Facebook Libra Set to Revolutionize Blockchain?

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Facebook Libra has been under scrutiny lately by almost every regulator in the US and most of them abroad. Japan recently put Libra under the knife -- investigating the nature and suitability of the Facebook backed stablecoin. Trump in classic Donald stature displayed disdain towards the new currency by calling it a noncurrency.

By: Doge Invest Group

Libra Must Adhere to Strict Regulations


Libra is backed by a commandable size of companies even now. There's Visa, Paypal, and Mastercard. It will run on Blockchain, and set to service billions -- billions of users worldwide. I agree, however with The Donald on one point. Facebook is not a bank, so if the company plans to function as one then it must be forced to register the proper regulations. Libra's establishing overseas -- but the issuing of the currency will probably be regulated in some form or factor.

Blockchain and Beyond, Libra's Future


The stablecoin is interesting, with the capability to process thousands of transactions per second. The ecosystem is said to be built from the ground up, so custom blockchain running proprietary software so we'll have to see.

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Right now, we are uncertain with Libra. We know Facebook hasn't always been the most democratic and transparent company when it comes to data privacy. We do know for now that this stablecoin may be poised to bring in a lot of money for Facebook. As for the rest, well as they say only time will tell.

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Dear @dogeinvestgroup

Libra is backed by a commandable size of companies even now.

Oh yeah, definetly they are backed up by some serious partners.

Discussions regarding Libra and Facebook are very intense lately and I personally don't know yet what to think about it.

I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.

Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....

Important question I would like to ask you, and hopefully you would share your own opinion:

  • many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.

For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.

What do you think? Upvote on the way.

Yours,
Piotr

·

Great question, so as such I had to put some serious thought into it.

many people out there seem to see Libra as a threat to current monetary system. I'm one of those. However I've learned that global economy is build on debt. And all debts are in FIAT currency. So does it really matter if people use Libra to pay for their "groceries" and shop online? They still need to pay all their debts and mortgages for next 20-30 years in their local fiat currency.

Facebook is draconian, their public surveillance and intrusion methods are unmatched. I could sometimes search for a term on Google, go to another device on an unrelated Facebook page and it would show me ads or posts based off my previous Google searches and I just know it couldn't have been a coincidence. Happened recently with audio equipment I looked up on Google and I mentioned something about it, and Facebook was showing ads for it the second I logged in -- from an entirely different computer.

It's an issue of control if you ask me, and instead of using something like Libra I'd use a more sovereign currency like BTC or Litecoin. Libra's getting a customized blockchain and they now have the financial backing to design something with a ridiculously beautiful whitepaper. The thing is, it's very centralized which goes against everything I stand for with decentralization. It will only be open source on paper.

I believe by using Libra people will just strengthen the institutional stranglehold. They'll either start wising up fast or risk facing the imperial choke out before needing resuscitation.

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Thanks for your kind comment @dogeinvestgroup

I really appreciate it a lot.

Happened recently with audio equipment I looked up on Google and I mentioned something about it, and Facebook was showing ads for it the second I logged in -- from an entirely different computer.

That's insane ... I guess I will forever try to stick to my NOKIA phone.

I also wanted to make some suggestion.

My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).

Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc. then perhaps you could simply send me memo with link to that post.

This way not only I would have a chance to read your publication, drop a comment but I will also `upvote it right away with almost 20k SP voting power (I also have almost 10k PAL tokens, which may give you some extra benefits is you're using PALnet.io)

Please let me know what do you think. This surely should sound like a interesting offer :))

Cheers, Piotr

Hate facebook or love it, Libra may be a good speculative investment. I'll sure keep an eye on it
Thanks for sharing your thoughts on it