FACEBOOK RELEASES LIBRA COIN & BLOCKCHAIN CRYPTO WHITEPAPER - CALIBRA & LIBRA ASSOCIATION

FACEBOOK RELEASES LIBRA COIN & BLOCKCHAIN CRYPTO WHITEPAPER – CALIBRA & LIBRA ASSOCIATION



hey guys Tony here hope you're doing well it is Tuesday June 18th got some big news to share with you here if you're new to the channel hit that subscribe button also smash the like button and this is not financial or investment advice Facebook has released the official white paper for their Libre blockchain and token or coin as if you if you want to call it that and here's what the white paper looks like I'll put a link in the description so you guys can go read through it it's about a 12 page document here as you can see an introduction to Libra libras mission is to enable a simple global currency and infant financial infrastructure that empowers billions of people now I'm gonna go through some details here and first I do want to call out one item that I've been talking about all along guys this stable coin is just taking the fiat currencies problems and bring it bringing it to a digital format now am i saying it's gonna be a failure no I believe we'll be successful but not in the developed world more in the unbanked world so meaning that countries that people have limited access of banking and financial institutions and so forth I believe that's what it's going to really do well in and if you saw my interview with Caitlin long yesterday we discussed this and she gave her predictions it's really gonna do well in countries where they don't have banking systems or infrastructure set up now one item I do want to call out guys and I've been talking about it with the fiat currencies problems here here it is right in the white paper it is important to highlight that this means one Libra will not always convert into the same amount of a given local currency an example Libra is not pegged to a single currency rather as the value of the underlying assets moves the value of one Libra in any local currency may fluctuate however the reserve assets are being chosen to minimize volatility so holders of Libra can't trust issues me can trust the currencies ability to preserve value over time same problems that fiat currencies have bringing it to a digital format and when you go to other countries where it's where currencies are maybe even less stable right um and they fluctuate crazy like crazy right wait in some of these countries you this is gonna be a problem but I'm not once again I'm not saying it's gonna be a failure I'm just saying it's it's not fixing anything per se with fiat currencies as crypto and other assets are right and this is where it gets tricky and and I'm curious to see how this plays out now let's go into some details here and coin des you know can they kind of break it down here so Facebook unveils Libra cryptocurrency targeting 1.7 billion unbanked you don't have to have a Facebook account to use Libra that's the hands-off approach the social giant is working on towards as it announces its new blockchain and token for the same name that will run on top of it while Tuesday's announcement is still in the early days the scope of the project is far-reaching it includes new Facebook subsidiary Calibra and an independent consortium Libre Association backed by some of Tech's biggest names like MasterCard uber AT&T and so forth implied in this project is – is that wherever the Visa or MasterCard logo are except that Libra would follow suit Don Dante disbarred a head of the policy and communications for the Libra Association told coin Dez in an exclusive interview in so many ways it's a great leap forward for cryptocurrencies and in many respects a mainstreaming of this asset class what have I been telling you guys this is the new asset class everything will be tokenized this new asset class will be positioned the same way to stock market is the Liebherr association group of 28 founding members includes Visa MasterCard PayPal uber lyft coinbase and others customers interested in holding or transferring Facebook's new newly announced Libra token will be given a number of options to do so the company announced Tuesday when in initial focus on international remittances Calibra will develop financial services and products around the Libre Network which will eventually be fully governed by the independent Libre Association calibra intends to start with with a digital wallet for the Libre coin which lets users transfer funds to each other as well as store their tokens locally notably customers will be able to access the wallet functionality through a new standalone app on iOS and Android or through Facebook's messenger and whatsapp services the Libre blockchain is expected to launch in full sometime next year so the blockchain will launch next year the central goal here is is financial inclusion this part a total coin Ness now there's also another article here by coin as saying the Libra white white paper shows how Facebook borrowed from both Bitcoin and a theorem which is interesting the Libra blockchain is decentralized programmable database designed to support low volatility cryptocurrency that will have the ability to serve as an efficient median of exchange for billions of people around the world so you know they go into details about you know the decentralization part as as a first step toward achieving the dense decentralized part the protocol has been turned over to a new organization the Libra association whose members will hold separate tokens allowing on chain voting rights to govern decisions about Libra over time it is designed to transition the node membership from these founding members who have a stake in the creation of the ecosystem to people who hold Libra and have a stake in the ecosystem as a whole Ben Mara Facebook blockchain technical lead told coined as in an exclusive interview in short Libra is designed to be a high thought put global blockchain one that's built with programmable money in mind but limits how much users can do initially as it in as it evolves from prototype to a robust ecosystem unlike many other block chains Libra seems lazy laser focus on payments and other financial use cases for consumers so it's great that they're going to decentralized route and it kind of making what ripples doing with validators and nodes and so forth but once again I keep coming back to this you're bringing the same fiat currency problems in a digital format and then you have like a basket of fiat currencies and some of less stable and others right not every country is economically stable so this is something to keep in mind guys and once again I'm not saying it won't be successful I just don't think it'll be successful in the developed world this is what caitlyn long said yesterday in the interview got guys check that interview out now CZ finance weighed in on this CEO finance facebook libre coin don't need kyc nor your customer they have so much data on two billion people which is true not just name ID address phone number they know your family friends real time historic location what you what you like they know you more than you're still are you better than yourself and now your wallet – best AML anti money laundering now yoni hacia who's the founder CEO of eToro he said we at eToro looked forward to partnering with Facebook and its new crypto stable coin Libre and planned to launch it on eToro X exchange and eToro social trading platform enabling users to exchange it to other fiat stable coins so each horizontal aoz you to have peering here now I think we're waiting to see who's gonna pair it with Bitcoin and X are P and E theorem right to have that that ability to exchange between the two but right now it's going to be with the other stable coins now I'm gonna look to do an interview with Matty Greenspan no stranger to the show here to try to talk about this and you know their plans around this so stay tuned guys make sure you subscribe but guys here it is like I said I'll put the white paper link in the description check it out big things I it's definitely gonna be good for the crypto market it's gonna spread knowledge main make it more mainstream and I believe people will learn about and then go into Bitcoin and ether them and so forth because at the end of the day this is just a stable coin that's bringing fiat currency problems in a digital format and once again I'm not saying it won't be successful it might be really successful in the undeveloped world right where people don't have access to banking the developed world where people have access to banking and they aware of like other kryptos I don't know how much of an impact it will have and I personally don't want to give Facebook and eat any of my additional information also we have to see how they're gonna make money off of this and Kaitlyn long and an interview talked about this this could be a problem for them if they make money off of this and they're getting like corporate subsidies big issues for them coming ahead so let's see how this rolls out it's gonna roll out til next year so guys what do you think leave your thoughts and comments below thumbs up if you like this video please subscribe if you haven't already don't forget to follow me on Facebook Twitter Instagram links in the description thank you for your support thank you to my patreon supporters and I'll talk to you guys

