Libra... Thoughts?

Discussion in 'Off Topic [BG]' started by basscooker, Jun 21, 2019.

  1. basscooker

    basscooker Commercial User

    Apr 11, 2010
    Northern KY
    Cab fan, hobbyist
    Yet another proposed cryptocurrency

    Threat? Scam? Could be a good thing? Definitely a bad thing?

    Just really seeking some input. The lady of the house is looking into FB Live auctions for some income; and of course with online sales activity, international purchases come into play. Allegedly this system would eliminate exchange rates.

    Potential can o worms alert... Just the facts please.... Cant make sense of it myself. Then again I never quite understood how any of the cryptocurrencies work anyway so talk to me like I'm 5 lol.
  2. viribus

    viribus Gold Supporting Member

    Jan 1, 2011
    Pacific Northwest
    I never actually learned to play very well
    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
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  3. Libra is real unless regulators do their jobs. That makes it anybodies' bet. I'd go with no.
    GregC, OldDog52 and basscooker like this.
  4. charlie monroe

    charlie monroe Gold Supporting Member

    Feb 14, 2011
    Buffalo, NY
    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.
    Haroldo, Oddly, OldDog52 and 2 others like this.
  5. Oddly


    Jan 17, 2014
    Dublin, Ireland.
    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.
  6. Thanks for the new band name.
    Mattress Money.
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  7. charlie monroe

    charlie monroe Gold Supporting Member

    Feb 14, 2011
    Buffalo, NY
    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.
  8. Gorn

    Gorn Supporting Member

    Dec 15, 2011
    Queens, NY
    Sounds as legitimate as astrology.
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  9. basscooker

    basscooker Commercial User

    Apr 11, 2010
    Northern KY
    Cab fan, hobbyist
    My curiosity on this basically stems from my lady's interest in FB auctioning and being able to sell to international buyers without "losses" on either end due to exchange rates. Thanks for your input. I as well think it has a bit of a stink to it, but since she/we already have to basically lend our souls to Zuck-inc to use the auction platform, I wanted to know more. Figured it may be somewhat more convenient than Pp and cost less overall. There is already a FB method of completing transactions with cards or bank accounts.
    Oddly likes this.
  10. viribus

    viribus Gold Supporting Member

    Jan 1, 2011
    Pacific Northwest
    I never actually learned to play very well
    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.
  11. basscooker

    basscooker Commercial User

    Apr 11, 2010
    Northern KY
    Cab fan, hobbyist
    Recently I sold a piece to someone in France. He had to do some maths to get the US dollar amount right. Notice though in my post I said "losses" because it isnt really monetary per se.... Just that the number in his currency was bigger than the number in my currency. Never underestimate how many people will try and rip you off or bail on a sale once the exchange rate is calculated. That advice from my Lady's friend who grossed 130k last year doing those auctions. But moot at the moment since I have decided to keep the Libra on the "probably not doing that" list.
    charlie monroe likes this.
  12. bholder

    bholder Affable Sociopath Gold Supporting Member Supporting Member

    Sep 2, 2001
    Vestal, NY
    Received a gift from Sire* (see sig)
    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.)
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  13. ctmullins

    ctmullins Dominated Gold Supporting Member

    Apr 18, 2008
    MS Gulf Coast
    I'm highly opinionated and extremely self-assured
    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.... :roflmao:
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  14. BioDriver

    BioDriver A Cinderella story

    Aug 29, 2008
    Austin, TX
    Why would anyone trust Facebook, especially with their personal finance info?
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  15. Jeff Scott

    Jeff Scott Rickenbacker guru..........

    Apr 11, 2006
    Out there!
    I think Pond Scum is more relevant as a band name in today's world. ;)
    Oddly likes this.
  16. fdeck

    fdeck Supporting Member Commercial User

    Mar 20, 2004
    Madison WI
    HPF Technology LLC
    They already trust Facebook with everything.
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