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Author Topic: Libra ("Facebook coin") now finally have white paper and website  (Read 400 times)
Mr Zet
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June 18, 2019, 11:28:38 AM
Merited by theymos (1), tk808 (1)
 #1

So, it's really happening...
https://libra.org/en-US/
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June 18, 2019, 11:36:20 AM
Merited by dbshck (4), tk808 (1)
 #2

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.
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June 18, 2019, 12:39:44 PM
 #3

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.
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June 18, 2019, 12:50:34 PM
Merited by dbshck (4)
 #4

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

Quote
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.

Quote
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.

Quote
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.

Roll Eyes

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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June 18, 2019, 12:51:09 PM
 #5

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.






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June 18, 2019, 01:01:48 PM
 #6

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.

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June 18, 2019, 01:12:27 PM
 #7



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.

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June 18, 2019, 01:18:18 PM
 #8

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!
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June 18, 2019, 01:22:18 PM
 #9

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
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June 18, 2019, 01:31:17 PM
Merited by tk808 (1)
 #10

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 Grin. 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
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June 18, 2019, 01:36:21 PM
 #11

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?
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June 18, 2019, 01:50:43 PM
Merited by tk808 (2)
 #12

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.

Quote
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.

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

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June 18, 2019, 02:03:06 PM
 #13


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.


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June 18, 2019, 02:06:15 PM
 #14

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.
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June 18, 2019, 02:21:04 PM
 #15

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  Wink


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June 18, 2019, 02:26:55 PM
 #16

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.

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June 18, 2019, 02:36:35 PM
 #17

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

Android app to get a crypto UBI. (https://play.google.com/store/apps/details?id=network.ubic.ubic)
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June 18, 2019, 03:08:01 PM
Merited by tk808 (1)
 #18

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.
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June 18, 2019, 04:05:02 PM
Last edit: June 18, 2019, 04:17:30 PM by l8orre
 #19


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!

 Grin

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?

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June 18, 2019, 04:16:49 PM
 #20

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

Cheesy  Grin

...

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

Roll Eyes

...

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

Guess I'm a Genuine "Bitcoin OG" <2010 | Bitcoin is BTC | CSW is NOT Satoshi Nakamoto | I Mine BTC, LTC, ZEC, XMR and GAP | Support my BTC on Tor addnodes Project ... satofxsc3xjadxsm.onion shindo45rxrk3737.onion naka7nzsu3binfim.onion motoixfjxnf4joga.onion | "Everybody's Got Something to Hide Except Me" and My Monkey"
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