Should the libra project be halted?

[daporivera]

Right before the launch of libra the global coin, a lot of controversies is associated with the project. Amongst it controversies is that from Yves Mersch  an ECB executive board member who said Libra is a “siren call” that will ultimately lead to the formation of a “cartel-like” ecosystem.

It is noted that libra is designed in a way to give Facebook centralized control over the entire entity admist Facebook claim they won't be directly involved in the libra ecosystem.

However the group that will be managing libra project is calibra a fully owned subsidiary of Facebook which is indicative Facebook will still have full control over the ecosystem.

Facebook has acknowledged what many have been saying – that regulatory issues may be an insurmountable barrier to the launch of its Libra global cryptocurrency project.

And not only is Libra “based on relatively new and unproven technology,” the laws and regulations around digital currency are “uncertain and evolving.”

Central banks, government ministers and watchdog chiefs have been lining up to demand more information on the project over fears it could pose a threat to central bank money and financial stability, and provide a global avenue for money laundering and fraud.

In your opinion should the libra project be halted?

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[snakey]

Facebook has acquired Servicefriend, a startup that built bots — chat clients for messaging apps based on artificial intelligence to boost the Libra reach my knowing the usage of consumers.

I hate Libra from the very fact it comes from Mark who has been spying on all users data and using it towards the campaigns in US elections.

To read about the accusation of Servicefriend , you can click this link : https://techcrunch.com/2019/09/21/facebook-servicefriend/

[Bttzed03]

I don't like Libra for having a centralized network but I like how it is pissing many regulators from different countries. Should it be halted? I don't think so but that's not for us to decide. Some countries will ban them for sure but so much money has already been poured into this project and stopping is no longer an option for them.

[jazmuzika217]

We can say that libra project is already halted. One factor is their too much controversies so it's image is already damage about that. Then their malfunction upon launching is also one reason. In fact all we know that using facebook coin name has a very big impact but upon launching all investors and potential users  and clients are not satisfied.

[Experia]

the good thing with libra coin is being handled by facebook and the purpose of it is being the medium of international payment. It was not stop it is just postpone as said by Mark “Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” he said. “But right now I’m really focused on making sure that we do this well.”

This is the assurance that Mark want to do a good project and can lift the image of cryptocurrency.

[DaMut]

No, it should not be halted but instead, it should be terminated completely. It is very harmful to people who seek freedom and at the same time, it is very bad for an economy.
and yes it will eventually lead us to the “cartel-like” ecosystem. Because of its total centralization and the fact that it has a red flag in this area.
I am completely against this kind of digital currency because it might affect our cryptocurrency in a negative way, even it is very possible for every country to ban cryptocurrency completely because of the side effect of Libra once they manipulate it at its finest.

do not think about the short term but instead, think for the future.

[masterrex]

Right before the launch of libra the global coin, a lot of controversies is associated with the project. Amongst it controversies is that from Yves Mersch  an ECB executive board member who said Libra is a “siren call” that will ultimately lead to the formation of a “cartel-like” ecosystem.

It is noted that libra is designed in a way to give Facebook centralized control over the entire entity admist Facebook claim they won't be directly involved in the libra ecosystem.

However the group that will be managing libra project is calibra a fully owned subsidiary of Facebook which is indicative Facebook will still have full control over the ecosystem.

Facebook has acknowledged what many have been saying – that regulatory issues may be an insurmountable barrier to the launch of its Libra global cryptocurrency project.

And not only is Libra “based on relatively new and unproven technology,” the laws and regulations around digital currency are “uncertain and evolving.”

Central banks, government ministers and watchdog chiefs have been lining up to demand more information on the project over fears it could pose a threat to central bank money and financial stability, and provide a global avenue for money laundering and fraud.

In your opinion should the libra project be halted?

In my personal points of view regarding this thread was no need to halted Facebook Libra's Launch, cryptocurrency space needs to be open for competition to bring more opportunity in the industry! facebook's billion's of users can drive cryptocurrency adoption in a massive scale! Thats why no need to be treatened because Bitcoin has already a huge fundamental position in the market so it remains the King of all cryptocurrency in existence.

[Viper1]

1. Facebook censors and/or bans pages/accounts that violate their "rules". As each day passes, their "rules" seem to change to adhere to an ideology that does not include things like Freedom of Speech. It impacts people of all political/ideological persuasions.

2. Facebook has shown that they value gathering as much data on you as they possibly can and are unwilling/incapable of ensuring any aspect of your privacy.

So. Anyone that will let Facebook "control" their money, and cut off to their access to it for whatever reason they want. Well, they deserve what they get for being so stupid.

So sure, Libra should be "halted/killed" or whatever. More importantly, companies like Facebook should be broken up so they no longer have as much power as they do as it's getting worse and worse.

