Since Facebook has been developing its services with different sites for payment,mostly will join libra project .market is getting tough competitors ,big market unlimited entrepreneurs.
I believe that many more organizations will join Libra since more than 2.7 billion people are potential users of Libra - the entire audience of Facebook, Instagram, WhatsApp and Messenger👍
No matter how regulators strangled Facebook, but I think the project will exist and grow, only later and more slowly, but the prospects are huge!
During times like these (Covid19 lock-down) FB can easily kick-off onboarding millions of users with couple of notifications.
Printed Money is useless here in London, as people think it is a great host for the Virus itself. Over a billion people using giants like Facebook to get news and connect to their network.
I do expect them to launch very soon to turn this into an advantage, Messenger and WhatsApp now can compete Chinese versions maybe.
How this will effect other projects? Do you think they see now Libra as more of a solution than any other payment method?
I think they will keep dropping like flies. FB is no longer a trustworthy brand capable of being trusted to make good decisions.
Libra is a good project, will be a nice payment option.
Hello and welcome @lakenside! Nice to see new people joining us! Hope to see your input in the discussions.
I argue in support of this viewpoint. The infrastructure underlying Libra is a “glorified ledger” as mentioned in a post on Medium by Allen Farrington, because, as @Think_Pynk also mentions, in order to have resistance to censorship one needs an underlying consensus mechanism that is permissionless - allowing the democratic distribution of decision-making to nodes that have the technical capability to support such endeavours. Nonetheless, Libra is a permission-based system.
I am pessimistic about the prospect of a world where Libra comes on top given the prevailing regulatory struggles to which several payment providers responded by leaving the consortium. I expect established payment processors to uphold a precarious stance against partnering up with entities that are under regulatory scrutiny (both from a security point of view and monopolistic power considerations).
Regarding the humanitarian aspect of Libra, although people in emerging economies could hedge against crippling inflation by holding Libra coins, the main issue at hand remains the lack of internet infrastructure in those countries (side note: internet through satellite could be a game-changer - see Starlink).
What are your thoughts?
The Libra Association is pulling back from its original vision of a global digital currency backed by a basket of national currencies in a bid to appease global regulators.
Thanks for sharing @kaabayahaya
Seems like money people does not like to see Libra become new Paypal or they are not revealing all with the public for now.
I think with Libra that many are sitting back and waiting to see what happens. I’ve never liked the idea of a huge, already pretty powerful entity like Facebook who, lets face it, don’t have a great track record for things like protecting customer information and manipulating public opinion, getting their own currency.
Their website sells a pretty good dream of empowering people but will it? I’m not so sure. I believe this is a way of ensuring the survival of a business that is falling out of favour with younger generations and desperately needs to do something to save itself. Will more join? If they can get it off the ground in any kind of significant way then I think undoubtedly there will be more projects joining and if they can gain traction then more still but I’m not convinced it will be the kind of big names they are hoping for. I can see it working more like an in app purchasing token that could potentially move across a few different apps but im not sure it will gain any real traction outside of that.
Another one of many in the pipeline just joined
Libra will good for crypto exchanging but establishing in market is a challenge.