Libra ("Facebook coin") now finally have white paper and website

[Mr Zet]

So, it's really happening...
https://libra.org/en-US/

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[soxxx]

Libra isn't a threat to Bitcoin, but actually more of a threat to the banks from what I am seeing. Its basically an alternate way to store your "stable" currency without using a bank.

At the end of the day though, because it is backed by a government currency, it can be inflated like anything else, but it definitely looks like a bank killer to me, and a new way to store your stable money AND be able to spend it and transact globally.

[tenebriscaelum]

So the tl:dr of it is that its a mobile bank in which they are promoting people who does not have a bank account to have one, with the use of mobile devices. So I would agree to soxxx's point that what the devs arget niche is banking, and id they could pull this one off then it could potentially affect some banking institutions.

[theymos]

It seems like it's mainly trying to clone ETH. Maybe aiming for the assets-platform angle more than anything.

To ensure that Libra is truly open and always operates in the best interest of its users, our ambition is for the Libra network to become permissionless. The challenge is that as of today we do not believe that there is a proven solution that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network. One of the association’s directives will be to work with the community to research and implement this transition, which will begin within five years of the public launch of the Libra Blockchain and ecosystem.

If they make a permissionless cryptocurrency similar to Bitcoin, good! Then freedom in the world will be increased. But I really doubt that this is going to happen. Right now their paper reads like a standard scamcoin vaporware paper, and I currently judge there to be approximately 0% chance of them actually allowing anyone to use the system anonymously and freely like you can with real cryptocurrencies.

We anticipate that the ability for developers to create contracts will be opened up over time in order to support the evolution and validation of Move.

Uh huh.

An additional goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition.

[muratsink]

I think, Libra will be an extraordinary project.  I see Libra has many big partners.  I predict that Libra progress will be successful and will get many platforms that accept Libra.  this is an opportunity for me to buy Libra coin.  I will save Libra for long-term investment.

[ginobitcoiner]

I think, Libra will be an extraordinary project.  I see Libra has many big partners.  I predict that Libra progress will be successful and will get many platforms that accept Libra.  this is an opportunity for me to buy Libra coin.  I will save Libra for long-term investment.

I also hope that Libra can achieve its goal as a stable currency built on a secure and stable open-source blockchain, and managed by an independent association.
I am sure if we can invest long-term with Libra.

[cabron]

Amazing that its just what they come up with the hundreds of staff. More like a platform but a stablecoin but its new. I'm almost certain they are also up to create their own exchange for this project. Platforms are aiming to have the network of themselves and have DEX too. tldr much of it but if somehow this will be added on exchanges, I might just prefer to use it than the stablecoins today.

[Mux@]

I highly doubt that Facebook will make its cryptocurrency decentralized. This does not fit in with the logic of this social network. Facebook has been appointed by the us government to control society and give information to us intelligence. All Your transactions will be known to the competent persons. If You have something to hide, then using a token from Facebook is not Your option!

[Flux0z]

It's not a cryptocurrency when you cannot validate the transactions.

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.

You guys should seriously read this small part of Stakenet's FAQ, to fully understand what a cryptocurrency really is, because Libra is NOT.

https://stakenet.io/faq/#what_are_cryptocurrencies_and_altcoins

[thesmallgod]

I highly doubt that Facebook will make its cryptocurrency decentralized. This does not fit in with the logic of this social network. Facebook has been appointed by the us government to control society and give information to us intelligence. All Your transactions will be known to the competent persons. If You have something to hide, then using a token from Facebook is not Your option!

Do you read through the whitepaper? Libra is non-profit organization. Although Facebook places a role in its development it is not totally own by Facebook as people have been saying but as time goes on we shall know about it. Since its an open source stable coin, I think Libra will have its own blockchain and not built on ethereum as usually done by many projects . I always know a big project even from the start and Libra is another one. I am very confident they won't carry out any form of offering. The project will be massive

[adrianto1995]

So?
Can this coin become alternative visa & paypal for purchase menthod in the future?
If YES, I'm sure this coin will be become one of Major coin and then listed on Top 10 coinmarketcap rank.
IMO

And last question,
Are they want to make an ICO?

