Mastermind Facebook Libra Cryptocurrency?

[Graybeard]

FarseBook's corpocratic digital currency ...
There is no consensus here only autocratic corporate policy -- Libra is a token or scrip (marker) and nothing more.

• Will it matter?
  there may be some millions real users of Fakebook that may use it
• Libra is under scrutiny by world governments and the world's central banks
• Libra will be controlled by VISA, MasterCard, Paypal and Facebook
  Could these be the 4 Horsemen of the Apocalypse
  Certainty their reputation precedes them
• Would you submit your purchase data to these peoples use without regulation and restrictions -- that are enforceable?
• Would your product qualify for acceptable use

Why did I pick the title tag mastermind? Because it was there :S

 

[Graybeard]

No one here follows trends and news? Sad
(that relate to business on the internet)
Unruly social media no model for Facebook's Libra currency: BoE's Carney - Reuters
Yesterday: US House of Representatives
Today: The Bank of England

Facebook approved and refund guaranteed product sales -- if that happens that will affect your strategy -- big time, if you are dependent on Facebook for your business.

Suckerberg controls your activities and they will control your cash flows or leach off of them.

 

[Paul43]

When you have THIS behind you, you win.
Regulators have to do something in order to show that they exist, they can postpone but they cannot take down what such mega-players have built up.

Besides, Libra is a Stablecoin.
It has everything Bitcoin has, minus its flaw, volatility.
There is a giant market waiting for a functioning Stablecoin.

Libra doesn't need to look for users.
Facebook's users will swallow it. It will be built in in FB's system.
Billions of users already there

Ebay's users will be offered to use Libra through Paypal. Lower fees than fiat.
Billions of users already there

Vodafone, billions of users

You can use Libra everywhere where you can use Visa and Mastercard.
Billions of users
Etc.


But Libra too has its Achilles' heel
It is backed by fiat currencies
It represents fake money
Its foundations lie on sand

 

[Graybeard]

Libra is the same as a scrip.
I never understood the fiat currency argument for the current cryptocurrency that is backed by nothing but hot air -- the greater fool theory.

Good luck to the winners.

You are betting the central banks will acquiesce to shitcoins. I doubt that. Governments cannot control their economies and citizens without manipulating their money supply -- that is the fact of the matter today -- and for centuries. Wiemar Germany, Argentina, Venezuela are just cases of the extreme.

I doubt I will see some digital money kumbaya in my lifetime.

This is just another 'Low Spark of High Heeled Boys' look for the song

£100 in 1962 → £2,028.11 in 2017
$100 in 1962 → $853.64 in 2019
100 Swiss franc [1880-2015] in year 1962 could buy 20.547219273261028 gram gold. The price of 20.547219273261028 gram gold in year 2015 was 737.4505657463029 Swiss franc [1880-2015].

So there is an argument for owning REAL metal gold in a VAULT with an army guarding it
Do you own your own tanks and missiles?

 

[Graybeard]

Back on the topic:
Are we going to let Suckerberg and FarceBook destroy the world currency economy? And if he screws up, as he has proven to do; are you prepared to bail him out if there is ever a run on the *Bank of Facebook*?

>>>[W]hat sets Facebook apart from other issuers of “private money” is its size, global reach, and willingness to “move fast and break things.” ...

Facebook is barreling ahead as if Libra was just another private enterprise. But like many other financial intermediaries before it, the company is promising something that it cannot possibly deliver on its own: the protection of the currency’s value. Libra, we are told, will be pegged to a basket of currencies (fiat money issued by governments), and convertible on demand and at any cost. But this guarantee rests on an illusion, because neither Facebook nor any other private party involved will have access to unlimited stores of the pegged currencies.

To understand what happens when regulators sit on their hands while financial innovators create put options, ....<<<

Facebook’s Libra Must Be Stopped | by Katharina Pistor

 

[Paul43]

But Libra too has its Achilles' heel
It is backed by fiat currencies
It represents fake money
Its foundations lie on sand

"...and be backed by a reserve of assets ostensibly “designed to give it intrinsic value” and mitigate volatility fluctuations.
These assets consist of a basket of bank deposits and short-term government securities..."

Facebook Releases Cryptocurrency White Paper for Libra Currency

So, I stand corrected.
Libra is backed not only by fake money but also by Govs bonds.
Much more stable

 

[Graybeard]

it is backed by the prices -- not by holding the actual assets.
Suckerberg, as usual, is scamming away now that he has the money to make the FarseBook Bank.


Cryptocurrency is the Scientology of this century --good luck to the winners

 

[Paul43]

View attachment 14629



L O L !

 

[Graybeard]

Right, can't comeback anymore.
Scientology V2.0 LOL

 

[Paul43]

Dear Mr. Zuckerberg:

Backing your new money—as you plan to do—with a basket of currencies won’t cut it. In today’s monetary system the values of currencies jump up and down, so you won’t get the stability you need.

Countries that became global powerhouses–Holland, followed by Britain (Isaac Newton, as director of the Royal Mint, fixed the pound to gold at a ratio that held for more than two centuries) and then the U.S. (thanks to Alexander Hamilton)—all had their currencies linked to gold.

For a variety of reasons gold holds its intrinsic value better than anything else. It’s like a measuring rod. It no more restricts the money supply than the 12 inches in a foot restricts the size of a building you might wish to construct.

All it means is that the Libra will have what no other currency has today: a fixed value. And that fixture will gradually make it the most desirable medium of exchange around the globe.

People hunger for trustworthy money.

Open Letter To Mark Zuckerberg

 

[Graybeard]

Gets worse -- they are speculating the will be a Google-Coin next
Worthless paper and worthless air coin.

It's all a game ... real gold is worth the same as it was millennia ago ... more or less.
Libra will have a floating value based on its real world asset pool. <<<whatever that is worth that day
Anticipating the scam, that will most likely be a fractional pool -- it will be backed by x%.

tRump says: " they need a federal bank license"
I would never use facecoin -- Suckerberg&Co wants to track your spending and sell that data -- rather obvious <<<isn't it?

 

[Paul43]

According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.”

Libra Will Upset World Economy If It Isn't Regulated Tightly, G7 Warns

What kind of "democratic control" are central banks subject to?

 

[Graybeard]

the central banks own your ass.
they are on a hot line to the government that has an army that can take everything you have or even kill you.
that is reality -- they control the flow of real money -- or at least what they say is real

You are a soft object and they are the brick wall -- Truth

Controlling money is like controlling the drug trade -- in the long term a losing battle.
Central Banks do not want to be trivialized --and that is what this is all about --that and politics.

 

[Graybeard]

ZUCK BUCKS RULE!

Libra scams are already proliferating on Facebook

The mice are already scamming

 

[Graybeard]

All the Major Rats Jump the sinking Libra Ship!
>>>[D]avid Marcus, laid out his plan for Libra in a detailed white paper, with some of the financial world’s most powerful companies already signed on to help govern the new currency as part of the Libra Association. It was Facebook’s vision for an international currency, and based on the company’s partners, it seemed unstoppable. That was then. The first to ditch Libra was Paypal, which withdrew on October 4th. Then, over the course of a few hours on October 11th, Visa, Mastercard, Stripe and Mercado Pago all bailed on the project, with eBay tagging along for good measure. That meant every major US payment processor has exited the association. ... <<<
Why so many companies bailed on Facebook’s Libra project at once

From the beginning this was a bad idea