Facebook’s Project Libra Rising

According to insiders, Facebook is finally unveiling Project Libra on June 18.

Laura McCracken, (FB Head of Financial Services and Payment Partnerships for Northern Europe), recently informed Sebastian Kirsch of the German magazine WirtschasftsWoche that Project Libra’s white paper will debut on June 18, 2019. Facebook has no official position as of this writing.

So what do we know so far about Facebook’s cryptocurrency and blockchain project?

Project Libra

Credits: Zodianz.com

Facebook’s recent company registration in Switzerland Libra Networks could be the first clue. So definitely, they will not call it GlobalCoin as the BBC reported. Speculation suggests that Libra is a play on the word LIBOR. Libra to mean “for the people,” versus LIBOR for the bank.

It could also mean exactly as the zodiac sign Libra which is compatible with Gemini. You got that right! Winklevoss Twins’ Gemini is definitely another zodiac sign in the cryptospace. Gemini, of course, is already a well-established digital currency exchange. Will the two zodiac names be as compatible as these two crypto companies? Will Gemini list Facebook’s stablecoin, Libra?

Facebook will hand oversight of the cryptocurrency to an independent foundation. According to the TheInformation.com, FB believes that distancing itself from the token’s management will help keep regulators at bay.

With more than 2.3 billion users globally, the success of this project could have a significant impact in areas around the world. This could mean reaching more people who are not served by traditional financial systems.

The project already tapped several financial institutions and tech companies to join. They also plan to place ATM-like terminals for exchanging fiat to token, vice versa.

With the financial backing of the largest social network in the planet and its 1 Billion dollar ICO goal worldwide, what could go wrong?

About the author

Henry is the Founder and Executive Managing Director of Compumatrix and Networks International. He is also the Editor-in-Chief of the Compumatrix Bloggers' Network.

Comments

  1. There seems to be some push-back from Congress on the Libra idea. Perhaps they are concerned if this would threaten the financial world as it is?? Should be interesting to see how this will move forward. I say let it start, there’s plenty of room for all!!

  2. Personally I hope that Libra never gets off the ground. I believe that Facebook and Mark Zuckerberg have created too much of a powerful entity that will try to control the majority part of the crypto world. I know that now it seems so far fetched to think that, but look what how much power and control Facebook is now having on everyone’s daily life. It’s just my opinion, but I’d rather see the old timer cryptos succeed before Libra.

    1. If this project really flies it would have a huge impact on world financial systems due the worldwide coverage of facebook.

  3. Like it or not the paper money will gradually be replaced by digital money including Libra. There are several digital currencies that are circulated in my country and I found them to be efficient. Unlike Bitcoin, they are not anonymous so we can quickly trace a person who makes a transfer. No mining is required and it does not cost any fee to make a transfer.

  4. Mixed feeling on Libra. On the one had it could help the crypto world as a major player like Facebook adds credibility and exposure to all. However, like Amazon there are the lovers and haters of all things Facebook in Washington that may just add volatility to the entire sector. And I guess I get a bit concerned that competition will fade if the Facebook’s, Amazon’s and Googles control our money, news, purchases, etc.

  5. I am relieved that the progress of the Libra project has been significantly delayed by hurdles placed in front of it by various governments around the world. I am not in favor of Libra being launched for several reasons. At the top of my list is that it isn’t decentralized and it doesn’t run on a blockchain, yet it is often being compared to Bitcoin as if they are the same. It is a case of comparing apples and oranges.

    Next on my list is that Libra is permissioned, which means that only a few trusted entities can keep track of the ledger. This is the OPPOSITE of Bitcoin which is permissionless and doesn’t require trust because of the blockchain that allows anyone and everyone to keep track of the ledger. To me, Libra just looks like a “private fiat currency that is digital”.

    I’m not going to go through my full list here, but I will wrap up with pointing out that given the power and influence that Mark Zuckerberg/Facebook already has I think that adding Libra to that would be a formula that produces disasterous results.

