Would You Trust Libra Coin With Your Money?

[EdmonLeung]

Digital currency Libra needs the global reach of Facebook to thrive, but its opposition is also driven by the social network. Controversy reigns as regulators assemble

By June 2019, there were more than 2,400 cryptocurrencies in circulation, with occasional daily launches. Most of them were almost useless, virtually no one knew of them, and they would never be. So when another –called Libra –was announced on June 18 in a white paper, you might have expected that it would not attract more attention than any of the others.

Yet Libra has received a huge amount of attention from the moment of its launch. The project made many of the same promises for most new digital currencies to venture: it would work more efficiently than existing payment technologies, avoiding the enormous spikes and falling in value that made Bitcoin, the first and best-known cryptocurrency, such a roulette wheel. More eye-catching was his pledge to reach billions of unbanked people around the world–people with little or no exposure to the global financial system–to open up vast new business and work opportunities for at least some of the world’s poor and revolutionize the global financial system.

One of the biggest supporters was the main reason people heard this time: Twitter. Freshly emerging from a seemingly endless series of data privacy controversies, the social media giant now emerged as the lead partner in a plan to create a new global currency alongside a consortium of other major tech, finance, and business firms, and vowed to carry it out in early 2020.

Clearly, Libra was attacked from all sides in the weeks and months following its launch. Cryptocurrency fans said that Libra was not a true cryptocurrency because it violates some of the basic principles advocated by the sometimes techno-anarchic fan base in the community–including the important distinction that Libra transactions still depend on confidence rather than mathematical proof.

Others attacked Libra as an accumulation of corporate power. Economists cautioned that it might challenge the influence of countries over their own monetary policy, thus undermining democracy. And lawmakers and regulators around the world came together to say they would launch investigations or take action against the fledgling currency before it even started.

Read more DoggBitCoin.Com

[davinchi]

Trusting Libra aside I am not entirely sure if I would trust the system that would allow libra to exist.

Think about it, this is a USA based company (Facebook) that is creating a new type of currency in the said country yet the country allows them because exactly what? Because, they will get some for free? Because, they have something to look forward for it?

I feel like if Libra is allowed that means SEC or some other people above SEC got some incentives for it in return. No country from USA would ever get my trust if they require governmental help, government only allows if they also get something in return. So, it is not about Libra or Facebook for me, it is about USA government, if it was another nation I may have considered using it for at least test purposes to see how it works.

[avikz]

I would trust Libra coin with my money. Because Facebook is trying to get regulatory approval and legal clearances before starting it up. So I am sure my money is not going to go anywhere!

I wouldn't trust Libra coin with my financial privacy. Because Facebook is trying to get regulatory approval and legal clearances before starting it up. So I am sure that my entire financial information with Libra will be shared to the regulatory bodies and enforcement agencies.

I hope you are getting my point!

[pakhitheboss]

I do not trust Facebook and neither should anyone here. They are a bunch of thieves who are always selling your Identity to big companies. It was in the DNA of the owner, who cunningly stole the idea of others.

They are always in the news for the wrong thing. Why? therefore anyone should trust their crypto Libra. It is not a currency meant to help the people but, to the company.

[CjMapope]

Digital currency Libra needs the global reach of Facebook to thrive, but its opposition is also driven by the social network. Controversy reigns as regulators assemble

By June 2019, there were more than 2,400 cryptocurrencies in circulation, with occasional daily launches. Most of them were almost useless, virtually no one knew of them, and they would never be. So when another –called Libra –was announced on June 18 in a white paper, you might have expected that it would not attract more attention than any of the others.

Yet Libra has received a huge amount of attention from the moment of its launch. The project made many of the same promises for most new digital currencies to venture: it would work more efficiently than existing payment technologies, avoiding the enormous spikes and falling in value that made Bitcoin, the first and best-known cryptocurrency, such a roulette wheel. More eye-catching was his pledge to reach billions of unbanked people around the world–people with little or no exposure to the global financial system–to open up vast new business and work opportunities for at least some of the world’s poor and revolutionize the global financial system.

