What do you think about the Facebook Libra cryptocurrency idea?

[Chris Barth]

It's been a while I heard about Libra. I doubted my friend when I heard him say that Facebook (or should I say Zuckerberg) owns Libra. After then, I also say an airdrop (I don't know if it was scam or the real Libra coin).

Just a few hours ago, I was searching for an account on twitter when I saw a tweet which says that 2 senators had ask Visa and PayPal to pull away from Libra. Except that, there have been a lot of warnings about Libra coin. To be honest here, thinking of the mass population of Facebook users (over 2.3 billion Facebook users), I'm afraid that Facebook Libra coin would cause a big havoc.
Looking at one of the pictures I found on twitter, it's obvious that a lot of companies are pulling out already.

What's your take on Facebook Libra?

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[masulum]

Nothing special with Libra, they are just a stable coin, not like Bitcoin and Ethereum with decentralized, Facebook Libra become centralized. I think, Libra very hard to get mass adoption, because authorithy rejected Libra. If you read on news yesterday, Their partner such as Visa, PayPal and more already left from this project. No trust, no community it's mean no buyers for Libra.

[Pearls Before Swine]

Op, you'll find lots of threads about Libra in the altcoin section and probably others as well.  I never saw that graphic you posted, tho, and did not realize that many companies had latched themselves onto it. 

The ones that dropped out probably know Libra will never pass regulatory muster and they see it as a dead in the water project.  I can't see any other reason why they would be dropping out so soon.

And as masulum points out, Libra is supposed to be a stable coin and there are already a few of those around and they're not much use to people who want to profit from crypto.  Facebook users may well love it if it does get released, but I'd say the average member of bitcointalk won't find Libra all that interesting and probably won't own it.  I sure as hell wouldn't.

[robelneo]

It's been a while I heard about Libra. I doubted my friend when I heard him say that Facebook (or should I say Zuckerberg) owns Libra. After then, I also say an airdrop (I don't know if it was scam or the real Libra coin).

Just a few hours ago, I was searching for an account on twitter when I saw a tweet which says that 2 senators had ask Visa and PayPal to pull away from Libra. Except that, there have been a lot of warnings about Libra coin. To be honest here, thinking of the mass population of Facebook users (over 2.3 billion Facebook users), I'm afraid that Facebook Libra coin would cause a big havoc.
Looking at one of the pictures I found on twitter, it's obvious that a lot of companies are pulling out already.

What's your take on Facebook Libra?

So many companies are pulling out, there could be more announcing their pull out if you are a huge company you will always check your option if you need Libra Coin or Libra Coin needs you or it's a win-win situation between the two-party, it looks these conpanies see things differently, honestly I'm curious on the real outcome when Facebook becomes a player in the industry, we really have to see if they can really make havoc, because they are under heavy regulation and scrutinize,

[avikz]

First thing you need to understand that Libra is not a crypto. Even though it is planned to run on a blockchain but it is not made to be truly decentralized. It will always be controlled by Facebook and every single transaction will be reported to the appropriate authorities just the way banks do.

Now the bigger question is that if Libra can take off in 2020! I guess no! It is facing a lot of regulatory challenges already and many popular brands are pulling away their association from Libra. I will be surprised if they can roll out this project in another 5 years!

[asriloni]

Basically, nothing special on libra coin but it's just another stable coin that pegged with fiat to be used on the various platforms that owned by facebook but the problem is when libra is implementing crypto backed fiatcurrency and that means libra is having all of the control over its own pegged crypto to the fiat like tether company.
Some have already accused libra if it's a lot of potential to disrupt the economic system that already implemented by the bankers and regulators.
But again, nothing special on libra and when the name of libra launched by a non global company like facebook and this will not be a trending topic.

The name of facebook creates so many hype to the libra.
But it's just another stable coin. Maybe that will be giving the different result when libra is creating a new payment system that not used crypto. We have known so many countries are also saying crypto is disrupting the traditional economic system too.

[NeuroticFish]

But it's just another stable coin.

Actually with so many big names and money behind it, it could/should have been the stable coin everybody would (have to) use, the stable coin accepted everywhere.

It's something no stable coin managed to do - actually they didn't pose any danger to USDT reign.
Libra would have dethroned USDT easily.

It is about an huge amount of power in the hands of Zuckenberg, so maybe it's for the best that the project may perish.

[febriyana]

I just think if they get authority from government, they will try control digital economy as much as possible. They can control the amount of balance with Libra!
There is maybe not only affect to cryptocurrency but also with fiat, where we still trust banknotes for transactions.
But because there is many company left from project, there is a chance a plan to make Libra is cancelled.

[jossiel]

It's been a while I heard about Libra. I doubted my friend when I heard him say that Facebook (or should I say Zuckerberg) owns Libra. After then, I also say an airdrop (I don't know if it was scam or the real Libra coin).

That airdrop might be a scam. AFAIK, there's no airdrop for this project and why would a stable coin will choose to airdrop? they won't give free money even it's for their marketing. I just really doubt it and so don't be fooled by those Libra project imitations that are circulating on the internet.

