Crypto Libra..

Yes definitely not crypto like as it's going to be a Facebook thing, which is polar opposite to a purchasing power that is independent of corporations or governments.

Interesting development, I think there is the possibility that we could be near peak FaceBook and the smart people in charge (definitely smart however not certain about other values) know they need to evolve.

 

Examining Facebook's Claim Its Crypto Is for the Unbanked - CoinDesk

"The excitement about Libra is premature. Maybe Zuck’s got more to share, but right now there’s very little information, and Libra has a lot to prove. Libra’s main stated mission is to service the world’s poor and unbanked. This seems unlikely to be the whole story…"

 

Libra still has to pass the usual tests..

1. What's in it for me? A few minor advantages, but probably not enough compared to what can be done with current transactions. China will outlaw Libra so no benefit there. Europe will probably either ban, or impose so much regulation around it, it'll be pointless to use with most of the EU block too. India and Indonesia will probably be the same too. So who am I trading this with again?

2. What's in it for the Libra consortium? Not doing this out of the kindness of their hearts.. It's for profit and having more control of something they don't have enough control of presently. Taking that control relies upon driving out existing trillion dollar organisations, who will be doing everything they can to ensure Libra never gets off the ground, or caught up in so much red tape it's never successful. Not doing so will cost them billions on dollars lost compared to the status quo so they will fight, and fight hard.

 

It will be as big a deal in 5 years from now as Facebook Mail is......(remember in 2010 when Facebook mail was being launched they said it would mean that companies no longer needed to purchase Exchange servers.....) in otherwords - not a big deal and yes may slightly "pump" the price wont do anything for the bottom line and will flame out over time.

 

I make no claims to be an expert on Blockchain/distributed ledgers etc though I have read enough about it to understand the concept and how there certainly may be some applications for it. I don’t disagree with you there.

But we are talking about currency here are are we not? Last time I checked currency was considered a stable store of value that could be used by the masses for transactions. Bitcoin has been around for a decade now, we can surely agree that it is the most widely known crypto currency. But who is using it for day to day purchases? Which companies are accepting it as payment (beyond a PR exercise)? Who is trading it other than speculators chasing capital gains?

And this is where you can see something like Facebooks effort bridging that gap. No company wants to be paid in a currency that may be worth 50% more next month and 80% less the month after that. I know that their offering may offend the decentralised currency purists, but the reality is it has a far greater probability than anything else I’ve seen of being adopted by the masses and actually working as a usable, stable, lower transaction fee currency.

 

All Global Crypto Exchanges Must Now Share Customer Data, FATF Rules - CoinDesk

I expect this will end up eliminating some of the dodgier exchanges & s#itcoins.

 

Really? I don't think it was. I'd say it was more likely internet speeds getting better, which allowed better content along with mobile phones.

Besides. A country like Japan doesn't use Google, they love their Yahoo!

As for Libra. Facebook is dying for young people. I guess they like Instagram though. Apple are building up to some type of total Apple Money system as well it seems. Their credit cards are now being used by staff in the wild. Plus they have Apple Pay. It's not it's own currency, but I wouldn't be surprised if they are moving towards that down the road.

 

Multiple things drove adoption but I still maintain Search was the most pivitol and Google changed the game for delivering content.
Have all the speed you want, if you can’t find what your looking for it’s useless.

It’s like driving a Ferrari around a city you don’t know without a map.

Google also changed the game on how websites were built. Why do you think there was such a push into mobile and responsive web design??? Yes of course more people were going mobile but a huge driver was how Google ranked on it. Ask any web developer who builds websites to get traffic and their core focus is on SEO inline with Googles search engine. Google basically dictates now how websites need to be built.
Google were so influential they actually changed the term “Search”!!! Come on how powerful is that. You don’t search for something in the internet, you “Google It”.
My mum knew what Google was before she even knew it was on the internet.
Just like most of the world know what Bitcoin is before they will ever know what blockchain is.

My point was yes others existed before it, like Other coins existed before Libra. However their is always 1 game changer to mass adoption and for the Internet is was Google.

For social networks it was Facebook (MySpace opened the idea).
For Crypto it was.....my money is on Libra.

 

Oh and the internet was already mass adopted before it went mobile. Apple just changed the game on how we accessed it.

 

What’s in it for the consortium is already well documented.

As for banned countries in the world. Sure a few will. Heck even if it’s half it still leaves us with 100.

Let me ask you if you were traveling to a country that accepted Libra would you exchange money using your Visa\Mastercard or would you use Libra? I know with certainty what I would use.

 

Yes Libra is a currency but your comment was that it will destroy all other crypto?
I am saying this is not at all the case. I think it will actually drive mass adoption of the underlying technology.

Now as for destroying all other currencies that use blockchain. Well TBH I’m not sure? I think it could hurt Bitcoin but clearly Bitcoin is rallying hard based on the news.

 

Haha. I'm sorry, but I find it quite amusing that you honestly think this.

Go and ask anybody you know why they first started using the internet and I bet nobody mentions Google.

Honestly, now I think about it, even better speeds was only a small part of it. On an individual level I think it was Email/instant messaging, P*rn, online shopping and forums.

Even for companies I'd imagine it was for profile and communication.

It will be interesting to see if people trust FB with their cash because most are now waking up to the fact that FB can't be trusted with their information... so why would it be any different with money?

As a non SM user, I will never use anything associated with FB.

 

Be amused all you want.

Not everyone uses email and not everyone watches porn. 100% of users however use the internet for content. The only way to deliver content is via search, oh sorry unless you expect every single person to memorize every sites URL...yeah nah.

So yes I don’t argue people may not specifically say to “Google” but they will say to “Find Stuff”.

We also may have a different take on mass adoption.

But let’s agree to disagree

 

Interesting take (further differentiating Libra from Bitcoin): Facebook Takes on ETF Giant Blackrock, with a Fixed Income ETF called Libra – BitMEX Blog

 

Already caught up in red tape... Lawmakers ask Facebook to pause its cryptocurrency plans

Unlikely to even get off the ground..

 

^ yep.. all their major partners pulled out the week before Monday's launch.

Visa, Mastercard, Stripe, and eBay all quit Facebook’s Libra in one day

FB won't give up in it just yet.. but they should