the more I'm reading about it the more skeptical I become as to wherever the current system will allow something big like this to happen
if the project is complete and is not a total flop , the new coin could challenge fiat
yes it is centralized , yes it can be called crypto just because it is somehow connected with the distributed ledger or blockchain
but this could be the first attempt , the real one to overthrow the fiat supremacy as we know it
it could both open the floodgates for the real crypto to enter the day to day people's lives
or it could compete with bitcoin and make it less viable , lets wait and see
one thing for sure:P financial regulators and institutions won't go down without a fight and I expect sooo many different interesting laws directed at Libra very soon
Naw. It will happen, at least in the USA and such. The reason is money, Facebook will simply thru political influence and dollars, buy a way into their vision of crypto.
It will work like this:
1) too much power with the centralized Libra...Facebook will spin off something separate from Facebook to monitor such with congressional approval.
2) the mix of crypto and currencies to the worth on the Libra coin will be MOSTLY USD. Over 80% IMHO. Again, to calm fears.
3) they MAY have to make a separate entity for keeping track of personal info...if they make this robust enough..they will be allowed to do data mining yet like facebook proper/ Ads.
4) with some banking hoops they will be able to charge interest on your hodl'ing Libra..much like online banks...again probably a separate entity to do so with Congress approval.
5) with above banking hoops filled they will also offer (to start) micro-loans to developing countries citizens.
6) they will incorporate their Libra with eBay, for overseas purchases mainly, to the same underdeveloped citizens of 3rd world countries also. There may be an eBay plan already.
All the above can be put into play and compartmentalized enough, that supposedly, IMHO, Congress will approve all this. Of course, 10 years down the line society will likely
find that they gave too much power to Mark Zuckerberg (even if all the above is parsed out in separate entities they will all still be connected in some way to
Mark Zuckerberg's wealth and these endeavors...spinning off some of this stuff will still give him and facebook clout, even if they accept 49% of the spin off to get approval.
Money talks and B.S. walks. This is a done deal, IMHO because VISA, PAYPAL, etc are all on board already and the ink on above 'adjustments' to eventual congressional
passage is not even dry yet.
As to what this will do for Bitcoin. Unsure.
Because Libra is tethered and a stable coin to USD and/or basket of other stuff, as Facebook claims. It is hard to see how bitcoin
could not benefit from this being a store of value. (virtual gold) to Libra's (ease for transactions and speed). However, IF by holding Libra you can stake at certain % in interest
and/or Libra itself takes on the quality of a 'banknote'. Well, all bets are off.
If that was the case, IMHO, if Libra had a huge start and use, like when PayPal started, by the
time Bitcoin and Crypto saw this as a threat, folk may have moved on.
Not saying this will happen, but Mark Zuckerberg would NOT be displeased if his Libra currency by happenstance or otherwise replaced Bitcoin and all other cryptos.
He may not feel that is possible, or even very likely, with the Libra Coin launch, but he would certainly like the alternative of this expected or not.
If Libra was to bury Bitcoin and other Cryptos.
So to me, it depends on HOW MUCH of a store of value with banking tricks and other attempts can Facebook make their Libra coin.
Also, Libra, as a 'store of value' like Bitcoin to replace Bitcoin, that is a long shot, indeed, with Bitcoin's 10 year lead on the 'store of value' position, this again,
IMHO is a very big longshot, but not impossible. I can't see them reaching for such heights at this time, would be better to 'use' or co-opt Bitcoin and other Cryptos
to their 'fast currency' vision first. But no one ever said Mark Zuckerberg has ever been accused of 'under-reaching' on launches of ideas/etc.
Again, Big Money Talks and Politician's Listen.
In this century, crony capitalism has made a huge comeback in the world and they may not be done yet!
Anyway, I know zip. Just my take and concerns on this. This Libra coin is 'going' to happen as to the effects, well, I'm just tossing out my views/concerns above.
Brad
edit: I may be 'too' optimistic about Bitcoin, according to this article. Whatever, I'm befuddled as usual.
https://hackernoon.com/libra-a-cyberpunk-nightmare-in-the-midst-of-crypto-spring-5543b6f6e34b
