# Lifestyles & Discussion > Bitcoin / Cryptocurrencies >  Global currency? Everything you need to know about Facebook's Libra cryptocurrency

## Brian4Liberty

Everything you need to know about Facebook's Libra cryptocurrency
The social network is a founding member of a consortium that's designing a global digital coin.
BY ANDREW MORSE - JUNE 18, 2019




> Facebook has finally taken the wraps off its worst-kept secret: Libra, its global cryptocurrency. After months of leaks, it's formally out in the open and we can take a closer look at the ambitious project. As you might expect from the people in Menlo Park, California, it's pretty smart.
> 
> Facebook and its partners have created an organization, the Libra Association, to manage the technical aspects of the project and work with regulators to ensure that everything is on the up and up. Libra also has some built-in safeguards, which have been used in the real world, to make sure the value of the cryptocurrency stays stable
> ...
> This isn't actually Facebook's cryptocurrency. It's the project of the Libra Association, which Facebook co-founded. The association, which will serve as a monetary authority for the cryptocurrency, says Libra's purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.
> ...
> Facebook is one of the members of the Libra Association, the nonprofit that will serve as a de facto monetary authority for the currency. (Facebook's membership is through Calibra.) Other founding members include MasterCard, Visa, PayPal, Uber, eBay, Vodafone and Mercy Corps. The association hopes to grow to 100 members, most of which will pony up $10 million to get the project going. Each member has the same vote in the association, which is headquartered in Switzerland.
> ...
> Let's start by addressing how Libra is similar to other cryptocurrencies, such as bitcoin and ether. Like them, Libra exists entirely in digital form. You won't be able to get a Libra note or coin. And like other cryptocurrencies, Libra transactions are recorded on a software ledger, known as blockchain, that confirms each transfer. The Libra blockchain will be managed by the founding members in the early stages, but evolve into a fully open system in the future.
> ...

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## dannno

> Unlike bitcoin, ether and some other cryptocurrencies, which aren't backed by anything and swing wildly in response to speculation, Libra will be pegged to a basket of assets that will anchor its value. The Libra Association hasn't said what those assets will be but indicated they will include "bank deposits and government securities in currencies from stable and reputable central banks." That suggests major global currencies, like the dollar and the euro, which don't fluctuate violently day to day.


Ya that is a terrible idea lol..

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## Brian4Liberty

> Facebook is one of the members of the Libra Association, the nonprofit that will serve as a de facto monetary authority for the currency. (Facebook's membership is through Calibra.) Other founding members include MasterCard, Visa, PayPal, Uber, eBay, Vodafone and Mercy Corps.


So Facebook has essentially neutralized many of the companies that would lobby against this, by including them in the new central bank.

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## Brian4Liberty

> Ya that is a terrible idea lol..


Making it rely on the US dollar is an attempt to avoid opposition from the Federal Reserve and Fed supporters. 

It is going to be more like a money market fund than a cryptocurrency.

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## dannno

This should be a good thing for crypto in general.. once places start accepting libra, it will be really easy for them to also accept other cryptocurrencies. Why would anybody buy libra if it is just going to be stable, when they could buy bitcoin or other cryptocurrencies which will increase in value and give them greater purchasing power? Their value also doesn't depend on a central authority buying up assets..

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## Brian4Liberty

> Calibra, the maker of the wallet *you'll need to use Libra*, is set up as a subsidiary of Facebook. The arrangement allows for Calibra to be *regulated by authorities* to prevent money laundering and other financial crimes.


Will Facebook always have the only wallet that can be used with this “cryptocurrency”?

And we can safely assume that use of the Facebook wallet (Calibra) will (eventually) be 100% available to the US government on demand, probably with a real-time feed to government.

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## Zippyjuan

Just a more complicated way to process dollar based transactions.

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## Brian4Liberty

Someone just asked the Fed Chair is Libra was competition, and if Facebook consulted with them before starting this.

Paraphrased answers:

- cryptocurrency is in its infancy, and they don’t see it effecting what the Federal Reserve does.
- Facebook has consulted widely with Central Banks and regulators, including the Federal Reserve.

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## kfarnan

THey are desperate to hold on their failed system.   FB is the point of the spear.

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## kpitcher

> This should be a good thing for crypto in general.. once places start accepting libra, it will be really easy for them to also accept other cryptocurrencies. Why would anybody buy libra if it is just going to be stable, when they could buy bitcoin or other cryptocurrencies which will increase in value and give them greater purchasing power? Their value also doesn't depend on a central authority buying up assets..


stablecoins have a place as the current volatility of crypto could be hard for a business to hold if there is a drop. This allows people to get the benefits of blockchain without the potential risk.  Of course something tied to a company that requires an account on a service that has a history of banning people based on bad humor or idealogy might be risky for any business to use. 

 The thing I don't fully grok is why a paypal, visa, or mastercard, investors in the coin, would be involved in a project trying to bypass their products? Destroy it from within? See what the enemy is doing?

