New Facebook backed currency

easyhostmedia

Well-known member
from https://www.facebook.com/zuck/posts/10107693323579671

Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra.

Libra's mission is to create a simple global financial infrastructure that empowers billions of people around the world. It's powered by blockchain technology and the plan is to launch it in 2020. You can read more about the association here: https://libra.org

Being able to use mobile money can have an important positive impact on people's lives because you don't have to always carry cash, which can be insecure, or pay extra fees for transfers. This is especially important for people who don't have access to traditional banks or financial services. Right now, there are around a billion people who don't have a bank account but do have a mobile phone.

We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos. To enable this, Facebook is also launching an independent subsidiary called Calibra that will build services that let you send, spend and save Libra -- starting with a digital wallet that will be available in WhatsApp and Messenger and as a standalone app next year.

Calibra will be regulated like other payment service providers. Any information you share with Calibra will be kept separate from information you share on Facebook. From the beginning, Calibra will let you send Libra to almost anyone with a smartphone at low to no cost. Over time, we hope to offer more services for people and businesses -- like paying bills with the push of a button, buying coffee with the scan of a code, or riding local public transit without needing to carry cash or a metro pass.

In addition to our efforts, many other companies will build their own services using Libra -- from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Uber, to non-profits doing important work around financial inclusion like Kiva, Mercy Corps and Women's World Banking, to companies in the crypto space like Anchorage, Coinbase, Xapo, and Bison Trails. A number of leading Venture firms are also joining to help drive innovation on the Libra network. We're hoping to have over 100 cofounding members of the Libra Association by the time the network launches next year.

All of this is built on blockchain technology. It's decentralized -- meaning it's run by many different organizations instead of just one, making the system fairer overall. It's available to anyone with an internet connection and has low fees and costs. And it's secured by cryptography which helps keep your money safe.

This is an important part of our vision for a privacy-focused social platform -- where you can interact in all the ways you'd want privately, from messaging to secure payments.

Privacy and safety will be built into every step. For example, Calibra will have a dedicated team of experts in risk management focused on preventing people from using Calibra for fraudulent purposes. We'll provide fraud protection so if you lose your Libra coins, we'll offer refunds. We also believe it's important for people to have choices so you'll have the options to use many other third-party wallets on the Libra network.

There's still a lot more to learn and do before Libra will be ready to officially launch. We know it's a major undertaking and responsibility -- and we're committed to getting this right. We've been working with policymakers and experts in areas like financial inclusion, economics, security, privacy and blockchain, and we'll continue listening to their feedback as we figure out the best way to move forward. We're thankful for their partnership, and for all the businesses, organizations, and academic institutions that are part of the Libra Association.

This is the beginning of an exciting journey and I'm looking forward to sharing more soon.
 

bigredseo

HD Community Advisor
Staff member
I can't trust Facebook to keep my account secure - I don't think I can trust them with money. Sure there are other organizations involved, but Facebook will be the driving force. Certainly, if I use it, I wouldn't have more than a grand in there.
 

easyhostmedia

Well-known member
I can't trust Facebook to keep my account secure - I don't think I can trust them with money. Sure there are other organizations involved, but Facebook will be the driving force. Certainly, if I use it, I wouldn't have more than a grand in there.

I agree

Facebook dont even enforce their own policies

they have this policy https://www.facebook.com/policies/commerce which lists items you cannot sell on FB, but people do and when reported they just send a canned reply to say it does not breach their community standards, so they do nothing and you dont get any way to reply to their message to tell them they are wrong
 

qtechservers

New member
When I read about the currency thing earlier today, the first thing that came to my mind was "trusting facebook"? Hardly use facebook now, I personally hate their interrupting“mid-roll” ads into videos.
 

easyhostmedia

Well-known member
When I read about the currency thing earlier today, the first thing that came to my mind was "trusting facebook"? Hardly use facebook now, I personally hate their interrupting“mid-roll” ads into videos.
facebook bombard your timeline with ads, which have a report feature, so report them as spam but all you get is