One of the biggest supporters was the main reason people heard this time: Twitter. Freshly emerging from a seemingly endless series of data privacy controversies, the social media giant now emerged as the lead partner in a plan to create a new global currency alongside a consortium of other major tech, finance, and business firms, and vowed to carry it out in early 2020.

Clearly, Libra was attacked from all sides in the weeks and months following its launch. Cryptocurrency fans said that Libra was not a true cryptocurrency because it violates some of the basic principles advocated by the sometimes techno-anarchic fan base in the community–including the important distinction that Libra transactions still depend on confidence rather than mathematical proof.

Others attacked Libra as an accumulation of corporate power. Economists cautioned that it might challenge the influence of countries over their own monetary policy, thus undermining democracy. And lawmakers and regulators around the world came together to say they would launch investigations or take action against the fledgling currency before it even started.

Read more DoggBitCoin.Com

who thought Libra wouldnt get attention? comparing it to these daily shitcoin launches seems pretty crazy lol
Libra is an instutional cash grab, like a bank not a shitcoin cash grab.   Of course it was hyped, its facebook, 1/2 our generation lives no that shit site
this article seems like just a rehash of what we have been talking about for months now, when will these newbie crossposting shills learn? you wont get our merit this way

[Youghoor]

First and foremost when you say trust Libra Coin with your money, are you referring to people investing in the Libra Coin ?  Investment has nothing to do with trusting the crypto coin. You don't need to trust the Libra Coin before investing in it.  So far as there is an investment opportunity for a particular crypto coin, investors do not need to trust the coin before investing.  

[airdnasxela]

Since Libra is from Facebook and Facebook is already a trusted social media, so I think that it's fine to trust on Libra. But personally, I don't think I'll invest on Libra cause I prefer decentralized and Bitcoin more... Though I might still change my mind in the future...

 Investment has nothing to do with trusting the crypto coin. You don't need to trust the Libra Coin before investing in it.

I do believe that trust is still needed in investing. Because why would you invest on a coin you don't trust? Why would you risk your money on a coin you don't trust?

[Prompyboo]

I would never trust my money to such a centralized tool as the Libra. so many times they showed their attitude towards users (I'm talking about Facebook) that after all, it will be really crazy thing to trust them my money

[semobo]

It should me much better coin than USDT or any other stable coin which are using as trust part because it is coming from one of the biggest companies in the world but this not alone makes the crypto should be invested especially when we have coins which are not controlled by anyone.

[TinaK]

Obviously as seeing the current condition people will believe the libra coin because people have trust on Facebook. But as of now there is no big marketing allocation from them to market it.
I don't know why they were not showing to everyone that they were investing cryptocurrency to all the people.

[Duzter]

Facebook has been doing everything on a proper channelised manner. This increase the trust among the common public who are into cryptocurrency usage. The launch of libra isn't scheduled, fulfilling all regulations it takes more time. Until then it is our time to analyze the true nature of libra, upon which one can make the investment.

[tracey77]

It's pretty sure that Libra won't turn out as a huge hoax when it comes to financial aspect, but it's not the main concern of crypto enthusiasts. The privacy is. Facebook and other companies based on big data collected from billions of users are redeveloping the world on their own, sick conditions and that's why I'll stay away from Libra. But I don't think that you should be worried about your money invested in Libra project - it's quite the opposite, they'll handle it very well. Most probably Libra will let you earn some money, even if you are a complete newcomer into crypto, but instead they are taking your data and this is more valuable for Facebook etc than money.

[cabron]

Clearly, Libra was attacked from all sides in the weeks and months following its launch.

Was Libra ever launched? I have no idea it was actually launched when most of the countries in EU are opposing it and even the opposition are attacking it. But why is this OP making it sound like its been launched and were in the market already?

None might even trust it but users in facebook might just be using it.

[Rick-C-137]

satoshi nakamoto would hate libra . Facebook is a centralized institution firstly .

