Forecast: Your view on whether more projects join or leave the Libra Alliance?

Hello Pynksters, this week’s topic is all about Facebook’s Libra Association. Some say it will be a great for global commerce and international trade. Some say it serves only to strengthen Facebook’s empire. You might remember our YouTube Pynk Tank episode regarding this last year…I was a little cynical at the time :stuck_out_tongue_winking_eye:

Last year there were many drop outs like eBay, Visa, Mastercard and Stripe…while just recently some more are signing up (i.e. Shopify just confirmed)… would be great to hear your views on the future of Libra?

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I think overall Libra is a good project. Yes it does give Facebook an unfair advantage , as Libra would have been integrated into WhatsApp and it’s other offerings. I dont see Libra getting regulatory approval or any of the Alliance partners coming back unless Facebook removes itself from the project.

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When I first heard Facebook was getting into the crypto business, I thought it would be huge for them because they have so many followers. I don’t know that I agree with the idea though. I think they should just stick to social media.

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With the way projects have left libra.
This will discourage more from joining.
So I believe more will leave

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Even though at the beginning Mastercard, Visa, E-bay and PayPal dropped out that shouldn’t be a big surprise.

I see them as partners when they absoultely need to get in, if they support it now then crypto would become stronger and it would have an effect on their earnings.
But they will certanly keep an eye on what the competition is doing and enter when necessary if crypto becomes strong enough without them.
They will maybe end up like Blockbuster when streaming started or Kodak when digital cameras became a thing if they don’t adapt to the market and they already know that.

I think that more companies will get in as time goes by, they won’t be strong and big as Visa or Mastercard but Uber, Spotify and others also have their own big strenghts and are important to have support from.

Personaly I don’t like the idea of Facebook having even more power than it has right now and I’m not a supporter of Libra project but I see its use.

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Facebook in my opinion has the only strong point to have a very wide user base which in time COULD support the Libra project.
This is a very good and promising beginning BUT, being Facebook a centralized platform while we are going towards a DEcentralized paradigm, with more and more attention in the direction of privacy care (another facebook weakness ), this factors in due time will inevitably lead to the depletion of its user base and so leading to the death of the Libra coin.
This is my take on the subject.:grin:

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You guys have said it all but I personally think others will definitely come on board if it helps their cause and other might drop out if they feel the project is heading nowhere. But generally, Libra could be huge for mass crypto adoption. The issue here is the facebook factor. Let’s wait and see

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Bowing down to appease financial regulators has left the Libra Association as nothing more than a payments processor just like PayPal it seems.
The aspirations to become a global currency independent from sovereign control has been diluted to using national currencies alongside Libra and abiding to any local legislation/regulation.
All said and done though, Libra will still have a huge potential user base through the FaceBook network and Calibra being intergated into Whatsapp and Messenger is still a massive deal for global remittance payments, so I’m expecting plenty more projects to join once Libra is released, or at least when a definitive release date is set, because money talks …and FaceBook shouts! :wink:
I’m really no fan of Libra (mainly because of the core proposers, FaceBook and all it’s ills!) at all, but I can see the commercial prospect and the huge potential it holds.

So, sadly :rofl:, I expect The Libra Association to gain many new projects in future, because lets face it like it or loath it Libra will be a money spinner

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is more usufull if they build the token in ETH difi

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I don’t have any opinion for it but I have voted Yes for more projects to join Libra Alliance in Pynk forecast. Let’s see what will be…!

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Additional consideration which was also my background thought and i put on focus right now…and shoukd also abe an harmful thought for FB.

How much time it will take before someone create a brand new truly decentralized social, respectful about privacy and which fairly reward its users for links or content sharing or whatever trough web monetization and micro payments?

Maybe on top of Ethereum or some other blockchain…who knows…
That in my opinion will be the point of inverison of the FB Empire.
Just pure speculation in this moment but despite this no less feaseible.

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There is a service for streamers called dlive.tv that is somewhat similar to what you said and it is on top of Tron blockchain.

Audience generates money when they comment the stream and than the streamer can distribute that between all viewers whenever he wants.

People also donate tokens to the streamers with transactions going from 1 cent to over 100 dollars.

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The US government is not a fan of Libra as it potentially conflicts with the US dollar. I think that is one of the reasons many of the companies pulled out around the time Facebook was under scrutiny for this project. Maybe the government put pressure on these companies to pull out as it didn’t want this potential competition to weaken the dollar.

I think even without other companies buying in at the moment Facebook will still push through with the idea. Perhaps after implementation when others can see the features and benefits companies will then want to get involved rather than be too late to the party.

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Because not decentralised (although Libra have said they are exploring for the future, debate-able if they ever will) you can argue it is not actually a crypto. While transactions are recorded on a blockchain, decentralisation and corresponding consensus mechanisms (PoW, PoS etc.) are key features in crypto (so that resistance to censorship is inherent). FB are taking the parts of crypto that work for them and disregarding the elements that don’t. Interesting also that Libra coin is backed by "a basket of bank deposits and short-term government securities”…sounds like a stable coin, but stable coins are only backed by cash. Securities are in themselves backed by assets; so if in this instance Libra coin behaving more like an ETF.

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I have a facebook account but it doesn’t mean i trust it. It is now a days basic necessity so that make it a big thing. We cant ignore the fact that big companies like FB who will take step into cryptocurrency will promote it and that is a good news.
As far as more project is concern i think in the start of libra project not many companies will join write away but with the time many will do in future.

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I think that the projects that join Livra are going to be less than the ones that leave. It seems to me that Livra made the initial approach in the wrong way, and now it is very difficult to turn that back.

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I read recently that Libra is changing their approach due to the scrutiny and pressure from the regulators

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Blockquote Bowing down to appease financial regulators has left the Libra Association as nothing more than a payments processor

That’s right Karen, regulations will force them to use national currencies alongside Libra and conform to local legislation/regs by the look of it.

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I have a mix feelings about Libra and I had to think a bit before I post this.
I love it because we will have a “universal” coin, we pay everything, transaction almost free for everyone. The dream!
I hate it because is Facebook and right now they want to try to be a WeChat (my opinion). They will control everything, having the ability to be open there will be a lot of scams and also can lead to another Cambridge Analytics.
Like I said, it’s a mix feelings … But at this moment I hate more than I love.

Pynk Always!

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I think the idea has great implications for crypto, and if properly managed by FB could be huge. But I also think that being such a distruptive force that would in esscence be conflicting with the US dollar, regulation will limit its prospects considerably. I also beleive that FB currently suffers from backlash, has a poor corporate image and significant economic sectors will resist the adoption of the Libra.

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