Thanks for your feedback
You did the right thing by letting us know about this. While this ad is being reviewed, it will continue to be seen on Facebook. If, upon review, we find that the ad goes against our Ad Policies, then we will take it down.
As you reported this ad, we won't show you this in the future and will take your feedback into account when it comes to future ads that you see.
Please continue to report ads that you think don't belong on our platforms and are misleading, offensive or inappropriate.
Click here to review and manage your ad preferences.
Learn more about giving feedback on ads.

even tough in your ad preferences you have both

Ads based on data from partners
To show you better ads, we use data that advertisers and other partners provide us with about your activity off Facebook Company Products.

and

Ads based on your activity on Facebook Company Products that you see elsewhere
When we show you ads off Facebook Company Products, such as on websites, apps and devices that use our advertising services, we use data about your activity on Facebook Company Products to make them more relevant.

marked as Not Allowed.

FB, just ignore these instructions and to FB the GDPR does not apply to them
 

Artashes

Administrator
Staff member
The other side of the coin is if anyone can do it, it's Facebook. With almost a quarter of Earth's population having a FB account, they have the widest reach to pull this off.

And no, I don't trust Facebook with anything.
 

easyhostmedia

Well-known member
The other side of the coin is if anyone can do it, it's Facebook. With almost a quarter of Earth's population having a FB account, they have the widest reach to pull this off.

And no, I don't trust Facebook with anything.

the amount of FB accounts that get hacked and its impossible to get through to FB then i would not trust then to take my dog for a walk let alone look after my money.
 

Artashes

Administrator
Staff member
the amount of FB accounts that get hacked and its impossible to get through to FB then i would not trust then to take my dog for a walk let alone look after my money.

You missed the point of my post. I said that if anyone could make the most impact in establishing a digital currency standard, it's Facebook.

No other company, organization, government has bigger reach.
 

easyhostmedia

Well-known member
You missed the point of my post. I said that if anyone could make the most impact in establishing a digital currency standard, it's Facebook.

No other company, organization, government has bigger reach.

FB is only a small part of those involved in this, but yes just like Paypal would not be as it is now without its affiliation with eBay.
 

kevinsimmons

New member
the whole idea of crypto currency was liberty , now with facebook's libera i dont think its even near to the idea of origin.
 

TheBoss

New member
Personally I don't care about politics. I wish I have bought 1,000 BTC when it came out. That isn't going to happen with the new FB coin. I don't see any way it can fail. Of course, I'm not going into dept for it either.
 

smokyhosts

Member
Not sure how much a cross country/organization currency will work. Historically there have been many such trials in the past, including the infamous e-gold which have seen a tragic end.

Personally, coming from the economy point of view, its not going to be possible to create an independent currency that every country would take it as a legally usable currency.
 

zomex

Member
I think with regards to Libra governments will have a hard time approving it. They known that if Libra is launched it will make Facebook one of the largest banks in the world. It's not something I support as Facebook already has too much data, if you combine that with payments they will have too much control and be able to track who is buying what and take action based on their own political bias.
 

easyhostmedia

Well-known member
I think with regards to Libra governments will have a hard time approving it. They known that if Libra is launched it will make Facebook one of the largest banks in the world. It's not something I support as Facebook already has too much data, if you combine that with payments they will have too much control and be able to track who is buying what and take action based on their own political bias.

and dont forget with FB, if anything goes wrong they just act ignorant and ignore emails
 

eagle531

New member
When i got my account hacked on FB i reported right away never got an answer,now they want to deal with other peoples money,there will be a lot more hacks,i never go on facebook now.
 

SenseiSteve

HD Moderator
Staff member
Well, I simply don't trust Facebook with my money. I worked too hard to get what I do have to risk any of it with them.
 

easyhostmedia

Well-known member
When i got my account hacked on FB i reported right away never got an answer,now they want to deal with other peoples money,there will be a lot more hacks,i never go on facebook now.

With FB hacks 9/10 it is not down to FB. It is when people use simple passwords and hackers gain access to these accounts and then send friends requests to all your friends and then when friends accepts these request it gives the hackers access to that friends list of friends.

They also gain access by ways of using a friends account to send these 'please copy and paste - do not share' posts
 
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