Facebook’s Libra Isn’t a “Cryptocurrency”

[ppblockchain]

In mid-June, Facebook — in cahoots with 28 partners in the financial and tech sectors — announced plans to introduce Libra, a blockchain-based virtual currency.

The world’s governments and central banks reacted quickly with calls for investigation and regulation. Their concerns are quite understandable, but unfortunately already addressed in Libra’s planned structure.

The problem for governments and central banks:

A new currency with no built-in respect for political borders, and with a preexisting global user base of 2.4 billion Facebook users in nearly every country on Earth, could seriously disrupt the control those institutions exercise over our finances and our lives.

The accommodation Facebook is already making to those concerns:

Libra is envisaged as a “stablecoin,” backed by the currencies and debt instruments of those governments and central banks themselves and administered through a “permissioned” blockchain ledger by equally centralized institutions (Facebook itself, Visa, Mastercard, et al.).

Read more : https://paperblockchain.com/facebooks-libra-isnt-a-cryptocurrency/

[StatesManG]

In mid-June, Facebook — in cahoots with 28 partners in the financial and tech sectors — announced plans to introduce Libra, a blockchain-based virtual currency.

The world’s governments and central banks reacted quickly with calls for investigation and regulation. Their concerns are quite understandable, but unfortunately already addressed in Libra’s planned structure.

The problem for governments and central banks:

A new currency with no built-in respect for political borders, and with a preexisting global user base of 2.4 billion Facebook users in nearly every country on Earth, could seriously disrupt the control those institutions exercise over our finances and our lives.

The accommodation Facebook is already making to those concerns:

Libra is envisaged as a “stablecoin,” backed by the currencies and debt instruments of those governments and central banks themselves and administered through a “permissioned” blockchain ledger by equally centralized institutions (Facebook itself, Visa, Mastercard, et al.).

Read more : https://paperblockchain.com/facebooks-libra-isnt-a-cryptocurrency/

I really don't understand your argument that Libra is not a cryptocurrency but envisaged as a Stablecoin. So in your argument.  Stablecoin is not a cryptocurrency?  USDT is backed by dollar doesn't mean it's not a cryptocurrency. If the Libra coin can be tokenized irrespective of what backed it, it's a cryptocurrency.

[Red-Apple]

you shouldn't change the meaning of the words just to write an article and prove a point.

Facebook's Libra is a shitcoin but as i have explained before in this board it is a cryptocurrency because by definition any cryptocurrency that is based on the cryptography and blockchain is called a "crypto-currency".
but since it is centralized, has a private blockchain and not only not offer any privacy but also deanonymize as much as it can, it is considered a useless junk.

[Rohtox]

Here's my Opinion:

• Libra still cryptocurrency (as Red-Apple said)
  
• I think before you post this blog, 1st think you should to know is the different between "Crypto-Currency", "Centralized" and "Decentralized"
  
• Next, I guess you just want some traffic for your blog post from this thread
  

[levyashin]

I also think that libra isn't a cryptocurrency: It is a digital currency and even some parts seem like a cryptocurrency it is not.

Still, i believe it will have good effects to real cyrptos.

[muslol67]

Here's my Opinion:

• Libra still cryptocurrency (as Red-Apple said)
  
• I think before you post this blog, 1st think you should to know is the different between "Crypto-Currency", "Centralized" and "Decentralized"
  
• Next, I guess you just want some traffic for your blog post from this thread
  

I don't think we can call Libra as a cryptocurrency. We may call it blockchain based platform money. Yes it is backed by Blockchain but there is no algorthym behind it.

[matveyeff]

In my humble opinion, Libra will not be a cryptocurrency in the classical sense. It will be something between Paypal/Skrill and Ripple with centralized management.

[mirawantirinjana]

Facebook Libra will be able to become a complete crypto currency, with its platform Facebook can require sell-sell transactions on Facebook using Libra Coins.
and that would be very good if they could provide a pair of FIAT currencies and crypto currencies

[Julunguul]

In mid-June, Facebook — in cahoots with 28 partners in the financial and tech sectors — announced plans to introduce Libra, a blockchain-based virtual currency.

The world’s governments and central banks reacted quickly with calls for investigation and regulation. Their concerns are quite understandable, but unfortunately already addressed in Libra’s planned structure.

The problem for governments and central banks:

A new currency with no built-in respect for political borders, and with a preexisting global user base of 2.4 billion Facebook users in nearly every country on Earth, could seriously disrupt the control those institutions exercise over our finances and our lives.

