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Author Topic: What is LIBRA Coin and How Does It Work?  (Read 9061 times)

Offline crypto101

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What is LIBRA Coin and How Does It Work?
« on: July 02, 2019, 12:18:41 PM »


On the 18th of June, 2019, the largest social networking company in the world, Facebook announced its very own digital currency called “Libra”, which is a global cryptocurrency built on a specific open source blockchain called as the Libra blockchain, functioning through the Proof of Stake (PoS) protocol. Its whitepaper has been released and the crypto will be debuting in 2020. Libra is backed by a not-for-profit organization called the Libra Association, which oversees and governs the Libra network and manages the reserve, backed by real-world assets. Libra coin whitepaper has been already released, and this is one of the very first facebook’s cryptocurrency projects as per the Libra coin news.

Let's discuss in details about Libra and how is it going to affect the crypto world. We will also see the reaction of some of the prominent crypto influencers

Why is it called Libra?

The name “Libra” comes from the Roman measurement of weight. The abbreviation “lb” for pound is derived from Libra and the £ symbol basically comes from the ornate L in Libra.

Purpose of Libra Coin (Facebook Coin)

Facebook aims to reach 1.7 billion people across the world, especially the ones who still don’t have their accounts in any of the banking institutions. They want money to be as accessible as sending a text message. Its main motive is to reach the section of the society who doesn’t have easy access to the financial institutions. As per the FDIC (Federal Deposit Insurance Corporation) estimates, in the U.S., more than 8 million households are unbanked. The currency’s potential reach is beyond the United States and includes all the parts of the world.


Libra is backed by most of the prestigious financial institutions like PayPal, Visa, MasterCard and other companies like Uber, Lyft, Spotify, Ebay and Andreessen Horowitz. Facebook aims to make Libra available through Whatsapp and messenger users, who can cash their local currency to buy Libra. With Libra, FB users would be able to exchange their dollars for Libra tokens, hence entrusting the fellow backers with building a reliable ledger of all the transactions, as said by Kelly, CEO, and founder of BKCM and BTC expert.

How will Libra coin work?

Libra will be a STABLE coin, which will be backed by real assets like USD, EUR, JPY, and GPB. Libra will be backed by its own reserve, called “Libra Reserve”, which is comprised of low volatile assets structured to keep its value relatively stable. For withdrawing the funds, the users( mainly from WhatsApp or messenger platforms) would be able to convert the currency into legal tender based on an exchange rate, which will be like exchanging USD for Euros for a European vacation. You need not be worried about the security feature as the Libra payments won’t be connected with a user’s FB data and even will not be used for ad targeting with the data. You can store it in the Calibra wallet, which we shall discuss in the upcoming segments.

Just like MKR is the governance token for MakerDao, there will be governance token for Libra as well known as the Libra Investment token (LIT), which will enable the participation in the governance of the network.

Libra for Developers

Libra will work on the Byzantine-Fault Tolerant (BFT) algorithm, a Proof of Stake (PoS) algorithm. They have named it LibraBFT, which was released in 2018 by Dahlia Malkhi and Maofan Yin from VMware Research. The smart contracts will be written in “Move”, an executable bytecode language for Libra. The developers can play around the testnet by clicking here.

It is built on open source code which enables the research community and the developers to monitor any sort of security breach or flaws and this is the time when the company would implement a “bug bounty” program to incentivize the security experts for pointing out the vulnerabilities in a program.

How Libra can be stored?

Once Libra is released in 2020, the users can download Calibra, which is the wallet for Libra coin. This can be used to send tokens to anyone across the world with a single tap, just that you need to own a smartphone. You can even use it from Facebook Messenger or WhatsApp, as it is integrated with them, or you can treat it as a standalone app.

Calibra will be used not only for transactions but also facilitating the payment to different vendors associated with the token like Uber, Lyft, Spotify and so on.

Libra coin price will be known at the time of its release when it's being planned to introduce some airdrops. Libra coin exchange might also be one of their milestones in the long term.

How Libra is different from other Stable Coins?

