Since the first news releases about Facebook's crypto (if you call it a pure crypto I believe), press and media have shown a massive amount of attention on this subject. Even President Donald Trump bashed Libra, which was unveiled just a month ago, saying it will have "little standing or dependability."
Well, why not? a country with 2 billion people living in it (Facebook), and the power to circulate any currency assigning for internal transactions (which is mostly advertising) can attract attentions.
Still, there has been more news and speculations rather than released versions of the product. but, I see a positive point in this: projects are rising up on the hype and it reminds me of the time BTC was rising to $20k and everybody was announcing a project, ICO, blockchain etc.
Just to give you a sample, as a new comer, two crypto enthusiasts have launched a cryptocurrency payment platform known as Metal Pay. The crypto platform is introduced as a rival to Facebook’s Libra, given that it is structured to be person to person (P2P) payment application just like Libra.
Even though block chain based payment options such as Facebook’s Libra reportedly face many regulatory hurdles from all over the world, this has not slowed down or dampened other inventions that set to provide similar services such as Libra. In contrast, many platforms are coming up, such as Metal Pay and some other recently launched projects.
Anyway, I know that the Social Media giant hears us, you don't have a great reputation for privacy protection among us, dear Facebook! It is likely to be swiftly integrated into Facebook's suite of communications platforms, including Messenger, WhatsApp and Instagram. So we have the right to be concerned on our financial activities and information to be protected.
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Greetings appreciated @honarparvar.
Libra will remain a topic with much controversy even after its launch.
The immense advantage that Facebook has over others is its "population". Assume that barely 3% of facebook users will adopt Libra, this would be an unprecedented phenomenon in terms of adoption.
Time will tell.
Your friend, Juan
Dear @honarparvar
I'm not sure if Libra is actually receiving enough attention. I tried to talk about Libra association with several people. Some of them familiar with blockchain, others not. Pretty much all of them facebook users.
And absolutely not even one person knew what Libra is about. Telling them about current "battle" between all major corporations (working together under Libra associations) vs goverments+central banks doesn't seem to interest people. It's strange since it's a battle betwen two huge forces, the most powerful ones on the planet I would say. And yet people do not care much.
That's my impression in Europe.
Good point.
However personally I don't believe in those 2 billions. How many active users facebook actually have? Users that didn't delete account and are also using it for anything else than messanger?
How many actually trust FB? They may have enormous reach, but they are lacking that trust and I surely won't use Libra and I will recommend everyone else to do the same.
Indeed, we surely noticed some growing interest with crypto since Libra project has been announced. Would you think that crypto market is ready for another bull run? Are we ready for another 2017? With regulators coming back to this space with full force (which would happen if mass media would talk a lot again about crypto).
Upvote on the way :)
Yours,
Piotr
Hi Piotr:
I agree with you when you say that you are not paying much attention to this legal battle of Facebook and FATF. Practically people do not care.
If they wanted to use this theme as part of their advertising campaign then they failed in the attempt.
Regarding the number of FB users. It seems to me that this is the true value they possess and is their "ace up their sleeve."
Image Source
Although I would instead have started an aggressive campaign of cryptography education taking advantage of the immense level of projection it has.
Your friend, Juan.
Libra is a GOOD thing.... it pits the CI_A (aka lifelog aka FB) against the bankers.
this is a case of watching the enemy destroy another branch of itself imho
From my reading I doubt FB have 1b let alone 2b active users. They are just numbers to sell marketing imho.
But the really good thing is if Libra takes on the gov regulators it will force the govs & co to write some rules that will enable the roll out of proper distributed crypto.
So in the mean time popcorn stock should be rising :-)
$0.02
This article states job losses are continuing in European Banks,so maybe they are in bad shape and can't afford this kind of competition:
https://www.lesechos.fr/finance-marches/banque-assurances/lhecatombe-sociale-se-poursuit-dans-la-finance-europeenne-1125929
I deleted my FB account, it's quite an achievement for me.
Good for you brother Ashok. The king Ashoka left his kingdom in search of eternal truth. Eventually giving up his own religion and asking bakshish as a forest wanderer. He is also rumored to have created a team of 9 men who hold ancient Vedic secrets of time and space travel.
Maybe next year towards the halving day we'll have a rally in BTC.
Indeed as the banking system is getting rid of workers, Libra should get more attention. Les Echos in French was getting as far (in one article) as saying that banking jobs are going the way of steel industry jobs (in the West,at least)...
« Le secteur bancaire est en train de vivre ce qu'a vécu la sidérurgie dans le passé », reconnaît Richard Pons.
