Libra (Facebook coin) - All in one.

[thd26bct]

There are abundant topics on Libra coin, most of them are low quality. Therefore, today I create my topic, as intention to make it as all-in-one about Libra, that has halted by the US. Congress. In my opinion, such a stable coin like Facebook is obviously not a threat of bitcoin. It is as same as there is no threats from other stable coins, like USDT, USDTC, etc. on bitcoin.
Important!

Like a variety of altcoins known as “stablecoins,” Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities. This should make it more stable than other cryptocurrencies.

Moreover, Libra also has its intrinsic unanonymous charateristics, that will prevent it to become a threat of bitcoin.
Personally, people globally have all extremely FOMOed with Libra, and they somehow affected bitcoin price too much recent weeks, besides other political reasons like trade war between US-China, and the situation on-the-verge of war between US and Iran. I am happy to see bitcoin moved up partially due to Libra's effects.

In my opinion, despite the fact the Libra is a stable coin, the biggest thing crypto world gets from Libra is from now on, crypto currency has become more popular term for people globally. In some nations, due to intentional distractions and distortions from local governments, crypto currencies called as virtual currencies, that more relating to shady and negative things. Local governements don't want their locals understand rightly about crypto currencies.
With the effects from Facebook and Libra, from now on, more billiions Facebookers understand more what are crypto currencies.
To sum up, there are two main things we get from Libra:
- More exactly understanding on crypto currency term, globally, and the wrong term - virtual currencies - will be eliminated.
- Massively effects on social media platforms.
- Facebook and Libra have run free marketting for the whole crypto currencies.

There are some basics about Libra, that you want to know.
Website: https://libra.org/en-US/
Whitepaper: https://libra.org/en-US/white-paper/
Vision:

Libra is a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. People will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system.

Coinmarketcap: https://coinmarketcap.com/currencies/facebook-libra/
Libra association:

News:

Rep. Patrick McHenry, senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chair Maxine Waters, a Democrat, demanding a hearing on the Facebook cryptocurrency initiative.

Maxine's full statement is below. What is most surprising is that she is, don't shoot us, right.

Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.”

https://www.zerohedge.com/news/2019-06-18/maxine-waters-demands-facebook-stop-all-development-libra-crypto-project

Libra hasn't started yet but it looks like the US government wanted to bring it down already. No less than a congressional hearing is being requested here and bring some light about this so called coin. US are really coming down hard in recent days on everything that is related to crypto. But this time, they wanted to shoot it down before it goes on a full blown and un-controllable situation.

https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/
https://edition.cnn.com/2019/06/18/tech/facebook-libra-cryptocurrency-explainer/index.html
https://www.cnet.com/news/everything-you-need-to-know-about-facebooks-libra-cryptocurrency/

https://www.cnet.com/news/facebook-unveils-its-libra-cryptocurrency-as-politicians-raise-eyebrows/
Facebook urged to pause Libra crypto-currency project
Some valuable ideas from theymos.

If Facebook sponsored an exact clone of Bitcoin, they might actually be some competition just due to the advertising. They'd probably beat Litecoin, at least.

But we all know that there's no way they're going to let any old Iranian or Russian (for example) send and receive libra anonymously. It's going to be just as regulated and un-private as any bank account. But if you're OK with a bank account, you just use that. In fact, I doubt that Facebook will even be able to preserve irreversibility -- it just takes one widely-publicized sob story about some grandma losing her life savings before they end up bowing to political pressure. Libra will have none of the things that attract people to BTC, and it won't even have any advantage over bank accounts / credit cards. So as a currency, it's pointless.

It seems that they're mostly aiming to clone ETH. They came up with their own Solidity replacement, even. With this in mind, they might have some success at competing with ETH in the digital-assets-platform realm, especially since that area is more regulation-heavy.

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.

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.

[thd26bct]

Yet another topic. This section has been inundated with this shit coin in the last few days. Quoting other people's posts won't help you win any merit. Your topic will be buried by a ton of others.