The accommodation Facebook is already making to those concerns:

Libra is envisaged as a “stablecoin,” backed by the currencies and debt instruments of those governments and central banks themselves and administered through a “permissioned” blockchain ledger by equally centralized institutions (Facebook itself, Visa, Mastercard, et al.).

Read more : https://paperblockchain.com/facebooks-libra-isnt-a-cryptocurrency/

No, i think we still can said that Libra would be a better choice to get in, also should be one of the option if you wanna to get some short profit. Just take the advantages with this kind of the news. Bitcoin, Ethereum and some  great coin just greening and also Libra got some hype. If i have more free time, i will use it to get some Libra.

[Khuongcute2503]

FB does not operate Libra as crypto. They use it to expand their ecosystem. It will be active in applications such as FB, Messenger, Instagram, ... FB revenue will be increased.
Previously, FB's main source of income was advertising. But if Libra is included in the ecosystem, they seem to become shopping centers with 2.4 billion people.
All can shop together wherever you are. Sharing a currency helps exchange and calculate costs faster. This is Mark's long-term mind

[Akhmad2805]

NYimak gaes

[Jamjamz30]

Facebook's Libra is a stablecoin wherein all stablecoins are cryptocurrency. Therefore, Libra is a cryptocurrency. With Libra on its way to launching, it is disrupting the currenct situation. Showing a lot of potential to adoption.

[Juggy777]

In mid-June, Facebook — in cahoots with 28 partners in the financial and tech sectors — announced plans to introduce Libra, a blockchain-based virtual currency.

The world’s governments and central banks reacted quickly with calls for investigation and regulation. Their concerns are quite understandable, but unfortunately already addressed in Libra’s planned structure.

The problem for governments and central banks:

A new currency with no built-in respect for political borders, and with a preexisting global user base of 2.4 billion Facebook users in nearly every country on Earth, could seriously disrupt the control those institutions exercise over our finances and our lives.

The accommodation Facebook is already making to those concerns:

Libra is envisaged as a “stablecoin,” backed by the currencies and debt instruments of those governments and central banks themselves and administered through a “permissioned” blockchain ledger by equally centralized institutions (Facebook itself, Visa, Mastercard, et al.).

Read more : https://paperblockchain.com/facebooks-libra-isnt-a-cryptocurrency/

Libra is a crypto whether you like it or not, it’s a centralised crypto which is under regulations like the stable coin. The concerns about government officials targeting it are hyped up, because Facebook will pay them money to get it approved and soon these government officials will be praising it. I would advise you to do more research on crypto’s before writing such a misleading post, it’ll harm your site and will effect your traffic.

[sandra_1]

That's right, Libra is not a cryptocurrency. Many people confuse it with cryptocurrency, but that's not true.I think that Libra has a margin at many fields, for example in paying methods. Buying cryptocurrencies lasts some time, this is quite time-consuming process, even if you do it by some "quick" platforms (like for example buycoinnow). By contast, buying Libra will last probably only a few seconds, because the its partners are the brands like Mastercard, PayPal or Visa.

[bittraffic]

I often read such comment in the telegram channel Libra being not a cryptocurrency. I argue with them though I'm still unsure of what Lubra might jsut be. But if its true that they are going ot be using distributed ledger which basically is a blockchain, then I guess its a crypto. So what exactly do you mean its not a crypto?

What constitute a cryptocurency besides it being transferable to wallet that can be traced by the blockchain data?

[hrunya102]

I think that Facebook will make this time all very reliable, because before they had a lot of problems with the government.

[Augustyusuf]

So what is really used for the Libra coin itself, if it wasnt thr crypto currency.

[Rohtox]

I don't think we can call Libra as a cryptocurrency. We may call it blockchain based platform money. Yes it is backed by Blockchain but there is no algorthym behind it.

No mate, as I read on Coindesk LIBRA has algorithm, but for now it's only available for founding members who can participates in the consensus algorithm.

Source: Facebook’s Libra Cryptocurrency: A Technical Deep Dive

and I see LIBRA it's kind like Ripple

[Thanasis]

Its a crypto currency because it is using blockchain technology for the transaction to be conducted but it isn't a crypto currency like bitcoin or other decentralized cryptos since it is backed up by something which said to have stable value.

[Sellman]

Facebook is truly (in case it will be allowed to launch months later) a crypto currency, but it is a stable coin. Basically, whatever stable coin is, their values are stable. Sure, because they are stable coins, and Libra is a coin like this. However, investors of Libra can get benefits from Libra by other kinds of passive income (I guess Facebook will disclose it more if the coin officially allowed to launch). By now, there is vague information on how Libra investors can get benefits if they invest in Libra stable coin.