Facebooks Libra - will it wash Cardano away?

What do you think…

will Facebooks Libra project have any impact at all on Cardanos plans to assist the unbanked or will it simply wash Cardano away?

no way. it is enough to look at who libra attends to cooperate with to realize it will only brace present status quo


It can’t wash Cardano!

IF, and only IF Cardano sticks to following:

  1. Privacy
  2. Decentralization of power and control

I’m not sure what the vision around 1 is, but 2 is pretty clear (Shelley will bring a ton of decentralization).

There are other things that separates Cardano from Libra, immutability on SL, transparency around development etc.

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They’re very different beasts.

I wouldn’t worry.

It’s practically inevitable Libra will gain much greater adoption much faster than Cardano e.a… It’s closer to traditional fiat currency and the userbase familiar with that concept is already there.

But in the long run I still believe it will (mostly unintentionally) help introduce a lot more people to actual cryptocurrency.

Interesting times ahead :slight_smile:

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Here are some interesting points to mention:


If supported by big US/western businesses than yes, while cardano will stay as nice academic exercise. I will definitely take stake in Libra, currently have only ETH.

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There is 0 privacy towards government when one trades financial instruments, so privacy baloney wont fly any more.

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Libra may get some curiosity and hype from fb users and their generation in developed countries but I don’t think it will garner the trust of most people who got into Bitcoin and crypto for their advantages over the government controlled currencies. Will Libra be transparent and prove that it is backed by its basket of currencies 1:1 or will they pull a Tether? I can see so much potential for internal abuse with Libra.
From what I see, there’s not that much of an overlap between Libra and Cardano’s targeted market.

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Did you mean to compare Libra with ADA, because it does not compare to Cardano?

Cardano is a permission-less blockchain platform. It has a distributed ledger that cannot be rewritten and hence cannot be falsified - it’s immutable. The immutability is guaranteed by cryptographic consensus protocol, not by the power vested in a consortium or a central authority. The use of the platform is not limited to implementing a form of digital cash.

Libra on the hand would be a form of digital cash. It would not be a blockchain platform based on what we know so far.

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No, not comparing, it’s a hypothetical question in terms of adoption.

Most people won’t have a clue or be bothered about the technicals, but at some point in the future, it’s likely that a cryptocurrency of some description will be adopted to start replacing fiat.

At over 2 billion users, there’s no argument that Facebook has a natural head start in the race, Enough in fact to concern a U.S. House Committee to ask for a moratorium on further plans for Libra.

Facebook have been coy about their intentions so far, they say it’ll be a means to share funds between friends and family, but I think we all know what the true intention is.

So the question isn’t a comparison, it’s whether you think that ADA or any other cryptocurrency project will be able to compete against the might of a big player such as Facebook if they also have plans for the unbanked.

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Facebook and their partners are a huge threat to the current financial system.
It will be the first time that a currency will not be controlled by a sovereign State, but a consortium of private companies.
That’s a pretty big deal. Will they become a fully decentralized cryptocurrency? Probably not. Will it bring exposure to the broader crypto market. Absolutely! I think we’re seeing that through BTC now.
Will there be a sidechain bridge of interoperability between Cardano and Libra. Perhaps one day.

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Great… I agree, if the project does manage to get off the ground, I doubt it will be decentralised and in complete contrast to Cardano, I should imagine the consortium will have very tight control. Will this matter? Will it ****! Look at the stunts FB are pulling today and 99% of users are completely unaware or don’t care.

I agree, Libra will very much raise the profile of digital currencies, but the sidechain is an interesting take.

In essence am I right in thinking that cAnaDiAn is saying it could be a good thing by raising the profile and even be beneficial through sidechains?

This question may be in it’s literal language a bit strange to consider. I would first share that one concern Charles shared is the potential of the Facebook and Google type company’s entering the space with their large customer bases and existing market penetration. They have in Facebook s case 2.4 billion participants right now and can create an entire independent economy. The company has highly skilled programmers, cytologists, and an abundance of money and market awareness. This does present a serious concern according to Charles.

Within the last week or two the US govt has asked Facebook to delay it’s launch of Libra as a matter of national security. Our US government seems to see Libra as a game changer that could greatly affect the US dollar as the worlds leading Reserve currency. If LIBRA is launched it is believed by the US Govt that the ability of the US to affect US policy initiatives such as those being used to influence North Korea and Iran would be greatly affected and diminished.

