Will the Winkelvii get Zucked again?

[traderjo]

"Libra is fully backed by a reserve of real assets. A basket of currencies and assets will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value."

SO they need Real currency after all!

"Libra is governed by the independent Libra Association, "

WHO? and how secure?

 

[vanzandt]

Stable coins are all the rage, since they're easy to make sense of. Libra is the start. They will make one for Euro, HKD, AUD, CAD and all the other main currencies.

https://elitetrader.com/et/threads/...in-now-makes-sense.319699/page-2#post-4631955

 

[traderjo]

Interview on CNBC

lot of negative comments, I guess all those commenting in this fashion are as stupid as me!

 

[MrMuppet]

errrr....you should not post CNBC or even Bloomberg as reference. Mainstream Media is a huge meme with regards to crypto topics. They simply have no clue and every time they make a statement on twitter it goes right the other way

 

[traderjo]

I was referring to comments made by public on the Interview
why so many negative comments? I guess we all have no clue except you Mr Muppet
time to go and change my XYZ currency to Crypto to purchase my cup of coffee and convert the remaining change back to XYZ.. oh but wait a second this Libra is based on a real FIAT currency named XYZ in first place h..m lets see if I make or loose some money while doing the conversion via Mr Zukerbergs fantastic new coin...LOL good bye

 

[MrMuppet]

I guess we all have no clue except you Mr Muppet

Pls don't don't generalize, I was referring to you, not the others in this thread. Also, I wasn't referring to your opinion, but the fact that you refuse to educate yourself before you take part in a discussion, yet throw BS at people to make a point and hope nobody looks it up.

 

[dealmaker]

The Libra Backlash


Facebook's efforts to create a cryptocurrency are facing growing resistance, as the Trump administration said Libra would raise national security concerns. This time, the administration has backing from some quarters it is often at odds with: Democrats, and European officials, who will meet in France this week to discuss cryptocurrencies. Facebook executive David Marcus is expected to appear before the Senate Banking Committee today. WSJ

 

[Overnight]

...

Also 6% is the average cost and it is even low balled. The global average transaction costs in Q3 2017 was 7.14% as estimated by world bank...

As an interesting side note, if you have a bunch of USD coin and wish to convert it to more manageable paper notes, you can either open a bank account and deposit it, or if just "passing through"...

use one of those Coinstar machines in a supermarket. They charge, (last I checked), $.06 on the dollar to do this. Yes, 6%.

 

[Pekelo]

They charge, (last I checked), $.06 on the dollar to do this. Yes, 6%.

Why would that be free? That is a service by a 3rd party, not the bank or the government. Those machines need placement, maintenance etc. of course there will be a fee. Or you could roll your pennies yourself and take it to the bank without fees.

 

[MrMuppet]

Thing is, Libra is neither a cryptocurrency because it doesn't use a blockchain, nor is it decentralized.

Zuck is just jumping on the hype train.

In reality Libra is a security that is ruled and regulated by a consortium aka. the Valley FED, which works as unit of account.
The technology could be a big leap towards improvement of global payment, but I guess nobody wants Zuck to be the ruler of global payment, right?