Facebooks Libra - will it wash Cardano away?

Definitely agree, if anything’s going to raise crypto’s profile then there’s no better platform than FB and FB tends to get what FB wants.

The moratorium may have been issued but I’m sure the response is already prepared

Also, it is interesting to point out how centralized Libra is.

Legislators all around the world will be demanding a lot of explanations from FB in the next weeks/moths, eventually even issuing some subpoenas here and there.

Try to subpoena Bitcoin. Where would you even start? That is a TRULY decentralized crypto, and Cardano is going through the same path, thank God.

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I think the future will see the end of “analog” fiat.

The physical bank notes will simply disappear as they are expensive to make, “fairly easy” to counterfeit, and hard to keep track. Crypto-currencies solve all those problems

I would expect a Digital dollar, digital Yen, Digital Euro, Digital Pound, etc… to come to life in a near future.

The question being, what role will ADA play in that scenario? Maybe it will be completely outlawed with all the others digital tokens, except the official new fiat crypto-currencies.

Maybe ADA will give a solid foundation for several governments to actually issue their new fiat crypto-currencies on top of it.

Maybe some other future unpredictable development (in between those two extreme scenarios) will either make ADA very valuable, or bring its value to zero.

I guess only the future will tell…

USD getting backed by gold is hard to imagine, but nowadays everything is possible, one never knows…

Distributed ledger will always have some practical use, but in current form technology is simply not suitable as alternative currency given its transaction speed, regulatory rules, nonexistent protocol standards and complexity to implement real life transactions (eg pull payment option)…

Digital initiative is academically very valuable, older than satoshi, but unfortunately everything turned into fundraising scam , which is convenient and no strings attached way to milk fiat. Real developments I believe will happen in universities (like Pow and pos) guarded by peer review systems and maybe only than something useful will come out from this exercise.

Yep. It’s anyone s guess at the moment. Lots of heavyweights have moved into positions. They usually know something more than we do. At this point it seems everyone is a cowboy hoping they picked the right horse for the ride.

Thanks for your comments!

if Cardano and other projects do survive the gamut then I suspect you’d be close to the mark with your conclusion…

Things in life seem to fit this pattern, turning out quite different to what we envisaged

I doubt facebook Libra will have an impact on Cardano plan’s to bank the unbanked, the project will have a chance to learn from the Libra project but Cardano is not going to be washed away, too many people love Cardano and the mission it is on, and who can trust facebook? they are like the scummiest social site on the web! Its like Zuk decided to sell his soul and reputation at the cost of millions of people’s privacy and it is all a matter of record, it is on record! These guy’s have no chance imho, they might make a good splash in the crypto market, but how will they maintain it as their customers realize they are getting F’d? I will try to be first inline to buy Libra just so that I can be the first to slap them with a lawsuit when they f up. Hey I am from the same country as this sumb!$&#* and he needs to be taken down by his own, I cannot wait for the chance to let him screw me over, he does not represent who we are and his greed is disgusting - he sold out millions of people, this Libra project will be their undoing I hope.

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You usually prepare very well for the future with very solid plans, only to witness a complete different scenario where the plans do not apply any longer when we actually get to the future…

I do feel that planning is still useful as it focuses the mind and prepares yourself better for things to come, even if they usually never happen according to the initial predictions…

In short, we prepare for the future but end up really being surprised with the day to day ever changing chaos and somehow it all ends up working, I guess…

This is to say, ADA might turn up just fine, despite the current rather troubling legislation hurricane that seems to be forming and heading towards us all, following the FB magnet.

Beautifully put and I agree with everything apart from the following…

Sadly, FB are able to propagate because the vast majority of people simply don’t care, there’s not enough Haskell-plus type people around. And even when people are aware of FBs practices, they continue to use the platform.

FB will make this thing so easy to use that people will just fall into it. The wallet will automatically be added to a drop down on your site and it’ll have a little blue “SEND” button. In addition to all the casual users, millions of businesses have sites on FB… it’s the dream scenario :clap:t2:

Imagine how many times more powerful they will become when they have all this financial data too… where will it lead?

The only way I can see any of it unraveling is if people were to lose money somehow, it won’t be about the data they hold or use.


Of course , that is called business. Simplicity of massive adoption , tech does not have to be top notch but robust, stabile and functional.

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Your right, I forget sometimes that people are going to buy into stupid things if it is easy and takes no thought.

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FB may be stupid but it delivered consistent profit with large market share, lets see how far, smart I guess, business models, like Kiva initiative will get.

I never meant to make it look like the business model was stupid, fb has demonstrated unbelievable success in business through the strategy they employed to interact with all possible sectors of the economy, I suppose they will find huge success operating a centralized crypto also, but they most likely will find growing pains and I hope it is their undoing before they become viewable as “too big to fail” in the U.S. and the people here have to endure a bailout for such a company that is riddled with unethical practices.

5$ fine over the business with Cambridge Analytica… 3 x Cardano current market cap. My fear is they’re already too big to fail.

My hunch though as per some earlier posts is that a number of projects will coexist in a fluid world of networks and sidechains. It’ll be one big network pretty much like how the web operates today. There’ll be winners and losers and likely that something like libre will be at the top of food chain. Cardano will be there due to robust technology rather like unix and Linux… bolting things together, making the whole thing tick over.

This argument may be true for western countries but in developing countries particularly in Africa Libra may bogdown the adoption of a real decentralized blockchain platforms like Cardano.


What I meant by too big to fail is how some of the U.S. Companies - Banks - received what was labeled a bailout in the last major recession.

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Charles’s take…

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New BBC article…

Libra: Could Facebook’s new currency be stopped in its tracks?

It’s going to be interesting to see how this thing plays out and as some people have discussed on this thread, it could actually be beneficial to Cardano in the long run and there’s no argument, it’s bringing the subject of blockchain/cryptocurrencies to the masses.