Facebook "CryptoCurrency" Whitepaper is out --> What impact will it have?

[TomCrypto]

Facebook just released the whitepaper for their "Libra Currency" that they will launch in 2020.
You could read it here

After reading it, what is your opinion on the possible impact that this currency could have on :
- The crypto world
- The classic financial world
- the access to financial service to the unbanked


And you could also find  here a report published by Binance Research where they took a first glance at Libra.
It's quite detailed and a special part is focused on short/mid/long term impact of this new currency.
But in my opinion only positive impacts are presented and not really negative ones.

[Betwrong]

From what I read about the Libra Blockchain, it looks like Libra is going to be a Proof-of-Stake coin, although it is never defined as such in their documentation. Is that because they want to appear as if they invented something new, or do they really come up with a new idea?

Overall I think it's a good news because most people associate the words blockchain and crypto with Bitcoin, and thus they are getting an impression that such a big tycoon as Facebook is supporting BTC in a way.

[ichai]

Facebook just released the whitepaper for their "Libra Currency" that they will launch in 2020.
You could read it here

After reading it, what is your opinion on the possible impact that this currency could have on :
- The crypto world
- The classic financial world
- the access to financial service to the unbanked

There is an unreasonable thing that Libra coin wallet doesn't need KYC and can still be traded. CZ spoke about it on Twitter and he said Libra coin owns more than 2 billion personal information of people around the world and they can also manage data warehouses as well as investors' passwords. .
This is really what worries me. CZ is spread FUD and it may affect trust in Libra coin.
Let's wait and see how Libra coin will respond to this question.

[BrewMaster]

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform

i think the main short term effects that this is going to have is every other company out there, whether giant ones or tiny ones, are going to start thinking about creating their own token. basically everyone would be "printing money" now. something that the government was allowed to do before this.
this may end up with a new form of flood of centralized altcoins but this time closed sourced and non-public ledger kind of coins.

but i don't think it has any kind of impact in the long run though.

[TomCrypto]

Binance research published a report where they took a first glance at Libra.
It's quite detailed and a special part is focused on short/mid/long term impact of this new currency.
But in my opinion only positive impacts are presented and not really negative ones.

[hatshepsut93]

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform

It will be the same as PayPal - some countries will demand it to comply with their laws, they will refuse and drop support for those countries. This is all you need to know to clearly see that Facebook's coin is not a cryptocurrency, it's just another centralized payment system, and "crypto" and "blockchain" are only used for hype. They probably wanted to make it a long time ago to harvest even more data from users, now they got a right time with renewed interest in crypto due to Bitcoin's bull market.

[harizen]

Still, the usual "money" we used to but in another form. Still a centralized one and regulated.

About the real "use-case", didn't check the whole picture yet on the Whitepaper.

Since "crypto" is tagged, somehow it will boost popularity on the crypto as a whole.

The real impact? We will just able to see once it became out. Don't want to speculate for now.

[CryptoGamblingSites]

Nobody trusts Mark Zuckerberg to create a currency that anyone can own and use without repercussions

https://techcrunch.com/2019/06/18/facebook-libra/

Each founding member paid a minimum of $10 million to join and optionally become a validator node operator (more on that later), gain one vote in the Libra Association council and be entitled to a share (proportionate to their investment) of the dividends from interest earned on the Libra reserve into which users pay fiat currency to receive Libra

    Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
    Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
    Telecommunications: Iliad, Vodafone Group
    Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
    Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
    Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking

If you want to trust a bunch of bankers and regulators to create money we all can value and trade as money (without high fees, long term costs, privacy violations, lack of security and anonymity) then go do it!!


This is good for bitcoin. Shitcoins are still shitcoins regardless who creates them.

[milewilda]

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform

i think the main short term effects that this is going to have is every other company out there, whether giant ones or tiny ones, are going to start thinking about creating their own token. basically everyone would be "printing money" now. something that the government was allowed to do before this.
this may end up with a new form of flood of centralized altcoins but this time closed sourced and non-public ledger kind of coins.

but i don't think it has any kind of impact in the long run though.

Most likely the scenario would happen later on when we do talk about the possible effects which would only point out into other companies as well.
They do see on what facebook have done then they would consider out to follow up on the track.I have nothing to see as an innovative thing but rather
this is just an upgrade but in terms of the true essence of crypto then this one isnt really suit up.

[BitcoinFX]

Facebook just released the whitepaper for their "Libra Currency" that they will launch in 2020.
You could read it here

After reading it, what is your opinion on the possible impact that this currency could have on :
- The crypto world
- The classic financial world
- the access to financial service to the unbanked

 

Head of Facebooks Libra Distances it from BTC: We'll Share Information with Authorities ...
- https://cointelegraph.com/news/head-of-facebooks-libra-distances-it-from-btc-well-share-information-with-authorities

Chair of House Financial Services Committee Requests Halt on Facebooks Crypto Project ...
- https://cointelegraph.com/news/chair-of-house-financial-services-committee-requests-halt-on-facebooks-crypto-project

[Betwrong]

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform
~

Do they really do it? I think it's China, Iran, and North Korea that are banning access to Facebook, and not the vice versa.

i think the main short term effects that this is going to have is every other company out there, whether giant ones or tiny ones, are going to start thinking about creating their own token. basically everyone would be "printing money" now. something that the government was allowed to do before this.
~

I think creating their own token by a company differs a lot from printing money by a government. Governments enforce the usage of the money printed by them and, in many cases, forbid or restrict the use of other currencies, but this situation is impossible in the crypto world.

