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Author Topic: Facebook's Libra - Implications.  (Read 262 times)
DarkDays
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June 07, 2019, 11:57:05 PM
 #1

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?
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June 08, 2019, 04:27:14 AM
 #2

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?

I read somewhere that will pay users this coin for viewing ads. I hope that we get our piece of cake. But it will be small crumbs, if you want to make a profit, you will have to invest in project big amounts.
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June 08, 2019, 12:47:25 PM
 #3

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?

I read somewhere that will pay users this coin for viewing ads. I hope that we get our piece of cake. But it will be small crumbs, if you want to make a profit, you will have to invest in project big amounts.

Although that is right, I don't think that they will pay in big rewards and they will make 1000 views for some rewards. It will like the other advertisement that I already saw before. But lets we wait for a while, so we know what the next update from them. If they really use that, then I think that it is hard to earn more token since the requirement to get the token will be too high.

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June 08, 2019, 01:17:22 PM
 #4

As far as I know, they hired four people from Chainpace. They conduct research on the use of the blockchain for Facebook. More definite information will have to wait. Yes, we can quite accurately assume it will be a hype coin.

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June 08, 2019, 01:55:02 PM
 #5

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?
i think i read something about it being stablecoin. they say you will not pay fee in transaction in the platform and user can earn it from viewing ads i dont think we will earn a lot from viewing ads and also who like to watch ads. this year they put 5-15 seconds unskipable ads in some video and really annoying. the coin will only good to promote their platform as of now there nothing new about it i think ive seen something similar to it before the only good thing is its being supported by large company. but it still not finalize so still expect somethong from it.





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June 08, 2019, 02:12:24 PM
 #6

Most of the times, coins like this are being hyped and if not for that, it might not be able to achieve its mandate.
Since Facebook is already an household name, that on its own and allowing a payment method for ad using crypto will be a boost to it.
It already has a product used by almost everyone, presently without payment. Integrating a payment method with cryptocurrency will definitely work out.
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June 08, 2019, 02:21:04 PM
 #7

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?
If you're expecting Facebook to do something that is sustainable for you as a crypto lover, you will be disappointed. They're a business and always will be since generating money is the top of their priorities and not user's security or privacy. TBH, I wouldn't give two shits about anything that happens at Facebook regarding crypto.

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June 08, 2019, 02:57:36 PM
 #8

when facebook can have its own cryptocurrency and can be used to make transactions on Facebook and others, the development of cryptocurrency in the eyes of the world will be even greater because of the influence of Facebook platforms that can already accept payments using cryptocurrency.

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June 10, 2019, 07:49:36 AM
 #9

Facebook libra will form a stable coin market for tech companies to deal with crypto currency which is a good sign of crypto market where big tech companies are using the services of crypto currency
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June 10, 2019, 07:59:34 AM
 #10

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?
It is getting obvious that facebook is already interested in the Crypto space and would be coming in fully with their own coin and I can't wait to see it being launch in the Crypto space, not because I am interested in making purchase of the coin or making use of the coin but because I know it's going to be of a great impact to the Crypto space positively affecting both the price of bitcoin and other crypto.

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June 10, 2019, 08:04:43 AM
 #11

I think facebook’s entrance to crypto currency world is a game changer for whole community. Besides the price increases in stable altcoins, real world - crypto world will come closer one more step with this.

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June 10, 2019, 02:03:12 PM
 #12

Facebook acquired Chainspace earlier this year and then I've been reading about this techcrunch rumor of an 18th june whitepaper release. How close to truth is that?
Considering the idea here is to create a currency alternative to euro or usd as opposed to a security token, what can be the implications?
Surely speculative aspects are gone down the drain. And its going to be node licenced with each costing up to 10 million, and apparently only available for lease to large corps. so the small businesses / regular crypto investor is out of the game.. or is there a way for anyone of us to actually get a piece of the cake?

If Bitcoin and Ethereum has so much issues and supposed implications by all the regulators in the world,,, and if countries cannot even have their own crypto without being threatened by IMF, how is it something like FBcoin can get away with it?

I read Zuckerberg keeps meeting all the big bankers and even regulators. And they let him be? It is funny how this world acts when it comes to money.

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June 10, 2019, 04:36:39 PM
 #13

I think that you can still purchase these tokens from private investors and whoever wants to can do this. I believe that the Facebook project becomes the top project and their token will be on the best cryptocurrency exchanges so have time to pick up your part of the pie.
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June 10, 2019, 07:48:00 PM
 #14

GlobalCoin , is that name for Facebook altcoins ?
well, as far i know from many many magazine,they want start trials by the end of this year.
also this project already have some preparing about exchange with Coinbase and Gemini exchanges.
and the important,Facebook has been in talks with payments firms including Western Union, Visa, and Mastercard, to back and fund its planned fiat-based cryptocurrency.
what a holy big project.