I would remind other that the Muammar Gaddafi "The General and King of Lybia wanted to take his country off the US dollar and created the gold backed denar. His country was crushed soon after the announcement. I suspect this was a warning shot to the world. It was not the last time a small country had this intent acted and faced severe consequences.

This is in fact why it is so important the American economy must be made to grow and grow and grow. The dollar must maintain it’s global authority. If not America will face Globalist nations on equal footing financially and that will eliminate it’s greatest influential power. Loosing the top reserve currency position will make America much weaker as a nation and Americans unsafe in a hostile world.

IF America would lead and set guidlines for US crypto affiliation and lead by initiating the adoption of various crypto’s built under various standards for various purposes and have it’s one Federal Reserve released stable coin the US might maintain it’s leadership, but US regulators are ignorant of blockchain technology and as a result deaf to our need to compete in this arena.

My concern is a Facebook might be supported by the Govt so long as Facebook does what they want it to do. Feed them private information by the terabyte per second. Facebook has already replied to the Govt saying they want to work with them. They are a danger. $50Trillion of supply chain business is in the process of switching to Blockchain technology. It’s already happening and it’s speeding up. Cardano may miss the majority of the switch and most of the choicest opportunities due to their development practices of perfection before business launch. No doubt Charles will hate my observation in this area but facts are facts. many business do not require the exactness and perfection of what Cardano offers. In time they may find a need to change, but if we are mature we can admit the market has raced ahead of Cardano and ADA has become boring. My Grand kids are young so it has time to grow it’s market share which may or may not bring price appreciation. XLM certainly failed to do so. Time will tell. I continue to be a buyer for the kids. Reality is, LIBRA is a problem for all crypto’s.


Raising the profile? I would have think so. benefits through use of sidechains? Possibly. Add to that, After Cardano has Shelley fully implemented and staking incentives more defined and being generated, that will bring added incentive to explore ADA.
Sidechains are an interesting option. I haven’t read the entire paper on sidechains in detail, but it looks promising. Below is a pdf link to IOHK’s POS sidechain research. Dated Dec 18, 2018


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I would bet FB implements something that is the interest earning equivalent of staking which would obscure Cardano. So let me simplify this Libra vs Cardano issue… Hey Charles (and IOHK); hurry the F up and get it done. The horse is out of the barn already…

It’ll be done when it’s done, mate! :laughing:

Not sure that LIBRA is threat to US dollar, since governments nowadays are more stringent towards exit platforms coin->fiat - china is good example, As far as US is concerned 1099s is already here …

I could care less if FB/LIBRA will work with govt, full trading disclosure will happen anyway, and taxes will be collected in US and Europe.


Neither am I. I do know a little history and Uncle Sam protects his power base. (The dollar).

They aren’t ready to give up on the dollar or re-instate the gold standard and buttress it’s value with something more acceptable than the “full faith and credit” of an already bankrupt US Government. There are rumors about meetings that have been taking place between nation heads of finance and top leaders to negotiate a global price of GOLD at a $10,000 per ounce rate and then all nations convert over to gold backed currencies. If this is true we can kiss the hopes of making lots of new money off crypto. Crypto would become the fiat currency it was intended to kill. I do know that this has been a topic in WA DC. Relatives run in those circles.

Also the new Fed member just put up for appointment confirmation by @potus is a real gold bug and favors a dollar backed by Gold. Maybe something is in the works and it’s not just a bunch of chatter among elites. Actually converting the worlds economy to a universal gold standard makes a great deal of since. It solves a number of problems except one. America would still have the worlds primary Reserve currency and THAT is exactly what the other nations want to get out from under. The only way to do it is to have a universal decentralized crypto. Then of course the American economy would collapse and America would just become an also ran with the rest of the herd. Not going to happen. They have to figure out a way for some kind of co-existence.


Libra could actually have a huge impact on all crypto-currencies for indirect reasons: It seems to have waken up legislators all around the world that are rushing to legislate around crypto, in order to prevent Facebook to take advantage of that huge financial legislation void.

Expect a ton of new crypto laws and fast, thanks to Libra.

That could be a bad thing, or a good one, actually, depending on the spirit of the legislation…

My personal bet is not on “good”, though…