Stable coins like Tether, TUSD, USDC, PAXOS, and others are pegged to a single fiat currency. But in case of Libra, it is not pegged to a single fiat currency, but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.

Libra will be backed by a fiat currency if the following standards set by the Libra Reserve are met:

#1 Only fiat currencies with a free float will be eligible while the ones that are soft-pegged would be redundant in the Libra reserve.

#2 The decision-making process should be tied to either public organizations like Central banks or a free accessible asset like commodities.

#3 The fiat assets must be universally recognized across various jurisdictions to have a programmatically quotable value.

How can it be Purchased?

As of now, we have to wait till it gets released and then we can talk about the exchanges supporting the Libra token.

Libra Vs Bitcoin

As and when the news of Libra coin evolved, there have been some crypto enthusiasts discussing the differences between both of them. Let us check them out:

#1 The first and foremost thing that differentiates the two of them is that Libra is a Proof of Stake (PoS) coin while Bitcoin works on Proof of Work (PoW) algorithm.

#2 Libra is more of a medium of exchange while Bitcoin facilitates the transactions and also regarded as more of a store-of-value. Bitcoin is "Digital Gold" while Libra is a "Digital Dollar".

#3 Libra is a stable coin and is not a prey to market volatility while Bitcoin is succumbed by volatility and fluctuations.

#4 Bitcoin is completely decentralized while Libra will be managed and governed by a centralized entity Libra Association.

Future of Libra

These are the possible implications of Libra crypto in the future:

#1 FB has a higher probability of furthering its place as a service provider of open source tools for sites, digital apps and e-commerce.

#2 Due to its increased accessibility from everyday retail users and institutional providers, Libra may add up the cryptocurrency volume.

#3 It might turn out to be payment facilitators, which can reshape the payment industry, which might threaten the existence of traditional financial institutions.

#4 Service providers may come up, building decentralized applications on the Libra network, which might serve as a payment provider across the globe.

#5 Libra might see global adoption and can even emerge as the “unit of trade”, which would reduce the dependency on a single currency.

The magnitude of Libra’s success directly depends on how Libra association can convince the financial institutions and regulators in maintaining the custody of collateral reserves. You must even know that the Facebook corporation and Libra Association are two separate entities, which might add on to pulling the trust of the people across the world.






Source:
Coinswitch
Photo Credit:
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« Last Edit: July 03, 2019, 04:47:20 AM by crypto101 »
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What is LIBRA Coin and How Does It Work?
« on: July 02, 2019, 12:18:41 PM »

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Offline Bica

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Re: What is LIBRA Coin and How Does It Work?
« Reply #1 on: July 19, 2019, 04:39:31 PM »
Thanks.This info helped me to get out of confusion.

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Re: What is LIBRA Coin and How Does It Work?
« Reply #2 on: July 10, 2020, 06:03:02 PM »
Hello, I'm newbie. I had some question about Libra, but it was a very helpful topic, thx. Now i know more aout this one  ;) ;)

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Re: What is LIBRA Coin and How Does It Work?
« Reply #3 on: August 20, 2020, 01:26:22 AM »
This post is resourceful and informative, I think this particular project by Facebook will suffer a huge setback with many hurdles to cross. I'm awaiting further action by Facebook regarding this because it seem stalled at the moment

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Re: What is LIBRA Coin and How Does It Work?
« Reply #4 on: August 23, 2020, 04:43:01 PM »
I remember the announcement about it & how that affected the whole crypto market & even the ones that never heard of crypto started to look into it.
Libra would be great with the first version that Mark wanted, but now they started to make it as hard as possible for it to become reality since they fear it replace their banks, which is something they can afford. Even Trump itself said it honestly " if you wanna make your own coin, make your own bank " something with this meaning referring to Libra & Mark dream.
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Re: What is LIBRA Coin and How Does It Work?
« Reply #5 on: December 11, 2020, 04:51:38 PM »


On the 18th of June, 2019, the largest social networking company in the world, Facebook announced its very own digital currency called “Libra”, which is a global cryptocurrency built on a specific open source blockchain called as the Libra blockchain, functioning through the Proof of Stake (PoS) protocol. Its whitepaper has been released and the crypto will be debuting in 2020. Libra is backed by a not-for-profit organization called the Libra Association, which oversees and governs the Libra network and manages the reserve, backed by real-world assets. Libra coin whitepaper has been already released, and this is one of the very first facebook’s cryptocurrency projects as per the Libra coin news.