Thanks for your suggestion on my topic, dude. Good luck.

[Reid]

Okay, it seems like you summarized it all in just one paper by now. 

FOMO with Libra? For what purpose?
As you it is a stablecoin. I bet it will be like Tether. 1:1. You invest with it then you get nothing. Just for the purpose of using it.
There will be no increase or decrease in price. So no profits at all. Just the mere buying of the coin and that's it.

So where will be the FOMO there. A lot of fools now are being fooled just because the Facebook name is being used which they think is so trustworthy of all. It will be less privacy just how that social media is.

[thd26bct]

< ... >

LOL, bitcoin, itself is a stable coin, if we look at it as purely bitcoin. One bitcoin is only one bitcoin, 10 years ago, for now, and next 100 hundred years.  
Libra, even it plays as Tether, investors of Libra will get kinds of benefits from their Libra they hold. If not, Facebook don't have plan to launch it, because they understand that no one will invest in kind of asset that won't bring them profits.
Regardless of all drama and noises around Libra, we all have benefited from its, so far, right? Bitcoin rose recent weeks. As I wrote in the OP, there are other componential factors on bitcoin growth, but Libra plays important role, obviously. Crypo runs by news, and Libra gives crypto market what it needs and waited for months since the bearish 2018 year. With such positive drama around Facebook and Libra, what will be planned by Twitter, Microsoft, Google and other giants in IT area?

[nutildah]

I recommend all you guys don't hop on Libra instantly when its started, because price will drop (as we always witness) months later, when FOMO effects go away. If you want to buy that coin, you should wait months later, then you will have better price, to buy Libra.

I was about to merit this but unfortunately you missed out on the fact that Libra is being launched as a stablecoin.

From Reuters:

Like a variety of altcoins known as “stablecoins,” Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities. This should make it more stable than other cryptocurrencies.

While it won't be tied to the value of 1 USD or 1 EUR (as most stablecoins are), it will be tied to the overall value of its assets.

[thd26bct]

I was about to merit this but unfortunately you missed out on the fact that Libra is being launched as a stablecoin.

From Reuters:

Like a variety of altcoins known as “stablecoins,” Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities. This should make it more stable than other cryptocurrencies.

While it won't be tied to the value of 1 USD or 1 EUR (as most stablecoins are), it will be tied to the overall value of its assets.

Sorry for mis-reading, I edited OP.
In my opinion, despite the fact the Libra is a stable coin, the biggest thing crypto world gets from Libra is from now on, crypto currency has become more popular term for people globally. In some nations, due to intentional distractions and distortions from local governments, crypto currencies called as virtual currencies, that more relating to shady and negative things. Local governements don't want their locals understand rightly about crypto currencies.
With the effects from Facebook and Libra, from now on, more billiions Facebookers understand more what are crypto currencies.
To sum up, there are two main things we get from Libra:
- More exactly understanding on crypto currency term, globally, and the wrong term - virtual currencies - will be eliminated.
- Massively effects on social media platforms.
- Facebook and Libra have run free marketting for the whole crypto currencies.

[Ranly123]

So many topics regarding this Libra coins, yet these people don't seem to invest in it instead. I think they just want to make noise about this new coin where in fact hasn't been used by most of the crypto users.

[anatolij.shishkin]

What you can see an American car making money out of thin air is working. As soon as the American company makes the cryptocurrency so immediately the master card and visa give the go-ahead. On this plan, e-bye in general, everything is clear. And they prohibit work with Russia and China because it is a policy.

[katerina5643]

ofc, facebook intends to capture some part of the cryptocurreny market in order to give all people acess to basic financial services.
btw,regards to this thread.i've found related article so u can read & figure out more.
here's a link.
https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

[XCANA]

Yet another topic. This section has been inundated with this shit coin in the last few days. Quoting other people's posts won't help you win any merit. Your topic will be buried by a ton of others.