Just a few hours ago, I was searching for an account on twitter when I saw a tweet which says that 2 senators had ask Visa and PayPal to pull away from Libra. Except that, there have been a lot of warnings about Libra coin. To be honest here, thinking of the mass population of Facebook users (over 2.3 billion Facebook users), I'm afraid that Facebook Libra coin would cause a big havoc.
Looking at one of the pictures I found on twitter, https://i.ibb.co/WH65rN8/IMG-20191015-003400.jpg it's obvious that a lot of companies are pulling out already.

As you can see that Booking Holdings was crossed out. Actually, it's a recent news that Booking Holdings withdraws attention to the project.

https://www.cnbc.com/2019/10/14/booking-holdings-abandons-facebook-libra.html

[Chris Barth]

I think that the Libra project will start anyway. Huge funds are behind it, as well as a team of the best lawyers who will lobby for the interests of the project.

It will definitely start but there's a risk. If the Libra project succeeds and works out fine, it'll bring a very strong positive effect. But then, same thing is applicable if it fails.

[watergold]

Now the bigger question is that if Libra can take off in 2020! I guess no! It is facing a lot of regulatory challenges already and many popular brands are pulling away their association from Libra. I will be surprised if they can roll out this project in another 5 years!

So Libra will not be launched in 2020 then what about some articles about preaching Libra, because many say after coming Libra the development of cryptocurrency will increase, there is also a mention that the coming of Libra will bring chaos in the market, so which is more correct.

[TaliskerDarkStorm]

Libra continues to bleed. Already 7 major companies have left Libra. I hope Vodafone and coinbase also sober up from the project closely. Because these two, especially Coinbase, are a very important company.

I don't understand why Coinbase supports Libra. It's a fact that Facebook steals and markets user data. But Coinbase, knowing this, Partners with Libra.

That's why I'm not using Coinbase anymore. Because Coinbase supports a con man, and I'm not going to support that.

[DonFacundo]

Airdrop Libra? that is a scam for sure, it is not yet launch bro. Well anyway there are still big companies support Libra so I think the project will continue even the six companies backing out partnership with Libra.

[Erdogan]

Libra is centralised, so have nothing much to do with real cryptocurrency. Same like Ripple can be only tool for speculators.
For me it can bring as much damage as good things. Time will show.

[CryptoBry]

Airdrop Libra? that is a scam for sure, it is not yet launch bro. Well anyway there are still big companies support Libra so I think the project will continue even the six companies backing out partnership with Libra.

Not just the airdrops, I have seen some dubious exchanges already selling some Libra coins...I don't think those are the real coins as the token sale has not started yet due to strong opposition from different sides of the world. Just yesterday or the other day, Libra held the signing of all the remaining members (after those who left already) of the Libra Association, the centralized governing body of the coin but Libra itself is facing some uncertainties as some countries are shunning their doors to this stablecoin.

In my view, it seems that the people of Libra are not giving up and they would love to see the project take off soon. Let us see how government regulators are gonna take this news so there is a big probability of a big showdown here...whoever blinks first will lose. I am sure that Mark Zuckerberg and his men must be prepared for a long battle ahead to make sure that Libra can get past the many labor pains.

Is there a bright future waiting for Libra? Only time can tell. I prefer to just watch and enjoy the sparkling show.

[confreslamp]

I think that Libra in general is a great idea, that would help to spread the mass adoption. Furthermore, there is a bunch of companies that are not afraid of SEC and would enter Libra association as soon as old partners would quit.

[bvg96634]

I would like to see a similar project, but not under the control of Zuckerberg. I like the principle of work and the idea of ​​Libra, but I do not like the one who is behind this project.

[BitHodler]

I would like to see a similar project, but not under the control of Zuckerberg. I like the principle of work and the idea of ​​Libra, but I do not like the one who is behind this project.

It technically doesn't matter who is behind what---key point is that whatever they deliver works as specified, and as long as that is the case, people will definitely use it. Not ever has there been such a large entity behind a project like this.

I'm more interested in how they could combat PayPal and other similar financial products.... if Libra can offer a looser payment environment, that is already a massive game changer and selling point.

People are sick and tired of PayPal, but thus far there hasn't really been much of a competitor to take over their market share, so I really hope that Libra can do that. I'm sure they can get something done to offer buyers protection too.

[tsaroz]

I don't think those companies pulling out makes any great sense. The Libra foundation has decided to meet to redefine the foundations and it also proves it's far from dead.
And a prestigious company like IBM issued a statement backing them up, though it's not the first time IBM have backed up a crypto, Libra in any form would drastically increase the crypto knowledge to people.

[dothebeats]

I'm not thinking highly of Libra knowing that this wouldn't really hit the markets that big unlike what XRP did despite being a centralized coin. True that Facebook Inc. has a huge budget when it comes to such but one can't simply deny the fact that Facebook has also included itself well enough on some of the largest data breaches and scandals in the world which makes them somewhat untrustworthy on these sorts of things. If a different company/entity manages Libra, then there would still be a glimmer of hope for a successful launch, but Facebook Inc.? I don't think so.