebook as means of their business since the transaction might get smooth but it may somehow leads to exposure of the identity which is not what the blockchain purpose should be.

If the team want it to run their project, they will follow what the government that they might required. Cause I think that this is all about transparency or the government isn't satisfied of their market proposal.
This is big challenge for the team and they are only the one that could solve it. We all just waiting what will be the result of their pursue.

I think exactly the same. Nothing is necessary in terms of regulations or changes in current law.
This project will be hyped and shilled for but conscious people will remain sceptical, and will talk about how dangerous this idea is for privacy and personal freedom. It eventually will end up as a niche and temporary wonder.
There was a social-media platform in my country, that was in pre facbook times, they introduced something similar to dedicated, centralised currency. That was a moment of a downfall for this platform. Sudden monetisation destroyed the credibility, flood of nonsense and spam destabilised user base and soon after the platform practically ceased to exist. Hopefully F. will share the same fate. 

Libra is not going to make the market exciting. It is just like any other coin.

Too much controversies despite the fact that this coin is basically just another stablecoin. If there USDT and so many stablecoins there already exist why the hurdle? We could just move on and just stick to the usual way of using stablecoin it's not like cryptocurrency will be doomed if libra is halted anyway.
You also need to remember that facebook has always got a problem with violating privacy of their users, if it's to be happen again when they are already releasing Libra imagine the cryptos will take all the blame.

Facebook should stop making a coin though it's the Internet so who cares.

I am very torn as to whether Libra should be created at all. On the one hand, it will be the first step to introduce cryptocurrencies into mainstream, but on the other hand, I have big doubts whether it will be cryptocurrency at all. If Libra turns out to be centralized like Ripple, it can bring more bad things than good.

Ripple would not help Libra. They are competitors. So that's a bad idea.

It was stated from the beginning that Libra Coin is like a stable coin and that means centralized cryptocurrency. I think it's different between XRP and Libra Coin because Libra Coin is a stable coin product from Facebook while XRP is not a stable coin

How can crypto be destroyed when libra is stopped while libra itself has not been officially launched. In my opinion, even though libra is halted, this will not affect other crypto, it will only cause temporary disappointment.

Libra is not an advertising platform so I don't think they will experience privacy issues and they will certainly learn from mistakes beforehand. If indeed Libra will be launched, Facebook itself will provide even tighter policies.

I agree that let a country ban it, if they think it's against their policy Libra coin will have a special role in Cryptocurrency adoption, it has created a widespread news and those who are ignoring the power of Cryptocurrency are now, taking a second look on how Cryptocurrency works and what's on it, this create awareness.

Do you understand that libra will delay a lot of liquidity and capitalization from cryptocurrency assets that are currently on the market. We already do not have a lot of investments in cryptocurrency projects.

I don't think libra coin will be powerful in future or not but yes the owner of this coin is very powerful guy and can do anything to hit the market, so it is impossible to halt in my opinion. A lot big companies might have poured a ransom of money so there possibilities of halting is very very low, the thing which frustrates is it is a centralised coin.

Many interested people who've been scouting on this discussion seriously taking some info that could help them formulate a perfect decision making. Halting this project Libra might be possible even if that owner had millions of dollars to capitalized on this coin.
If there's no stable market and demand is low for the project launch, do you think that the owner wants to continue? well, probably it could be halted one day.

There's no profit for investing into Libra anyway. The fact that libra is pegged to various low volatilty assets, people who are investing into Libra might aswell invest into all those low volatility assets or even real cash.
By that the existence of Libra doesn't necessarily reducing the liquidity of cryptocurrency market quite the opposite Libra could be a bridge to bring a more liquidity from the masses into crypto market as an alternative to an already popular crypto which is BTC or even another stablecoin.

I think Libra is here for good. Yes it is a centralized cryptocurrency and most people don’t like this idea, and it is coming from the name Facebook attached behind it’s back which is known by many to be a private identity stealer, but just think about the benefits it will have in the crypto market. Many new people will come to know about crypto just because of Libra, and this will open opportunities for new investment option

Libra has been getting on the nerves of many regulators already and also on many crypto players like us. Will it be banned? Not likely since Libra is a coin of Mark who owns the world’s largest social media platform, so he must have some influence in the world to make it legalized anyway.

Just because Facebook is one of the largest corporations in the world, you can't claim that they'll get Libra legalized by any hook or crook. A senate hearing is currently underway in the United States, as some of the politicians who were concerned with the plans of Facebook asked the corporation to clarify its future plans regarding the proposed cryptocurrency.

But some of the questions asked during the senate hearing were quite interesting. David Marcus was representing Libra. Some of the questions are:


Looks like the senators are spooked by any potential competition that Libra can offer to the USD.

Libra coin is a great disruption so I am not in favor in halting or stopping it from launching, it is bringing so many things in the table and and the cartel-like system does not yet confirm that it will lead to that scenario although they are already using the word will, Libra will still be subjected into so many regulations, I think they just want to say at this point of time that they don't want to make it easy for Facebook when Libra coin is already operating.

First off, the Libra project should be halted for the sake of other cryptocurrencies. Facebook, and other companies such as PayPal, VISA, Master Card; are trying to build their own global currency called LIBRA COIN but the world powerful nations are not happy about it because the LIBRA will control the monetary circulation around the world which is going to be very bad for the World Super Powers. If we don't want the World Super Powers to neglect cryptocurrencies around the world we must join hands to fight LIBRA COIN.

LIBRA = Trouble for Crypto!

It should not be halted because everyone in the world is using Facebook and as an advertisement, it will be great for cryptos. People are usually not interested in cryptocurrencies because they thinks its kind of a ponzi or fraud. After facebook integrates with a cryptocurrency, I am sure there will be more people in blockchain.

I don't have to stop it, I think with the release of Libra will increase people's interest in digital money and will get to know cryptocurrency more.
the presence of libra will not have too much impact on BTC and altcoin.
the problem is in the bank and the government is afraid that libra will take over, which I think will be very difficult.

At this point in crypto, if there is anything needed to push crypto, it's the libra project. It will bring a lot of adoption and interest from all spheres of the world once it is launched.

It's a stable coin and how it can be a bridge between new investors and crypto? due to the facebook scandal and so many people are feeling worried to use libra but what will be happening if the users will get a free limit without doing a verification? it may become a different story.
But this is the same like the government printing its money. Facebook is a party who will control libra that's also make me feeling doubt

Those with interest in Libra coin will not let that happen it's like killing a goose that will lay down golden eggs, although there are so many oppositions, it will continue, it is bringing so many things in the Crypto and services for the masses, but for me I don't see myself buying this Libra coin, I'm not using and will gonna use any services associated with Facebook, but of course I can eat my words.