    1. Totally, totally agree with you Kevin – especially your comment that Libra looks like a
      “private fiat currency that is digital” Just another way to control the financial system by a small number – by not being de-centralized all the problems with banking will emerge – still the same just using digital currency instead of fiat money…..and on top of the whole equation it is Facebook – facebook, people…. who are notorious for all kinds of control that aren’t in the people’s best interests!!

  6. According to Wikipedia, I quote, “Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc.

    The currency and network do not yet exist, and only rudimentary experimental code has been released.[2] The launch is planned to be in 2020.[3]

    The project, currency and transactions are to be managed and cryptographically entrusted to the Libra Association, a membership organization of companies from payment, technology, telecommunication, online marketplace and venture capital, and nonprofits. “, I unquote.

  7. honestly I have to research this Libra Project much deeper and see much more information on it and actually anything the money brokers at facebook have to deal with I have triple check where the money is coming from and the reasons behind their wanting into this business to start with — not a big fan —

  8. Zucker mocked early users for trusting him with their personal information. “They trust me — dumb f#$ks,” says Zuckerberg early on in his quest to slide into millions of peoples personal lives. A few years later he spun that quote to “I think I’ve grown and learned a lot” (learned to hone his craft).

    Why would millions trust this rube. Now, he wants to conquer your financial information while raking in billions of dollars. Keep in mind he also opens his information to any authority that asks. (Tax breaks for his company).

    Major companies are piling on to be part of the “new” coin to reach more consumers. Several are in the same mold such as Amazon, the largest collector of information in the world.

    I would not trust the security of your financial information to either of these two and you can add Gates-Windows and Google to that list. Stick with more reliable companies and their more established Crypto currencies.

    Europe wants no part of the proposed coin as of todays writing. Can’t blame them.

    1. I am in total agreement with you, Joe, on your comment about not trusting your financial information to the likes of Zucker or any social media giant or any of those others you mentioned. Even the average Joe should never be trusted with that important information in fact. This is why I like the decentralization concept so much!

  9. It’s interesting that the Bible definitely speaks towards a global or one world government in the very last days. When such powerful entities like Facebook and their proposed Libra coin have do much power globally, I am not at all surprised that things like this are going to become avid players when cash totally gets replaced. Things seem to be falling right into place as far as the prophetic scripture goes.

  10. I like the thought that the the Word speaks of a world government or something of that nature in the final days and reading and researching on not just the Word but also trying to solidify my retirement days if can blend all of it together and be ready all the way around would be a good thing —

  11. I detect the idea of “TRUST” with this point and the comments that follow. This is why I like Bitcoin so much. It was built with trust in mind. The only way not to trust Bitcoin is to break the system. That may have been able to be done in its infancy but it is a solid system now. What is the difference between Bitcoin and Libra? One word: DECENTRALIZE

  12. If Libra launches, many millennials will flock to purchase. Many will already be involved in crypto and for others it will be a first introduction to using crypto’s. Strangely Facebook is a household name which builds trust for some individuals. Personally, for many of the privacy reasons mentioned above, I don’t think it’s a good idea to use.

  13. The only reason I would applaud the launch of Libra is because it will help in the adoption of other Cryptocurrencies across the globe. I see Libra as anything BUT decentralized as Facebook knows already everything about you. People don’t seem to realize just how far reaching into your private affairs social media platforms are and continue to be.

  14. The BIGGEST problem with Libra is it “looks” like a BANK, it “smells” like a BANK, it “walks” like a BANK, ….. IT MUST BE A BANK! Or at least, it has the same functions from where I sit. It’s Centralized and the one in charge is a power grabbing maniac! Actually, this is scarier than the banks we have right now.

  15. I am not sure how I feel about Libra… Facebook could give cryptocurrencies the exposure to mainstream audiences that it needs to become accepted and used by society. But I agree with sophye that Libra would probably be anything but decentralized because Facebook already gathers information on its users. If Libra were to be centralized, I feel like that kind of defeats the purpose of Libra as a cryptocurrency – it would essentially just be digital fiat…

  16. When Facebook inc. Libra Project was formally announced on June 18, 2019 by Morgan Beller, David Marcus and Kevin Weil. All eyes turned to Facebook and people starting asking all kinds of questions. Is this a new coin and payment system, is Facebook rebelling against banks will governments allow this? .Cryptocoiners ask how will it effect bitcoin or other coins
    Because of 2020 pandemic crisis, Libra hasn’t been release and we don’t know how it will effect banks and countries laws, but my opinion on its side effect on cryptocurrency like bitcoin. I’ll say none the least for it will be a Centralized project with a centralized authority called Facebook.

