No thanks Facebook and bitcoin a bad choice in my opinion.
It is (theoretically) neither Facebook (but rather an independent non-profit) nor bitcoin (but rather a payment technology built using a blockchain).
So there’s no need to say “no thanks” at this point. See my post prior to yours to learn about why technologies like these could be really great. Which particular implementation will win out (if any) remains to be seen.
At the moment I’d say it’s an irrelevance. When I have money it’s in a perfectly useable currency so I simply don’t see the point. The Facebook reputation doesn’t enhance the appeal but that would only really matter if I thought this served a purpose in the first place.
Regulation and oversight will be issues to look at here too.
(Clearly all from my fairly narrow personal viewpoint. I can’t speak for wider world application.)
They’ll add incentives to use the currency a hook of sorts
I only need to see the word ‘Facebook’ and I move on.
The purpose is to help people that need to send money abroad (remittances) and that currently are paying huge fees, and in many cases don’t have bank accounts. It is clearly not for you, but for other millions of people across the globe mainly in developing countries.
It is also backed by NGOs trying to solve the remittance issues, and many companies such Visa, Master Card, Paypal etc. are also collaborating.
Facebook is a toxic name (i don’t use it and kind of hate it), but in theory it will be governed by many other companies and NGOs.
The idea is very good IMO and I’m looking forward to see how it develops.
Perhaps the bigger question is why Facebook has decided to head down this path. Perhaps it’s an insurance policy. If the central banks stop pumping new money into the system and the enormous debt mountain collapses, what happens then?
I read this this morning. It made for grim reading.
PayPal dropped out. Who’s next?
I think Tim Cook ( a CEO who I think is a decent human being one of the few I must add) made some valid points
Mastercard, Stripe and eBay.
This whole thing is falling apart in record time.
Libra solus infirmi.
Visa are out too.
The withdrawals leave Libra with no major US payment processor, a serious issue for the fledgling project