Let's discuss in details about Libra and how is it going to affect the crypto world. We will also see the reaction of some of the prominent crypto influencers

Why is it called Libra?

The name “Libra” comes from the Roman measurement of weight. The abbreviation “lb” for pound is derived from Libra and the £ symbol basically comes from the ornate L in Libra.

Purpose of Libra Coin (Facebook Coin)

Facebook aims to reach 1.7 billion people across the world, especially the ones who still don’t have their accounts in any of the banking institutions. They want money to be as accessible as sending a text message. Its main motive is to reach the section of the society who doesn’t have easy access to the financial institutions. As per the FDIC (Federal Deposit Insurance Corporation) estimates, in the U.S., more than 8 million households are unbanked. The currency’s potential reach is beyond the United States and includes all the parts of the world.


Libra is backed by most of the prestigious financial institutions like PayPal, Visa, MasterCard and other companies like Uber, Lyft, Spotify, Ebay and Andreessen Horowitz. Facebook aims to make Libra available through Whatsapp and messenger users, who can cash their local currency to buy Libra. With Libra, FB users would be able to exchange their dollars for Libra tokens, hence entrusting the fellow backers with building a reliable ledger of all the transactions, as said by Kelly, CEO, and founder of BKCM and BTC expert.

How will Libra coin work?

Libra will be a STABLE coin, which will be backed by real assets like USD, EUR, JPY, and GPB. Libra will be backed by its own reserve, called “Libra Reserve”, which is comprised of low volatile assets structured to keep its value relatively stable. For withdrawing the funds, the users( mainly from WhatsApp or messenger platforms) would be able to convert the currency into legal tender based on an exchange rate, which will be like exchanging USD for Euros for a European vacation. You need not be worried about the security feature as the Libra payments won’t be connected with a user’s FB data and even will not be used for ad targeting with the data. You can store it in the Calibra wallet, which we shall discuss in the upcoming segments.

Just like MKR is the governance token for MakerDao, there will be governance token for Libra as well known as the Libra Investment token (LIT), which will enable the participation in the governance of the network.

Libra for Developers

Libra will work on the Byzantine-Fault Tolerant (BFT) algorithm, a Proof of Stake (PoS) algorithm. They have named it LibraBFT, which was released in 2018 by Dahlia Malkhi and Maofan Yin from VMware Research. The smart contracts will be written in “Move”, an executable bytecode language for Libra. The developers can play around the testnet by clicking here.

It is built on open source code which enables the research community and the developers to monitor any sort of security breach or flaws and this is the time when the company would implement a “bug bounty” program to incentivize the security experts for pointing out the vulnerabilities in a program.

How Libra can be stored?

Once Libra is released in 2020, the users can download Calibra, which is the wallet for Libra coin. This can be used to send tokens to anyone across the world with a single tap, just that you need to own a smartphone. You can even use it from Facebook Messenger or WhatsApp, as it is integrated with them, or you can treat it as a standalone app.

Calibra will be used not only for transactions but also facilitating the payment to different vendors associated with the token like Uber, Lyft, Spotify and so on.

Libra coin price will be known at the time of its release when it's being planned to introduce some airdrops. Libra coin exchange might also be one of their milestones in the long term.

How Libra is different from other Stable Coins?

Stable coins like Tether, TUSD, USDC, PAXOS, and others are pegged to a single fiat currency. But in case of Libra, it is not pegged to a single fiat currency, but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.

Libra will be backed by a fiat currency if the following standards set by the Libra Reserve are met:

#1 Only fiat currencies with a free float will be eligible while the ones that are soft-pegged would be redundant in the Libra reserve.

