[ANN] LIBRA - Simple Global Currency - Reinvent Money - By Facebook

[21GlobalCoin]

Libra

Watch the Introduction Video: https://youtu.be/4zw-jpVFKMY


Visit the Website: https://libra.org



The Libra mission

A simple global currency and financial infrastructure that empowers billions of people.

Reinvent money. Transform the global economy. So people everywhere can live better lives.



Libra is for everyone

Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn.
Libra is accessible to everyone with an entry level smart phone and data

=> Learn more on the official website Libra.org

[Slow death]

You have already created a thread about this subject:

May 25, 2019, 03:13:48 PM

Your thoughts on Facebook's GlobalCoin

[notsofast]

Looks bad, will mine anyway if I can.

Let's hax on that open source though to try and get a proper deanonymizing block explorer so at least the financial data is all public

[21GlobalCoin]

You have already created a thread about this subject:

What do you mean to say by that mate? This is the ANN as the project is about to be released. The linked thread is a general discussion thread about people's first impression of "GlobalCoin". Since then the project's name has been made public as "Libra".

Looks bad, will mine anyway if I can.

Will not be minable as far as I know



"[...] the firms involved in the project, as members of its governing consortium, include companies spanning technology, digital assets, and retail. These companies include likes of custodian firm Anchorage, payments firm Visa, cryptocurrency exchange Coinbase, and many others."

https://www.theblockcrypto.com/wp-content/uploads/2019/06/libra-tb-map-watermark-the-block-1192x675.jpg

[Mihawk]

Stable coin? People look for so much stability that they always become destabilized. Good luck to that 'Libra'.

[Achargeturry78]

I hope it is decentralize and still promotes the aspect of what is a cryptocurrency. 'coz what I have heard is that facebook's coin is a centralize coin.

[pinball_wizard]

LOL guys...are you saying to me that I will be able to mine the supreme shitcoin of all times???
Not really zucko style...I think it will be full premined because they know how to do it and fb people must relax and don't worry about mining or such headache things for nerdie!!

Fuk

[mccorrinall]

Here are my general thoughts and some speculation regarding libra. Just to be able to say in the end: I told you so.

Don't take anything of the following as a fact. This is just my opinion and expectation.

1) Libra will use delegated proof of stake.
This means that there will be a very few master-nodes. It will be impossible for a normal person like you and me to run a full node. Instead, those 100 companies, which paid 10.000.000 USD will all run a node => 10m USD license fee to run a node.

It won't be truly P2P. Instead, you are required to trust these parties. Trusting 100 for profit companies - most of them are US-based - does not sound like it is decentralized.


2) Data is the new oil.
Facebook is analyzing your habits to place targeted advertisements. These ads aim for you buying a product or service of the advertiser. But tracking whether the user did buy or did not is hard.
Libra is worth gold in this case.
Facebook will be able to track every transaction you make. Every product you purchase. This is worth gold.

3) Reskinned PayPal.
To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.

[21GlobalCoin]

Libra is here!

https://libra.org/en-US/

https://youtu.be/4zw-jpVFKMY

[livingfree]

Mark Zuckerberg already unveilled Libra on his personal account.

https://www.facebook.com/photo.php?fbid=10107693268644761&set=a.612287952871&type=3&theater

3) Reskinned PayPal.
To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.

The Libra Association – Crypto’s New Oligarchy

[Flux0z]

Libra is not a cryptocurrency.

There is no open blockchain to validate the transactions on. They validate the transactions through big corps such as PayPal, Uber, etc.
You can't call a project like this a cryptocurrency just by using a ledger.

As for its network design, Libra will start off on a permissioned blockchain, meaning only members of the Libra Association will be permitted to run the validator hardware required to participate in the consensus process. This is akin to the private blockchain instantiations supported by enterprise-focused firms like R3 and ConsenSys Solutions. In Facebook’s view, permissionless systems like Bitcoin are not ready for the big leagues — for now.

To fully understand the difference, I'll advice you guys to read a small part of Stakenet's FAQ on the subject. (5 min read).
https://stakenet.io/faq/#what_are_cryptocurrencies_and_altcoins

[Yankeeruinx]

We could be living in a world where five years from now Facebook is a de-facto controller of the Venezuelan economy due to the adoption of their stable crypto currency in the face of economic depression and hyper inflation of the centralized currency. This is not a good thing for anyone if a company could wield that much power.

[cabron]

Very centralize of course. Its not mineable so how is this going to be distributed if they will, are we going to receive coins specially those active facebook members?
It doesn't matter if its centralized though as long as it an bring more users to bitcoin, it will promote cryptocurrency as a whole to which Bitcoin will still be on top.

[TezEnthusiast]

Everyone's talking about Libra! CT on fire!

I'm checking out the tech. Running a testnet.

[l8orre]

Now everybody just picture that piranha-like swarm of blockchain savvy black hats that are already cultivating their hardons for when they finally get a go at molesting sweet facecoin!

 

Ain't gonna be enough popcorn in the universe (remember to stock up long positions!), because this will inevitably get hacked-

or does anyone seriously think that a centralized sillycone valley run corporate $hitcoin with a cpl billion facebook users will not have boatloads of vulnerabilities waiting to be exploited?

[21GlobalCoin]

A first technical impression of Libra compared against Eth 1 and Eth 2.:

https://twitter.com/protolambda/status/1141010796786401281

[grinthumb]

what has been your friend's and family's reaction to this so far? very interesting to hear.

I hate FB but that libra video is just awesome... don't you think?

[mccorrinall]

3) Reskinned PayPal.
To me it does not like a cryptocurrency which follows Satoshi's spirit of financial freedom. Instead, by using it you will lock yourself into an ecosystem primarily controlled by for profit companies which do not care about privacy at all.

The Libra Association – Crypto’s New Oligarchy

The end is nigh.

[AxeEffects]

Now everybody just picture that piranha-like swarm of blockchain savvy black hats that are already cultivating their hardons for when they finally get a go at molesting sweet facecoin!

 

Ain't gonna be enough popcorn in the universe (remember to stock up long positions!), because this will inevitably get hacked-

or does anyone seriously think that a centralized sillycone valley run corporate $hitcoin with a cpl billion facebook users will not have boatloads of vulnerabilities waiting to be exploited?

couldn't agree more with you mate, what's the point if the concept of decentralization of blockchain become centralized?

[BicycleMan]

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