tech

Facebook's Libra currency battered by defections, pushback

12 Comments
By BARBARYA ORTUTAY

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12 Comments
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The most important backer is a company called Thrive Capital.

Look them up.

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@Burning Bush

Are you referring to the Trump and Kushner shell company?

It's only importance is that it has the ear of the president. Fiscally, it's not the most important but it holds a lot of influence.

Facebook has way too much power and controls too much information. I don't want them to control or be involved in my spending.

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Mark Zuckerberg and Facebook cannot be trusted to handle a Libra type currency. Zuckerberg wants to know too much about where money flows in order to gain even more power.

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BIG PONZI COMING !!!..

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BIG PONZI COMING !!!..

Libra will be different from Bitcoin in that it will (ostensibly) be backed 1 to 1 by fiat currency like USD, EUR and JPY.

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I hope this is the beginning of a realisation that social media companies or "digitization" are not useful for everything and can't solve all the world's problems.  Why did we even need "Libra"??  Except to make FB money.

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I have a couple of questions that hope somebody on here can answer..

Have any of these companies (Visa, eBay, PayPal etc.) given a clear reason why they are not proceeding with Libra?

If so, what is the reason?

Gary

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Many people believe that monetary schemes should be left to the domain of governments

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I think the US government has had a word with Mastercard and Visa and warned them off.

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Libra will be different from Bitcoin in that it will (ostensibly) be backed 1 to 1 by fiat currency like USD, EUR and JPY.

Which is exactly why Bitcoin is superior and Libra is just another promise. No need to trust some centralized and most likely corrupt 3rd party to back your currency. Bitcoin is back by code - no leap of faith needed, no centralized and corrupt authority, completely transparent.

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Again, what benefits does trading in Bitcoin / Libra possibly provide over fiat currency? you don't trust the government yet you trust facebook? And where there's a will there's a way, there's always loopholes and ponzi schemes, who's going to uphold those laws or are you SOL in those cases.

Benefits simply don't outweigh the risks.

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Seems to be a scam. Anybody want to buy the Brooklyn bridge?

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