The Libra project is the right step for the Facebook team.
This social network needs to have its own financial instrument for making payments between users.
Of course, Facebook could make a payment system on the "old" and "familiar" algorithms.
But, to implement it as a crypto project - is to support the financial revolution and give billions of people hope for a new, more free and less costly, financial world.
Libra is Phoenix Rising. It is a one world currency. It is the electronic version of the pyramid, the all seeing eye.
https://steemit.com/donaldtrump/@cropcircle/carlton-falls-down
https://steemit.com/cryptocurrency/@cropcircle/back-to-the-future
Hi @crypto.poitr
You asked me my thoughts on this, so here they are:
I believe that Facebook wasn't fully aware of the backlash they would get when they announced Libra, (which btw is NOT a cryptocurrency but rather a digital currency). They probably assumed that they would be able to continue their global expansion into the market largely unchecked as been the case in the past.
Most people are content to let others do the heavy lifting when it comes to policing and figuring out what is acceptable or not in terms of regulation. But considering Facebook's history with mishandling public trust, I agree with you, we should be paying more attention to how the company operates and what it's true motives are.
Facebook claims that the move into the digital exchange market is a way to help their users save money by competing with the likes of Paypal and other online payment systems that charge exorbitant fees to use their services, and that may be true, but it's only part of the story. as many have pointed out, currency controlled by a non-democratically-elected board of largely massive corporations should send off warning signs.. And we have already seen politicians, and financial watchdogs ordering moratorium to halt Facebook from continuing development of Libra until more clearly defined regulations are in place.
It is in the central govt's best interest to monitor and track operations like these and I trust they will remain vigiliant in their attempts to thwart FB from achieving that level of financial control over it vast user base.. the big question is will Facebook honor the regulations, or continue to subvert these attempts and heedlessly follow their own agenda.
Late thank you for your reply @striderpunk
ps.
Would you mind sharing with me what's your impression so far after latest forks? One week after hf21 and hf21 has been introduced?
ps.
Check out my latest publication..
It brought some real emotions. I've been downvoted by over half million SP (attack of few accounts), however I also received solid support and few strong upvotes and now I will be enjoying the biggest genuine payout in my lifetime ;)
Yours, Piotr
Libra has receive all the hype, but its use case scenario is very limited, Buyers will like Paypal better and with rise in domestic e-payment systems in countries, Libra's natural market is international payments and 3rd world countries with weak banking systems.
hi Peter, thanks for comment and support.
about FB, i do agree with you.
about prices and another 2017 thing, personally as a blockchain lover, I don't care about btc prices. I'd like to see more ppl everyday buying in to the idea of cryptos and blockchain.
as a trader, I like fluctuations! so a bull run prediction seems useless for me.
and I believe it's noone's power to do so.
Upvoted!
A currency 100% under their control? no thanks just accept Bitcoin!
Your TIME is the single greatest currency these tech companies want. this is just another way of keeping you on their platform; therefore they are where you spend your time.
thanks buddy.
can't agree more on the value of time
Libra has greatly increased interest in crypto currencies. As for the launch, it will be very different. We look forward to this. As for the Libra, the price of all the coins will increase excessively.
yep; the mass adoption stimulator
I like that "pound" has so much publicity because it drives other currencies, many more people will be interested in the blockchain.
Hello my dear @honarparvar, certainly Libra has raised a lot of "dust".
I believe that the greatest concern and anger of the enemies to overcome on the part of Libra, is the distrust generated by the information and data leakage scandals, if they did it once it is possible that this will continue. I said it before, the reason behind that great alliance is to try to minimize these scandals and regain confidence alongside all these companies.
Thanks friend, very good post ... Take care.
hi, thanks for reading and the comment 🙏🏼
I hope we can trust Facebook with crypto after all the selling people's data illegally
Posted using Partiko Android
well... I bet we cannot 😉
Exactly lol
Posted using Partiko Android
Dear @honarparvar
let say that right now crypto has the prerogative to be the hide economy, so we can have 10 BTC but none know that, but you could imagine the same with this Libra? Of course not, Facebook from when is born have the only target to know what we do in our life, this will be the last stage to connect crypto with identity, so all your friends will know that you changed BTC into Libra, but not only your friends... Thinking about it....
you are right but not everything is about anonymity. I'm not a fan of FB, but still there good things about it...
