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Thread: Global currency? Everything you need to know about Facebook's Libra cryptocurrency

  1. #1

    Global currency? Everything you need to know about Facebook's Libra cryptocurrency

    Everything you need to know about Facebook's Libra cryptocurrency
    The social network is a founding member of a consortium that's designing a global digital coin.
    BY ANDREW MORSE - JUNE 18, 2019

    Facebook has finally taken the wraps off its worst-kept secret: Libra, its global cryptocurrency. After months of leaks, it's formally out in the open and we can take a closer look at the ambitious project. As you might expect from the people in Menlo Park, California, it's pretty smart.

    Facebook and its partners have created an organization, the Libra Association, to manage the technical aspects of the project and work with regulators to ensure that everything is on the up and up. Libra also has some built-in safeguards, which have been used in the real world, to make sure the value of the cryptocurrency stays stable
    ...
    This isn't actually Facebook's cryptocurrency. It's the project of the Libra Association, which Facebook co-founded. The association, which will serve as a monetary authority for the cryptocurrency, says Libra's purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.
    ...
    Facebook is one of the members of the Libra Association, the nonprofit that will serve as a de facto monetary authority for the currency. (Facebook's membership is through Calibra.) Other founding members include MasterCard, Visa, PayPal, Uber, eBay, Vodafone and Mercy Corps. The association hopes to grow to 100 members, most of which will pony up $10 million to get the project going. Each member has the same vote in the association, which is headquartered in Switzerland.
    ...
    Let's start by addressing how Libra is similar to other cryptocurrencies, such as bitcoin and ether. Like them, Libra exists entirely in digital form. You won't be able to get a Libra note or coin. And like other cryptocurrencies, Libra transactions are recorded on a software ledger, known as blockchain, that confirms each transfer. The Libra blockchain will be managed by the founding members in the early stages, but evolve into a fully open system in the future.
    ...
    Unlike bitcoin, ether and some other cryptocurrencies, which aren't backed by anything and swing wildly in response to speculation, Libra will be pegged to a basket of assets that will anchor its value. The Libra Association hasn't said what those assets will be but indicated they will include "bank deposits and government securities in currencies from stable and reputable central banks." That suggests major global currencies, like the dollar and the euro, which don't fluctuate violently day to day.

    The supply of Libra will grow or shrink based on how popular it is. If people want to use Libra, the association will buy more of the underlying assets and create, or "mint," new Libra. If people want to cash out of Libra, the association will pay them and destroy, or "burn," the proper amount of Libra.
    ...
    Facebook doesn't have a great reputation for privacy protection. It's probably going to get some side eye when it starts asking folks to trust it with their financial activities.

    Facebook says don't worry, not that you expected it to say anything else. Calibra, the maker of the wallet you'll need to use Libra, is set up as a subsidiary of Facebook. The arrangement allows for Calibra to be regulated by authorities to prevent money laundering and other financial crimes. But it will also keep Calibra's financial data separate from Facebook's social data, according to the company.
    ...
    More: https://www.cnet.com/news/everything...ryptocurrency/
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.



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  3. #2
    Unlike bitcoin, ether and some other cryptocurrencies, which aren't backed by anything and swing wildly in response to speculation, Libra will be pegged to a basket of assets that will anchor its value. The Libra Association hasn't said what those assets will be but indicated they will include "bank deposits and government securities in currencies from stable and reputable central banks." That suggests major global currencies, like the dollar and the euro, which don't fluctuate violently day to day.
    Ya that is a terrible idea lol..
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3
    Facebook is one of the members of the Libra Association, the nonprofit that will serve as a de facto monetary authority for the currency. (Facebook's membership is through Calibra.) Other founding members include MasterCard, Visa, PayPal, Uber, eBay, Vodafone and Mercy Corps.
    So Facebook has essentially neutralized many of the companies that would lobby against this, by including them in the new central bank.
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  5. #4
    Quote Originally Posted by dannno View Post
    Ya that is a terrible idea lol..
    Making it rely on the US dollar is an attempt to avoid opposition from the Federal Reserve and Fed supporters.