#2 The decision-making process should be tied to either public organizations like Central banks or a free accessible asset like commodities.

#3 The fiat assets must be universally recognized across various jurisdictions to have a programmatically quotable value.

How can it be Purchased?

As of now, we have to wait till it gets released and then we can talk about the exchanges supporting the Libra token.

Libra Vs Bitcoin

As and when the news of Libra coin evolved, there have been some crypto enthusiasts discussing the differences between both of them. Let us check them out:

#1 The first and foremost thing that differentiates the two of them is that Libra is a Proof of Stake (PoS) coin while Bitcoin works on Proof of Work (PoW) algorithm.

#2 Libra is more of a medium of exchange while Bitcoin facilitates the transactions and also regarded as more of a store-of-value. Bitcoin is "Digital Gold" while Libra is a "Digital Dollar".

#3 Libra is a stable coin and is not a prey to market volatility while Bitcoin is succumbed by volatility and fluctuations.

#4 Bitcoin is completely decentralized while Libra will be managed and governed by a centralized entity Libra Association.

Future of Libra

These are the possible implications of Libra crypto in the future:

#1 FB has a higher probability of furthering its place as a service provider of open source tools for sites, digital apps and e-commerce.

#2 Due to its increased accessibility from everyday retail users and institutional providers, Libra may add up the cryptocurrency volume.

#3 It might turn out to be payment facilitators, which can reshape the payment industry, which might threaten the existence of traditional financial institutions.

#4 Service providers may come up, building decentralized applications on the Libra network, which might serve as a payment provider across the globe.

#5 Libra might see global adoption and can even emerge as the “unit of trade”, which would reduce the dependency on a single currency.

The magnitude of Libra’s success directly depends on how Libra association can convince the financial institutions and regulators in maintaining the custody of collateral reserves. You must even know that the Facebook corporation and Libra Association are two separate entities, which might add on to pulling the trust of the people across the world.






Source:
Coinswitch
Photo Credit:
Wiki & Fortune Content

An eye-opener of what libre means. Long live mate.
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Offline Anil Kumar

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Re: What is LIBRA Coin and How Does It Work?
« Reply #6 on: February 04, 2021, 11:06:39 AM »
This post is resourceful and informative, I think this particular project by Facebook will suffer a huge setback with many hurdles to cross. I'm awaiting further action by Facebook regarding this because it seem stalled at the moment

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Re: What is LIBRA Coin and How Does It Work?
« Reply #6 on: February 04, 2021, 11:06:39 AM »


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Re: What is LIBRA Coin and How Does It Work?
« Reply #7 on: February 05, 2021, 05:31:22 PM »
Libra is a digital currency that users can access through apps and use to pay for things or to send money to each other. In that way, it's a lot like PayPal and Venmo. But unlike PayPal and Venmo, Libra is largely aimed at people without bank accounts.Every time someone buys Libra, that money will be deposited into a bank account where it will sit untouched, so that every dollar's or euro's worth of Libra will be backed by a dollar or euro in the bank, according to the Libra design documents

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Re: What is LIBRA Coin and How Does It Work?
« Reply #8 on: February 10, 2021, 07:55:54 AM »
Libra cryptocurrency aims to be used as a simple, low-cost global currency. This will be essentially digital money on your phone, which can be used to pay for any purchase where cryptocurrency is supported. Meals are supported by the asset basket.
Whenever a person buys a Libra, the money will be deposited in a bank account where he will remain untouched, so that according to the Libra design documents, every dollar or euro worth of one dollar or euro will be donated to the Libra Bank. Will be able to
That said, it doesn't make much sense to invest in any of these corporations because of Libra, because their Libra-related income would be negligible. Investors can also own government bonds directly. ... At the moment, there is no sure way for you to make money in Libra, but indirect bets can easily pay off.

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Re: What is LIBRA Coin and How Does It Work?
« Reply #9 on: October 05, 2021, 06:46:56 AM »
We have been working on a Currency Network that will compete with Diem all year, and have been having problems with Facebook.