  17. Hmmm… Although this would probably advance cryptocurrencies to a mainstream audience, I feel like Libra will probably be centralized which kind of defeats the purpose of cryptocurrencies in the first place. The difference between centralized and decentralized is night and day for me. I am just not sure how comfortable I can be with Libra just yet.

  18. As a child my, father, while teaching me reasoning, would always say, if it looks like a duck, swims like a duck, and quacks like a duck, then it probably is Patin’s duck. Please don’t ask me where Patin came in as that is totally another story in itself about a family member! His point was we could identify a person or a subject by observing their habits. “Patin’s” duck in comparison to Libra, as I see it today, is a neon sign saying centralization.

    Would Libra push Cryptocurrency? I would say yes, but at what cost?

  19. so very true — if it quacks and so to make you see it as a duck then it probably is a duck — that also is so very true in so many parts we every day deal with — also the help the notoriety of facebook would be for Crypto world currencies perse’ at the High Cost of losing the anonymity and security of that anonymity — but — and yes that is my point BUT ?? guess time will answer this double sided issue or question??

  20. Apparently there are a lot of ducks out there. But to me, the lack of decentralization is a huge red flag for Libra. Two names/words/things that just don’t seem to fit together are “centralized” and “Zuckerberg”. As long as Zuckerberg has control of people’s financial information, I just can’t see anything becoming quickly successful here. Bitcoin is decentralized, Zibra is not. Even with all the other factors to consider, this is one that is just difficult to get off of the brain. So, I say we meet back here is about 10 years and see what Henry has to say then. Whatever he says, I am certain I will follow his lead. Yes, I realize that what I just wrote makes little sense to you because it doesn’t make any sensde kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

  21. Libra is the Face Book baby and it is now in the process of changing its name . The Powers that be are not very happy with the idea of Libra but can do little to stop it from happening. The drawback in the protocol is the lack of decentralization as mentioned by many bloggers before me .I would still request Erline to elaborate on Patin’s duck if she ever gets a chance.In case of Libra I will not be very comfortable at all because it is centralized and open to numerous scrutinies especially from the Feds .

  22. after watching so much of the latest global events happening and with the china virus causing still so much damage globally and knowing how that group of 4 online peeps have dominated the finances of the online world — Decentralization and less ways to have intrusions in our business the better — and honestly not sure if need to have googles reach to be considered successful unless all that matters is “hollywood type stardom” –don’t see that here in Compuworld — jmho — truth and honor go a long way for me —

  23. I had never heard of this Libra project being launched by Facebook. It is interesting seeing new companies becoming involved in this cryptocurrency world. I think it is good to learn about all of these new processes being created so it becomes easier to make an educated guess when choosing the processes and new products you would like to buy and use.

  24. I heard about this Libra project and I think it would be centralized but it would also create a huge mass adoption to cryptocurrency so in a way it may be good for people who have never heard of crypto and then when they do research they will find the decentralized platforms. Libra being on FB who knows maybe some will find our compumatrix page, hopefully it won’t get banned.

  25. this is still a very intriguing read and to keep up on the information part of this and to keep abreast to the happenings — and still am in the thought of decentralize on a global basis is safer and more appropriate for a biz to become involved — may be wrong but less fingers to stir the more secure — imho —

  26. Mark Zuckerberg, Facebook is reportedly rethinking its plans for its own digital currency after resistance from regulators,the world’s biggest economies warned cryptocurrencies such as Libra pose a risk to the global financial system.

  27. Thank you for the blog. I just never trusted where it began. Social media has had its issues. I don’t want my money wrapped up in that mess. It seemed to be a nice introduction for some to get it, but you have to have integrity behind what you’re doing.

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