Facebook Libra finally launching?

[mindrust]

Why don't Facebook apply for traditional banking licences if they want to do traditional banking so much because all libra boils down to is "traditional banking".

They can already add fbcoin wallets to every fb user without needing crypto. Nobody's stopping them.

I don't understand what's their aim.

The facebook is different system, it doesn't need any people support. It was grow with the people support.Fbcoin was published by them and some investment till now.But it was not became a high value coin like bitcoin.

Libra has been creating to be an alternative payment system. It will be a stable coin backed by fiat currency too. It will never be the same as bitcoin.
It looks like that you didn't yet understand what will be the main purpose from the creation of libra coin. I hope that this will give you a small insight about the purpose of libra coin. It will be very similar as USDT

I know it is similar to the USDT and USDT itself isn't the most solid shit out there neither. (USDT's legal situation is complicated and unknown and can go down anytime)

All I am saying is, you don't need to paint it as a crypto currency because it is not a crypto currency and won't be one even if it runs on some so called "blockchain"

If the network needs a permission from the authorities to run then why use crypto? It doesn't make sense.

Any big server would do.

Buy a big server with enough CPU power to calculate the transactions, create a top currency on the excel sheet, back it with various FIAT currencies (GBP, CNY, USD, EUR), divide the total amount  invested to the participants and there it is: Libra.

The US and Europe already have their payment systems which is Swift and SEPA. Why would they let somebody else (like Zuckerberg) do their job?

Something is fishy here.

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[soetikno]

I don't know much about Libra, which I know was still under the supervision of the United States government finances last year, if this is true it is likely that bitcoin will be bull again, hopefully

[Traderbtcc]

I don't think this is any different from the traditional bank, why don't they just stick to the traditional banking system instead of producing yet another centralized currency that would be regulated by the government, sounds like "our hands in your pocket" kinda scenario, Libra is hated by alot of people because of this,and according to the article it's a stable coin, investors can't make any profit off it, just another USDT if you ask me  . My opinion tho.

[Menawi12]

This is news that I think is great. Libra collaborates with Facebook and almost everyone in the world has an account on Facebook. This will make transactions in cryptocurrency increase rapidly because of the ease with which people can buy crypto only through their social media applications

[kamadazje]

https://cointelegraph.com/news/facebook-s-libra-to-reportedly-launch-in-january-2021-as-usd-stablecoin

"Following more than a year of scrutiny from global financial regulators, Libra will launch in a form of a United States dollar-backed digital currency, the Financial Times reported on Nov. 27"

So they find some solutions to their problems but I wonder if they are still in good team as I heard that there are few partners that already left the said project because of the problems that it was facing.

This will be good if indeed this information is genuine as it can help the crypto market to boost more and the crypto will be known widely as the users of facebook are pretty huge. I will just hope that they will not end up postponing the launch again because of another problem that they need to solve again.

[enhu]

It's a stablecoin used as a payment method within Facebook. Don't be a surprise if this Libra will also be giving a chance for Facebook users to buy BTC with Libra and then not going to be able to withdraw BTC just like what PayPal is doing.

There is no reason for it to exist anymore but Facebook is a business and I guess if it's approved by regulators then the lobbying had worked.

[DeathAngel]

https://cointelegraph.com/news/facebook-s-libra-to-reportedly-launch-in-january-2021-as-usd-stablecoin

"Following more than a year of scrutiny from global financial regulators, Libra will launch in a form of a United States dollar-backed digital currency, the Financial Times reported on Nov. 27"

I hope it does finally get regulated & implemented into FB. It’ll get average joe interested in crypto which will be good for us. It will lead more people to bitcoin & altcoins.

[Bitstar_coin]

I wonder how much support it's gonna get. This honestly seems like a rush in desperation after PayPal announced their crypto thing.

I'd say Libra's gotten too much hate in the past to be successful, but unfortunately too many people get fooled so easily by anything these days. I just wish it's going to be a failed attempt. We do not need a privately-controlled centralized currency. That's exactly what I am trying to avoid.

But PayPal Announcement was just to support and provide crypto service, it is quite different from what Facebook is offering, PayPal offer an opportunity for many of their users to be able to buy crypto unlike Facebook, we already have enough stablecoin in the market that are good and reliable, and I don't know what good this libra stable it will bring to crypto Community.

[manfredmann]

Is this true? Seems new president is likely to support the cryptocurrency ( stable coin).

But we need to wait until they really launch their project because this happens all of a sudden after a long hold.

There is nothing to do with president here. It says in the OP that after a long scrutinizing the project are now being approved and probably will launched the project. I think the project had been gone a lot especially in the proving of how useful could it be and how could it improve the facebook community.

