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trpmb6
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Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 4:43 pm

While nothing is concrete yet and the regulatory strategy is yet to be disclosed, Facebook has announced their intention to launch a cryptocurrency called the "Libra" which will be controlled via a completely separate and independent (banking) app called "Calibra."

A bit more discussed here: https://phys.org/news/2019-06-virtual-m ... world.html

Something discussed in that link is that Facebook has stated unequivocally that the two apps will be separate and distinct with no communication between the two. Honestly, this is a big miss for Facebook. I understand they are fighting privacy issues. But the whole model of facebook is based on advertising revenue. Seems to me you'd want to piggyback on that to advertise to people based on what they're actually purchasing.

Don't expect this to be like other cryptocurrencies that find themselves rising and falling quickly in valuation before fizzling out. This won't be like bit coin where there is a scarcity created. I suspect this will end up more like an online banking service similar to paypal.
 
spudsmac
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Re: Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 6:23 pm

Since they partnered with PayPal, Visa and Mastercard I worry if they start offering discounts to pay with Libra to get it going then that becomes the standard price so you pay extra to not use Libra then if you speak out against Facebook or the current corporate political agenda if you will get banned from using Libra and have to pay extra because you stepped out of line.

This might not be a bad thing but I wouldn't be surprised if it's eventually used as a form of oppression against people that go against Silicone Valley.
 
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trpmb6
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Re: Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 6:53 pm

Given that it is a payment platform the rules and regulations that govern its use are much more stringent than those of a social media site that may or may not be classified as a platform or publisher.

I don't think it will be an issue. And if it were, it would surely get the eyes of regulatory authorities.
 
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TWA772LR
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Re: Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 7:04 pm

Will you still be able to send/receive payment in non-cryptocurrency? Ive been paid through Facebook messenger before.
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spudsmac
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Re: Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 7:20 pm

trpmb6 wrote:
Given that it is a payment platform the rules and regulations that govern its use are much more stringent than those of a social media site that may or may not be classified as a platform or publisher.

I don't think it will be an issue. And if it were, it would surely get the eyes of regulatory authorities.


I hope you're right. I really do worry with seeing how much censoring large social media companies do today to suppress dissenting opinion. You'd think by now the social media companies would lose the protections of being a platform and would be transitioned to a publisher.
 
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trpmb6
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Re: Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 7:24 pm

TWA772LR wrote:
Will you still be able to send/receive payment in non-cryptocurrency? Ive been paid through Facebook messenger before.


So it's a separate system completely. My guess is their payment system through messanger will remain, and was most likely implemented as a test for their bigger system.
 
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Aesma
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Re: Facebook announces the "Libra" Cryptocurrency

Tue Jun 18, 2019 7:43 pm

It's as if Facebook was taunting authorities to break them up.
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
HectorWright
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Re: Facebook announces the "Libra" Cryptocurrency

Sat Jun 22, 2019 12:16 pm

Will you be able to buy things from stores at facebook?
 
TSS
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Re: Facebook announces the "Libra" Cryptocurrency

Sat Jun 22, 2019 4:13 pm

spudsmac wrote:
trpmb6 wrote:
Given that it is a payment platform the rules and regulations that govern its use are much more stringent than those of a social media site that may or may not be classified as a platform or publisher.

I don't think it will be an issue. And if it were, it would surely get the eyes of regulatory authorities.


I hope you're right. I really do worry with seeing how much censoring large social media companies do today to suppress dissenting opinion. You'd think by now the social media companies would lose the protections of being a platform and would be transitioned to a publisher.


trpmb6 wrote:
TWA772LR wrote:
Will you still be able to send/receive payment in non-cryptocurrency? Ive been paid through Facebook messenger before.


So it's a separate system completely. My guess is their payment system through messanger will remain, and was most likely implemented as a test for their bigger system.


Tim Pool delves into the issues of both Big Tech censorship and Facebook's new cryptocurrency, and his well-reasoned conclusions will make your blood run cold- https://www.youtube.com/watch?v=Zf82eNq6pRE

The novel 1984 was supposed to be a warning, not a playbook.
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TSS
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Re: Facebook announces the "Libra" Cryptocurrency

Sat Jun 22, 2019 11:27 pm

Maxine Waters moves to block Facebook's new cryptocurrency-

https://www.youtube.com/watch?v=0WpUeZSVCCc
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