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CryptoBroker012
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June 17, 2019, 05:31:29 PM
 #15

I've heard, facebook's cryptocurrency, Libra, should become a stablecoin.... but how can they ensure that it stays stable, if it's traded on a market and the value of it depends on demand and supply? If it gets rare, it will become expensive, no matter if it's backed by fiat currencies (this fact could help the coin not to fall below a certain value)- but who guarants that it won't get 10 times the price of it's underlying currencies? This cryptocurrency still has an independent price that is dictated by the market, if listed on an excahnge then- and not by facebook! Cool... it only can get stable, if the number of coins is not fixed- but this is a vital point in all cryptocurrencies!!
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July 22, 2019, 12:48:19 PM
 #16

Interesting article written by Jake Yocom-Piatt, Decred project lead, about Libra


https://www.ccn.com/news/libra-friend-or-foe/2019/07/21/

Libra: Friend or Foe? Worst Case Scenario Post-Congressional Hearings

Facebook is in the hot seat this week, as Congress asks burning questions about the company’s Libra “cryptocurrency.” I use quotes, because in the purest sense, a cryptocurrency is decentralized, trustless, and permissionless. Libra is none of these. Instead, Libra is more likely to become a private currency that enables a turnkey totalitarian state with all-encompassing surveillance.

While the Libra Association is purportedly an independent, decentralized entity that governs the project, Libra’s consensus system is so corporate it’s offensive to call it a true cryptocurrency. It’s effectively a meta-corporate entity, with the likes of Visa, Mastercard, PayPal, Uber and Spotify at the helm.

Facebook & a fundamental lack of trust

As far as being “trustless,” why wouldn’t you trust Facebook? The company was recently fined $5 billion for breaching consumer privacy. Now you want to trust them with your personal data AND finances?

The term “permissionless” in the context of blockchains means that no centralized gatekeeper can determine whether or not you can participate in the network. The 27 other founding members of Libra paid a pretty penny to be validator nodes in the network—an initial minimum investment of $10 million worth of Libra Investment Tokens issued by the Association—and had to meet very specific criteria laid out by Facebook. These entities form an elite and centralized group of gatekeepers who will control permission on the Libra network. This is just another central planning committee.

Now Facebook can deplatform you AND your bank account, which is a super powerful tool for whomever is controlling it—whether that is big tech or government, or perhaps both. Considering Facebook’s pattern of selectively deplatforming users on the basis of their political beliefs or similar, tightly integrating a payment system with Facebook’s existing social media platform is an extremely dangerous proposition.

Worst case scenario: big tech and government in cahoots

Corporatism, the control of a state or organization by large interest groups, sounds like an accurate description for Libra and an evolutionary step towards fascism. Libra espouses the very altruistic mission of empowering billions, especially the unbanked, with a simple, global currency and financial infrastructure. I retain a healthy amount of skepticism.

The real question is who’s in the driver’s seat—big tech or government? In this scenario, I see the answer as both. While this looks like a battle between legislators and big tech, the reality is that they could wind-up collaborating to create a competitor to Bitcoin that is government-regulated. I don’t think it’s a coincidence that news outlets are asking whether Bitcoin was created by a serial criminal concurrent with the discussion of Libra.

Libra could serve the surveillance state



The US government would likely see Libra as an opportunity to surveil the public more thoroughly, similar to how WeChat has been operating in China. Libra claims it will keep transactional data separate from social data, but Facebook’s track record and core competency of strip mining users’ privacy makes that claim implausible. This system sets up a total reversal of the essence of blockchain: instead of a new kind of banking that returns the power to the people, Libra sets up the ultimate surveillance state.

The social credit system in China, where every single action you take is tracked by the government and rolled into a social credit score is exactly where Libra is headed. Libra would be one more step on the road to a totalitarian state, one in which the government sees your every move and tracks your every dollar. It’s easy for the government to act like a neutral or even antagonistic party questioning Libra in Senate hearings.

Behind this veil of congressional mistrust of big tech lies enough powerful interest groups and venture capitalists to benefit from a symbiotic relationship, whereby they acquire and monetize data that allows the government insight into every citizen’s lifelog. Furthermore, the possibility of code-based, behind the scenes monitoring via cameras and microphones embedded into every citizen’s hip pocket render the wiretapping and telecom scandals of the past tame in comparison. Ultimately, once the technology is widely adopted, the government stands to reap the benefits.

Is the tar and feathering of Bitcoin and congressional outrage a cover for the Trojan horse public-private conspiracy to install a renewed version of the US Defense Department’s lifelog, an effort canceled in 2004 (the same year Facebook was founded) to build a database tracking a person’s entire existence? Only time will tell.

by Jake Yocom-Piatt
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July 22, 2019, 06:12:10 PM
 #17

I think that in the near future we will see real results of the PR campaign in the information space of the project Libra.  More recently, the United States government made demands before Facebook to impose a moratorium on the implementation of the Libra project.  Then President Trump began to speak negatively about cryptocurrency and Bitcoin.  In both situations, the US government viewed Bitcoin and the libra as competitors to the US dollar.  Perhaps in the near future we will see who will live after such pressure.
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July 22, 2019, 06:42:37 PM
 #18

As all the contributing partners in facebooks libra are some of the biggest business houses and brands in their respective fields that is what gives me confidence regarding the future of this coin and i will go one step ahead and say that even after dozens of hearings i am sure this project will not be abandoned rather it will be accepted as next generation fintech product.

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July 25, 2019, 09:50:58 AM
 #19

As all the contributing partners in facebooks libra are some of the biggest business houses and brands in their respective fields that is what gives me confidence regarding the future of this coin and i will go one step ahead and say that even after dozens of hearings i am sure this project will not be abandoned rather it will be accepted as next generation fintech product.
I thought the same. Like yes they've got smth behind anfd will be accepted and well-promoted. The thing is govt is already against that monopoly
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