[masterrex]

It defends on each others points of view, for me i see it as positive sign that cryptocurrency are here to stay, Facebook journey in cryptospace can drive mass adoption since the social media giant has billions of users around the globe aside from its giant cryptocurrency backers too. I dont think its a treat of the existing cryptocurrencies. The competition is good and theres nothing wrong about it. The impact is just minimal so need to be alarmed.

[omonuyak]

From what I read about the Libra Blockchain, it looks like Libra is going to be a Proof-of-Stake coin, although it is never defined as such in their documentation. Is that because they want to appear as if they invented something new, or do they really come up with a new idea?

Overall I think it's a good news because most people associate the words blockchain and crypto with Bitcoin, and thus they are getting an impression that such a big tycoon as Facebook is supporting BTC in a way.

You have said the fact! I don’t think Facebook coin is been established to promote the idea of decentralization like bitcoin or blockchain but I think they major ideas is creating a new thing. In my own views I do think that this Facebook coin is definitely going to affect many popular coins negatively.

[Pffrt]

I didn't read the whole whitepaper till now, will probably have a look tonight or later, just checked the introduction. However, this project will help us crypto adoption widely because mass people will also be able to know about cryptocurrency with the help of facebook. I would see it as a good move for the whole crypto world.

[tsaroz]

Head of Facebooks Libra Distances it from BTC: We'll Share Information with Authorities ...
- https://cointelegraph.com/news/head-of-facebooks-libra-distances-it-from-btc-well-share-information-with-authorities

Chair of House Financial Services Committee Requests Halt on Facebooks Crypto Project ...
- https://cointelegraph.com/news/chair-of-house-financial-services-committee-requests-halt-on-facebooks-crypto-project

Without those articles, and statements from Head of Facebook Libra, we all know that Libra will disclose IDs of users and requires KYCs from their users, difinitely. Facebook, is a company, that has been strictly controlled by US laws, then no matter whatever approach of Facebook owners, the Libra coin has to obey US laws. Therefore, I don't think we will have any positive things, in technical aspect from Libra. However, I thank to Facebook, Libra and news related to them recent weeks, that actually boosted the crypot market. We can deny their contributions recent months.

If the coin couldn't be freely traded between users and on exchange than it would not qualify as a cryptocurrency for me.
If it is to be highly regulated and used inside a closed network, than it would be like just another payment gateway. But if we are able to create multiple wallets without verification and trade it person to person than we could easily circumvent the KYC enforced by exchange and use the coin among ourselves anonymously.

[drumamat]

Facebook just released the whitepaper for their "Libra Currency" that they will launch in 2020.
You could read it here

After reading it, what is your opinion on the possible impact that this currency could have on :
- The crypto world
- The classic financial world
- the access to financial service to the unbanked

1-The cryptocurrency world will be strongly influenced as their coins will be bought on cryptocurrency exchanges.(I'm sure the demand will be great)
2-The classic financial world doesn’t react in any way. But over time, the reaction will of course be. Everyone will try to create their own coin. It will be 100%
3-every smartphone owner will now have access to financial services.That's awesome.

[Mr Zet]

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

[nutella_11]

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

My dream is that Libra would be available to buy via credit card, as you said. I think that the whole Facebook's team is so impactful that their crypto coin would be really "BIG"

[Betwrong]

From what I read about the Libra Blockchain, it looks like Libra is going to be a Proof-of-Stake coin, although it is never defined as such in their documentation. Is that because they want to appear as if they invented something new, or do they really come up with a new idea?

Overall I think it's a good news because most people associate the words blockchain and crypto with Bitcoin, and thus they are getting an impression that such a big tycoon as Facebook is supporting BTC in a way.

You have said the fact! I don’t think Facebook coin is been established to promote the idea of decentralization like bitcoin or blockchain but I think they major ideas is creating a new thing. In my own views I do think that this Facebook coin is definitely going to affect many popular coins negatively.

Why do you think so? If all Facebook users were already using crypto currencies, I would probably agree with you, but this is not the case. Because of Libra we can expect hundreds of millions new people pouring into crypto market, and this can affect it only one way, positively.

[Nawrod]

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

Agree, but I didn't expect for Zuckerberg to actually use this word. FB is in silent war with crypto from few years, and for those who have expected that facebook coin will change something in this situation: it's not a peace treaty, it's just an another weapon