I want nothing to do with Libra. The first fact that I had wrong in my mind is that I thought Facebook owned Libra and it does NOT. Libra runs on its own blockchain which is overseen by the Libra Association. The Association is a nonprofit organization based in Switzerland. It calls itself a nonprofit organization, but the MEMBERS of the association are all big money corporations, among them being the two major credit card companies (Visa and Mastercard), PayPal and Stripe. The major player in the crypto world is Coinbase. So, a nonprofit association ran by all the usual corporate players. You can read a post I made about this at:
https://www.steemleo.com/coingecko/@blueeyes8960/understanding-libra-through-coingecko-s-q2-report
thanks a million, I will read that. appreciate your time and comment 🙏🏼
Just like @crypto.piotr said even i have trust issues with Facebook and many more FB users think alike.
Facebook able to track your location, knows your private details etc.
With the release of their crypto not sure how they do it but there is a high chance the price will go high due to the amount of users they have.
But we will only find out when it actually happens.
don't forget the fact: ppl need libra to use in facebook ads. it's not all about privacy or anonymity
I had heard of Metal Pay. Does it have a connection to an established infrastructure like Facebook?
i understand that they are rivals
I don't think Facebook will face that many hurdles as other cryptos because it has a lot of people on its platform and it's a household name
yep, I say if you are travelling to London, you have to spend GBP!
I have actually listened to a very interesting presentation yesterday, about Libra. And to be honest, I was kind of guessing where it was (more or less), but on another view, I was surprised to see they were not being "100% duh!"...
In another words, they are just doing what any other other "somehow trying to" altcoin/chain is trying to do. Get a place in the crypto-blockchain culture, because it's a baby industry and like all new babies, they grow! My second observation is, they are trying (I think) to disrupt decentralization, using centralization... Wow What!? Seems idiot the term I know but, I have a feeling they are trying to make what everyone thinks to be uncontrollable about decentralization (and by applying a few tricks of the usual IT business), controllable. Or let's maybe say, that you at least have enough "real world, I am comfortable with this" in order to believe in them. Which does not change the fact they still want to be in control of all your stuff. The last thing I wanted to mention is the most obvious one, they have a frinking huge target audience basically everywhere in the world and many free methods of both just disseminating whatever they want to spit out to the market and/or profiting from it as well.
What I liked about it was that they probably thought it was going to be easy peazy with a simple label "FACEBOOK" in their backs! And turns out that what they "sold" initially to "potential investors" might start worrying them. =) Yes I am talking about regulative laws, KYC, and all the crap that we all (blockchain community) will still have to figure it out, in terms of creating a better world for us all that works without faking identity, scams, money laundry, etc...
My 0.06 cents? It's going to take time... they are aiming for the end of 2021... but I foresee that it can take longer... especially if investors start "stopping" to come. Also, don't forget they want to launch this not only as a coin but with other portfolios that might contemplate the banks/governments views, like loans, insurance, etc... that kind of thing.
I was interested... now I am definitively going to be watching and learning from this "I think I have seen this movie before!". Can still turn out to be a very popular and profitable one, but I would be irresponsible to advise you on that.
Cheers
thanks a lot for information 🙏🏼🙏🏼🙏🏼
i really appreciate that.
being disruptive on an already disrupted tech seems so abstract to me! i will try to read more about it with having that in my mind
Libra is receiving more attention for us who know the world of cryptocurrencies, I think it is a shame that with so much population does not spread so much, because the more people are interested in it will influence all cryptocurrencies.
that's what I hope Libra can do! bringing more ppl to crypto sphere
@honarparvar, Libra will going to be adopted without any doubt because it's already backed with Mainstream Platforms. But we have to wait and see if it will going to provide empowerment or control over users 👥.
agree! thanks for your comment
Thank you and welcome.
I do not have faith or believe in the success of the currency of Facebook, because it is not a reliable community, and its followers do not have enthusiasm in pound so I think that it will never have enough value to be a competitive currency, and it is a shame because at Being such a great immunity would be a total change in the world economy.
you are right but if you are travelling to London you have to spend GBP whether you like it or not
Hey, good post
ya i dont really buy this....these 10 big companys set regulations..So it may be a avenue to Crypto regulation for the sector....but more than likely they create a Libra bill outlawing all crypto except for Libra :-(...these "regulators" are scared of it(crypto) i think...but i am a tad sceptical such a blatently deceptive business being the front of out industry.....they been stealing and selling our trivial data for decades without disclosing it....putting that up as a front for crypto will bring no trust to the industry.....but all we need is exposure so could still be benefitial...great post....thanks
thanks buddy
one fact is, if you travel to London, you have to spend GBP. no matter if you like it or not!