Europe is against Libra. Who else?

[btc_love]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

[exstasie]

Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

Facebook did respond at the end of July. In their quarterly investor reports, they admitted Libra may never launch at all:

Facebook says significant regulatory scrutiny has made the project's fate uncertain. The tech giant admits the significant uncertainty around Libra means there can be no genuine assurance that the project "will be made available in a timely manner, or at all," per CNBC.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

It's a tossup. It'll expose the masses to "cryptocurrency" and make the idea more accessible. However, Libra is highly controlled. Transactions can be reversed, accounts frozen. It'll give people the wrong idea about what (decentralized) cryptocurrency is.

[audaciousbeing]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

Its no surprise this is coming at all and its something I have maintained. There is already a bad feeling for Facebook because of the amount of information to it has access to because of its platforms talk about Facebook, Instagram and WhatsApp and with that, government functionaries are already feeling they should be the ones with access to that in the sense that when they need to get something on an individual, they would likely have to go get a warrant before that is possible. Now adding crypto to it, you might as well sign out the function and control of government to a private organisation.

With Europe making a position and the difficulty it might face in America, there is no sooth saying that it will take lots of effort for it to see the light of the day if they won't bury the Company is series of court cases and injunctions among several bottlenecks. Facebook should focus on something else, this scope of business is clearly ultra vires.

[HeRetiK]

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

I think what Libra is mostly showing is the difference between public cryptocurrencies and privately owned "cryptocurrencies".

Libra is receiving so much flak in Europe because it's a private currency, created and controlled by a private entity. While Bitcoin and other cryptocurrencies were eyed with cautious suspicion, they never faced the open rejection that Libra is currently dealing with.

Maybe that's because Bitcoin is a public infrastructure and thus not the centralized accumulation of power that Libra would be. Or maybe that's because they know that Bitcoin can't be stopped for lack of a single point of failure. Either way it's teaching the public a lesson on what is and what isn't a free currency ("free" as in "freedom", not as in "free beer"). Which is already a step up from the question whether cryptocurrency is money.

[ajaymukund]

I think this Libra project is going to be a thing of the past, it has exposed too much of Mark's plot and it should be stopped.
Facebook's user system is too big to rule a quarter of the world with libra coins, it's quite dangerous. and not only in Europe, but also in some countries like Asia that are opposed to the arrival of Libra, which is really difficult to control as its system grows bigger!

[Decksperiment]

I would assume most of the crypto community would be against this project since everybody would think that once it gets realized, there is a big chance that it will have a sizable share of the entire crypto market and could reduce the value of any digital asset were holding right now including the almighty BTC.

[lightningmelo]

I think this Libra project is going to be a thing of the past, it has exposed too much of Mark's plot and it should be stopped.
Facebook's user system is too big to rule a quarter of the world with libra coins, it's quite dangerous. and not only in Europe, but also in some countries like Asia that are opposed to the arrival of Libra, which is really difficult to control as its system grows bigger!

I would assume that their plan was to present an outrageous version of what they actually plan to have.

Kind of like a politics version of price anchoring.

They will listen to what the government objects to the most and just release a version that's more reasonable even though it won't be decentralized.

[sana54210]

will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

If Facebook has lost Europe, then it has already lost one continent of the world already and believe me that it has already lost Asia too because it seems Asian countries like the big china never for once even like Facebook, as I have seen case where they have ban some Facebook projects in their country like the Whatsaap, so I don’t see them accepting this coin called Libra coin , and honestly, I am not sure that I will like to support Facebook too because I really don’t know what their motive is.

Let us keep aside our own selfish interest for now thinking that we could get money from the establishment of the Libra project like we have gotten from other ones, in the past, but we need to consider the control that Facebook coin will have over our data because they will gather those data as usual and sell it as they like.

[serjent05]

will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

If Facebook has lost Europe, then it has already lost one continent of the world already and believe me that it has already lost Asia too because it seems Asian countries like the big china never for once even like Facebook, as I have seen case where they have ban some Facebook projects in their country like the Whatsaap, so I don’t see them accepting this coin called Libra coin , and honestly, I am not sure that I will like to support Facebook too because I really don’t know what their motive is.

Asia is not only China, so it is still possible for Libra project to flourish in Asia if majority of asian country welcome FB's Libra with open hand.  Asian nation had not release a statement about Libra so it is still on the unknown part whether Asian countries will accept it or not.

Let us keep aside our own selfish interest for now thinking that we could get money from the establishment of the Libra project like we have gotten from other ones, in the past, but we need to consider the control that Facebook coin will have over our data because they will gather those data as usual and sell it as they like.