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20 thoughts on “FACEBOOK RELEASES LIBRA COIN & BLOCKCHAIN CRYPTO WHITEPAPER – CALIBRA & LIBRA ASSOCIATION”

  • Thinking Crypto says:

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  • this is a joke. It is never possible to replace Bitcoin. This is a company that collects user information and sells money.

  • Why would ANYONE in the crypto space trust Cuckerberg's involvement in it to benefit people when he's proven to be a snake? Cuckerberg is the type of guy who WON'T abide by his own white paper. You'll see. Freedom? Try crypto Communism. That's what's up. How many great projects will this cut directly into the market share of and push out of the market? Moreover, WHY is no one discussing this instead of the canned "It's great for awareness and adoption" response ? Geeze guys. Think deeper. Sheeple gonna sheep I guess.

  • Why the hell would I exchange USD for a FB issued stable coin? Just to ensure facebook gets paid faster and they avoid merchant charges? Fuck FB and their suckers coin.

  • Phlar Galactic says:

    I think thats the idea: taking money from the poor. No one is going to use that shit in the states. Mark knows that. I also think mark is trying to create a technocracy. I read that white paper on the train this morning. So ininspiring…

  • Victoria Lomba says:

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  • Ahmed Tejan Jam-Jalloh` says:

    I(as a retail investor) really don’t care about about the competition with my favorite crypto. Libra will bring about mass adoption and that my friend is good for the whole crypto market. Thanks for everything Tony.

  • Again, if it succeeds, the government will take it away (the Fed will never allow its minting monopoly to slip – are you kidding me?). The government is fine with supplementary structures like MC/Visa or PayPal but not with a cashlike instrument that some random business like Facebook could mint independently. But it's more likely it'll become the Zune Coin anyway. I think at this point its major problem is the privacy concerns which were handled by Facebook with almost infinite incompetence.

  • Garbage bandwagon…its too late!!!!! You've given out our identities to others, why the fuck would we trust you again?

  • I can see this platform for sending money to friends and family…you send them the Facebook token and they can exchange into there own local currency

  • Ursula D'Aria says:

    I heard you mention "programmable money" well, that sounds a lot like "printable money". Is the supply of LIBRA limited? Then, it would resemble BTC because of scarcety. Otherwise, what good is LIBRA? Just one more player in this developing economic field.

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