[Red-Apple]

it is a centralized shitcoin and it is not the first time one of them is being created, the only thing that is first is the size of the pockets of people who are creating it otherwise it is the same as shitcoins such as ripple. nobody can stop them from creating their shitcoin, they may end up shutting them down at some point in the future though or force them to get a banking license and report every single transaction to the 3 letter agencies in the US just to let them live.

[ansi]

Libra is a great add to the cryptocurrency niche for sure ,there is no single doubt about that although it's 100% centralized. The major problem that faces Libra is that they won't allow it as payment coin since this jeopardize the whole monetary system & open new major problems that threaten those thieves, that's why Trump said it plain simple in this sense in concerns of Libra: " if they wanna make it to as payment, get your banking license first ".

Facebook will have to deal with shit load of legal problems to get Libra working, i won't be surprised to see KYC mandatory in the accounts that wanna use Libra.

It's still early to see Libra in 2020 like they said, & i won't be surprised if they cancel this whole Libra thing, it's not that easy to make a payment option in the biggest market (Facebook) & the monetary financial institutions watching without doing anything, hard to believe that.

[DIYTube]

I have mixed feelings on this myself. FB is huge and could make crypto go mainstream if they succeed due to their size.

But I dont trust FB because of their lack of control with personal information.

I certainly would not use it if they succeed. But if it helps the crytpo community, then so be it.

[dodziu]

Libra project can not be stopped my our comments and dissatisfaction because it have the supports of some world powers and they have determine to proceed whether we invest into it or not on the second hand most of us will still join the train when we discover that we are loosing money by not investing into Libra.

[senne]

Facebook has been involved in many controversies when it comes to data being compromised and playing with the privacy and security of their users. Such company coming up with a cryptocurrency and payment system and entering into the financial lives of its users is definitely a cause of concern. The whole payment system will be controlled by a few people which is no different than the fiat currency we have currently. The only difference will be that this time, it will be under the control of a corporation which is more riskier than the government. I was never in the support of such currency. Regulators are being involved and have asked Calibra to stop any development until the question on privacy have been answered. I hope a calculated decision gets taken.

[NathanJB]

1. If the reason is “cartel-like” ecosystem then maybe a kind of regulation has to be adopted to make sure there is no such potential. The possibility of monopoly is real since Libra is gathering together some of the richest companies in the world. It could affect free market and healthy competition. But there is no need to halt the project.

2. If the reason for halting is that the project is “based on relatively new and unproven technology,” and that cryptocurrencies are “uncertain and evolving”, this is not enough. It has already been demonstrated that cryptocurrencies and the technology that they represent are very viable in our modern world.

I cannot see a very valid reason why Libra project should be halted. The way I see it, this is their real reason:

Central banks, government ministers and watchdog chiefs have been lining up to demand more information on the project over fears it could pose a threat to central bank money and financial stability,

This is just an excuse of the fearful chiefs:

and provide a global avenue for money laundering and fraud.

[htsy585]

Facebook has acquired Servicefriend, a startup that built bots — chat clients for messaging apps based on artificial intelligence to boost the Libra reach my knowing the usage of consumers.

I hate Libra from the very fact it comes from Mark who has been spying on all users data and using it towards the campaigns in US elections.

To read about the accusation of Servicefriend , you can click this link : https://techcrunch.com/2019/09/21/facebook-servicefriend/

Appatantly purchasing the Israeli chat ware service friend is an indication that Libra will definitely launch. Asides the negative attributes Mark especially In handling users personal data, I think Libra will do more good to for he cryptocurrency space than harm and should not be halted

[Ibizugbe1]

Why halt a project like Libra? It should be allowed to proceed and let's see how traditional banks fair. Traditional banks are scammers reaping where they have not sold. Lending out your own money to you and making you pay interest on it. Libra will favorably compete with them if allowed.

[jacafbiz]

Libra Project has come to stay, Facebook is a multinational company and when you look at the number of company behind Libra you will realise that it is just a matter of time. For me Central banks are scared because they have failed the system already and project like Libra could take away part of their roles. These politicians have their price and Libra team is going to pay it

[crazy-pilot]

I hate Facebook and personally Mark. I don't like everything this guy does, but watching regulators around the world get angry is fun. I think Libra should be halted just because Mark should not have this power.

[pcfli]

I don't think so, the Facebook team already analyzed the market conditions and there is not big competitor against the Libra. Maybe in the future, there will be restrictions by the governments but I don't think it will be completely blocked by the major countries. The regulation talks will not help the crypto community and the Libra team for reaching their goal in the crypto space.

[seagates]

Libra may make facebook too powerful. They like to track  users so much. And do it libra  should be halted