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Will Libra Surpass Bitcoin?

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1/7 of the actual world's population is using Facebook, and according to the latest study, Libra, in just 3 months, have already been known to 15% of Facebook users while ETH and XRP, which have been already running for years, only shares 11% so this is not impossible to happen once implemented properly, but most likely only second to BTC in its short-term release.

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4 hours ago, DhcPraDo said:

sure, because fb users much more than btc

Its true that there are more fb users than btc users. 

Although you must put into account that there is a huge portion of fb users who isn't really into digital technology. There are users who just use facebook to be able to connect with there relatives and there is a lot of fb users who are under 10 years old.

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Libra has nothing to do with Bitcoin because Libra is a centralized coin and a stable coin while Bitcoin is a decentralized crypto and a volatile coin. Libra will also be used on the Facebook platform for buying ads and other service therfor there will still be a demand for it  .  Overall I don't think that Libra will threaten btc because I heard that Libra won't be release anymore 

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22 hours ago, bitboy26 said:

Libra has nothing to do with Bitcoin because Libra is a centralized coin and a stable coin while Bitcoin is a decentralized crypto and a volatile coin. Libra will also be used on the Facebook platform for buying ads and other service therfor there will still be a demand for it  .  Overall I don't think that Libra will threaten btc because I heard that Libra won't be release anymore 

Libra being a centralized coin, although promising stability because it is controlled by Facebook can be a disadvantage as having one entity to be the only one in charge especially with money.

Where did you hear the news of Libra not being released?

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On 19/08/2019 at 18:52, Angela said:

1/7 of the actual world's population is using Facebook, and according to the latest study, Libra, in just 3 months, have already been known to 15% of Facebook users while ETH and XRP, which have been already running for years, only shares 11% so this is not impossible to happen once implemented properly, but most likely only second to BTC in its short-term release.

if you look at the short term ... I'm also sure that libra won't outperform bitcoin ...
and from the percentage increase in the purchase of coin libra, in my opinion it happens because the highest human popularity in the world is indeed using facebook ... naturally if the percentage of this libra coin beats other coins in a relatively short period of time ..
however, ... the development of this libra coin is not yet clear its existence until now .. although there are many concerns from various aspects even the top-class investor-investors in the world of crytocurrency many are trembling at this time because of the snapping of this coin libra, it cannot be fully regarded as challenges in the value / price war in the cryptocurrency world ...

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i think libra will be a successfull project, but will it be as good as btc ? i dont think so, its true that fb has a large base of customers, and it will be a huge project, but it also will reflect positively on bitcoin, people will start asking what is cryptocurrency and this will leads them directly to bitcoin, so yeah the good for libra is the better for bitcoin ! i expect btc price to go higher when they launch this project officialy. i hope so .

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Personally i think libra should be completely ignored by the mass. It among other coins is stripping the coin of its initial purpose. Decentralization. To rid the powers of the control. Viva la prime dice! Wait...wait thats not right...VIVA LA REVOLUTION! there we go. Avoid libra like the plague. Mark zuckerbug you shlep! Leave us gentiles alone for the sake of Abraham!

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Posted (edited)

In short No, because Libra is centralized and Facebook will be deputised to carry out surveillance, monitoring of its users and report back to the local government in each jurisdiction that it operates within. It legally must fulfill the requirements under KYC, therefore its not open / borderless / neutral / censorship resistant / permissionless / or secure.

Facebook is a centralized organisation that exists under different jurisdictions, in which they are required to carry out KYC. As part of KYC they are required to identify and vet the participants of every transaction. So Libra must comply and therefore;

  • It is not open to all, in order to use it you have to be vetted and approved, under the guise of KYC
  • Its not borderless, they will have to comply with sanctions and embargoes, border and export controls and currency regulations.  
  • It will only serve a few countries (similar to paypal).
  • Its not neutral, they are required to prevent transactions between any number of specified organisations and individuals in each jurisdiction.
  • It is not censorship resistant: Censorship is a legal mandate required in each jurisdiction under KYC, Facebook will be required to report to the relevant state institution in each jurisdiction.
  • It is centrally controlled, so permission is required by programmers and developers, if they want to utilize it in some application or software development project.

Why do you think so many people hate paypal?
 

Edited by Ghostnipple
sobered up

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