Facebook’s LibraCoin: how is it going to work?

Here’s what we do know. Facebook is leading the creation
of a new global currency called Libra. The social network
is bringing together a new consortium of 28
companies, including tech giants like Uber and
eBay, payment firms like PayPal and Visa, and cryptocurrency
pioneers like CoinBase, who are all pledging
millions of dollars to create this
new cryptocurrency and the blockchain
network that underpins it. Before too long Facebook
hopes that billions of us will be using WhatsApp
and Messenger to send each other payments using Libra,
making it the first mainstream cryptocurrency. But there are a lot of
things we don’t know. How will Libra be regulated,
and how will fraud or money laundering be policed? How will users load cash
into their Libra wallets – via a cash machine or a mobile
operator, such as Vodafone? Which merchants will
choose to accept Libra? And will the traditional
banking industry see Facebook as a
friend or a foe? The big question for us
as consumers – is it safe? Facebook is insisting that
this is not another data grab and that financial information
will remain private. It will not share account
data between its Libra wallets and the rest of
Facebook, and it won’t use the data for targeting ads. So what’s in it for you? One. Lower fees for sending
money overseas. Two. Faster and more secure
peer-to-peer payments, whether that’s
splitting the pizza bill or paying for coffee. There is also potential
for new microtransactions, opening up different kinds
of business models online that have previously
been held back by fees. Facebook promises that
Libra will simplify commerce within its family of apps so you
can buy those sneakers that you spotted on Instagram. But what’s in it
for Facebook itself? Facebook says its mission is
one of financial inclusion, to reach 1.7bn people who are
currently unbanked and reduce transaction fees that are
particularly onerous for small businesses. Libra will also
provide an on-ramp to the Facebook
ecosystem for people in remote corners
of the world, whose internet connections
and mobile phones are not yet up to scrolling
through the newsfeed or shopping on Instagram. Facebook executives
see this as a way to get back on the front foot
after a two-year apology tour and prove that the company
can still innovate. But creating Libra
and recruiting these initial partners
are just the first steps. Now is where the
hard work really begins of convincing
the rest of the world that it needs a new
global currency. Maybe this time, Facebook can
learn to move slowly and not break anything.

34 thoughts on “Facebook’s LibraCoin: how is it going to work?

  1. I am an Australian, we have our own currency, I want to buy a product from another merchant who also lives in Australia, why would I need to convert my currency to another Libra currency to trade that is pegged on US dollars – if I have Australian dollars, I will simply pay a merchant in Australia using Australian dollars. I don't need another currency in between. Unless fees are zero, I don't see any reason to use Libra

  2. We can totally trust facebook guise! This coin doesn't even use a blockchain. It's like replacing the existing monetary system but only removing the swine at the top with new swine.

  3. Libra is not a cryptocurrency!
    You wont be able to validate transactions, as there is no open blockchain to see it on. They use "Validaters" controlled by the big players such as, Uber, PayPal, Visa, and Andreessen Horowitz. If you want to understand what a cryptocurrency REALLY is, I'd advice you guys to read this small explanation made by Stakenet about it: https://stakenet.io/faq/#what_are_cryptocurrencies_and_altcoins

  4. Honestly what stops Facebook from just copying WeChat and Alipay ?
    They really should just bring those lay outs to the west QR codes ect it’ll be an amazing world 🗺

  5. Libra – The new IMF bucket!
    Unlike other actual cryptocurrencies, it's not trustless nor decentralized, nor permissionless, it's not censorship resistant and validators are large corporations and it's pegged to the dollar. Cryptocurrency my a$$! Just for the heck of it, lets just trust facebook with everything!

  6. Good video breaking it down! At the end of the day it is a stablecoin like the others, but the differentiating factor for sure is that it is coming out of a very large company and has numerous powerful companies backing it in partnership. So those 2 points alone make me interested to see if it can or can not push it further than the other current stablecoins out there.

    On my YouTube ch I actually also teach everyone how to master everything blockchain so if anyone is interested check me out 👌

  7. And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of scales in his hand.
    And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.
    ~~ Revelations 6:5-6 ~~

  8. The complexity, lack of oversite and volatility is what has kept Bitcoin and Ethereum from ever becoming more than a cashcow for GPU makers and a hobby for miners. Libra keeps the Good, No cost transactions, Ubiquitous availability, and Blockchain security while removing other cryptocurrencies negatives like extreme value fluctuations. China has gone Cashless, it's time we caught up.

  9. Sorry Facebook but I don’t trust you.

    Anyways how will it work in countries when Crypto currencies are banned?

    And to be honest, monetary system should be centralised backed by National government

  10. COINTELLIGENCE CEO On Yavin describes Libra as a #CrapCoin : https://www.youtube.com/watch?v=TBl71byAiJ4

  11. Libra as in justice coin? Face book justice? Global sesame credits? No thanks! something tells me this will not be a permissioned uncensored blockchain. But it sounds a good way to gamify society. No thanks.

  12. Will facebook be able censor transactions like they censor their users for wrongthink? "inclusion"? Is that doublespeak? Sounds like a great way to gamify society. Is that libracoin as in "justice coin"?

  13. No. No. No!
    We cannot trust Facebook to not exploit our financial data for marketing.
    We cannot trust Facebook to maintain our privacy normally!
    This is a very bad idea, and it marks another failure by the US government to regulate it's economy.

  14. What happen when you go against Face Book or face book does not like your way of thinking? Why are lazy indifferent and complacent people giving up their freedoms for marginal conveniences. Why are people looking for the perfect world though large conglomerate impersonal companies, where they have no say or representative in anything that is done "for the good" of them?

  15. Well, well, well… That is: a member state of the EU is not free to issue own of its state currency, while a PRIVATE entity is free to rely on current currencies of "state" to issue its and give it authority and strength. ..and this "character" also gives him the name of a Roman coin?! Behind FaceAsshole who is it? … Well, well, well…LMAO always better!

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