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My Libra tech TL;DR
— Antoine Le Calvez (@khannib) June 18, 2019
ETH but not a blockchain, without inflation, native unit is a Tether-like, centralized validator set, Stellar like consensus, maybe DPoS in the future, validators paid with interest from the reserve.
The ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs just released this statement on Facebook's Libra cryptocurrency. Libra is (rightfully) going to get a ton of scrutiny. (h/t @ashleyrgold) pic.twitter.com/HrOUGdYq45
— Alex Heath (@alexeheath) June 18, 2019
1/ There is quite a lot to digest around #LibraCoin. Much of the discussion so far has focused on the technology elements and the legal and regulatory and framework. I am more intrigued by the underlying economics. https://t.co/K7LVeXvOor
— Lewis Cohen (@NYcryptolawyer) June 18, 2019
How did Facebook not realize that regulators around the world would be unhappy about the launch of a new global currency controlled by a single entity? This is hilariously sloppy. https://t.co/NtCsB3lxFt
— nilay patel (@reckless) June 18, 2019
They have the technical expertise to do it in-house. Based on their recent interest/lip-service for privacy, it’d be interesting to see some confidentiality aspects to it as well.
— Tony Arcieri (@bascule) June 15, 2019
1/ This is a massive announcement and a lot to unpack so let’s do it in a concise thread. I wouldn’t be surprised if the news is not reported well by non-crypto reporters. https://t.co/u74sZT6poa
— Larry Cermak (@lawmaster) June 18, 2019
Clearly the best way for Facebook to help poor people without access to banks is to place executives in Switzerland with money from Visa and Mastercard https://t.co/xRkqiS9AQH pic.twitter.com/ngSapTYqCq
— nilay patel (@reckless) June 18, 2019
Securing the payments of those who believe
— sarah jeong (@sarahjeong) June 18, 2019
that middle-men shouldn't be there to receive
more than a small fee to perform a transaction
with privacy options when taking the actionhttps://t.co/tvIJtDpSmV https://t.co/GyFQBGNboj
Facebook Board Meeting:
— Daniel Munro (@dk_munro) June 18, 2019
“We’re one of the least trusted, most scandal-plagued companies in the world. What should our next move be?”
“Launch our own currency.” https://t.co/zeGi4qsKWP
Facebook's Libra cryptocurrency could potentially reach 2.6 billion users. The company hasn't exactly earned that level of trust https://t.co/RGY5aIfs05
— Tim O'Brien (@TimOBrien) June 18, 2019
Libra is one of the most impressive big company initiatives I’ve seen in a while. Bold. Forward thinking. Open source. Commitment of distribution across billions. Will see if they can get over the trust line and become truly open
— Josh Elman (@joshelman) June 18, 2019
Most crypto projects & startups build tech & applications, and then tried (or are trying to) build a network around it.
— Semil (@semil) June 18, 2019
Libra (& TON) by contrast are currencies developed by large incumbents who already have a massive network built.
It will be fascinating to see what unfolds.
Facebook has built themselves quite a henhouse, and assembled a nice group of foxes to help them watch over it. I genuinely hope they can pull it off, but it’s going to take a lot to earn my trust. https://t.co/qGAqW5UA26
— David Barnard (@drbarnard) June 18, 2019
Barclays is reportedly predicting $19 billion in additional revenue by 2021 if Facebook's tokens gain traction https://t.co/o5QkUXxtQF
— Bloomberg Opinion (@bopinion) June 18, 2019
.@nickgrossman on Libra, if it works, could lead to "self-sovereign digital identities (private keys) that are the underpinnings of user-controlled privacy and control of data."
— Semil (@semil) June 18, 2019
(key paragraphs screenshot)https://t.co/wPDqXC88WJ pic.twitter.com/QtNVZuMS1X
The big surprise about Facebook Libra: it won't spy on your transactions for ad targeting. Instead Fb will earn money by digitizing small business commerce so they buy more ads. https://t.co/8LT5KJdzQM tip @techmeme
— Josh Constine (@JoshConstine) June 18, 2019
Facebook: we can’t keep live-streamed shootings off our video platform, but here’s a global currency!
