Libra - A global cryptocurrency by Facebook

If you trust Facebook to not apply its censorship policies to Libra - you might be excited. If you trust Facebook to protect your data when using libra - you might be excited. If you believe cryptocurrencies should be centralized - you might be excited. In my opinion, this is a step backwards. While it may help accelerate awareness of cryptocurrency, it may set a false precedent of what the entire point of cryptocurrencies is, that is decentralized, trustless and free of censorship. It will be interesting to see what happens when Libra bans its first user and decides who and who cannot use money.

Hey Guys, I am really excited to hunt Libra. Libra is one of the most anticipated product in the blockchain space as this marks Facebook's entry in the crypto space. I am very excited about this project. Whitepaper and testnet are already live for the community. Testnet: https://libra.org/en-US/open-sou... Whitepaper: https://libra.org/en-US/white-pa...

Not too happy about this. While Facebook is one of the kings of the silicon castle and can drive their "cryptocurrency" forward it's just another big bank centralizing power and control.

Testnet is up, let's develop.

Pros:

Open source, global cryptocurrency

Cons:

Facebook has a sketchy history of privacy.

Facebook is a cancer on society. I will never every use this.🖕🏻Facebook. Facebook deserves no trust.

"Calibra promises to keep your crypto dealings and your Facebook data private" That's where you lost me... 😂 Remember when Zuckerberg made a joke about Facebook "not having the best reputation for privacy" and nobody in the audience laughed? That's how this is. Still, they're bold--you gotta hand it to them. They literally will not quit. They were bold enough to launch Facebook Portal, a CAMERA AND MICROPHONE INSIDE YOUR HOME not long after the Cambridge Analytica scandal, so why stop there honestly. They've faced virtually no consequences when it comes to respecting (or lack thereof) user privacy or security. So why give up. The funny thing is people don't often realize they're in control. Facebook is powerful because of its user base and network. If people simply stopped using Facebook products, the company would dip. Simple as that.

I couldn't hate this more.

It’s bad enough that there’s simply no good use case for cryptocurrency or blockchain, but the idea of any sane company associating themselves with Facebook for these purposes makes me sick to the stomach. This is a company that has shown flagrant disregard for user privacy, honesty, and integrity. They simply aren’t a company that anyone could or consider being trusted in this or related spaces.

Pros:

Nothing.

Cons:

Facebook’s involvement

The initiative is great! Someone like facebook was needed to kick things off! If facebook can make this right then we potentially have one global currency!

Move like ETH has a great way to make money programable.

Pros:

Libra is what bitcoin should have been. It is fast, works with the best in the world and is looking to open

Cons:

Cetralization of facebook. Although they do plan to move to something permissionless over time, the way it is right now concerns me