Wouldn't this Libra coin only be usable within the Facebook environment, meaning just FB, Insta and maybe some other apps?
I'm on the opinion that the mean reason for making this is for Facebook the be the main controller of digital identities. It's likely going to require KYC and from there Facebook would be able to eventually track EVERYTHING you do on the internet. I bet Google's gonna get pissed.
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.
Amen. Not to mention there are people who would bristle at the idea of a private company printing money.