    It is going to be more like a money market fund than a cryptocurrency.
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  6. #5
    This should be a good thing for crypto in general.. once places start accepting libra, it will be really easy for them to also accept other cryptocurrencies. Why would anybody buy libra if it is just going to be stable, when they could buy bitcoin or other cryptocurrencies which will increase in value and give them greater purchasing power? Their value also doesn't depend on a central authority buying up assets..
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6
    Calibra, the maker of the wallet you'll need to use Libra, is set up as a subsidiary of Facebook. The arrangement allows for Calibra to be regulated by authorities to prevent money laundering and other financial crimes.
    Will Facebook always have the only wallet that can be used with this “cryptocurrency”?

    And we can safely assume that use of the Facebook wallet (Calibra) will (eventually) be 100% available to the US government on demand, probably with a real-time feed to government.
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  8. #7
    Just a more complicated way to process dollar based transactions.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  9. #8
    Someone just asked the Fed Chair is Libra was competition, and if Facebook consulted with them before starting this.

    Paraphrased answers:

    - cryptocurrency is in its infancy, and they don’t see it effecting what the Federal Reserve does.
    - Facebook has consulted widely with Central Banks and regulators, including the Federal Reserve.
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.



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  11. #9
    THey are desperate to hold on their failed system. FB is the point of the spear.

  12. #10
    Quote Originally Posted by dannno View Post
    This should be a good thing for crypto in general.. once places start accepting libra, it will be really easy for them to also accept other cryptocurrencies. Why would anybody buy libra if it is just going to be stable, when they could buy bitcoin or other cryptocurrencies which will increase in value and give them greater purchasing power? Their value also doesn't depend on a central authority buying up assets..
    stablecoins have a place as the current volatility of crypto could be hard for a business to hold if there is a drop. This allows people to get the benefits of blockchain without the potential risk. Of course something tied to a company that requires an account on a service that has a history of banning people based on bad humor or idealogy might be risky for any business to use.

    The thing I don't fully grok is why a paypal, visa, or mastercard, investors in the coin, would be involved in a project trying to bypass their products? Destroy it from within? See what the enemy is doing?
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  13. #11
    Quote Originally Posted by kpitcher View Post
    ...The thing I don't fully grok is why a paypal, visa, or mastercard, investors in the coin, would be involved in a project trying to bypass their products? Destroy it from within? See what the enemy is doing?
    They have to be building in a way to take a cut on each transaction. Only thing that makes sense. And to crowd out competing cryptocurrencies.
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  14. #12
    Libra will be pegged to a basket of assets that will anchor its value. The Libra Association hasn't said what those assets will be but indicated they will include "bank deposits and government securities in currencies from stable and reputable central banks."
    And how much can that portfolio change over time? Gold? Corporate bonds? Stocks? Securitized debt obligations? Junk bonds?

    Such an opportunity for an insider to profit...
    Twitter: B4Liberty@USAB4L
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  15. #13
    Zuck is kinda smart. I now realize it.

    Libra is a game changer. Politicians are up in arms. French minster ask regulators to protect fiat at all cost.

    Libra is good for Bitcoin. Libra is good for Monero. Libra is bad for nearly all alt coins. Libra will do smart contracts better than Eth. Libra will move money faster and cheaper than all other currency coins. Heavy bags...
    Libra is legitimizing crypto for the mainstream.

    Libra does not care of its value. Thats the magic of it. Libra can start using Bitcoin if they want. Libra can dump the dollars. Libra can use gold. Libra can use anything that has value to prop up its network.

    https://libra.org/en-US/white-paper/

  16. #14
    THey know where the future is. It's all about money for these guys. They don't care for freedom or the unbanked.

    IT will be there own private fiat system. No one else will benefit.

  17. #15
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  18. #16
    Bitcoin 10k..

    Bitcoin will back Libra. Mark my words.



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  20. #17
    European Central Bankers claim oversight rights over Facebooks new crypto-currency

    I'm going to go ahead and predict that "Libra" is the seed that will grow into the Mark of the Beast eventually.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  21. #18
    This may replace cash or debit transactions for many people. It will be a hard sell to credit card customers in the US though. Though I believe in cashless future. I guess coin payment method will completely replace cash
    Last edited by DilanShark; 07-10-2019 at 02:30 AM.

