Is Facebook's Libra a Turning Point in Monetary History?


source “Libra, a Cyberpunk Nightmare in the Midst of Crypto Spring” by Daniel Jeffries.

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There a cool conversation going at ProductHunt. Very insteresting to read.


I assume similar long reads at reddit/hackernews

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ha yea

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and nobody listen that Zuck is CIA agent!

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I think the horse has bolted. The question is how long will it take the effected-financial boys,
advertisers, to nudge the lawmakers into action, and with what ? Bags of newly minted “coins”.

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Facebook reminded investors in its latest quarterly report that while it expects to launch its Libra digital currency in 2020, a number of factors could keep that from happening.(CNBC Jul 29 2019)

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Yea I saw that. Facebook admitted to investors it may never launch lol. I think it will… eventually.

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This is a statement from Libra
“The Vision, Libra is a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. People will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system. The Libra Association works to evolve and scale the network and reserve and leads a social impact grant-making program that supports financial inclusion efforts worldwide. The association collaborates with the global community and partners with policymakers to help further the Libra mission.”
Smells to me like the beginning of One world government.

  • inclusive global financial system
    -financial inclusion efforts worldwide
    -collaborates with the global community

correction - mossad

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I think Libra will be successful where Bitcoin and the others failed, to the detriment of the original ideals that were behind the crypto-birth.

I’ve got 4+ years being deep in technical and business side of crypto and Facebook has the two things to make Libra work.

A way to give “free” libra coins to a critical mass of users and a use for the coin from day one. I suspect their “marketing/adoption” strategy will be to give pretty much any facebook user some Libra for free as well as tie libra to things like likes, shares and games they host on the platform.

That means they instantly get the currency to be distributed widely. This was a failure of any previous crypto btw. Libra will be instantly useful as well because they can use the same platform to make it useful by giving it as a reward for “cheap” to anyone and providing “usage-liquidity” by being able to buy virtual game/services on the platform e.g. farmwille stuff.

After that comes the “marketplace” real world usage which is only a tiny step away from world domination. I’m not even joking by saying world domination here. As soon as ~10% of any country’s population starts using this in their daily socio-economic workings they will demand it elsewhere and from the remaining 90%, especially if the “get some libra for free” period stays open for a while.

Once they get to 30-40% mark they won and Libra becomes a world currency and good ol’ Zuck can screw entire countries over.

All this regardless of technical merit of the “blockchain” itself. They can claim whatever today, the thing will be 100% centralized and controlled by Zuck. Anything else doesn’t make sense.

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I agree with you, in african countries where the currency is iffy they will welcome
something that promises stable currency.And yes Zuck will screw entire countries
over. Like in the U.S. the investment advisors salivating on BTC being ETF tradeable,
so they can push BTC on the mom and pap investors,claiming safety.Some traders
likening BTC as gold.Gold has gold behind it. What does BTC or Libra has.BS.

Just a quick update on Libra.
Bloomberg
technology
Facebook’s Libra Loses Mastercard, Visa in Cascade of Exits
October 12, 2019, 6:51 AM GMT+11

“Cascade” is a bit strong. 21 of the 28 companies remain, and most that dropped out are payment companies. If you were a payment company would you want to help Facebook become a payment company?

I see there is some negative press on libra. But I think maybe it has potential to be big in 2020. Only time will tell. Meanwhile I will be trading on exchanges like Binance.com and Yobit.net. Those are my top picks for exchanges/.

That already exists and it is called KIN…No innovation over there…

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