What You Should Consider Before Owning Facebook Coin, Libra

[sirty143]

Have you heard of the Facebook coin called Libra or GlobalCoin? Are you also on your toes to be among the first to acquire it? Not so fast mate! There are several things you should consider before joining this bandwagon because it does come with more than it lets on. Even Changpeng Zhao, Binance’s CEO has not thrown caution to the wind when it comes to the dubbed “cryptocurrency”.

Facebook Knows You Better Than You Know Yourself

On June 18, 2019, Changpeng Zhao (CZ) hinted that the Facebook coin does not need ‘Know Your Customer’ (KYC) which regulators have been hammering on cryptocurrency exchanges. This is because the social media company already has data about each and every user of its platform and that number goes as high as over 2 billion people.

And the best part is, Facebook knows your name, address, phone number, and even your family and friends. Hey, it even knows what you like, ranging from music, movies, food, and even down to the adverts. While that may sound good to have someone know you even more than you know yourself, the con here is that the same platform will also know your wallet and practically who owns what, when, how, and where.

According to CZ, this is ridiculously the best Anti Money Laundering (AML) policy we’ve been talking about all along. Or is it? We’ll give you time to digest it, but while you’re at it, here’s what this all boils down to. Anonymity which is the major selling point of cryptocurrencies would’ve been washed down the drain.

The Purpose Behind Cryptocurrencies, Anonymity

What are we getting at? Bitcoin, the first cryptocurrency was created as a decentralized form of payment without any central control or authority. It did not regard race, government, or country, and all it sought to provide a seamless mode of exchanging value.

While doing this, it came with privacy where you can anonymously send and receive payments and also have peace of mind while doing so. But take a look at Libra or GlobalCoin and you’ll know that it’s equivalent to snatching privacy out of your own hands and allowing Facebook to own your data once again.

Libra May Not Be That Bad Afterall

Nonetheless, the cryptocurrency community has taken the proposed launch of the Facebook coin in good faith because it will be opening the door to billions of people to troop into the cryptocurrency space, and that is until they know that there are other coins whose decentralized and permissionless nature offers so much more than a centralized virtual asset.

Source: ZyCrypto

[IyemRoker]

Changpeng Zhao, CEO of Binance, has a specific purpose for Libar coins because he also said that Libra does not need KYC.
This statement of Changpeng Zhao was very surprising because Changpeng Zhao could open a wide door for Libra to be able to register at Binance. Cmiiw

[Delgboke]

For me what I should consider before owing Facebook coins first of all you to look at the name first which the influence Facebook has in the entire globe and it's popularity which may cause a greater hype and also how valuable the coins is going to be when the coins may have been listed in exchanges this contribute the importance of me owning Facebook coins.

[Debasco]

Nothing much because libra is a coin that ground by the virus of the social media which already have ground so libral continue with the that it might not start like that but that I where is going, no cause for alarm

[mimikri]

Libra can work for those men, who do not care so much about anonymity and simply ant to have stable cryptocurrency to operate it online and to avoid the inflation of the currency in their counties.

[kent47400]

There is no consideration for Libra coins in following the investment at the beginning because I believe that the HIVE that Libra gives is very trusting.
Supported and supported by Facebook, then definitely Libra will not be a SCAM coin. Cmiiw

[mimikri]

There is no consideration for Libra coins in following the investment at the beginning because I believe that the HIVE that Libra gives is very trusting.
Supported and supported by Facebook, then definitely Libra will not be a SCAM coin. Cmiiw

It is not a scam. Facebook can not risk its reputation and billions of dollars to deal with fraud. Libra will bring the greatest changes to the market. Naturally, no one could expect it from FB team.

[Prime]

I will consider the potential profits by having Libra coins firstly. Since I heard that Libra is a stable coin, I am not really sure to hold it for investment. It may be a good coin but it seems not really profitable as a digital coin for investment.

[Bobcrypto]

As a proposed stable coin, i think libra will serve the same purpose as other stable coins in the market, though Libra may have an edge over the others coins based on its large community.
For me, i will consider Libra because it will involve  large users world wide and may dominate many stable coins in near future.

[sirty143]

~snip~

For me, i will consider Libra because it will involve large users world wide and may dominate many stable coins in near future.

Exactly! The article says, Libra "will open the door to billions of people to join the cryptocurrency space, and that is until they know that there are other coins whose decentralized and permissionless nature offers so much more than a centralized virtual asset."

Currently, the world living population was estimated to have reached 7.7 billion people as of April 2019, and of that number Facebook estimated that 2.7 billion people use Facebook, WhatsApp, Instagram, or Messenger each month and more than 2.1 billion people use at least one of the Facebook family of services every day on average.

I think Mark Zuckerberg has a good intention in launching Libra, and I guess maybe he wanted to change the current global financial system. But there are oppositions mostly from the government sectors... many politicians (US President Donald Trump included), bankers and regulators don't like the idea, and as a result, there are speculations it may not be launched.