  22. #19
    The supply of Libra will grow or shrink based on how popular it is. If people want to use Libra, the association will buy more of the underlying assets and create, or "mint," new Libra. If people want to cash out of Libra, the association will pay them and destroy, or "burn," the proper amount of Libra.

    So they control creation and erase, the blockchain at will. Sounds like the feds own blockchain.

    LOL

  23. #20
    Can't talk about Libra without Ben Swann.

    Whenever you find yourself on the side of the majority, it is time to pause and reflect - Mark Twain

  24. #21
    Check out Congress, during yesterday and today's Powell hearings, chomping at the bit to "regulate" the introduction of Libra and make it "safe" for everyone's use.

    And people still want to tell me that blockchain/crypto/bitcoin (never mind FB and the rest of the social media complex) isn't straight from the labs of NSA and MIT. The entire point of last year's bitcoin bonanza was to familiarize the sheep with the new electronic "company scrip" concept. Otherwise, today no one would have ever heard of a cryptocurrency.




    Quote Originally Posted by Swordsmyth View Post
    European Central Bankers claim oversight rights over Facebooks new crypto-currency

    I'm going to go ahead and predict that "Libra" is the seed that will grow into the Mark of the Beast eventually.
    Still sure you want that "God's Kingdom" World Government? Many religions are being herded toward this one central Mark of the Beast system, including yours. Perhaps you should take some time to understand who the heads of the various churches believe their "God" is....it may not be the same one you think it is.

    EDIT: I suppose no one noticed that SATOSHI NAKEMOTO is hidden within "TAKESHITA COMES TO TOWN"? These are the kinds of games they like to play on the sheep.
    Last edited by devil21; 07-12-2019 at 01:20 AM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  25. #22
    It sounds more like a debit card than a cryptocurrency. Facebook will probably be charging a fee (which may be hidden) on every transaction. Otherwise you are really just using dollars. There is no currency being "mined". Supply is unlimited.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  26. #23
    Quote Originally Posted by devil21 View Post
    Still sure you want that "God's Kingdom" World Government? Many religions are being herded toward this one central Mark of the Beast system, including yours. Perhaps you should take some time to understand who the heads of the various churches believe their "God" is....it may not be the same one you think it is.
    GOD will destroy the Kingdom of the Beast and cure the corruption of his church.

    I will be glad to see him come, you may not be so glad but every knee shall bow.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  27. #24
    https://twitter.com/realDonaldTrump/...72282584072192




    https://twitter.com/realDonaldTrump/...72284702208000




    https://twitter.com/realDonaldTrump/...72285905940480

    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  29. #25
    Quote Originally Posted by Swordsmyth View Post
    GOD will destroy the Kingdom of the Beast and cure the corruption of his church.

    I will be glad to see him come, you may not be so glad but every knee shall bow.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  30. #26
    Quote Originally Posted by Zippyjuan View Post
    It sounds more like a debit card than a cryptocurrency. Facebook will probably be charging a fee (which may be hidden) on every transaction. Otherwise you are really just using dollars. There is no currency being "mined". Supply is unlimited.
    Ya , it is just make believe krypto
    Do something Danke

  31. #27
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  32. #28
    According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.”

    https://www.zerohedge.com/news/2019-...ghtly-g7-warns


    What kind of "democratic control" are central banks subject to?



  33. #29
    So it's basically an ETF + payment processing system for transacting in shares of that ETF.

    I'm not sure what the appeal is supposed to be. Reducing currency risk?

    Quote Originally Posted by Paul799 View Post
    What kind of "democratic control" are central banks subject to?

    In democratic countries, total
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  34. #30
    There are so many discussions about Libra on different cryptocurrency forums (I check them from time to time in order to be aware of the lartest news on the crypto market). This currency will launch in 2020, so I think, it is early to say much about it. Personally I prefer waiting as I remember how many people were sceptic about Bitcoin, but it is popular and allows to make money today.



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