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## Brian4Liberty

> ...The thing I don't fully grok is why a paypal, visa, or mastercard, investors in the coin, would be involved in a project trying to bypass their products? Destroy it from within? See what the enemy is doing?


They have to be building in a way to take a cut on each transaction. Only thing that makes sense. And to crowd out competing cryptocurrencies.

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## Brian4Liberty

> Libra will be pegged to a basket of assets that will anchor its value. The Libra Association hasn't said what those assets will be but indicated they will include "bank deposits and government securities in currencies from stable and reputable central banks."


And how much can that portfolio change over time? Gold? Corporate bonds? Stocks? Securitized debt obligations? Junk bonds?

Such an opportunity for an insider to profit...

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## Mordan

Zuck is kinda smart. I now realize it. 

Libra is a game changer. Politicians are up in arms. French minster ask regulators to protect fiat at all cost. 

Libra is good for Bitcoin. Libra is good for Monero. Libra is bad for nearly all alt coins. Libra will do smart contracts better than Eth. Libra will move money faster and cheaper than all other currency coins. Heavy bags...
Libra is legitimizing crypto for the mainstream.

Libra does not care of its value. Thats the magic of it. Libra can start using Bitcoin if they want. Libra can dump the dollars. Libra can use gold. Libra can use anything that has value to prop up its network.

https://libra.org/en-US/white-paper/

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## kfarnan

THey know where the future is.  It's all about money for these guys.  They don't care for freedom or the unbanked.  

IT will be there own private fiat system.  No one else will benefit.

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## Swordsmyth

*Facebook Watching Your Offline Activity to Label You a “Hate Agent”*

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## Mordan

Bitcoin 10k..

Bitcoin will back Libra. Mark my words.

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## Swordsmyth

> *Facebook Watching Your Offline Activity to Label You a “Hate Agent”*


European Central Bankers claim oversight rights over Facebooks new crypto-currency

I'm going to go ahead and predict that "Libra" is the seed that will grow into the Mark of the Beast eventually.

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## DilanShark

This may replace cash or debit transactions for many people. It will be a hard sell to credit card customers in the US though. Though I believe in cashless future. I guess coin payment method will completely replace cash

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## kfarnan

The supply of Libra will grow or shrink based on how popular it is. If people want to use Libra, the association will buy more of the underlying assets and create, or "mint," new Libra. If people want to cash out of Libra, the association will pay them and destroy, or "burn," the proper amount of Libra.

So they control creation and erase, the blockchain at will.  Sounds like the feds own blockchain.

LOL

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## Todd

Can't talk about Libra without Ben Swann.

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## devil21

Check out Congress, during yesterday and today's Powell hearings, chomping at the bit to "regulate" the introduction of Libra and make it "safe" for everyone's use.

And people still want to tell me that blockchain/crypto/bitcoin (never mind FB and the rest of the social media complex) isn't straight from the labs of NSA and MIT.    The entire point of last year's bitcoin bonanza was to familiarize the sheep with the new electronic "company scrip" concept.  Otherwise, today no one would have ever heard of a cryptocurrency.







> European Central Bankers claim oversight rights over Facebooks new crypto-currency
> 
> I'm going to go ahead and predict that "Libra" is the seed that will grow into the Mark of the Beast eventually.


Still sure you want that "God's Kingdom" World Government?  Many religions are being herded toward this one central Mark of the Beast system, including yours.  Perhaps you should take some time to understand who the heads of the various churches believe their "God" is....it may not be the same one you think it is.

EDIT:  I suppose no one noticed that SATOSHI NAKEMOTO is hidden within "TAKESHITA COMES TO TOWN"?  These are the kinds of games they like to play on the sheep.

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## Zippyjuan

It sounds more like a debit card than a cryptocurrency.  Facebook will probably be charging a fee (which may be hidden) on every transaction.  Otherwise you are really just using dollars. There is no currency being "mined".  Supply is unlimited.

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## Swordsmyth

> Still sure you want that "God's Kingdom" World Government?  Many religions are being herded toward this one central Mark of the Beast system, including yours.  Perhaps you should take some time to understand who the heads of the various churches believe their "God" is....it may not be the same one you think it is.


GOD will destroy the Kingdom of the Beast and cure the corruption of his church.

I will be glad to see him come, you may not be so glad but every knee shall bow.

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## Swordsmyth

https://twitter.com/realDonaldTrump/...72282584072192

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## kfarnan

all fiat currencies are will fail eventually.

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## harryjosh

Fiat currency and paper banknotes have existed in almost all developed nations (and even most undeveloped ones) for centuries now. Even the ancient Chinese and Mongols had it (though its introduction usually led to immediate economic disasters, due to the state's initial lack of understanding that it can't magically create more wealth just by printing more banknotes) that's what i read on these news sites for better understanding There is nothing exceptional about America in this regard.

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## devil21

Why are there so many spammers on crypto threads?

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## Swordsmyth

> Why are there so many spammers on crypto threads?


Every scam needs its shills.

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## kpitcher

> Every scam needs its shills.


Scam? We're not talking politics

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