Facebook is "tied" to the chain with Libra
Hello dear readers!
As everyone will know, Facebook, the giant of social networks launched its own cryptomoneda in 2020, this news caused a stir in the networks, especially those based on blockchain becoming the trend of the moment, center of analysis and conversation of experts in these issues.
Although there are now divided opinions regarding the Pound it is necessary to analyze what advantages this cryptomoneda brings us.
Libra was designed to be a stable digital cryptocurrency, fully backed by a reserve of real assets - the Libra Reserve - and by a competitive network of exchange platforms that buy and sell Libra. This means that anyone who owns Libra will have a high degree of security in being able to convert their digital currency into local currency based on an exchange rate, such as when, when traveling, one currency is exchanged for another.
Cryptographic panorama
The rise of Bitcoin in the last weeks that has brought a kind of stability in the prices of the other cryptomonedas, now the creation of this consortium of recognized companies with Facebook at the top, that join around this cryptomoneda called Libra, shocks, It brings new airs to cryptography, it makes us dream of the much desired massive adoption but it brings with it some questions.
With facebook entering fully into the encryption business:
What will happen to social networks like steemit, whleshares, weku among others?
What benefits does it bring for cryptography?
Are we at the door of mass adoption?
I want to call your attention to this topic, inviting you to participate in this debate to know your opinion as a cryptographic expert, as an apprentice or simply as someone who wants to express their opinion and participate in this discussion.
The future of platforms
First of all we must establish the great difference between these mentioned platforms, in my opinion they have very different uses, different functions facebook is a more light network if you can use this term, people use it to share with friends and family, while these blockchain based platforms have more tendency to blog full articles or news where people read and share with their followers full publications about a specific topic, this without mentioning technical aspects of security, centralization and consumption.
All this leads me to think that these platforms can and will continue to grow in parallel, the incursion of facebook into cryptography far from hiding will bring more visibility to these networks as it will make more popular the use of cryptocurrencies which would benefit this platforms. There are many people around the world who are ignorant of the cryptographic world, even though they have very active profiles on Facebook, WatsApp and Instagran, but from this I believe that cryptography will be more visible to many.
Benefits for everyone.
For nobody is a secret that Facebook is the social network with the most users in the whole world, besides it becomes with this movement in the biggest advertising vehicle of cryptography, we have all tried to promote our accounts from different platforms all over the Internet, They have launched campaigns to encourage, educate and motivate people to use and adopt cryptography.
With this alliance Facebook not only tries to solve, (as some have already said) the problem of trust, spoiled with scandals, the misuse of information and the violation of privacy in which the platform was involved, guaranteeing the security of the project, but to create a climate of trust with the participation in this project of all these recognized companies. All this will end up putting the cryptography issue on everyone's lips.
Payments: Mastercard, PayPal, PayU (Naspers' fintech arm), Stripe, Visa
Technology and markets: Booking Holdings, eBay, Facebook / Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
Telecommunications: Iliad, Vodafone Group
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
Venture capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
Non-profit organizations, multilateral organizations and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking.
I think this will benefit us!
Massive adoption?
I do not pretend to be an expert on the subject, I am not a prophet who can predict the future, much less a cryptographic guru but I am trying to read the clues that this whole cryptographic movement of the last weeks is giving us. A rebound in the BTC price, several of the most recognized companies in the world venturing into this business, I do not know what reading the "experts" will give to all this, but this enthusiastic new cryptographer understands that although this is not the step definitive, is a huge step towards mass adoption . Advertising, exhibition, recognized successful companies entering the business, please tell me what we need most.
I know we can not know the future, but the behavior of the market, the confidence of people and companies in some project, the viability, the advantages in terms of the dominant system, ami understand are indications that we are on the best path and that In the future, steps will be taken that will bring us closer to the adoption of cryptography as a system of commercial exchange and goods in the world.
Let me know your opinion, educate me more about this topic, what opinion or what expectations all this generates in you.
I read and respond to all your comments.
What will happen with social networks like steemit, whaleshares, weku, serey among others?
What benefits does it bring for cryptography?
Are we at the door of mass adoption?
@crypto.piotr - @juanmolina - @lanzjoseg - @jadams2k18 - @fucho80
@fucho80 has set 1.000 STEEM bounty on this post!
Bounties let you earn rewards without the need for Steem Power. Go here to learn how bounties work.
Earn the bounty by commenting what you think the bounty creator wants to know from you.
Find more bounties here and become a bounty hunter.
Happy Rewards Hunting!
Congratulations to the following winner(s) of the bounty!
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Find more bounties here and become a bounty hunter.
Thanks a lot for the memo i think libra is very exciting prospect of mass adoption convincing people the blockchain is useful and has a future i just hope they can do it correctly and like you say don't kill other platforms like this 1! Can you buy Libra yet?
Posted using Partiko Android
Hi @steemingmark, thanks for coming.
We agree, I think Libra is a big step towards adoption, if we take into account that all these companies that participate in Libra have a good nose for the business, I think something good they are seeing.
I'm not sure about this, but if the official launch is mid-next year, I do not think it can be bought yet.
Friend, thank you for your comment.
Libra is going to be a stable coin for the most part and is really just a stab at being digital cash for people not into crypto to use. While it will get a lot more users to have a wallet and spend money like they would send crypto it won't directly get people into crypto. I could be wrong depending on what connection coinbase has to the coin. At this point, I have not heard that you will be able to earn libra from posting on Facebook so I don't see it as pulling people away from steem and the others. I do hope it bring in more money to bitcoin and the other major players. Now is the time to really push to get steem on Coinbase. That would change a lot for us.
