Facebook's new Libra Coin: How does it work and should you buy it?

[brooklynite]

Last edited Wed Jun 19, 2019, 02:36 PM - Edit history (1)

Libra is an upcoming digital currency that users can access through apps and use to pay for things or to send money to each other. In that way it’s a lot like PayPal and Venmo.

But unlike PayPal and Venmo, Libra is largely aimed at people without bank accounts. (See “Why would I want to use it?” below.)

To keep and exchange Libra, you’ll need to use a “wallet”: an app that might be integrated into existing apps, the way PayPal or Apple Pay is integrated into other apps. The current plan is to let many developers make their own wallets.

Unlike Bitcoin, Libra’s value is tied to government-issued currency like the dollar—specifically to “a market-value basket of several trusted currencies,” says Wired. That’s one of several ways that Libra will try to avoid the weird, scammy, gambling vibe of Bitcoin and other cryptocurrencies. This isn’t a coin that you buy because you think it will grow 100 times as valuable. It’s more like exchanging a dollar for a Euro.
https://www.google.com/amp/s/lifehacker.com/facebooks-new-libra-coin-how-does-it-work-and-should-1835633640/amp

[SouthernProgressive]

1. Link? Thank you. NT

[SWBTATTReg]

2. Oh...another coin from the Franklin Mint...OPPS, sorry, FaceBook's Mint!!!...

Looks like FB feels like they are not making enough money as it is. Probably a gimmick to capture the little percentage of commission that folks pay when buying stuff on FB's marketplace?

[Dr Hobbitstein]

5. No, it's a competitor to Paypal and Venmo.

Facebook Marketplace is like craigslist. You pay cash to the seller in person.

[Recursion]

11. It's an attempt to compete with m-pesa

that's the money sending system lots of the developing world uses to store and send money via their mobile phone account.

[JHB]

3. "Aimed at people without bank accounts"?

1] So how would they pay for them? In cash in convenience stores and payday loan places?

2] Well, that just screams "Hide the money trail", doesn't it?

[Recursion]

9. Yes, a reloadable card you take to 7-11 or the grocery store (nt)

[zipplewrath]

4. Debit card

It’s more like exchanging a dollar for a Euro.

More like buying a reloadable debit card.

[Lucid Dreamer]

6. Is this REALLY needed?

I get along just fine w/o bitcoin, paypal or prepaid cards. Who need another wallet format?

[hunter]

7. In the U.S.A. maybe not.

In many places this will be a useful product.

[Lucid Dreamer]

8. I see your point.

My view had a much closer horizon. I'll suspend judgement till I learn more.

[Recursion]

10. This isn't particularly comparable to bitcoin

This is kind of everything bitcoin was against, since it's a centralized thing. That also means it's not going to fluctuate in value like bitcoin does, since FB sets the exchange rate.

[rockfordfile]

12. Could careless. Facebook is one un-American company.