Libra - A global cryptocurrency by Facebook

Libra is not Blockchain never and never will be Blockchain what an Insult for Blockchain you bring !!!!!

Libra is not censorship resistant. That means that Facebook is expected to be able to control and decide whether a transaction is valid or not. Libra is not borderless. For example, Facebook would have the possibility to block some transactions depending on the country of origin or destination. Libra is not neutral, that means that the digital asset cannot be neutral to every human on earth. Individuals in Venezuela or North Kora, would not have the possibility to send or receive funds through Facebook’s crypto platform. Libra is not public. It also cannot create a public API or provide transparency. Finally, Libra is not open, they cannot give access, extract it or sell it to someone else outside of the Libra platform.

Pros:

None...

Cons:

It's not censorship resistant - It's not borderless - It's not neutral - It's not public/transparent - It's not open

Thanks for your effort.

This project is more centralized than our current banking system, they will spy on your expenses and financial situation, they make money by earning an interest rate + locking funds + charging fees. Half sovereign nations wont allow it

Pros:

NONE

Cons:

10 M to run a node. Invasion of privacy this is cancer

Libra is not a cryptocurrency even though Facebook claims it is. They use the term for marketing purposes. ● A cryptocurrency is nobodies’ liability. Libra is supposed to be a liability of Facebook. ● The price of a cryptocurrency is not linked in any way to other assets. Libra is supposed to be backed by a basket of assets (mostly national currencies) and its price is calculated from these assets. ● A cryptocurrency is created by a protocol and rewarded to miners. Libra is issued by Facebook whenever someone buys it. We need to refrain from calling any new digital currency a cryptocurrency. A discussion is only possible with appropriate differentiation.

The good here is the help with marketing the new decentralised internet that is currently being developed by communities like blockstack. This project will ultimately fail - it will be hacked and exploited and be tarnished with facebook's terrible reputation for ripping off its own users. Bitcoin is still and by far the only provably secure store of value available. It is also fully decentralised. Projects are underway that will offer users truly self owned identity and the ability to store and manage their own application data. There will be a genuine choice between Libra on the edge of the old world and a new world in which we all actually own the internet and our creative content rather than a handful of companies.

Interestingly, @davidmarcus - Calibra's Lead - has released his testimony before he appears to US Congress (link). He mentioned 'transactions', 'protection' and 'blockchain' quite a few times. Not once he mentions the words 'crypto' or 'cryptocurrency'. David Marcus' PDF: http://bit.ly/2JA2bbx

Having looked through this discussion, I noticed that there are no positive comments about Libra here. I like reading reviews about cryptocurrencies, exchanges, platforms I'm going to use as it is very useful to find out other people's opinions first. In most cases I use Revain for this purpose. People have already started sharing their thoughts there https://revain.org/projects/libra. So, it would be great to see more posts there, I'm sure many crypto users would appreciate it.

This has the power to bring the crypto economy mainstream which is great, but so much power to one company defeats the purpose of decentralization.

Why they only show Africa and the poor countries in this video...is this another emotional focused announcement to get people buy in..?? honestly I don't like Facebook.