Holy shit mate, OP has not violated any rule in this case and should be applaud for sharing some opinions around this forum to here. I think what he possibly share are things that worth considering because Libra coin will enclose many other benefits from giant tech like visa among others ecetera, so, let discus the advantages of this coin to Bitcoin community in general or the effect it will have on current price.

[crypcexhunter]

It's just stable coin. It's good for invest

[thd26bct]

It's just stable coin. It's good for invest

Stable coin is not good to invest, we all know that fact. Libra is an innovative stable coin, so it might make difference. Personally, I don't believe in significant innovation from Libra, and don't invest in Libra if it will officially been launched.

[akhjob]

So many topics regarding this Libra coins, yet these people don't seem to invest in it instead.

Libra is not like other projects. Libra takes investments as Libra investment Tokens.

The initial members of the council are the Founding Members and serve as the network's initial validator node. To be such a node, an entity needs to make an investment of at least $10 million in the network through purchasing Libra Investment Tokens. Each $10 million investment entitles one vote in the council, subject to a cap.

So, the minimum investment needed will be $10 million 

If you are mentioning about Libra coin, it is proposed to be a stable coin. ie.  If you purchase Libra coin for $10, you'll get back $10 (approx) when you sell it. Not a great investment idea So, Libra doesn't provide any opportunity for the common folk to invest with them as of now.

[Searing]

I recommend all you guys don't hop on Libra instantly when its started, because price will drop (as we always witness) months later, when FOMO effects go away. If you want to buy that coin, you should wait months later, then you will have better price, to buy Libra.

I was about to merit this but unfortunately you missed out on the fact that Libra is being launched as a stablecoin.

From Reuters:

Like a variety of altcoins known as “stablecoins,” Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities. This should make it more stable than other cryptocurrencies.

While it won't be tied to the value of 1 USD or 1 EUR (as most stablecoins are), it will be tied to the overall value of its assets.

I"m stuck on the 'stablecoin' part of Bitcoin not being a threat to Bitcoin. I mean, if you have a centralized coin, and it is based on currencies/USD/etc what is to stop you from

paying in interest (like a bank) or staking this coin for profit and a store of value?

Remember we are talking 1.5 Billion people on Facebook. With Libra coin, all the transaction fees and such go to the $10 million dollar nodes run by Paypal or visa or whomever.

Thus facebook profits (unless the various gov't allow massive data mining of info of folk like the regular Facebook) Where else is this Libra going to get its value? I guess I need

small words, but if that is the case, then would/could Libra replace Bitcoin as a store of value coin also? Thus being the 'darling' of centralization efforts by governments and

banks, etc?

Again, use small words on why this is not so. Just seems if there is an evil angle here to usurp Bitcoin and open source crypto it would be in this Libra coin, considering the source.

Brad

[thd26bct]

small words, but if that is the case, then would/could Libra replace Bitcoin as a store of value coin also?

In real life, with Gold, there is nothing can replace gold, for thousands of years. In digital assets, there is nothing can replace Bitcoin, that is a King and a backbone of crypto currency ecosystem. Libra, is a stable coin, so its price does not change too much, like what we saw with Tether USD, or USD coin (nearly unchanged), but Libra holders might have passive rewards that paid via Libra (I guess so). Therefore, investors can get small profits from Libra, not too much, in my opinion. Therefore, to maximize profits from investments, I don't choose Libra.

[Searing]

small words, but if that is the case, then would/could Libra replace Bitcoin as a store of value coin also?

In real life, with Gold, there is nothing can replace gold, for thousands of years. In digital assets, there is nothing can replace Bitcoin, that is a King and a backbone of crypto currency ecosystem. Libra, is a stable coin, so its price does not change too much, like what we saw with Tether USD, or USD coin (nearly unchanged), but Libra holders might have passive rewards that paid via Libra (I guess so). Therefore, investors can get small profits from Libra, not too much, in my opinion. Therefore, to maximize profits from investments, I don't choose Libra.