Hopefully it will launch a bounty campaign here in the forum. We can expect that it will be one of the great and rewarding project to join.

[judaspriest]

https://cointelegraph.com/news/facebook-s-libra-to-reportedly-launch-in-january-2021-as-usd-stablecoin

"Following more than a year of scrutiny from global financial regulators, Libra will launch in a form of a United States dollar-backed digital currency, the Financial Times reported on Nov. 27"

oh this is good news, and everyone is waiting for Libra to be in action in the cryptocurrency world,
indeed the Libra blockhcain is live, and you can see it at https://libexplorer.com/,
I'm sure they will launch to the public about all of this quickly , yup 2021 will be the start of the altcoin season.

[SlimShadyMmp]

Really! Cant wait am sure that will surge the price of crypto once it get started but lets hope its not going to be like a whole corporate digital coin than crypto cause if that happens then forget it there will no need and is like based on the info its designed to be kinda none volatile so basically I dont think is going to have exchange or liquidity or chain Hmmh we will see

[Yamifoud]

https://cointelegraph.com/news/facebook-s-libra-to-reportedly-launch-in-january-2021-as-usd-stablecoin

"Following more than a year of scrutiny from global financial regulators, Libra will launch in a form of a United States dollar-backed digital currency, the Financial Times reported on Nov. 27"

I hope it does finally get regulated & implemented into FB. It’ll get average joe interested in crypto which will be good for us. It will lead more people to bitcoin & altcoins.

That is their issue before and I think that they already resolve it and permits them to launch their project. I also hope that people are still excited to participate so they will succeed otherwise, failure has to be their ends.
Anyway, let us see and wait for the outcome. We can't tell yet that it will proportionally give a huge influence on the market trend (which likely we think) until such time that it was proven. FB is known to almost everyone but that was different from the Libra coin where not all FB users are also crypto lovers/adopters.

[FontSeli]

https://cointelegraph.com/news/facebook-s-libra-to-reportedly-launch-in-january-2021-as-usd-stablecoin

"Following more than a year of scrutiny from global financial regulators, Libra will launch in a form of a United States dollar-backed digital currency, the Financial Times reported on Nov. 27"

If this happens in reality, Facebook will be able to get huge working capital for the implementation of its projects. It can be compared to a fairly large Bank.
I'm more interested in what impact this coin will have on the crypto market. I hope that thanks to this coin, more and more people will be able to buy other cryptocurrencies, because not everyone will want to stop only at Libra.

[marilynmanson21]

The news about Libra being a stablecoin has finally come true, with FOMO of the bull market trend occurring in 2021, it is possible that when it is officially launched the bull market FOMO will get stronger and the price of bitcoin touching the new ATH will become a reality in the near future.

[Teraboy]

I don't know much about Libra, which I know was still under the supervision of the United States government finances last year, if this is true it is likely that bitcoin will be bull again, hopefully

It's only that libra being banned in US territory but you should remember if this time libra has been moving to the swiss. SEC can do nothing about this and the only party who can accept or reject the launch of libra was FINMA. This time libra will not be prevented by US to launch its stable coin.

[nrvasquez]

Honestly, I can't expect much from Libra, even though Libra has the momentum that Paypal has opened up, but maybe there will be another delay. libra may indeed be releasing their product because right now the momentum is pretty good, but I'm sure they still have a lot of homework to do first

[WaqasBlaze]

if Libra like other Banking System then we will not applly

[asriloni]

if Libra like other Banking System then we will not applly

The bankers didn't even give permission for libra to launch its payment system but it seems like you can't sure that if all of people will ignore this new payment system that being launched by the libra team.
Libra is one step closer to be a real thing for sure. FINMA has been giving an approval for libra and it will be started to be launched on Switzerland which can be considered as the crypto house too.
It's one of crypto friendly country.

[davinchi]

I think when they finally unveil it, it will feel a bit like a payment processor rather than a currency. Definitely it would have the chance to be a currency but if we do not use Libra outside of facebook companies, it is just a way for people to send/receive "facebook money" between each other, it requires some sort of cashing out to fiat as well, but still it is literally just a money you can use for them and send/receive between each other and cash out, that's it, that is what paypal basically does as well and nothing too different.

What crypto is great about is the fact that many places could accept it and we can use them almost everywhere if the other party accepts it, will there be many people who accept Libra as a payment? I doubt that, maybe only facebook shops and that's it.

[arufox]

I just want to know, what the difference of libra if we compare it with other stable coins?? Or what the benefits if I buy the libra coins?
It is a stable coin its means so bad for investment because cant give profits, and if I want to secure my funds I will buy BUSD rather than Libra coin
Actually, I don't see a reason why must buy these coin