Facebook Libra.. What do you think about it? And Why?

I find the idea of a cryptocurrency mined by 'trusted authorities' somehow weird.
I'm also not sure if the "privacy guarantee" is true at all, or Facebook is just lying.

It's fantastic, if you forget to buy condoms one day facebook can already make a new facebook for your unborn child.

In this stage, I find it an opportunity for developers to develop some app/product/service on top of it, and profit.
But how? I didn't find it yet

@Codex404 hahaha

@irene Proof of stake?

@Jilano 😂

I agree with @Coffe2Code , it's a good oportunity to profit from the bandwagon.

It's a stable coin. Different from your regular crypto, but very important to introduce users to digital currency. For your regular Facebook user, crypto is a big black box, they read about it on the news, somehow people are getting rich and others buy drugs and hitman on this dark net.
Facebook with it's partners are going to have a massive reach. Ifthey pull it of, they could introduce digital currency to millions of people, that's going to help grasping the concept. If things start to normalize, you can start introducing the more complex concepts of crypto, truly anonymous transactions and how to successfully hold and use crypto in a secure manner.
So no, I don't think Libra is going to be the holy grail of 'crypto', but, if things go as planned, they will probably help getting crypto to where it should be. One step at a time.

For the sake of humanity, I hope they fail.
Otherwise, we'll be granting control of a global currency to a monopoly that already controls most of the information and many of the advertisements people see every day, and that has repeatedly shown to not give a fuck about abusing people's privacy and lying about it.

Plus, if it's gonna be another Bitcoin-style coin, it's gonna be 100% traceable, especially with the KYC process they'll have in place. So any promise about user privacy will be a blatant lie. Who would have thought.

Also, anyone else getting massive ECoin vibes from this whole thing?

Make it happen Facebook!!! We might end up in cyberpunk world sooner because of these new "credits".

@irene avoiding scams is a duty of the user, not of the tool. Why should we compromise on the quality of the tool?

@irene you mean a double spend? There are ways to provably prevent that (and check the chain after the fact), while still keeping the transaction fully private.
Afaik, all the Cryptonote coins (like Monero, Ryo, and others) are doing it

@irene https://cryptonote.org/inside/

Go to buy FB shares before too late!

I already feel a strong degree of self-loathing for allowing this platform to be in my life (if it weren’t for my career in social media, I’m not sure I’d continue using it). So add financial dependency to the equation and we’re now an episode of Black Mirror? No thanks.

https://youtu.be/kpm8WYXljeA

@badcopnodonuts proof of stake only works if every one plays nice. If people don't it turns into a proof of work pretty quick.

i'm sick of this crypto bullshit. "n-coin is the new internet" "build your app ONTOP of n-coin" it's all not true. there's no real value in any of these fake coins. you can't 'build ontop of' any of these coins, even the ones that claim to have server resources available rely on IPFS which is FREE. Libra is yet another fake currency that some people may get rich off of from riding a hype wave, but most (especially poor people) will get chumped by. not to mention think about what "block chain" really means... you chain yourself to a block... it's a ball and chain like in medieval times

@Nanos man, I hear you. I’m actually most of the way to Coventry. My extended family only knows what we are up to when they happen to look at my profile or see my wife post. And, with only a couple of exceptions when I was caught in a bad mood, it’s not because I’ve been confrontational. I just shared conservative political opinions and that was enough to send me to ideological purgatory. I don’t talk about that stuff much anymore. Just in a private group of likeminded people.

@Nanos That is EXACTLY what this will lead to. If not at first, eventually. If you have the wrong opinions or say the wrong things, or, heck, even LOOK like "an oppressor", say goodbye to your "credits". They're doing this on purpose. It's a slow burn, but it's definitely on purpose.

Fuck no, Facebook can fuck off and die. I'm fine with cryptos, but trusting Facebook with anything would be among one of the last things I'll ever do.

@Nanos not exactly sure what you mean, but it's Facebook so I'm sure they'll immediately ban everyone/steal their "money" lol

@Nanos I wouldn't doubt it

Way to much centralized, and not to the government. They are trying to enforce anarchocapitalism.