I certainly hope you are correct. I just can't help that the powers that be (centralized entities like facebook, banks, gov't, etc) are just letting Bitcoin off 'too easy'.

I suspect that if/when Libra, the facebook coin, is allowed, after jumping through a lot of 'regulatory hoops' in the United States and other countries.

The 'other shoe' will fall.

I just can't see them letting go of replacing Bitcoin at some point in the future as an attempt. It is too tempting to just tweak their Libra protocol and allow staking or something

else to go for it. There is no downside that  I can see for them to add such to the protocol to try. Worst that would happen if they fail, with the status quo just staying with

Bitcoin. But that is my prediction, once Libra gets its 'feet under itself' and launches, they will make a run, in some manner, I'm not sure how to replace Bitcoin as also a store

of value coin. I just can't see them letting that go, even if it is a down the road 'hail mary' pass like in American Football. Might be low odds, but if they could pull it off they would

be golden.

Brad

[yvesp110]

small words, but if that is the case, then would/could Libra replace Bitcoin as a store of value coin also?

In real life, with Gold, there is nothing can replace gold, for thousands of years. In digital assets, there is nothing can replace Bitcoin, that is a King and a backbone of crypto currency ecosystem. Libra, is a stable coin, so its price does not change too much, like what we saw with Tether USD, or USD coin (nearly unchanged), but Libra holders might have passive rewards that paid via Libra (I guess so). Therefore, investors can get small profits from Libra, not too much, in my opinion. Therefore, to maximize profits from investments, I don't choose Libra.

This is an open secret that there is nothing like gold in the market. The value is really stable and it is deflationary which means that even if there is some financial crisis, the value stored in gold would not degrade or depreciate. Libra would have a stable price of course but it would not be the gold for the digital gold is Bitcoin. However there would be very high implications of Libra once it is out in the market.

[hyunee]

Yet another topic. This section has been inundated with this shit coin in the last few days. Quoting other people's posts won't help you win any merit. Your topic will be buried by a ton of others.

Well said.
I don't even know why Libra coin is become the trend coin in this section. I mean, I know that it could bring investors but the coin itself is like USDT coin. It's not moving, it will be stagnant all the time. I wonder why people are patronizing this one.

[RealMalatesta]

And what makes you think someoneelse would still not see your own post as a low quality one too, because some of the postyou called low quality are what you quoted here and I don’t see any difference from what I have seen and read on other people’s post.

Yes we all know now that it will not be possible for Libra coin to compete with Facebook coin because they have no similar function which David has already come to clear the air, so there is no point talking about it again, we just have to wait for the release and see how things will unfold. Facebook coin will only be used by their users for their platform.

It's just stable coin. It's good for invest

The worst project you can ever think of using for investment would be stable coins, what is the essence of holding a coin that does not move, and when they finally move, it moves extremely slow to give a very low value because it is meant to retain the same value of the coin currency they chose to pair it with.

No investor should have it in mind of making money through stablecoin, the best coins to use as investment are still those other coins like Bitcoin, ETH and other great altcoins. Stable coin can only function well when you want to store your fund in crypto for a very long time and still have the Fiat value retain.

[thd26bct]

The worst project you can ever think of using for investment would be stable coins, what is the essence of holding a coin that does not move, and when they finally move, it moves extremely slow to give a very low value because it is meant to retain the same value of the coin currency they chose to pair it with.

It's the point, and people just over FOMO with Libra. Anyway, such stupid stable coin has contributed to boost crypto market, and bitcoin. Therefore, we should say a huge thanks to Mark Zuckerberg by launching Libra's website and whitepaper. At least, by now, crypto currency and blockchain have become more familiar and more popular in our society, globally. That's the biggest thing Libra brings to whole crypto ecosystem. Before Libra, even people heard about crypto, they still thought crypto is fraud, but with a huge brand of Facebook, Libra changed their attitude on crypto currency.