— Susan Fowler (@susanthesquark) June 18, 2019
Well, they’ve certainly earned our trust enough to be worth betting the stability of global financial systems on their judgment. https://t.co/EVXo2LKsck
— Anil Dash ? (@anildash) June 18, 2019
Binance Research Report - First Look: Libra - An in-depth review of Facebook's long-anticipated entry into cryptocurrency https://t.co/s4xlGDHVPb
— CZ Binance (@cz_binance) June 18, 2019
THREAD: Here are my thoughts on Libra. It is a permissioned but public blockchain. It’s public because the Blockchain will be publicly verifiable and the application layer is open. So it’s like a backed stablecoin, but with key differences. pic.twitter.com/UZ3fkczWGb
— Jerry Brito (@jerrybrito) June 18, 2019
New from the company that recklessly gambled with your privacy: An attempt to recklessly gamble with your money. https://t.co/LYZS0WXKhq
— Ernie Smith (@ShortFormErnie) June 18, 2019
5% of my Twitter feed: Facebook's Libra is a super ambitious project that will help bring crypto to the mainstream and bring tremendous benefits and financial freedom to users around the globe.
— Mahendra Palsule (@ScepticGeek) June 18, 2019
15%: Let's wait and see.
80%: Facebook and money? #kthxbai https://t.co/0NYKUPif0v
FT"s take on Facebook's Libra coin: A "brazen attempt to override national monetary sovereignty by creating a global-scale Federal Reserve equivalent... veiled by the cunning use of buzzwords like blockchain, DLT, decentralisation and cryptocurrency."https://t.co/ZniCKB5w5C
— Robert McMillan (@bobmcmillan) June 18, 2019
Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like... They know you more than yourself. And now your wallet too. Best AML!
— CZ Binance (@cz_binance) June 18, 2019
With Facebook (among other tech giants like eBay, Spotify) entering the financial world with #Libra, improving diversity in tech is no longer a want but a necessity. The people who aren't represented in these rooms will be harmed in the long term. We need our girls and minorities https://t.co/hvN6x5rE1X
— Reshma Saujani (@reshmasaujani) June 18, 2019
This is exactly the kind of thing Bitcoin was intended to be an alternative to https://t.co/5fzKZg8iGA
— Mathew Ingram (@mathewi) June 18, 2019
World's biggest platform for spreading extremism across vast distances now offering money laundering across vast distances. https://t.co/TLONuLbO7n
— Dean Barker (@deanbarker) June 18, 2019
Gonna lose your whole bank account when FB has another “minor security breach” https://t.co/NvqpE1lSIl
— A West (@ayyy_west) June 18, 2019
The whole thing is crazy and nobody should ever trust Facebook with their finances but… what’s with the design of the app? Looks like somebody squeezed a random Dribbble profile and Calibra jumped out. https://t.co/QJXJxTx6L3 pic.twitter.com/CHZY7edUFJ
— Marcel Wichmann (@UARRR) June 18, 2019
But will Libra used for surveillance?
— Jane Manchun Wong (@wongmjane) June 18, 2019
"Data may be shared to comply with legal or regulatory requirements, including sharing with law enforcement, regulators, and/or government officials, or in response to a valid legal request."
I guess so. https://t.co/hkz0gOdOgE
Libra is a new cryptocurrency managed by an independent foundation:https://t.co/jNkVtp0THs
— Alex Howard (@digiphile) June 18, 2019
Calibra will be a new @Facebook digital wallet that will enable payments & money transfers – like China's WeChat. As @sivavaid notes, pay attention to that angle: https://t.co/b6p9VWTTzJ
Belief is a powerful thing. Libra has nothing going for it, save the ability of Facebook to generate tens of millions of dollars worth of column inches. It is garbage, obviously, and relies solely on belief as its core technology. https://t.co/E2ilKiTsOp pic.twitter.com/WlwN2v7x5r
— Beautyon (@Beautyon_) June 18, 2019
Facebook's Libra seems like a sixteen kinds of disaster waiting to happen, but I have to say I am looking forward to watching Zuck try to defend a currency peg against speculative attack.
— Ryan Avent (@ryanavent) June 18, 2019
A cryptocurrency controlled by a cabal of 27 corporations including two giant credit card companies is truly the dream https://t.co/xRkqiS9AQH
— nilay patel (@reckless) June 18, 2019
While Facebook's Libra doesn't compete against any open, public, permissionless, borderless, neutral, censorship-resistant blockchains, it *will* compete against both retail banks and central banks. This is going to be fun to watch.https://t.co/cPyoTLoaxM
— Alan A. (@aln12483) June 18, 2019
Fascinating meta-tea-leaves reading moment, looking at people’s reactions to FB’s #Libra: Self segmenting into:
— Atul Acharya (@AtulAcharya) June 18, 2019
- libertarians
- crypto lovers +scammers
- tech utopians
- believers
- skeptics
- deep skepticshttps://t.co/dLV2wjK1Mq
FB's best case w Libra: It's a new, open, shared Internet of money! People get frictionless transactions and use messaging more.
— Nicholas Thompson (@nxthompson) June 18, 2019
FB's worst case w Libra: Everyone sees it as a dystopian, privacy snooping Facecoin.https://t.co/MlRuncCpJL
So, based on my Twitter feed this morning, I may be the *only* one who thinks that Facebook's Libra project is (1) really interesting (2) very carefully designed to combat all the reasonable concerns about FB and (3) designed to deal with the problems of other cryptocurrencies.
— Mike Masnick (@mmasnick) June 18, 2019
"We believe Libra has the potential to be the catalyst that brings the entire cryptocurrency and cryptoasset market into the mainstream." ~ @nickgrossman on @usv's participation https://t.co/ZAHNJkdwTd pic.twitter.com/nC4aWIStmz
— Mike Dudas (@mdudas) June 18, 2019
France Calls for Central Bank Review of Facebook Cryptocurrency
— Aditya Singh (@CryptooAdy) June 18, 2019
‘’Multinational corporations such as Facebook must not be allowed to operate in a regulatory nirvana when introducing virtual currencies’’https://t.co/fJQq8IN0DF pic.twitter.com/k7WaZ4fqt7
The new Facebook-backed cryptocurrency Libra could be a big step for the hundreds of millions of unbanked around the world. It’s use of the blockchain makes a lot of sense. Could even curb corruption as a lot of int’l aid money intended for impoverished people never reaches them.
— Andrew Yang (@AndrewYang) June 18, 2019
"[French Finance Minister Bruno Le Maire] concerns include privacy, money laundering and terrorism finance."
— Sjors Provoost (@provoost) June 18, 2019
He shouldn't be concerned about privacy. Zuckbucks will offer better financial surveillance than EU finance ministers can dream of. It's a FATF wet dream. https://t.co/U9S6Dybvhn
Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. https://t.co/IjZOFNai3r
— Sherrod Brown (@SenSherrodBrown) June 18, 2019
1/ Hello, ≋
— David Marcus (@davidmarcus) June 18, 2019
We've got the DEEP dive on Facebook's Libra: use cases, technology, privacy, and how it will earn Fb money https://t.co/8LT5KJdzQM
— Josh Constine (@JoshConstine) June 18, 2019
I don't understand how Libra can claim to target the unbanked while offering absolutely no clarity as to how people will get on the system in the first place
— alex hern (@alexhern) June 18, 2019
Facebook needs to be stopped before it subverts our democracies and economies. https://t.co/l8QYHBlHVs #Libra
— Voyage Around My Dad, Harry Leslie Smith (@Harryslaststand) June 18, 2019
Don't get why the crypto community shitting on Facebook and Libra. It's probably the mainstream kickstart + broad adoption blockchain needs.
— Spencer Chen (@spencerchen) June 18, 2019
You ever see any pure plays get this kind of groundswell? -> https://t.co/ErRcAhwCzf
A TLDR for my Libra deep dive:
— Stan Schroeder (@franticnews) June 18, 2019
Libra blockchain:
- permissioned (will slowly transition to permissionless)
- open-source
- smart contracts
- new programming language, Move
- pseudonymous
- launching in first half 2020
2/ I know, I know, “it’s not a cryptocurrency!!!” some will yell. Well, yes and no. Relative to PayPal or to the US dollar, Libra is very much a cryptocurrency. Relative to Bitcoin or ZCash or DAI, Libra is not all that crypto-y.
— Erik Voorhees (@ErikVoorhees) June 18, 2019
All of this sounds dandy if you ignore the company with the largest reach in history trying to make an end run around currency/governments https://t.co/b548WaPs9Q
— Owen Williams ⚡ (@ow) June 18, 2019
My star sign is not your cryptocurrency. #Libra https://t.co/mvrLLCxUuA
— Twitch.tv/Limmy (@DaftLimmy) June 18, 2019
oh FOR FUCK’S SAKE https://t.co/Kl5yB3jUtH
— jillian (@jilliancyork) June 18, 2019
Today’s horoscope for Libra: You’re obsessed with justice but can be a little loose with your money. So beware large tech companies under antitrust scrutiny launching new projects today. Stop and ask yourself: When Moon? https://t.co/KxBWIXs9yY
— Tracy Alloway (@tracyalloway) June 18, 2019
If there’s one thing Facebook knows, it’s how to run a stable global system where they totally understand what they’ve built and are on top of everything. https://t.co/DPOFv57PoB
— Nick Confessore (@nickconfessore) June 18, 2019
Libra sounds fairly well designed as a permissioned system, but it is facing quite a few long-term challenges. Oh, and it's not a blockchain. https://t.co/B3pRC8860J
— Jameson Lopp (@lopp) June 18, 2019
I don’t think it’s possible to express what a catastrophic regression this thing is going to be. Say what you want about Visa and the legacy banks, they don’t broadcast your transaction details to the world.
— Matthew Green (@matthew_d_green) June 18, 2019
The French government is fast as hell when they feel threatened.
— Mike Dudas (@mdudas) June 18, 2019
Ready to screech "regulate, regulate, regulate!" at less than a moment's notice.
Impressive really.https://t.co/t4SMMsNqVV
read @max_read on LIBRA
— Erin Griffith (@eringriffith) June 18, 2019
"Facebook in 2019 is increasingly easy for Americans and Europeans to quit without particular consequence, in a way that Google, say, isn’t.
Libra could, if it takes off, change that." https://t.co/cfbB1Obi2d
Facebook finally pulled back the curtain on its crypto plans, and now officially wants to creat a new global currency called Libra. It’s also building new digital wallets into WhatsApp and Messenger so you can make payments. Here are the details:https://t.co/73KzzsbfCS
— Kurt Wagner (@KurtWagner8) June 18, 2019
So excited to share what I've been working on for the last year! It's been the most challenging, interesting, and inspiring thing I've ever been a part of. Today is not a launch, but an announcement, and an invitation for the community to participate.
— Kevin Weil (@kevinweil) June 18, 2019
Send your child FaceCoin so they can make rent is probably not the campaign I personally would’ve gone with https://t.co/HOLMFxahom pic.twitter.com/RaBnANpODB
— Colin Lecher (@colinlecher) June 18, 2019
Facebook Announces Project Libra, Its Wildly Ambitious Plan to Bring Cryptocurrency to the Masses https://t.co/Rl0ysrLG39
— XRP_BigTime (@XBigtime) June 18, 2019
With @facebook secrurity issues, would you trust them with you bank info and money? /// Facebook Announces Project Libra, Its Wildly Ambitious Plan to Bring Cryptocurrency to the Masses https://t.co/7VA8cL0pTp
— Cissie Graham Lynch (@CissieGLynch) June 18, 2019
ブロックチェーンチームに異動しよっかなhttps://t.co/WsLkefr5Tc
— Masaki Kagesawa (@Masakikage) June 18, 2019
Facebook needs to be stopped before it subverts our democracies and economies. https://t.co/l8QYHBlHVs #Libra
— Voyage Around My Dad, Harry Leslie Smith (@Harryslaststand) June 18, 2019
♪ You load sixteen gigs and whaddya get
— Eric Meyer (@meyerweb) June 18, 2019
Another day older and deeper tech debt
Saint Peter don’t you call me ’cause I can’t go
I owe my soul to the Zuckerberg store… ♫https://t.co/BMlOoMSeKO
Yeah! What could go wrong? https://t.co/XuW3zcr9fn
— Brittlestar (@brittlestar) June 18, 2019
Facebook's digital currency is called Libra, it will allow consumers to send money to each other as well as potentially pay for goods and services using the Facebook-backed digital currency instead of their local currency. https://t.co/FaDdWO7sxm
— Sharon Mazingaizo (@sharon1780) June 18, 2019
Facebook: "Hey everyone! You remember all that really great stuff we did with your personal data? Why don't you hand over all your financial data to us too !?!"https://t.co/bPCRUxCwDm
— Liberal_Leigh ? ?? #FBPE #StopBrexit #FinalSay (@Liberal_Leigh) June 18, 2019
The cypherpunk aim of cryptocurrencies was to evade monitoring, increase privacy and avoid state oversight. Now the digital state of Facebook will control and monitor transactions #libra #facebook https://t.co/5sghwHQVvi
— William Merrin (@william_merrin) June 18, 2019
Y'all are really gonna trust a company who neglected to protect your private information AND allows fake news to spread like wildfire with your (real) money in the form of a cryptocurrency???