My dear @stever82, thank you for coming and commenting.
At this time it seems that the idea of delivering pounds for publishing and commenting on Facebook is not considered. Particularly I think that if this coin is successful, in the future they can start to monetize the use of facebook. It's just my thought but it could happen.
Very good, I think we have to keep pushing, but if things go on like this, I think we'll see more campaigns like this and more large and well-known companies entering the cryptography business. This is the future!
Thanks for your great friend comment.
Libra will be a major money spinner for facebook and its consertium should it go ahead they get to keep real money for investing while you use their coin to do your trading and earn transaction fees.
It really offers way more benefit to the company than the consumer
Hi @chekolher, thanks for coming.
I think that's always the case, every project that starts a company will always bring more benefits for them, that's what business is about, I think!
When I talk about benefits, I'm talking about the growth of cryptography, the projection that this project can give, the fact that all these recognized companies and facebook are after the creation of this coin will make cryptography much more visible to the world.
A sample of that is this publication and the similar thousands that are circulating at this moment, everyone who conceives of cryptography is talking about this and those who do not know begin to wonder what it is about.
Thank you for your kind comment, you are always welcome.
My comments about Libra from a similar post:
"A good subject you have opened. In my country crytpocurrency knowledge has not developed much. So many people use Facebook but they are even not aware of Libra or whatsoever called cryptocurrency.
I think that after privacy scandal Facebook has lost confidence all over the world. Thus their new crypto currency gives a fear about privacy.
With 27 co-corporations Facebook's Libra has a strong potential to expand and hand over of the control of monetary and fiscal policies from states to companies. Therefore a ban is likelihood from some countries.
It looks, as well as other cryptocurrencies, global regulations should be acted for Libra too."
Dear @videoaddiction thank you for coming.
This is right, the scandal of privacy has made people lose their confidence in Facebook, however, this does not deny the fact of the large number of people who use this network and do not know anything about cryptography, I think Libra will open the eyes of many towards the cryptographic world.
In our case, Venezuela is a country that led the first months of this year the tranacciones with BTC. However, a high percentage of Venezuelans do not know cryptography, but they use Facebook daily, so I still believe that despite the scandal, Libra will make the cryptographic world known to many people and that suits us all.
Thanks for your great comment brother.
Dear @videoaddiction
You nailed it. They have lost trust and on top of that Facebook is being considered "old-people" site by young generation. That will not help them in the future.
Cheers
Piotr
That is funny and true at the same time @crypto.piotr.
I have developed an "allergy" to Facebook after hearing what they have done. I don't trust them at all.
Hi @fucho80
Thanks for Sharing the post link through memo. I have gone through the post about Facebook Libra coin. Libra has been in the news since last few in the world of cryptocurrencies but still I didn't see any official detailed information from Facebook side. Based on the expert views- some says it's not going to be decentralised and will not have a good future because crypto Community demands decentralisation first. Some even say this can be a competition to exisiting social media platforms which are based on blockchain.
I have different view on this and that's my own view which can wrong either. I am happy that bow atleast realised that crytpo is nee form of currency and staying away will not help them anyway. I remember a year back they stop showing crytpo ads in their platform but they won't do as they're also entering in this. Even if they create something which will be under their control they must have thought all pros and cons of it being a giant in social media as per the current userbase.
I also don't see any competition to Steemit because both have different kind of authors and audience. In steem we have unique content while with Facebook its not like that and even I am not sure if Facebook is going to pay any share of their earnings to content creators.
Things are yet to unfolded and let's wait to see what will come out in future from the Facebook cryptocurrency team.
Indeed a nice topic dear friend and thanks again for sharing it with me. Have a great day
@fucho80
hi my dear @alokkumar121 thanks for coming.
From what is seen and the opinion of some experts that I have read, this project will not be completely decentralized, which represents a disadvantage for the people and for the same project itself, because as we know one of the most attractive features of Decentralization is blockchain, although we must still wait.
Totally in agreement with you, for that reason I make it very clear that there are very marked differences of public, creators and style, which does not present them as rivals. I also think that now the monetization of the ceradores in facebook regarding the implementation of rewards like steemit is not raised. Although I think that in the future, if the currency is successful, it is possible that they do so.
That's just my opinion and I do not consider myself an expert.
Thanks for sharing this great comment.
Libra will not be a direct competitor to bitcoin, nor it be a steem-killer. It will be a different financial vehicle on top of fb. Earning fbcoin is like only buying a coin with a fix amount, and thats it.
This more like paypal or bank running on a blockchain.
Again, no harm, not related to cryptos.
Posted using Partiko iOS
hi my dear @guruvaj, thanks for passing and comment.
Certainly it is what is raised, but what I want to highlight is the visibility that cryptography will receive with companies like you entering the cryptographic business, this will benefit the massive adoption.
Thanks for your comment, you are always welcome friend.
Hi @fucho80
That good friend. I see that you are also touching the LIBRA issue. This really has a lot of issues ahead until it is released in the market. Lugo will talk about that when he enters the game of crypto coins
Saludos amigo.
I agree with you. I think facebook will make it possible for the masses to adopt blockchain and cryptos. But, there is a tiny downside. It may anger the governments who like to control the way people earn money. So, governments may even ban facebook!
Hello my dear @akdx, thank you for participating in this discussion.
There is something positive that we should see here, although many censor and are against facebook for recent privacy issues, however, we must highlight the fact that it is an important showcase for crypto.
You are right friend, I think that right now there are governments working on that, there are those who study the possibility of introducing government controls in blockchain, but with all these advances that are taking place.
Thanks for your valuable comment.