We are creating a Network to show Facebook how to use Cryptocurrency and Compete with Diem. Mark Zuckerberg is thinking way too small with a single chain, and not attaching it to Facebook games at all.

April 08, 2021, 03:57:44 AM
"For 6 months we couldn't run ads.

When we finally could, we got great returns on her page with likes. We were about to be launching her soap line, then Oils, etc. Tradable for Crypto and on Etsy, a Beauty Line, but Magic, with Ancient Recipes from Spells, etc.

We make an Instagram.

All of it is systematically attacked by Facebook, we assume they thought I was some single guy pretending to be a Black Woman launching a Beauty Line. So we went to the BBB to settle it with Facebook.

They make a Commercial, never run before, asking people to run Ads, and saying bad ideas die, while ignoring the BBB."


My Wife and I are creating a Network to Compete with Libra/Diem and we are having issues with Facebook.
 
Originally posted
March 17, 2021, 03:56:29 AM a few days FORBES wrote an article about the Winklvosses Crypto efforts.
"Facebook is now allowing my Wife to comment on her own Instagram Pictures, but has yet to restore her Facebook Page
https://www.instagram.com/p/CMeXCjpA0vq/?utm_source=ig_web_copy_link

And attacking my Wife, a Black Woman, while launching a African currency (if they didn't give up), because, what? He's a nerd who invented a place to make his first friend? And bought a Virtual Reality Company?

Zuckerberg was only able to make Facebook because he is Anti-Social, that is what I meant when comparing him to Dan. And if not Anti-Social, just a Bro running a Virtual Reality company he bought on the website he buys his friends on. Because he had a bad time at Highschool and he might have even stolen the whole thing from the Vinklewosses, who have Gemini which he is probably watching and wishing he could be.

So instead he is literally attacking my Wife's company, and trying to prop up his failing idea with it, after renaming his failing brand "Diem"."


Jurisdiction for Lawsuits

28 U.S. Code § 1331 - Federal question

28 U.S. Code § 1337 - Commerce and antitrust regulations; amount in controversy, costs

28 U.S. Code § 1338 - Patents, plant variety protection, copyrights, mask works, designs, trademarks, and unfair competition

28 U.S. Code § 1343 - Civil rights and elective franchise

28 U.S. Code§ 1357.Injuries under Federal laws

28 U.S. Code§ 1366.Construction of references to laws of the United States or Acts of Congress

47 U.S. Code § 230 - Protection for private blocking and screening of offensive material

18 U.S. Code § 242 - Deprivation of rights under color of law
Whoever, under color of any law, statute, ordinance, regulation, or custom, willfully subjects any person in any State, Territory, Commonwealth, Possession, or District to the deprivation of any rights, privileges, or immunities secured or protected by the Constitution or laws of the United States, or to different punishments, pains, or penalties, on account of such person being an alien, or by reason of his color, or race, than are prescribed for the punishment of citizens, shall be fined under this title or imprisoned not more than one year, or both; and if bodily injury results from the acts committed in violation of this section or if such acts include the use, attempted use, or threatened use of a dangerous weapon, explosives, or fire, shall be fined under this title or imprisoned not more than ten years, or both; and if death results from the acts committed in violation of this section or if such acts include kidnapping or an attempt to kidnap, aggravated sexual abuse, or an attempt to commit aggravated sexual abuse, or an attempt to kill, shall be fined under this title, or imprisoned for any term of years or for life, or both, or may be sentenced to death.

United States v. Cantrell, 307 F. Supp. 259 (E.D. La. 1969)
Reitman v. Mulkey, 387 U.S. 369 (1967)
White v. White, 150 S.E. 531 (W. Va. 1929)
Pruneyard Shopping Ctr. v. Robins, 447 U.S. 74 (1980)

They can't claim A.I., we also contacted BBB about it
Domen v. Vimeo, Inc., No. 20-616 (2d Cir. 2021)

They did benefit from my Wife's likeness
Cross v. Facebook, Inc.
https://law.justia.com/cases/california/court-of-appeal/2017/a148623.html

