There are abundant topics on Libra coin, most of them are low quality. Therefore, today I create my topic, as intention to make it as all-in-one about Libra, that has halted by the US. Congress. In my opinion, such a stable coin like Facebook is obviously not a threat of bitcoin. It is as same as there is no threats from other stable coins, like USDT, USDTC, etc. on bitcoin.
Important!
Personally, people globally have all extremely FOMOed with Libra, and they somehow affected bitcoin price too much recent weeks, besides other political reasons like trade war between US-China, and the situation on-the-verge of war between US and Iran. I am happy to see bitcoin moved up partially due to Libra's effects.
There are some basics about Libra, that you want to know.
Website: https://libra.org/en-US/
Whitepaper: https://libra.org/en-US/white-paper/
Vision:
Libra association:
News:
https://www.zerohedge.com/news/2019-06-18/maxine-waters-demands-facebook-stop-all-development-libra-crypto-project
Libra hasn't started yet but it looks like the US government wanted to bring it down already. No less than a congressional hearing is being requested here and bring some light about this so called coin. US are really coming down hard in recent days on everything that is related to crypto. But this time, they wanted to shoot it down before it goes on a full blown and un-controllable situation.
https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/
https://edition.cnn.com/2019/06/18/tech/facebook-libra-cryptocurrency-explainer/index.html
https://www.cnet.com/news/everything-you-need-to-know-about-facebooks-libra-cryptocurrency/
https://www.cnet.com/news/facebook-unveils-its-libra-cryptocurrency-as-politicians-raise-eyebrows/
Facebook urged to pause Libra crypto-currency project
Some valuable ideas from theymos.
Important!
Like a variety of altcoins known as stablecoins, Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities. This should make it more stable than other cryptocurrencies.
Moreover, Libra also has its intrinsic unanonymous charateristics, that will prevent it to become a threat of bitcoin.Personally, people globally have all extremely FOMOed with Libra, and they somehow affected bitcoin price too much recent weeks, besides other political reasons like trade war between US-China, and the situation on-the-verge of war between US and Iran. I am happy to see bitcoin moved up partially due to Libra's effects.
In my opinion, despite the fact the Libra is a stable coin, the biggest thing crypto world gets from Libra is from now on, crypto currency has become more popular term for people globally. In some nations, due to intentional distractions and distortions from local governments, crypto currencies called as virtual currencies, that more relating to shady and negative things. Local governements don't want their locals understand rightly about crypto currencies.
With the effects from Facebook and Libra, from now on, more billiions Facebookers understand more what are crypto currencies.
To sum up, there are two main things we get from Libra:
- More exactly understanding on crypto currency term, globally, and the wrong term - virtual currencies - will be eliminated.
- Massively effects on social media platforms.
- Facebook and Libra have run free marketting for the whole crypto currencies.
With the effects from Facebook and Libra, from now on, more billiions Facebookers understand more what are crypto currencies.
To sum up, there are two main things we get from Libra:
- More exactly understanding on crypto currency term, globally, and the wrong term - virtual currencies - will be eliminated.
- Massively effects on social media platforms.
- Facebook and Libra have run free marketting for the whole crypto currencies.
There are some basics about Libra, that you want to know.
Website: https://libra.org/en-US/
Whitepaper: https://libra.org/en-US/white-paper/
Vision:
Quote from: https://libra.org/en-US/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.
Coinmarketcap: https://coinmarketcap.com/currencies/facebook-libra/Libra association:
News:
Quote
Rep. Patrick McHenry, senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chair Maxine Waters, a Democrat, demanding a hearing on the Facebook cryptocurrency initiative.
Maxine's full statement is below. What is most surprising is that she is, don't shoot us, right.
Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.
With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the companys troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.
Maxine's full statement is below. What is most surprising is that she is, don't shoot us, right.
Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.
With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the companys troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.
https://www.zerohedge.com/news/2019-06-18/maxine-waters-demands-facebook-stop-all-development-libra-crypto-project
Libra hasn't started yet but it looks like the US government wanted to bring it down already. No less than a congressional hearing is being requested here and bring some light about this so called coin. US are really coming down hard in recent days on everything that is related to crypto. But this time, they wanted to shoot it down before it goes on a full blown and un-controllable situation.
https://edition.cnn.com/2019/06/18/tech/facebook-libra-cryptocurrency-explainer/index.html
https://www.cnet.com/news/everything-you-need-to-know-about-facebooks-libra-cryptocurrency/
https://www.cnet.com/news/facebook-unveils-its-libra-cryptocurrency-as-politicians-raise-eyebrows/
Facebook urged to pause Libra crypto-currency project
Some valuable ideas from theymos.
If Facebook sponsored an exact clone of Bitcoin, they might actually be some competition just due to the advertising. They'd probably beat Litecoin, at least.
But we all know that there's no way they're going to let any old Iranian or Russian (for example) send and receive libra anonymously. It's going to be just as regulated and un-private as any bank account. But if you're OK with a bank account, you just use that. In fact, I doubt that Facebook will even be able to preserve irreversibility -- it just takes one widely-publicized sob story about some grandma losing her life savings before they end up bowing to political pressure. Libra will have none of the things that attract people to BTC, and it won't even have any advantage over bank accounts / credit cards. So as a currency, it's pointless.
It seems that they're mostly aiming to clone ETH. They came up with their own Solidity replacement, even. With this in mind, they might have some success at competing with ETH in the digital-assets-platform realm, especially since that area is more regulation-heavy.
An additional goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition.
But we all know that there's no way they're going to let any old Iranian or Russian (for example) send and receive libra anonymously. It's going to be just as regulated and un-private as any bank account. But if you're OK with a bank account, you just use that. In fact, I doubt that Facebook will even be able to preserve irreversibility -- it just takes one widely-publicized sob story about some grandma losing her life savings before they end up bowing to political pressure. Libra will have none of the things that attract people to BTC, and it won't even have any advantage over bank accounts / credit cards. So as a currency, it's pointless.
It seems that they're mostly aiming to clone ETH. They came up with their own Solidity replacement, even. With this in mind, they might have some success at competing with ETH in the digital-assets-platform realm, especially since that area is more regulation-heavy.
An additional goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition.
It seems like it's mainly trying to clone ETH. Maybe aiming for the assets-platform angle more than anything.
If they make a permissionless cryptocurrency similar to Bitcoin, good! Then freedom in the world will be increased. But I really doubt that this is going to happen. Right now their paper reads like a standard scamcoin vaporware paper, and I currently judge there to be approximately 0% chance of them actually allowing anyone to use the system anonymously and freely like you can with real cryptocurrencies.
Uh huh.
Quote
To ensure that Libra is truly open and always operates in the best interest of its users, our ambition is for the Libra network to become permissionless. The challenge is that as of today we do not believe that there is a proven solution that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network. One of the associations directives will be to work with the community to research and implement this transition, which will begin within five years of the public launch of the Libra Blockchain and ecosystem.
If they make a permissionless cryptocurrency similar to Bitcoin, good! Then freedom in the world will be increased. But I really doubt that this is going to happen. Right now their paper reads like a standard scamcoin vaporware paper, and I currently judge there to be approximately 0% chance of them actually allowing anyone to use the system anonymously and freely like you can with real cryptocurrencies.
Quote
We anticipate that the ability for developers to create contracts will be opened up over time in order to support the evolution and validation of Move.
Uh huh.
Quote
An additional goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition.