Facebook to launch its own cryptocurrency, "Libra".

[Dirk Hofman]

https://www.theguardian.com/technolo...ef=producthunt

A major development coming, well worth a read.

...Now it is moving forward on a bold plan to combine remittances and the communication that makes remittance possible, by deploying its massive scale (2.4 billion users), vast collection of cash ($55.8bn in annual revenue), stable of lawyers and lobbyists, and teams of talented engineers to create the company’s own global electronic currency system.

The new currency, Libra, will be managed by an independent foundation via an encrypted blockchain ledger.But unlike bitcoin, nothing about Libra indicates a dream or desire to displace the role of states or state currencies in our lives. The plan is deeply embedded in the global financial and legal status quo.

[imwjl]

Facebook and their other product user base is a + for the chance of success. Won't it have to be in the gas station and grocery store PIN pads we use to not be a niche product?

Something else comes to mind is my not trusting Facebook for much more than sharing a few photos, broadcasting events, and a place for my mind to take in a lot of garbage.

Maybe it will be seeing a more honest or open Facebook? They've not published white papers, architecture and info the way other tech firms do.

[frankmcr]

How much is that in Pisces?

FB's dismal track record for securing its member's data isn't going to inspire me to give them any of my banking/financial information.

[Dirk Hofman]

Originally Posted by Willie Voltaire

FB's dismal track record for securing its member's data isn't going to inspire me to give them any of my banking/financial information.

Bow howdy.

Libra should not threaten Bank of America or HSBC. It is aimed at serving the “unbanked”, those who have too little wealth to interest a commercial bank. That should frighten those who lead Western Union and concern antitrust and competition regulators around the world.

The rest of us should worry about an even greater concentration of power in the hands of Facebook, a company that has shown its word to be unworthy of our trust. The fact that Facebook chose to establish an independent foundation to run Libra shows that the company understands how soiled its reputation is.

I find it a little hard to believe that Facebook plans to focus solely on the remittance use case. Once this gets out there it's going to spread.

[Dru Edwards]

Wonder if the government will consider this the point where they break up Facebook into multiple companies.

[619TF]

FB money? Oh HELLZ no!