Secondly They sensor everything they do not like:
- Plus-sized women
-Mothers
-Women, generally
-Sexual health organizations
-Indigenous groups
-Journalists
-Cannabis advocates
-Europeans
-Artists, museums and galleries
-LGBTQ groups and individuals
Don't believe me? https://qz.com/719905/a-complete-guide-to-all-the-things-facebook-censors-hate-most/

With all that said NO. I would not trust them for my social media needs much less my MONEY

Also asking for government permission is about as un-crypto as it gets. One of the first responses to this question was a good one by avikz

I would trust Libra coin with my money. Because Facebook is trying to get regulatory approval and legal clearances before starting it up. So I am sure my money is not going to go anywhere!


I wouldn't trust Libra coin with my financial privacy. Because Facebook is trying to get regulatory approval and legal clearances before starting it up. So I am sure that my entire financial information with Libra will be shared to the regulatory bodies and enforcement agencies.

I hope you are getting my point!

absolutely correct avikz... Libra gets approval it will come with strings attached

[Pearls Before Swine]

Yet Libra has received a huge amount of attention from the moment of its launch.

Libra hasn't launched yet, just so you know.

As to whether I would own or use libra the answer is 'no'.  Since facebook's practices disgust me, I wouldn't have anything to do with whatever they have planned for their cryptocurrency, and it's a stable coin anyway.  I have never had the need to own tether or any of the others, so why would I own libra?

I think discussions like this are kind of moot, because I doubt the U.S. gov't is going to allow facebook to proceed on this and let libra launch.  I'm very curious to see how it all plays out but I wouldn't keep my hopes up if you're looking forward to it.

[desticy]

To be honest, I do not understand the essence of the issue. In my opinion, many people make the mistake of trusting their money to anyone.
What's the point of this? In today's world, unfortunately, you cannot trust your money to anyone, these are the facts.
Libra, if it finally starts up fully, will have a huge credit of trust among the population because it is under the strongest supervision of regulatory structures.

[rdluffy]

Absolutely NOT
I'm against facebook products, because in my opinion they don't do things clearly and fair

I don´t like the idea of having my personal data sold to other companies, and so important as my data is my money
Even if they can get through regulation, I won't use this coin in any case
The only thing in commom is the fact os Libra is based on internet, but it's the opposite of BTC and a lot of another good coins we have

[Ezravdb]

I will not say believe or not on libra coin. because the assessment will be able to be answered when the libra project has started a sales session or their tokens can already be purchased. At the moment I don't assume anything about the Libra project. You need to know the Libra project is surrounded by many large companies and teams of experts in all fields.

[Theb]

The signs are out there already telling us to back off Libra. A lot of powerful countries such as France, Italy, Netherlands, and Germany are already against Libra and has told that they will block any kind of Libra related transactions that will happen in their country. Aside from that the heat against Facebook's privacy and data protection controversy is not yet dead it may have died down a bit but the heat will rise once the launch will get nearer. Don't be fooled by the support it is having by other big companies since it doesn't tell the success it will have in the future, it may have a lot of companies supporting it but it also has a lot of governments against it so I don't think they will win in this one.

[Argoo]

To be honest, I do not understand the essence of the issue. In my opinion, many people make the mistake of trusting their money to anyone.
What's the point of this? In today's world, unfortunately, you cannot trust your money to anyone, these are the facts.
Libra, if it finally starts up fully, will have a huge credit of trust among the population because it is under the strongest supervision of regulatory structures.

Libra will no longer enjoy the tremendous trust of people. Their planned release met with such great resistance from states and regulatory bodies that it can be said that this coin is unlikely to ever be issued at all. In addition, at a meeting of the Congress in the United States, Zuckerberg himself was forced to declare that Facebook will not have anything to do with the Libra coin.
In addition, the United States and other leading states themselves already announce the creation of their national stable coins and, in my opinion, these coins will be more popular than the scandalous Libra.