Libra the new crypto king

[Tylev]

Scales are actually a dead project. Due to the negative assessment of this project by the United States and European Union states, its main financial partners gradually left it. Probably one of the last sharply negative reviews regarding Libra is the recent report of the G7 countries working group and the Bank for International Settlements, and it may be the last straw after which this project will only turn out to be a project without practical implementation.

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[Murat]

Totally disagree to the point, I don't even think that Libra will sustain for a long time whereas you are calling the King of Crypto, Before coming to the market LIbra has a lot of rivals who are the main pillar of this world, The USA government is still against this, they are not approving yet to come to this world, I also think that Libra is not like a full cryptocurrency,  but in the other sense, coming of Libra will bring a good competition within cryptocurrency platform, I think all the cryptos will try to follow the stability of Libra because people always choose the stable coin, that's why I also want to bring Libra in and Bitcoin will maintain the stability on the price context.

[fillippone]

Reviving this old thread as I think it's the most complete on Libra (advise me if it's not the point).

Yesterday I read a news about Libra applying for a FINMA license:

Libra applied for a license from FINMA

The Libra Association has officially applied for a payment system licence from FINMA Switzerland.

The association is based in Geneva, Switzerland, so the application to operate as a payment system was sent to the Swiss Federal Financial Market Supervisory Authority.

Wow! It's a good news, they are still progressing in their work

Mhh, but going on reading the news you discover that:

As the CEO of the Poseidon Group, Lars Schlichting, reveals, the whitepaper was amended prior to the application, and the application submitted differs significantly from the original project.

It provides not only for a multi-currency stablecoin but also for a single-currency stablecoin

So, Libra is not Libra anymore.
Yet another stablecoin token anchored to an useless fiat shitcoin.
In addition to that, bears all the problems of trust toward the issuer (fractionary reserve, accounting, or even fraud, even if i doubt FB would do any of those).

At this point I prefer sticking to my fiat currency of choice, I have NO reason to hodl a stablecoin instead of EUR.

[IIV]

Edited the image link that was not working and added the change in partners still with the project without changing the theme of original post.

[OneLifeKiller070]

IF Libra comes in crypto its will play a good role in crypto industry but you really cant say him a new crypto king . In intering in crypto space  facebook  means huge revolution for crypto .But he picture spokes a thousand words without any explanation.Explanation in just a picture how can we say facebook will overcame the current situation of crypto space  . In my opinion, bitcoin is still the one and only king and mother of all coin remain .

[joinfree]

Don't bother worrying about any development of this Libra Project because it's likely never going to hit major stream. last time I read the SEC were still not giving them the permit to go ahead with development of this project. Moreover, with Facebook's poor track record of handling data do you think it's advisable to use their coin for transactions?

[fillippone]

Libra is back on the news again:

Libra Is Ready for the Digital Money ‘Space Race’: Dante Disparte

Whatever you thought of the “unfortunate” positioning of Libra’s first white paper, as Disparte put it, the effort undoubtedly triggered a “space race,” he said, particularly regarding central bank digital currencies (CBDCs).

And a world where 70% of central banks are exploring CBDCs presents an opportunity, he said.

“When they [central banks] take the leap beyond wholesale, which is where most CBDC work is going, and start thinking about retail applications, then we will be in a better world for the fact networks like Libra exist,” Disparte told CoinDesk in a recent interview.

According to the updated white paper, Libra hopes that “these CBDCs could be directly integrated with the Libra Network, removing the need for Libra Networks to manage the associated Reserves, thus reducing credit and custody risk.”

The catchy conclusion is the following:

“You can be NASA, [Libra is] telling the Federal Reserve, and we’ll be the Space-X of money,” is how author and digital money expert Dave Birch put it in a recent article.

Basically: if you can beat them, team with them (and beat the later)