Facebook’s Libra Isn’t a “Cryptocurrency”

[unusualfacts30]

I would still consider it cryptocurrency as long as it runs on blockchain tech. We may not consider it publicly traded crypto yet, but that doesn't make it non-crypto. By definition it is cryptocurrency as mentioned by many others and even if it stablecoin, it is still a crypto as long as it fits the definition. Perhaps we need to separate the two.

[CryptoCraze11]

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.

In crypto world, anything that is centralized and can be controlled by a single entity is not a cryptocurrency no matter its using cryptography and blockchain technology.

[WalkerIVIV]

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.

In crypto world, anything that is centralized and can be controlled by a single entity is not a cryptocurrency no matter its using cryptography and blockchain technology.

eh.... did you forget about XRP? that's centralized and controlled by a single entity and can i consider that as a non-crypto? The definition of crypto has very well explained by the bitcoin whitepaper. but this time people consider any crypto that centralized as a scam coin. 

[iTradeChips]

Mastercard and Visa as partners? Is it only I who smells of possible debt traps for millions of people all over the world? Credit cards enslave middle class people. And now there is a possibility to put to debt even the ones in the poverty line with internet access and a Facebook account. I don't think this will work for the benefit of mankind. Whatever the reason why Zuckerberg wants to have a cryptocurrency, it does not look good.

[BryanK]

I can't call Libra a full-fledged cryptocurrency. But one thing I know for sure is that it will be very popular. Thanks to Libra, the cryptocurrency will be able to be popularized very effectively.

[yvesp110]

I can't call Libra a full-fledged cryptocurrency. But one thing I know for sure is that it will be very popular. Thanks to Libra, the cryptocurrency will be able to be popularized very effectively.

Right that is what will happen thanks to Facebook’s huge user base of more than 2 billion. The demand for Libra is going to be huge and I am very sure that it is this demand for the Facebook coins that will surpass the initial supply and hence result in a huge price hike. Anyways, it might open the arrival of cryptocurrency into regions where it is not allowed right now.

[semobo]

They are more powerful company so their strategy to approach the people is definitely different from the other cryptocurrencies so that we think like the Libra currency is totally different from the other cryptocurrency and expectation is increasing only if it is different that's why I appreciate that.

[Prolifik]

It is not a cryptocurrency, it is not even the blockchain technology. It uses words like these two only because it is now cool and they want to earn on this trend. 

[Sellman]

It is not a cryptocurrency, it is not even the blockchain technology. It uses words like these two only because it is now cool and they want to earn on this trend. 

It is truly a crypto currency, and operates on blockchain. Howver, Libra is a stable coin, and by now I don't see reason to invest in a stable coin. Maybe, stable coin is the place for us to store our assets, for example after taking profits with bitcoin, and store our funds in USDT or USDC. In the meantime to wait for dumps to buy cheaper bitcoin, such stable coins are place for investors. However, stable coins themselves don't help investors to increase their balance.

[ahmed04]

These cryptocurrencies will not be anonymous, as we will be able to track the entire route of any transaction and we will know whose money is being transferred. I don't think that's a good thing.

[FanEagle]

I think the best explanation of facebook is that it is a centralized stablecoin that is pegged to the governments it has a problem with. Do you really need any other reason to not trust libra at all? I mean what else do you need for something to have the worst start of a new coin ever?

They are a stablecoin and not a real crypto currency which is a negative, they are centralized in both utility and control for facebook which is a huge negative, they are pegging their currency into dollars and euroes which is controlled by governments and federal banks of which facebook has an open investigation about breach of privacy which is a total negative, these are all negatives combined making it the worst possible coin ever for us but at the same time it will be valuable since it existing is better than not existing.

[prehisto]

I dont see how Libra is any different from other electronic money issuers.

And the argument about disturbing borders is BS, PayPal does the same and they are one of the backers of this project. Not that I am a fanof this joke of a cryptocurrency.

[shadowduck]

These cryptocurrencies will not be anonymous, as we will be able to track the entire route of any transaction and we will know whose money is being transferred. I don't think that's a good thing.

I do not think that they create their currency for the purpose of any anonymity. For them, decentralization and anonymity is not important

[Sellman]

These cryptocurrencies will not be anonymous, as we will be able to track the entire route of any transaction and we will know whose money is being transferred. I don't think that's a good thing.

Are you anonymous by using Facebook? Nope. Hence, it is the same when you use Libra, Facebook coin, for your transactions. It is a centralized stable coin, and unanonymous crypto currency for sure. There are so many stupid drama and expectation on Libra coin already, and at the end, people will realize that invest in stable coin, Libra in particular, is one of the most terrible idea for investors, in my opinion.

[Xardasim]

Libra will be stable money that is suitable for all the moneys on all market. The difference from JP morgan is that it deals with several companies. I can not see another big difference.

[adzino]

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/

Just because they use the blockchain technology, they now consider the coins as crypto currency. Yeah, it might be a crypto currency, but it is just a centralized coin which will be heavily regulated. In other words, it is paypal but using blockchain to perform transactions. "Stable coin", "centralized" and "regulated". All three words most of the bitcoin enthusiasts hate.

[beerlover]

We can all sit here and talk about libra in 10 topics a day every single day and nothing will change. Facebook is not creating a cryptocurrency for sure but they are going to use blockchain system for their stable coin that is pegged with dollars euros and whatever else which means they are still a sort of currency and closer to crypto than actual currency.

USDT is not a "cryptocurreny" neither but it is quite famous in crypto world which means there is enough attention to go around for every single coin, as long as they do it right and they actually come up with a decent product I wouldn't mind it at all, I would even trade it or use it because if it is good and decent why not give it a try, prejudice doesn't help anyone in these cases. However, while trying to be open minded I wouldn't go as far as say they will be the standard, bitcoin is still the biggest.