Libra is a stablecoin so how c an you profit on this?  It value won't fluctuate so we could not exploit that area to get profit.

[The Sceptical Chymist]

Facebook did respond at the end of July. In their quarterly investor reports, they admitted Libra may never launch at all:

They have to do that, just like all corporations have to list the risk factors of owning their stock or various business ventures.  Look in any annual or quarterly report and you'll see basically the same statements.  They're covering their asses legally--and despite what was written about Libra, I'm certain Facebook plans to press ahead with it despite all the regulatory risks.

They will listen to what the government objects to the most and just release a version that's more reasonable even though it won't be decentralized.

Yeah.  If Libra is meant to be a stablecoin, the government is going to have lots of problems with it.  If Libra's price was determined based on market forces, that's another story--it would be like a security almost.  I'm very curious to see how this all plays out.  At worst, it'll get people's attention focused on cryptocurrency and might actually help bitcoin in the long-term.  I have a feeling that Libra itself won't be too successful, but we'll see.

[Ayiranorea]

Facebook haven't responded on this issue, before the launch they're supposed to give clarity about libra and its features. I find this issue to be the same as the one we experience with bitcoin. There are countries that have adopted bitcoin, by the time there are countries that have banned bitcoin usage. This is based on their government policies, so libra too gets support from some countries and some will stand against it. Nothing is gonna make a big change in its launch.

[gantez]

It can only begin to make cryptocurrency more popular, change none followers perception that Facebook also has joined the cryptocurrency business. This is what I think but I don't think Libra coin will take over or do the unexpected because cryptocurrency is beyond Facebook.

[lightningmelo]

It can only begin to make cryptocurrency more popular, change none followers perception that Facebook also has joined the cryptocurrency business. This is what I think but I don't think Libra coin will take over or do the unexpected because cryptocurrency is beyond Facebook.

The network effects of WhatsApp + Messenger + Instagram can be strong enough to make a lot of people use it though. Would you agree with that?

[gentlemand]

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

Libra will never launch.

The US government spat an unbroken lava stream of searing hate at it during the recent hearings. The French and Germans have flat out stated they won't permit it to exist. No country with a weaker currency will ever, ever, ever allow it anywhere near their population. More authoritarian places like China will chuckle at the idea of it ever coming anywhere near them.

It's over before it got rolling.

I'm sure some will say 'but they'll launch it anyway' but this ain't crypto. There are a bunch of people in offices they can go and arrest if it ever does slip out without permission.

[fortunecrypto]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

The opinion is really not that good, there are a lot of oppositions against Libra coin because of Facebook's reputation on privacy, it looks like they are on a bad start, they need to do double time and fix everything along the way, they have the resources and the capability to turn things around so let's see before they launch.

[abhiseshakana]

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

Libra (stablecoin) or fiat money, although their form is different, but its function is the same as a medium of exchange, as a unit of calculation & as a store of value. Each user chooses the medium of exchange used based on the ease and benefits gained.

Libra, which may be launched in 2020, will not cause any ripple in the digital economy because its role is not too significant because many monetary authorities do not recognize digital currency and other financial technologies.

[Kakmakr]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

I think centralized payment options like Libra would make things worst. To quantify, I must emphasize that Libra are not what most "free thinkers" are looking for. People are not looking for another "PayPal" or some centralized organization like Facebook that would gather and sell their data <spending patterns / sensitive information about your wealth>  

Just imagine what would happen if Facebook knew how much Libra is in your wallet and what you are spending that "money" on.    They will know who to target, with what advertisements... based on the amount of money in your wallet.

All this information would also be shared with the government.  

[juperos]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

I think the slogan is not affecting the Libra business this time. because US lawmakers and lawmakers have realized the great risk of having Libra release widely.
They are suspicious of Mark's desire to launder money and use Libra coins to manipulate the crypto market.
Mark needs to come up with more practical ideas to overcome these questions.

[brightemo]

US is against Libra too. Whole crypto communty is against it too

[SquallLeonhart]

I didn't know the regulations on Libra and the things they had to go through to make it a legit and viable thing that is not against the laws was really making them think about this a second time.

I mean surely they have spent a ton of development and design and even some marketing sources to it and they probably have already made too much investment into it, so to say that they are not sure about launching it means that they must be going against some pretty big guns, normally when a company this size wants to do something they can literally just bribe their way into making it happen and would not face any troubles, since they have some issues I am guessing not only just governments but also financial institutes of all countries are not wanting Libra to happen and since they already bribe politicians they make it known.