Facebook Libra

Salmank

Well-Known Member
Joined
Jun 27, 2016
Messages
370
#1
Hi there,

With the launch due tomorrow, does anyone know how will we be able to buy the new Facebook currency?

Will it be available on Binance, or, how will it work?
 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
36,509
#2
It's a Corp coin, you can't buy it. It's against the spirit of crypto in every sense of the word.
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
443
#3
Don't think anyone knows where it's going to trade. It's probably going to worth a lot.
 

Countcrypto

Well-Known Member
Joined
Jan 20, 2018
Messages
411
#6
Interesting. What's it pegged to?
Even if something is a stablecoin it can still be backed by cryptography.
I am not sure, but probably the dollar. I just don't see what a stable coin can do that Visa/paypal/mastercard eyc can't, but any attention to crypto in general is a net positive.
 

GforceD

Executive Member
Joined
Apr 13, 2010
Messages
7,315
#9
I read a good analogy : Libra is about as much a crypto currency than farmville cash.
That is actually how you mine it you play farmville then you do a Which Friends character am I quiz, the results then allows you to transfer your farmed farmville crops into Facebook likes. Then you can spend your likes turning them into Libra Zebras. Zebras are what the coins are called, these coins then allow you to buy followers on Instagram. Simple.
 

Arthur

Honorary Master
Joined
Aug 7, 2003
Messages
23,798
#11
Mises Wire: Facebook's Fake Money, by Dr. Thorsten Polleit, Chief Economist of Degussa

" ... The critical question, however, is this: Is the Libra really good — or sound — money? Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies — and fiat currencies do not make for good money, as should be well known by now. Fiat currencies are inflationary; they enrich some at the expense of many others. The issuance of fiat currencies causes distortions in the credit markets, which provokes speculative bubbles and triggers booms and busts, and last but not least, fiat currencies lead the economies into over-indebtedness.

Against this backdrop, it becomes evident that the Libra will suffer from all the economic and ethical deficiencies that come with its underlying fiat currencies. For instance, the Libra will be inflationary money to the extent that the US dollar, the euro, and all the other underlying fiat currencies are subject to inflationary measures by central banks, resulting in the Libra losing its purchasing power in step with the fiat currencies. In extreme cases, if the official currencies were to go under, the Libra would follow suit. The Libra is, therefore, not a real alternative to official fiat currencies, but rather a more straightforward and more cost-efficient way to use them.

... With the investment of the reserve, the LA hopes to earn interest income. But this is likely to be difficult. After all, central banks have slashed interest rates to extremely low levels, and there is no sign of a move away from this kind of monetary policy. Should monetary authorities impose negative interest rates on bank deposits, this would affect Libra holders directly: Because if the LA is forced to pay for its bank deposits, the owners of the Libra will have to pay the bill. So anyone who thinks that the Libra might offer an escape from the bad fiat currencies is mistaken. The Libra is a fiat money clone; just like fiat currencies the Libra is fake money ..."
 
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