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Post by Fletchsmile on Jul 1, 2019 21:47:03 GMT 7
This is probably the first crypto-currency I've seen that could seriously change the face of finance.
A lot of the others, like bit-coin talk vaguely of using blockchain technology and the ideas and dreams of what might be. Some have a lot of similarities to pyramid schemes.
This is the first one that might need taking seriously and might really change the playing field. There's some powerful backers in there too. They seem to have thought it thru too as how to approach it.
Not to mention once Facebook starts to leverage its 2 billion users. Sending e-money in the same way as messages, likes, shares etc. Then just keep expanding functionality and building on it like they did with FB
Ironically it may make so many of the other cryptos obsolete or leave them picking up scraps, at least from a currency perspective. Not sure I'd like to be holding bit-coin in a few years time. So much also for all these small fintech start ups that plan to take over the world too.
I've always thought that at the stage it starts to get feasible, the big boys would step in, and just buy-out what they need from the small players with potential.
The only question really was who the big boys would be? Whether: the large techs like Apple, Google, Amazon, the Chinese ones and FB; the large existing financial institutions, or other large conglomerates and groups; or combinations of these.
The tech giants in particular have been building ecosystems in their own ways. Next steps monetarise them in some way, then next step start turning those eco-systems into e-economies.
Biggest thing hold them back will be regulators and central banks trying to keep control. The US will be most interesting. While they probably have the leading tech companies in the world, their central bank won't like the idea of losing the USD's dominance, and position as the world's reserve currency.
Interesting times.
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Facebook's coin toss
Just when the digital currency craze seemed kaput, the social media giant is reigniting interest with Libra
The recent introduction of Libra by Facebook has caused tremors in both the physical and virtual financial spheres, as the much-touted "new global currency" presents itself as a game-changer for mainstreaming the digital currency movement and liberating the unbanked.
An announcement by the world's largest social network has fed hopes of a common, trusted digital money as the next electrifying stage of payment in the fourth industrial revolution.
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rubl
Crazy Mango Extraordinaire
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Post by rubl on Jul 2, 2019 16:46:10 GMT 7
Bitcoin is back at $9.850 after a high last week of 13,700.
Peronally I think the block chain protocol to be much more useful in distributed ledgers, formal documents and so.
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Post by butterfly on Jul 2, 2019 17:35:32 GMT 7
This is probably the first crypto-currency I've seen that could seriously change the face of finance.
A lot of the others, like bit-coin talk vaguely of using blockchain technology and the ideas and dreams of what might be. Some have a lot of similarities to pyramid schemes.
This is the first one that might need taking seriously and might really change the playing field. There's some powerful backers in there too. They seem to have thought it thru too as how to approach it.
They are pyramid schemes, and even Libra is not that different the US treasury is not going to let Facebook get away with it, because of the systematic exposure they could represent it's not going to happen, not in the pipe dream we are being presented, the US Treasury or SEC will make sure of that since 'bitcoins' are also considered speculative OTC financial instruments |
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Post by Fletchsmile on Jul 2, 2019 18:30:58 GMT 7
This is probably the first crypto-currency I've seen that could seriously change the face of finance.
A lot of the others, like bit-coin talk vaguely of using blockchain technology and the ideas and dreams of what might be. Some have a lot of similarities to pyramid schemes.
This is the first one that might need taking seriously and might really change the playing field. There's some powerful backers in there too. They seem to have thought it thru too as how to approach it.
They are pyramid schemes, and even Libra is not that different the US treasury is not going to let Facebook get away with it, because of the systematic exposure they could represent it's not going to happen, not in the pipe dream we are being presented, the US Treasury or SEC will make sure of that since 'bitcoins' are also considered speculative OTC financial instruments
I think Libra has the potential to be different, particularly if they have reserves to back it, even though fractional reserves.
28 members including Mastercard, eBay, PayPal, Visa, Uber, Spotify and Vodafone, plus Facebook subsidiary Calibra is very different to the pyramind schemes making something out of nothing giving it a name and and deciding it's worth something
FB already has a market area on its site and with eBay there could develop that. Something similar to paypal would be easy to use. Imagine paypals business with FB's customer base. eWallet + FB customers
I agree the US will be difficult and one of the most interesting.
What they can do though is push it first in countries with weaker regulatory environments. Or the angle they've already started pushing of using it for the "unbanked" in countries where people don't have accounts etc.
Get one decent country to cave in who wants a competitive advantage. eg Carney in the UK is open-minded. Could be just the boost the UK needs to maintain its financial centre, if the UK embraced it for a competitive advantage.
FB is also using a subsid, which makes a lot of senses, and could easily be separated from the main company in whatever financial way needed
Personally I don't like the idea of Zuckerberg being anywhere near my money  "Trust and security" aren't exactly his strength. But I can see mileage in it.
We already have Apple pay, Samsungpay etc, so why not FB Pay (=Libra) , then move on from there. Look how FB has gone from just being a fancy address and contacts book |
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rubl
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Post by rubl on Jul 2, 2019 21:34:13 GMT 7
If a 'coin' based on certain valuta, or valuta basket the 'exchange rate' should not drift much. As eCoin similar to an eWallet I see uses. As 'investment' it's more like "don't give a sucker an even break". IMHO
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rubl
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Post by rubl on Jul 13, 2019 15:37:57 GMT 7
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Post by Fletchsmile on Jul 14, 2019 15:39:44 GMT 7
Sounds like the Fed and US government see it as a serious threat. As noted in the opening post. If and when USD loses its place as the world's reserve currency the US has major problems. Not sure Libra will be the thing to bring about that demise, but it'll happen one day.
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rubl
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Post by rubl on Jul 14, 2019 16:46:30 GMT 7
America is about the only country which prints it's own deficit. That's only possible if there's trust which is not the same as "there's Trump".
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Post by rgs2001uk on Jul 15, 2019 21:34:35 GMT 7
America is about the only country which prints it's own deficit. That's only possible if there's trust which is not the same as "there's Trump". Now now, its known in financial speak as QE. |
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rubl
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Post by rubl on Jul 15, 2019 22:40:57 GMT 7
America is about the only country which prints it's own deficit. That's only possible if there's trust which is not the same as "there's Trump". Now now, its known in financial speak as QE. Fletch is the financial wizard. Me? I had to look up the term, not that the formal definition really helps  Quantitative easing (QE) is an expansionary monetary policy in which the central bank buys government securities or assets from the secondary market and the financial institutions to boost economic activity during periods that the government’s monetary policy fails to bring the expected results. |
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3
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Post by 3 on Jul 16, 2019 7:23:41 GMT 7
From a users point of view Libra is worthless.
Real cryptocurrency can't be blocked and your funds frozen when someone reports you for violating their feelings or upsetting their religious beliefs.
Crypto is for 2 kinds of people, investors and criminals. As either entity I wouldn't touch it.
I've got no money to touch it with anyway, so please disregard my comment if it offends.
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AyG
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Post by AyG on Jul 16, 2019 8:03:34 GMT 7
Crypto is for 2 kinds of people, investors and criminals. As either entity I wouldn't touch it. For investors? For speculators more like. |
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"Trust and security" aren't exactly his strength. But I can see mileage in it.