[tomahawk9]

Hmm, https://libra.org/en-US/partners/

eBay, Spotify, vodafone, mercado pago, some of the companies that will most likely accept this coin as a form of payment. Well, with FB's marketing power, there's a high chance that this coin will see the quickest adoption rate from the general public in the history of cryptocurrencies. Although, Paypal and Visa/Mastercard as partners? I thought Libra was going to compete with these companies?

Right now their paper reads like a standard scamcoin vaporware paper, and I currently judge there to be approximately 0% chance of them actually allowing anyone to use the system anonymously and freely like you can with real cryptocurrencies.

Thing is that the main target for this stable coin (FB users and the average joe) do not care at all about those two features, otherwise, they wouldn't be on FB. Plus, let's be honest, 99% of regular crypto users were not expecting this coin to give them an 'anonymous payment' option so expectations about it were close to nonexistent.

An additional goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition.

LOL a subsidiary of FB using the word "decentralized"...Wow.

[enhu]

Hmm, https://libra.org/en-US/partners/

eBay, Spotify, vodafone, mercado pago, some of the companies that will most likely accept this coin as a form of payment. Well, with FB's marketing power, there's a high chance that this coin will see the quickest adoption rate from the general public in the history of cryptocurrencies. Although, Paypal and Visa/Mastercard as partners? I thought Libra was going to compete with these companies?

Most likely. Its going to be easy for facebook to have all these implemented and popular as they almost own the entire internet users. People today may be on the internet but doesn't have paypal accounts but they are going to make it easy for facebook users to participate soon. Though its not decentralize, it will still be a good move for facebook to introduce cryptocurrency to people who hasn't heard about it. There wouldn't be an excuse for all that wealth isn't distributed fairly, well still unfair to those without internet access.

[thesmallgod]

So?
Can this coin become alternative visa & paypal for purchase menthod in the future?
If YES, I'm sure this coin will be become one of Major coin and then listed on Top 10 coinmarketcap rank.
IMO

And last question,
Are they want to make an ICO?

Let wait and see but I do not think they will make public ICO. Most big and projects that are backed up by a large company like this always do private sales and will not go through public sales. No matter the numbers of Libra coin that will be issued, I believe they will all be bought by private investors so ordinary people will not be able to purchase the coin. Of course, it will be alternative payment but it will not be decentralized as they have claimed. My concern is why Visa and PayPal are also supporting this coin when it supposes to be their competitor.

[cryptonx]

So, it's really happening...
https://libra.org/en-US/

yes, its real buddy
and i believe this Libra will bring crypto world to the higher level
because the name of facebook,,
a lot of people already use facebook as their main social media and now all facebook users will know about libra too,, and for sure they will know about cryptocurrency 

[ridha inoue]

Yeah i alredy know it an hours ago.
Facebook coin now is have an official website and white paper there.
But, we still have to look and analisys first before we start to invest in there.
Always be careful with new projects.

[uboid]

I hoped they would distribute some sort of UBI/Universal Dividend, but they aren't  .
It is more or less just pegged Ethereum.

[EdenHazard]

I doubt the Libra coin will give a huge profit for them who choose for long term investment, because this is a stable coin and its price depend on USD price movement. This coin will be made as an alternative payment system or for the system of send money quickly with a low fee. Maybe it will be wrong choice for those people who use it for long term investment, I only believe bitcoin to be use it because the speculation against its price will always be there even there are some people who believe the price bitcoin will have 1 million dollar in the future, at least for that speculation can be use as a benchmark for those people who use it for long term investment.

[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?

[BitcoinFX]

I think, Libra will be an extraordinary project.  I see Libra has many big partners.  I predict that Libra progress will be successful and will get many platforms that accept Libra.  this is an opportunity for me to buy Libra coin.  I will save Libra for long-term investment.

I also hope that Libra can achieve its goal as a stable currency built on a secure and stable open-source blockchain, and managed by an independent association.
I am sure if we can invest long-term with Libra.

Good luck investing when ... (unless you have $10 million to run a node?) ...

1 $Libra coin = 1 $Libra coin

"This one's going in the Boomer Hall of Fame."
- https://twitter.com/bitstein/status/1140976259498950656

"Facebook's White Paper is a complete repudiation of Bitcoin. Libra will be an excellent medium of exchange and unit of account, but no better a long-term store of value than the world's strongest fiat currencies stuffed under a mattress. The third requires a gold-backed crypto!"
- https://twitter.com/PeterSchiff/status/1140945140963565568

 

...