The Winklevoss case
Connectu, Inc. v. Facebook, Inc. et al
https://dockets.justia.com/docket/massachusetts/madce/1:2007cv10593/108516

Looks like the U.S. Government is Recognizing it, this is a new case
FEDERAL TRADE COMMISSION v. FACEBOOK INC. 1:2020cv03590 (2020)
https://dockets.justia.com/docket/district-of-columbia/dcdce/1:2020cv03590/224921

This case is kind similar to Van Kush v. Facebook and Diem
Swift v. Zynga Game Network, Inc. et al 1:2020cv03590 (ND CA)
https://dockets.justia.com/docket/california/candce/3:2009cv05443/221703
Plaintiff alleged that Defendants utilized social networking sites such as Facebook and MySpace to lure unsuspecting consumers into signing up for services and goods that they do not want or need.

This is Facebook being sued for letting people use other people in ads, and resolving it by creating new features acknowledging the phenomenon. This also gets to them trying to keep my Wife out of their Analytics system
Fraley, et al. v. Facebook, Inc., et al.
https://law.justia.com/cases/federal/district-courts/california/candce/5:2011cv01726/239253/368/

They used Private messages inviting ambassadors and explaining Color schemes, etc. and Public Ads, to then propel their business interests while attacking ours
Davis v. Facebook, Inc., No. 17-17486 (9th Cir. 2020)
https://law.justia.com/cases/federal/appellate-courts/ca9/17-17486/17-17486-2020-04-09.html

Facebook has lawsuits about how much they have to do to stop criminal acts, and that implies they should stop their Employees criminal actions against Customers also
Godwin v. Facebook, Inc., 2020 Ohio 4834
https://www.courtlistener.com/opinion/4794053/godwin-v-facebook-inc/?

Texas made a Law about it, we are in Texas
Senate Bill 2373
https://capitol.texas.gov/BillLookup/History.aspx?LegSess=86R&Bill=SB2373

April 11, 2021, 05:26:55 AM
One time I was talking a guy from Gambia, and he said after a few weeks of knowing each other "I like talking to you, everyone else asks me about the Elephants in Africa. The first time I saw and Elephant was in Atlanta, at the Zoo".

That is an example of what Mark Zuckerburg doesn't understand.

Public Service Announcement: If you think Black History consists of Jungle Tribes, Slavery, then MLK. I suggest learning about Marcus Garvey, Timbuktu, King Atlas, Mansa Musa, Aethiopia, Punt, etc, etc.

That is different.

This is why Theosophy is so well spread in India. It takes all the Gnostic Religions, Mystery Traditions, Occult, etc. And puts it together. The Empires converted everyone, Constantine Converted the Empire. And the Secret Traditions are essentially Hindu.

Mark Zuckerburg is like a Schoolboy with White Savior syndrome, he might think he is a God, but that is beside the point. He doesn't understand these things. Harvard itself is a little Racist (the recently changed their symbolism), also beside the point.

But he picked Water jugs on heads because he thought "everyone knows about that", and he didn't have something deeper behind that besides "Balance", and he didn't even call it Ma'at.

I do not think Oracle, the Tech Company, accidentally recruited Dravidians. If I'm racist, so are Visas saying Americans can't fill all the high skilled jobs.

Philostratus. in Vit. Apollon (Lib. II), says, "The Indi are the wisest of mankind. The Ethiopians are a colony of them, and they inherit the wisdom of their fathers." This Statement made in Ancient Greece, is him saying Aethiopians, had come there from India around 30,000 BC

Once everyone stops looking to Europe for Spiritual Wisdom and realizes Hindus are Practicing now the same basic Religion, with different primary Gods, as the Egyptians; the World will make a lot more sense to everyone. The Lotus, the Bull/Cow, the Sun, Moon, Planets, etc.

Silpa Sastra

He might as well call Libra and Diem "European Invader Coin". The names are European.


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Re: What is LIBRA Coin and How Does It Work?
« Reply #10 on: August 29, 2022, 03:16:22 PM »
Quite  elaborate and straight forward.  Will go to your socials and check things out.
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