Quote from: Jating on June 24, 2019, 07:50:46 PM

Quote from: mu_enrico on June 21, 2019, 03:29:43 AM

It is a stable coin with a consortium of big companies as the validator. If Libra reserves genuinely backed by a 1:1 ratio, then I don't see any serious problem. However, If they use the fractional reserve, I'm afraid inflation will speed up rapidly and take down the global economy (assumed Libra would become mainstream). Perhaps this situation is good for Bitcoin. People will realize that Bitcoin is the only non-debased currency.

I think they will run on fractional reserves.

Which just makes it scary knowing that Facebook is the one who operates it, and I'm sure as hell that that company lost its credibility and public trust already due to the number of data breaches it found itself into over the course of a few years. They can easily do a 1:1 backing on Libra and clear doubts on people but even then, I don't think many will still trust Facebook's own crypto.

But we all know that people can still make a fool of themselves just for the profit.

Quote from: fiulpro on June 23, 2019, 04:21:48 PM

I do think this is actually a good idea you know .

To have a digital asset , a cryptocurrency that too backed up by major companies so that we can entrust it actually with some money and it won't go too low as we expect it be .

Therefore I don't know why this is not something that is a good thing .

We could avoid the bearish market and it may be beneficial for us in a long haul, I do think it might work out just fine.

We should experiment , we shouldn't just copy , if they would have just made a cryptocurrency like Bitcoin then it would still be lumped in the thousands other altcoins that we already have.

So are we really willing to make a poor and a losing compromise in exchange for profits? Yup, I was right about that all along. Facebook is just one of those giant corporations trying to make money in the expense of others, and Libra, too, is a clear indication of that.