This is all just getting more and more ridiculous ...

"#Libra Libra coin is: 1. Not a blockchain 2. A bank account 3. Subject to BSA checks and this expensive 4. Based on the model of selling PII 5. In breach of EU privacy laws 6. Uses my patents CSW"
- https://twitter.com/AldersonBSV/status/1140939535670317056
- https://twitter.com/AldersonBSV/status/1140979436470145028



...

Libra White Paper Shows How Facebook Borrowed From Bitcoin and Ethereum
- https://www.coindesk.com/libra-white-paper-shows-how-facebook-borrowed-from-bitcoin-and-ethereum

P.S. When can we all expect a ZuckBuck's RFID chip ? *facepalm* ... Oh, hang on, best not ... - SWIM

[Mpamaegbu]

I think, Libra will be an extraordinary project.  I see Libra has many big partners.  I predict that Libra progress will be successful and will get many platforms that accept Libra.  this is an opportunity for me to buy Libra coin.  I will save Libra for long-term investment.

It is going to be another stable coin like tether and the rest of the stable clones. I don't see anything much it will do apart from dealing a big blow to the banks as all Facebook advert spaces will be paid for with Libra. It's not a match for Bitcoin. It isn't even a match for Litecoin let alone Bitcoin. People shouldn't over hype it as coin that will have instant moon. After all, what is Facebook share worth compared to Amazon and Alibaba shares. The latter two are way higher, of course.

[spadormie]

I didn't know that Libra was the facebook coin. I just turn my page to bitcoin discussion and I saw a topic Libra vs BTC. And I think to myself what the hell is Libra? And then I turn my page to altcoin discussion and I saw that it is facebook coin. I told myself uhh okay. But I have a question running through my mind asking why is it called Libra when the company is facebook? Usually, the coin's name will inherit the name of the company. But this one is Libra, kinda not the name I was expecting. But damn, look at the partnership of Libra. I wonder what could be the result of this coin if this one will not be a stable coin.

I really hope that they will change this. Because this could be the coin that might even dethrone any of the top 10. Although it could dethrone any of the top 10 because even Tether, a stable coin did it.

[InwardContour]

I've visited the libra website but haven't taken time to go through the white paper. I'll do that when I get home because I'm really eager to know the development plans and features of this "most talked about" upcoming crypto coin.  I understand everyone is anxious to find out what Libra brings forth, some with positive perception and a few with negative perception. Either ways, it's a good thing to the overall crypto market. I wonder what the crypto market cap will be next year.

[BitcoinFX]

I've visited the libra website but haven't taken time to go through the white paper. I'll do that when I get home because I'm really eager to know the development plans and features of this "most talked about" upcoming crypto coin.  I understand everyone is anxious to find out what Libra brings forth, some with positive perception and a few with negative perception. Either ways, it's a good thing to the overall crypto market. I wonder what the crypto market cap will be next year.

Ain't Bitcoin what started Blockchain Technology?

Correct. Bitcoin is not mentioned in the Libra Whitepaper ...

- https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf

However, it is mentioned in the Libra Blockchain paper ...

- https://developers.libra.org/docs/assets/papers/the-libra-blockchain.pdf

Pages. 4, 6, 10 and 14 as well as in the References ...

[23]
“Leaf-node weakness in Bitcoin merkle tree design,”
https://bitslog.com/2018/06/09/leaf-node-weakness-in-bitcoin-merkle-tree-design/ .
[24]
S. Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,”
https://bitcoin.org/bitcoin.pdf, 2008.

...

Regina Spektor - "Us"
- https://youtu.be/fczPlmz-Vug

[psycodad]

Could it not just be that FB wants a) their share in transaction fees on the internet and much more importantly b) to link the browsing habits of ~2bio customers to the spending habits of that same crowd?
I would think that a FB user is worth much more to them if they can combine all the info they already have about a person with a quite comprehensible transaction history?
Meaning the project is actually not really a cryptocurrency project but more a project to track people also financially.

[kindbtc]

This really is big and i see even global newspapers reporting and writing about it and with auch big names backing this coin it seems like crypto mass adoption is round the corner i personally cannot wait to see btc hitting 100k and i think it can happen in 1 to 2 years time.