— Bryan ?? ?#FamiliesBelongTogether (@swimmerbr78) June 18, 2019
Ok, then#Librahttps://t.co/1DTjOzDF4i
Libra: Facebook launches cryptocurrency, shake up global finance https://t.co/ChDIDKSrHi I've been talking abt a 'global digital currency' in my talks for 5+ years and every1 in the financial industry thought it delusionary:)... and here it is. But will YOU trust Facebook? pic.twitter.com/GfiDFfqaXw
— Gerd Leonhard (@gleonhard) June 18, 2019
This will have enormous implications for #blockchain as a whole. Strap in! https://t.co/UAwyUBIIVY
— Don Tapscott (@dtapscott) June 18, 2019
This morning we learned if you win an election with unlawfully paid money, the result stands. In other news.... https://t.co/TEwBeqCW7i
— Ian Lucas MP (@IanCLucas) June 18, 2019
I can’t wait until the debut of Libra Loans, which will make underwriting decisions based on your Facebook history and avoid fair lending laws. https://t.co/SU0t2t5B9R
— Susie Cagle (@susie_c) June 18, 2019
After the countless privacy scandals to come out in the last few years, I know Im going to pour all of my money into the brand new Facebook money bullshit. There is literally no way this could go badly https://t.co/M1SU5uUrsj
— Ombu (@Ommbuu) June 18, 2019
#Blockchain What does Facebook’s crypto coin mean for Visa and Mastercard? https://t.co/JwlCIhrGSi via qz
— BlockchainAge (@BlockchainAge) June 18, 2019
What does Facebook’s crypto coin mean for Visa and Mastercard? https://t.co/pXFhEi7fRL
— Quartz (@qz) June 18, 2019
Biggest day in #Crypto ever??? - Facebook Project #Libra Cryptocurrency, Coming in 2020 | what will the regulators say... watch this space. https://t.co/xWdkuArgtg
— Steven Dickens (@StevenDickens3) June 19, 2019
"In addition, the company also announced a new digital wallet called Calibra, which will be operated by Facebook as a separate subsidiary and provide users with a way to store and spend Libra" https://t.co/3gC11xlNyE
— Marsha Collier (@MarshaCollier) June 18, 2019
Hey Facebook, you spying on us astrogeeks? #ProjectLibra https://t.co/tov8K3Yhyv
— The AstroTwins (@astrotwins) June 18, 2019
ファイスブックの暗号通貨(暗号資産)、世界の金融サービスを変える可能性あり。今国会で金商法など改正し暗号資産制度を構築。日本をアジアの暗号資産のハブに！
— 藤末 健三 (@fujisue) June 18, 2019
Facebook Announces Project Libra, Its Wildly Ambitious Plan to Bring Cryptocurrency to the Masses https://t.co/V38jE4kg5X
Here’s some of @FortuneMagazine’s coverage of Facebook’s “project libra”
— Robert Hackett (@rhhackett) June 18, 2019
- the plan’s unveiling https://t.co/kn9zqahpMe
- 5 things to know https://t.co/A0EbWu7ZRk
- people’s reactions https://t.co/mbw5B5VmHI
- the privacy implications https://t.co/BPaYftnMzA@FortuneLedger
After months of rumors, @Facebook has finally unveiled #Libra — its ambitious plan to transform how people use and send money globally using #cryptocurrency. Here's what we know about the project: https://t.co/4dxQHd0CzU
— Ionixx Technologies (@IonixxTech) June 18, 2019
Libra: Facebook launches cryptocurrency in bid to shake up global finance https://t.co/QxSgmtoHq3 #finance #cryptocurrency
— Pension Geeks (@PensionGeeks) June 18, 2019
Give me five Libras for a quarter, you’d say… the important thing was I had a cookie tied to my browser, which was the style at the time.https://t.co/VGeK00JS7k
— Simon Buckmaster (@forgottentowel) June 19, 2019