Facebook’s New Cryptocurrency, Libra, Gets Big Backers

[Particle Bored]

Seems like a great way to cash in though. Anyone know when we can sign up for some facebookshekels?

Can't cash in if it's pegged to fiat. It'll never be on exchanges.

This feels redundant and more like an attempt to introduce the cryptomarket model to the normie audiences, which would still be redundant because the normies wouldnt even care about it.

I bet they'll at least start it by offering discounts for using it.

 

[Prinz von Preußen]

So, if I understand correctly, this is Facebook premium currency? Like a mobile game?

 

[Marissa Moira]

Do you think they'll release special edition Libras when the new Star Wars and Marvel movies come out????

 

[Kaiser Wilhelm's Ghost]

I'd chalk this up as a pajeet tier coin, if merely for the fact that despite it having real world money backing it, it's Zuckerberg and his shit corporation is behind it.

Facebook can't protect your personal data, (or help itself from selling it to the Chinese) so why would anyone want to trust any form of currency through a private entity that can and has show itself not to be neutral party when it comes to dealing with people or ideologies it doesn't agree with.

So as much as we can joke about posting Nigger on Facebook = confiscation of funds. That is actually a simple albeit realistic over view of what might just happen.

As for people not using the coins for their intended purpose, every time Bitcoin tried to seek some form of legitimacy by being used as an actual currency, it's either been blocked or undermined by payment competitors and banks not wanting to play ball and prevent mass adoption, or the fact that it's liquidity is such that it's only value for a long time has been through speculation. It's never had stabilization enough to attract it to major vendors.

Ironically IRCC the only time bitcoin was essentially a more or less stable currency was when it was used as the main token of exchange on the first iteration of the Silk Road. (Boy do I feel old.) Alt coins at the time, you could count on one hand.

 

[Foxxo]

At least it's not run by Google, who would shut it down in two years and take all the Apple Pay users down with it.

 

[Maggots on a Train v2]

I can't wait for sites to start outsourcing their payment processing to this shit the same way they outsourced signups and logins to faceberg. That omnipresent shit was half the reason I refused to ever sign up for facebook in the first place.

 

[Quijibo69]

Crypto shutdowns are quickly devolving into chucky cheese tokens, at least those are physical.

This sums it up as a whole:

 

[Drunk and Pour]

So I'm pretty ignorant when it comes to crypto. What's the point of this that would benefit consumers? If you already have a credit card, this just seems like a pointless middleman. Also, can you sell this and get your actual money back? If someone buys something from me from Ebay and uses Libra, can I get that shit out of Facebooks hands and put it in my back, or is it stuck with Facebook and I can only ever use that money for Facebook approved purchases? That seems like it would be the catch to this whole thing.

 

[The best and greatest]

So, if I understand correctly, this is Facebook premium currency? Like a mobile game?

Facebook learns the real premium currency was inside it all along!

 

[pawgchamp]

THISN ISNT THE FUCKING POINT OF CRYPTO REEEEEEEEEEEEEEEEEEEEEEEEEEEE

 

[AF 802]

Looks like the world's leaders aren't buying into Zucc's crypto.

Facebook Libra Risks to Financial Stability Demand 'Highest' Regulatory Standards, Says G7 - CoinDesk

The G7 group of nations has warned of the threat posed by stablecoins such as Facebook's Libra and set out draft recommendations for regulation.

www.coindesk.com

The G7 group of nations has warned that cryptocurrencies such as Facebook’s Libra are a threat to global financial stability.

A task force set up by the G7 to examine the issues said that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism, Reuters reportsThursday.

Following a meeting of finance chiefs from the G7 in Chantilly, France, this week, the group also said it would address tax issues raised by the digital economy, as per a draft summary of the meeting obtained by Reuters.

As expected, Facbook’s Libra and its perceived risks to the monetary control of regulators was high on the agenda at the meeting, although some benefits were also observed.
Benoit Coeure, European Central Bank (ECB) board member and head of the G7 task force, told the G7:

“A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion.”

Yet, he went on to say that such cryptocurrencies raise “serious risks” to policy priorities, such as anti-money laundering, financing of terrorism, consumer and data protection, competition and compliance with tax rules.

Bank of France governor and and member of the governing council of the ECB, Francois Villeroy de Galhau, also said that, while regulators seek to encourage innovation, “that cannot come to the detriment of the security of the consumer.” He also said more details were needed regarding gray aspects of Facebook Libra.

A piece in the Financial Times today further quotes Coeure as saying that cryptocurrencies like Libra “could also pose issues related to monetary policy transmission, financial stability and the smooth functioning of and public trust in the global payment system.”

French finance minister Bruno Le Maire echoed previous concerns over the threat to the dominance of national currencies by a token launched by a tech firm with billions of users, saying: “The sovereignty of nations might be weakened or jeopardised by these new currencies.”

The draft document from the G7 stated that “significant work” is required from developers of stablecoins like Libra before regulatory approval is likely to be granted.

The FT cites the document as saying:

“As large technology or financial firms could leverage vast existing customer bases to rapidly achieve a global footprint, it is imperative that authorities be vigilant in assessing risks and implications for the global financial system.”

Among its draft recommendations, the G7 says such stablecoins must meet the highest regulatory standards and come under regulatory oversight. A good legal basis in jurisdictions where they operate is also key in order to guarantee adequate protection for stakeholders and users.

The group further lists the need for “operational and cyber resilience” and secure, transparent management of assets to protect market integrity.

 

[Shroom King]

I hope Zuckerberg somehow gets fucked on this by the IRS, SEC or some other government agency.

 

[AF 802]

I hope Zuckerberg somehow gets fucked on this by the IRS, SEC or some other government agency.

From the sounds of it, it's gotten the government leaders talking. Daddy Trump doesn't like crypto but Jerome Powell seems to like crypto in general.

Fed Chairman Jerome Powell Compares Bitcoin to Gold - CoinDesk

Powell compared bitcoin to gold, referring to them both as speculative stores of value.

www.coindesk.com

 

[Autocrat]

2:39:50
>Does the Calibra wallet require a bank accounts?
No, Congresswoman
.....
>SO YOUR SOLUTION TO THE WORLD'S UNBANKED REQUIRES THEM TO HAVE A BANK ACCOUNT..

This is one of 'The Squad' congresswomen of color. She is completely smug without having any clue what she's saying. It gets better.

The reason why you even have this opportunity [to create Libra] is because the federal reserve has failed to provide Americans with a safe and efficient system to access and move their money

There's no system.. except stable cash and trusted banks everywhere. What the fuck? This is about giving the stability and ease of use of the US dollar to the rest of the world. The system in the US is great. After this, David Markus just kind of looks at everyone knowingly.

————
1:39:50 is also extremely critical, though nowhere near as stupid.