Your thoughts on Libra news?

English General Discussions
#1

Here is my .22 $ADA (Equivalent to 2 cents of the time I am writing this) With the news recently released on Libra, I was overwhelming with all the information from all Crypto news outlet; it was a great opportunity for me to learn more about FB’s coin. At around the same time, I saw Charles’ tweet about Shelley test net and I was like “Dayuum” all great news at the same time. On the other hand, as an $ADA holder, it was a marketing disaster for Cardano since the Libra took all the spotlight from us and no doubt that we can compete with that…it was a very unfortunate event …damn bastards!

On Libra, I have read many posts, comments on how it’s becoming a threat to our current technology like smart contracts and stuff but come one you guys; competition is great, competition gives us challenges to better ourselves. We are always talking about adoption, spreading crypto currencies to the world and who’s better than having FB doing that for us? With its reputation and more than 2 billion users I think it’s is better way to bring adoption, smart contract, blockchain technology than spending 4.5 million dollars on some dinners. In addition to that, FB also brought more big faces to the game than any crypto coins combined; here are some that invested in Libra:

  •      (Visa, MasterCard, Lyft, Stripe, Ebay, Spotify, Xapo, Calibra, BisonTrials, CreativeLab, PayPal, Coinbase, Mercado Pago, PayU, Uber, Iliad, FarFetch, Andreessen Horowits, Booking Holdings, Kiva, And some more)

Now, hold on! Just don’t kill me yet, … I am not trying to promoting Libra here…because in my opinion, Libra is not that much of different from a central bank and that’s what we are all trying to stay away from,…I am just trying to say that this is an opportunity to show the world especially the old school minds that crypto currency is about, blockchain is about and technology is about, it’s an evolution and revolution and nothing that can stop it.

For those who always thought that “My coin is always better than yours!” it’s time to prove that your coins, your technology better than others. For myself, I do believe in Cardano, its technology, its missions and the teams and I just hope that they can delivered. So, please excused my clumsy writing but what are your thoughts?

1 Like
#2

I think Libra is a good thing because, it helps to keep Cryptocurrency as an industry in the limelight.
Remember competition is a good thing. An example back in the 1970’s and 1980’s The US car manufacturers built some of the worst cars known to man. That gave Toyota, Honda, Nissan, and a few of the European brands a solid foothold In the US. The US auto industry kind of got what they deserved people in mass stopped buying American cars, this forced the US domestic car companies to ether build a better product or go out of business. This is why competition is a good thing.

4 Likes
#3

I have 2 opinions regarding Libra.
On 1 side, I think Libra can absorb institution money that want to invest in crypto. I think there will be some incentive (probably, I don’t know).
On the other side, It will introduce crypto currency to wider population instead of only us that want to know about crypto currency.

#4

Looks like Russia is out. I had a feeling they would not be down with a Facebook coin. Probably not the only ones honestly. This may be the tip of the iceberg to the backlash…Lots of people have a lot of reasons to dislike the Zuck.

https://beincrypto.com/russia-to-legalize-digital-assets-within-two-weeks-facebook-libra-not-included/

3 Likes
#5

Also not sure how serious this is but pretty great none the less:

1 Like
#6

I think it will be good coin given number of relevant businesses backing it up, that simple

#7

I think the main reason in creating BTC and and the birth of all other cryptocurrencies is to stay away from governments’ hand. I don’t think the governments allowed Libra to happen. We’ll see

1 Like
#8

I tend to agree that Libra is a direct frontal assault on Banks and too big for governments to ignore. Decentralized coins have the advantage of setting up networks outside the control of governments…Going to be interesting…

1 Like
#9

Popcorn and soda are on me! It’s going to get very interesting

1 Like
#10

Libra is just a stable coin based on fiat. How is that supposed to be a viable alternative if/when banks and fiat collapse? I dont see any reason for it other than to make Zuck more money.

#11

Yes, to me it is just about jumping on the bandwagon.

So users will exchange their fiat for Zuck Bucks which will have the same value as their fiat, just so they can use it to pay for services. I don’t see the point. Why not just use a fiat payment service like PayPal?

If the Libra blockchain isn’t decentralised or censorship resistant, then is it really a “cryptocurrency”?

It just seems like an extra step to pay for services and a repository of data collection about how people spend. I get the feeling that most people wouldn’t trust Facebook with this kind of data.

#12

Libra is good for emerging markets. Not so useful initially for mature markets.

The opportunity with libra is further disruption of credit card fees (paid by merchants) and banking fees (paid by customers).

I think Libra makes the crypto pie bigger. Every brand should have it’s own or align with a coin. Just like so many brands have gift card programs.

#13

That is true if people just want to use Zuck Bucks to buy merchandise, so what’s the point of conversing them into Zuck Buck when people can just use fiats instead? Here are some “disruptions” coming in:

  • What if John Doe in America want to send/gift Zuck Bucks to his cousin in South America? After a click and few seconds later, boom! All done, Cuz in South America just need to covert Zuck Bucks into his own fiat. Fast and NO FEES involved. Mr. Bank and Mrs. MoneyTransfer wouldn’t like this.

  • What if Mr. Bad Guy A send Mr. Bad Guy B an x amount of money (or multiple x amt. of money) to do Blow up few places in country Z? Mrs. Gov wouldn’t like this.

  • Mrs. Gov wouldn’t like it if she is loosing grips on the flows of currency that also mean she’s losing grips on controlling economy and to be able to control the economy is as same as holding deadly weapon where you can use it to demand for terms.

  • How about taxation? oh no, uncle Sam wouldn’t like this Libra idea at all.

So, I think that there will be much more involve on this and in the end…doesn’t matter whatever you called it,…it’s just “Bank of Zuck”…no more or less. And cryptocurrency lives.

#15

I can see this as “Gift Card System” where you can send/gift number of Zuck Buck to other people. On the financial aspect, I am looking at this as “Bank of Zuck”… it doesn’t have much to do with cryptocurrency.

1 Like
#16

@gazhayes Now look what you’ve done! :stuck_out_tongue:

#17

Rewrite in Haskell!!! That’s nice!

#18

That’s the thing about centralized coins you can just threaten FB and it will stop servicing your country. Problem solved.

For anyone who thinks countries will roll out the red carpet for Libra to come and serve their unbanked population, please wake up. It won’t happen.

Countries aren’t against digital economy but they will always and I mean always want to keep the tabs on their monetary system. It is central to the very idea of sovereignty and I don’t see it change anytime soon.

Now Cardano has a better shot at this as it isn’t owned by anyone. It could not be sabotaged or manipulated. Structurally there is a level of trust in public blockchain, which isn’t available in the likes of Libra.

I can see how dApps built on Atala could give governments the set of tools to manage their economies. They could ultimately integrate them into Cardano itself as it would be much secure and cheaper to do so.

See what Charles is doing in Georgia. That’s the right approach.

2 Likes
#19

Lets suppose that Facebook knows stuff about everybody ( 100% it does )
So, I guess Zack ain’t that worried as he could expose anybody…

#20

Exactly! Every brand should have a crypto coin or align with a crypto coin. You will simply convert in and out of your brand position.

#21

Here is an interesting article from coindesk:

1 Like