Libra... Thoughts?

Libra seems to have some key differences from cryptocurrencies like Bitcoin. No mining, and backed by actual “money”. But at this point the whole thing sounds like vaporware that’s a long way from being real.

Libra (cryptocurrency) - Wikipedia

 

Libra is real unless regulators do their jobs. That makes it anybodies' bet. I'd go with no.

 

Give it a wide birth, in my opinion.

What I think I know is that this is not a crypto as much as an “e-currency”. That’s a term I just made up.

It will behave more as a pre-paid credit card than an actual distinct currency.

The cons, as I see them:

-the Libra will only be available by direct purchase, there is no indication that it can be created or earned.

-it will fatten FB’s coffers, as they shall be the recipient of the actual hard currency backing it. This will give FB extraordinary economic power in conjunction with their tremendous existing social/cultural influence. Imagine a Federal Reserve type organization that is beholden to the whim of Zuckerberg.

-in addition to FB’s vast database of users’ private data, it will provide a very specific record set of how users spend their earnings.

It is my hope that this dies on the vine before it even hits the market. As more facts come out, I am confident I will be able to fatten my collection of “run away” red flags.

 

Yeah, while they claim to be backed with a real reserve, this is bankers talking.
And while I mean no disrespect to any TBers who happen to be bankers, let's just say my opinion of bankers as a general form of low life, thieving, immoral, dishonest, corrupt pond scum would lead me to doubt the wisdom of getting involved.
I'll keep my money hidden away in my mattress, thanks.

 

Thanks for the new band name.
Mattress Money.

 

Our friend @Oddly reminded of another frightening weakness.

Over the past year or two, PayPal, MasterCard and Chase banks have all closed accounts or deplatformed certain individuals for ideological reasons.

Not only will Zuckerberg know who you give your money to, he will also decide if he is willing to allow it.

Edit: Great topic, OP.

 

Sounds as legitimate as astrology.

 

If your item sells for your asking price in US dollars, how is there a potential exchange rate cost to you?

I will only sell internationally using ebay's Global Shipping Program. GSP shields US sellers from everything having to do with exchange rates, extra shipping fees, customs forms, etc.

 

I trust Facebook implicitly so I don't see any issues with Libra.

(That is, I implicitly trust Facebook to be completely Evil and so Libra is too.)

 

I’ve been a Libra my whole life, so naturally I am of two minds on the subject. On the one hand, people are basically good, and they want to do the right thing, so setting up a structure in which they can thrive should, in theory, be good for everyone. On the other hand, you’d be a fool if you didn’t bake in a solid contingency plan, because all it takes is one bad apple.

I may have misunderstood your question though....

 

Why would anyone trust Facebook, especially with their personal finance info?

 

I think Pond Scum is more relevant as a band name in today's world.

 

They already trust Facebook with everything.