Libra — A global cryptocurrency by Facebook

Facebook pushing crypto is great! Now Google and Apple will compete and it will really boost the industry.

I'm very very curious how this matures. Facebook is one of the few companies that can accelerate cryptocurrency adoption to the mainstream (whether the crypto communities like it or not). Curious to hear everyone's thoughts.

Libra "is governed by the independent Libra Association tasked with evolving the ecosystem" (https://libra.org/en-US/white-paper) – Facebook's managed to pick large corporations to wield the power for this decentralised cryptocurrency. "Can't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied together under the proven privacy of Facebook" — Sarah Jamie Lewis' Twitter thread on this is a great read. https://twitter.com/SarahJamieLe...

Good initiative by Facebook. Looks like Blockchain goes to mainstream. But the question is, will bitcoin survive in this crowd??

And.. all it takes is 10 million USD to be a validating node WITH voting privileges. Someone at Facebook doesn’t really know how blockchains/stacks work or.. thinks that everyone else doesn’t know either. And there were 56 authors to this paper.. Ha. If only the pyramid schemes of the 90s knew about this aye? :D https://libra.org/en-US/wp-conte... Founding members: The initial members of the council are the Founding Members and serve as the network's initial validator node. To be such a node, an entity needs to make an investment of at least $10 million in the network through purchasing Libra Investment Tokens. Each $10 million investment entitles one vote in the council, subject to a cap (see below).

NO!!! NO!!! NOOOO!!! Facebook has NO RIGHT to make a currency.... This is a BAD IDEA and a CLASSIC SHAM by MODERN DAY "WALL STREET" aka BIG TECH. I am NOT a fan or a supporter. In fact, I'm calling congress and asking them to BAN it. PROBLEMS... LET's REMEMBER: - Facebook takes "aka STEALS" data from users globally and historically made their terms complex and misleading - US democracy was interfered with via Facebook Ads from foreign bad actors to get Trump elected - The "Facebook Economy" is a horrible engine creating massive amounts of centralized power to Facebook, spinning up scammy businesses, and providing "fake" identity systems - Mark Zuckerberg is a rich billionaire and he has too much power. He exploited internet loopholes and psychology and should be paying more in taxes - Facebook needs to be shut down. I honestly don't like spending time on it. SOLUTIONS - Estonia e-Estonia (https://e-estonia.com) - PROPER E-GOVERNANCE => https://e-estonia.com/solutions/... - PROPER GOVERNMENT IDENTITY => https://e-estonia.com/solutions/... - PROPER E-BUSINESS => https://e-estonia.com/solutions/... - PROPER CYBERSECURITY => https://e-estonia.com/solutions/... - PROPER GLOBAL INTEROP => https://e-estonia.com/solutions/... A good government would have been looking at this back in 2017 => https://www.engadget.com/2017/12... I FULLY REJECT THIS TECHNOLOGY.

"Calibra promises to keep your crypto dealings and your Facebook data private" That's where you lost me... 😂 Remember when Zuckerberg made a joke about Facebook "not having the best reputation for privacy" and nobody in the audience laughed? That's how this is. Still, they're bold--you gotta hand it to them. They literally will not quit. They were bold enough to launch Facebook Portal, a CAMERA AND MICROPHONE INSIDE YOUR HOME not long after the Cambridge Analytica scandal, so why stop there honestly. They've faced virtually no consequences when it comes to respecting (or lack thereof) user privacy or security. So why give up. The funny thing is people don't often realize they're in control. Facebook is powerful because of its user base and network. If people simply stopped using Facebook products, the company would dip. Simple as that.

So now we supposed to store our transaction on immutable data store controlled by FB... That will be no for me...

Hey Guys, I am really excited to hunt Libra. Libra is one of the most anticipated product in the blockchain space as this marks Facebook's entry in the crypto space. I am very excited about this project. Whitepaper and testnet are already live for the community. Testnet: https://libra.org/en-US/open-sou... Whitepaper: https://libra.org/en-US/white-pa...

Wow, @rrhoover I didn't think I'd wake up to this. So the response to concerns about privacy, security, and antitrust turned into Facebook deciding they wanted their own universal currency? Whoever pitched that idea is beyond bold.

Let's see how MOVE itself evolves around blockchain devs.

Pros:

It would accelerate adoption and awareness about cryptocurrencies and blockchain.

Cons:

We don't know how much privacy would be compromised.

Like other said, happy for the good what it can bring, but not happy because it comes from Facebook. I don't use Facebook, what next? I should be left out? The commercial says it includes everyone, but what about people actually blocking everything FB on network level? No Libra for them? I hate Facebook, never used it, never will, I even avoid working on React projects because of Facebook.

Interestingly, @davidmarcus - Calibra's Lead - has released his testimony before he appears to US Congress (link). He mentioned 'transactions', 'protection' and 'blockchain' quite a few times. Not once he mentions the words 'crypto' or 'cryptocurrency'. David Marcus' PDF: http://bit.ly/2JA2bbx

Nothing in Libra has not been done by Alipay, other than writing blockchain and crypto everywhere on the website. Oh, and it will not be global if it will not be available in India and China.

Some developer looked into Facebook’s new coin Libra code and opened a pull request addressing a critical security vulnerability that is - centralization of authority and decision-making power. The PR suggests fixing the centralization issue by replacing the whole project code with Bitcoin’s code. The PR got over a hundred comments and likes before getting closed by Libra.

Pros:

Nothing

Cons:

Since it is coming from Facebook, it can not be private and secure

The initiative is great! Someone like facebook was needed to kick things off! If facebook can make this right then we potentially have one global currency!

Move like ETH has a great way to make money programable.

Pros:

Libra is what bitcoin should have been. It is fast, works with the best in the world and is looking to open

Cons:

Cetralization of facebook. Although they do plan to move to something permissionless over time, the way it is right now concerns me

Am I the only one who trust Facebook? I know there have been issues with privacy, and they took advantages of loopholes, but I imagine this was from the commercial area and its hard to not approve those kind of advantages. As an advertiser I'm aware of all their new politics, regulations and overall changes. So yes I believe they should have a second chance of your trust

Great Job Facebook! I sincerely believe that Libra will change how we spend, save, send and receive money. I can't wait for Libra to be live.

For those who are interested in being part of the Libra growth story, I've created a LinkedIn group which you're welcome to join! https://www.linkedin.com/groups/...