[BitcoinFX]

Could it not just be that FB wants a) their share in transaction fees on the internet and much more importantly b) to link the browsing habits of ~2bio customers to the spending habits of that same crowd?
I would think that a FB user is worth much more to them if they can combine all the info they already have about a person with a quite comprehensible transaction history?
Meaning the project is actually not really a cryptocurrency project but more a project to track people also financially.

Indeed. Cypherpunk "nightmare".

Libre not $Libra.

- https://en.wikipedia.org/wiki/Criticism_of_Facebook

#deletefacebook - https://deletefacebook.com/

[forexandcryptoauditor]

The day has come. The next evolution of cryptocurrencies is here. With Libra, as they are mentioning it global currency and financial infrastructure, it will really transform the global economy. I see a direct threat or biggest competition to banks.
However, we will not see the decentralization in near future as many governments are not in favor of cryptocurrencies.
Let's see how it will change the Cryptoworld.
I am wondering if I can take part of it's bounty🤩

[maianh09]

So, it's really happening...
https://libra.org/en-US/

I learned about Facebook coins, and I found that FB was trying to create a separate currency. Many people say that it will not become Crypto. But if it listed on exchanges, it may become Altcoin. The ICO of FB will not have small investors who can participate because the minimum investment is very big.

[therhslv]

Probably will take few years to do it and integrate into Facebook messenger and whatsapp . Why would not make just stable coin on Ethereum ? =] Is there any official news from facebook about Libra , Crypto stable coin ? Would be really nice to see something more

[Temido2222]

Reminds me of how everyone in China uses WeChat for money transfers. I'm not impressed, but if Libra gets people away from cash and cards and gets them to use phones and computers for more transactions then I say it's good for BTC/Crypto as a whole.

[Slavyanskiy]

Yes, this is of course good news, but I think the news would be even better if the project had a bounty program. I am sure a huge number of bounty hunters would take part in such a program.

[logicgate]

Libra isn't a threat to Bitcoin, but actually more of a threat to the banks from what I am seeing. Its basically an alternate way to store your "stable" currency without using a bank.

At the end of the day though, because it is backed by a government currency, it can be inflated like anything else, but it definitely looks like a bank killer to me, and a new way to store your stable money AND be able to spend it and transact globally.

  Yes it is going to give banks a tough time I think. Not only bank but according to the experts, it is going to be a rival of Bitcoin in days to come. I do not buy it that much because Bitcoin is very secure but the fact that Libra is going to give rise to jobs and cut down the costs of transaction are incredibly amazing. Looking forward to put in some money and let’s see how it goes.

[BitcoinFX]

Could it not just be that FB wants a) their share in transaction fees on the internet and much more importantly b) to link the browsing habits of ~2bio customers to the spending habits of that same crowd?
I would think that a FB user is worth much more to them if they can combine all the info they already have about a person with a quite comprehensible transaction history?
Meaning the project is actually not really a cryptocurrency project but more a project to track people also financially.

Indeed. Cypherpunk "nightmare".

Libre not $Libra.

- https://en.wikipedia.org/wiki/Criticism_of_Facebook

#deletefacebook - https://deletefacebook.com/

 

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

[Mux@]

Libra is non-profit organization. Although Facebook places a role in its development it is not totally own by Facebook as people have been saying but as time goes on we shall know about it.

We will learn over time how naive you are to believe that this nonprofit organization is not subordinate to anyone, but works for the benefit of Facebook users. This organization is in any case directly dependent on Facebook. And I wanted to sneeze that is written in their white paper about it.

[hannahboy]

Okay I have seen a lot of claim that the Libra coin will make a lot of people to stop making use of banks and focus on making use of Libra because it's a stable coin?? Funny. You all need to know that even before now that Facebook had a means for storing and sending money right on the chat on messenger. This is not a way for them to take customers from banks, even if you decide that you will he making use of Facebook Libra, it won't make any sense cause you're still going to need the help of banks to send money to your Libra wallet right?? And the money you send to Facebook Libra is still stored in a bank right?? So it doesn't make any sense. They are just going to use this coin to be tracing your every move and target their adverts perfectly.

[ophyrim]

Libra is not an alternative of decentralization and of course BTC.

Libra is totally centralized and an alternative to the current banking payment system

[baigreen]

Well, this is how you can determine the quality of projects. Laconic neat website design. And good documentation. We wish this project only one thing. Let it enter the cryptocurrency market faster and support the economy.