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Facebook Libra

Facebook Libra

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Updated Nov 04, 2019 at 04:04AM EST by Y F.

Added Jun 18, 2019 at 09:49AM EDT by Don.

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About

Libra is an upcoming cryptocurrency currently in development by Facebook set to be released sometime in 2020. Unlike many other cryptocurrencies, Libra will be backed by various financial assets.

History

On December 20th, 2018, the news site Bloomberg[6] reported that Facebook was working on its own cryptocurrency, specifically for transferring money on WhatsApp.

On June 17th, 2019, the Libra Association YouTube channel uploaded a video titled "Introducing Libra," which promoted Libra as a "global currency" (shown below).



Meanwhile, a white paper was released on the site Libra.org,[5] revealing 27 companies involved with the currency, including Mastercard, Visa, PayPal, Stripe, eBay, Lyft, Spotify and Uber.

Online Reactions

On June 14th, 2019, prior to the official announcement, Twitter user @SarahJamieLewis tweeted a joke reacting to rumors about the currency (shown below).


Sarah Jamie Lewis @SarahJamieLewis Can't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied together under the proven privacy of Facebook CoinDesk@coindesk JUST IN: Facebook has reportedly lined up Uber, PayPal, Visa and others to invest $10 million each in the consortium governing its secretive crypto project. ow.ly/yWR050uDEmn @nikhileshde writes 3:10 AM 14 Jun 2019

On June 18th, Jameson Lopp published a post on Medium analyzing a 26-page technical document titled "The Libra Blockchain."[1] In the post, Lopp claims that the technology used for the currency "is not actually a blockchain" but rather a "set of signed ledger states." That day, the news site Bloomberg[3] reported that French Finance Minister Bruno Le Maire called for regulation of Facebook, stating "This money will allow this company to assemble even more data, which only increases our determination to regulate the internet giants." Meanwhile, Gizmodo[4] published an article about Libra titled "Facebook Announces Libra, Digital Currency on the Blockchain That Doesn't Actually Need to Be on the Blockchain."

Search Interest

External References

[1] Libra – The Libra Blockchain

[2] Medium – Thoughts on Libra Blockchain

[3] Bloomberg – Facebook Token Runs Into Instant Political Opposition in Europe

[4] Gizmodo – Facebook Announces Libra Digital Currency on the Blockchain That Doesn't Actually Need to Be on the Blockchain

[5] Libra.org – Introducing Libra

[6] Bloomberg – Facebook Is Developing a Cryptocurrency for WhatsApp Transfers

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Sunnie Bot v4

I see the 5th ring on our capitalist hellscape is being constructed smoothly. After this we should discuss the plausibility of taxing people when they give birth and allowing people with a seven figure income to have ten times as much voting power in national elections.

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