Shopify joins Facebook's controversial Libra cryptocurrency project

[BAGAR_BILLA]

Good news for the Libra Association after several founding members withdrew last year.

E-commerce company Shopify on Friday said it's joining the Libra Association. The addition is a bit of good news for Facebook's cryptocurrency project after several members withdrew from the group after its debut last year.

"As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere," the company said in a blog post Friday.

Libra is a proposed global digital coin that'll be managed by the Libra Association, a de facto monetary authority that Facebook hoped would have as many as 100 partners. The association says Libra could "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.

However, after the project was unveiled in June, it was met with sharp skepticism from politicians, regulators and nonprofits. Several founding members dropped out last year -- including eBay, Visa, Mastercard and PayPal -- with international phone carrier Vodafone leaving the group last month.

https://www.cnet.com/news/shopify-joins-facebooks-controversial-libra-cryptocurrency-project/

https://techcrunch.com/2020/02/21/shopify-libra/

 

[jamahir]

Libra is a proposed global digital coin that'll be managed by the Libra Association, a de facto monetary authority that Facebook hoped would have as many as 100 partners. The association says Libra could "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.

So how is this different from the Capitalist Dollar ??

 

[BAGAR_BILLA]

So how is this different from the Capitalist Dollar ??

https://en.wikipedia.org/wiki/Libra_(digital_currency)

 

[jamahir]

https://en.wikipedia.org/wiki/Libra_(digital_currency)

Bhai, thanks for the Wikipedia page but I want to know how you understand the system. I would be much obliged if you explain in simple terms.

 

[BAGAR_BILLA]

Bhai, thanks for the Wikipedia page but I want to know how you understand the system. I would be much obliged if you explain in simple terms.

Key Points of Libra:
1) Dollar is Paper Money, while Libra will be digital currency
2) It will be stable like Dollar, Libra will be backed by money in any bank in euro or dollar or etc
3) It still not launched
4) Its backed by Facebook and others
5) Any person can send/receive digital money by using Whatsapp
6) You can send payments to any merchant who support Libra, while in Paper money you need to went to that location, but while using debit/credit card, most of sites does not support buyer country, buyer bank or buyer debit/credit card...
7) It will be like Stable USD crypto like USD Coin, if you know it
8) Blockchain tech will be use in Libra
9) Privacy will be low, not like Monero, Dash, or even not by Bitcoin
10) No chance of Money Laundering, it may or may not support countries who have weak banking systems, also there are high chance it will be monitored by agencies..
11) Its high chances, Libra will support all top sites like Paypal

 

[jamahir]

@BAGAR_BILLA, to my Socialist sentiments this new currency ( the Libra ) seems not so different than the traditional Capitalist currency systems. I want to see in the near-future, an economic system like this :

1. Essential things like education, health system, water, electricity, housing, basic food and basic clothing should be provided free to the citizens. No one should remain homeless and hungry.

2. Occasional food ( like a chocolate cake ), leisure clothing items ( like cuff-links ), transport etc should be provided based on a citizen's "Social Credits" which will be judged based on various parameters, for example how many hours a person has put in to work on the neighborhood Vertical Farm or on the neighborhood security watch.

This is a more scientific economic system. China is already experimenting with Social Credits.

The point is equitable distribution of resources and facilities while at the same time ensuring that the resources and facilities do not dry up.

This could be an ideal economic system for the near-future, including for Mars colonies.

 

[jamahir]

@Zibago @Mentee @RealNapster @fitpOsitive @ps3linux @k s ahmed @Moonlight @Hamartia Antidote @B+ Dracula, what do you people think of my above post ?? Maybe I could expand the above post to present my entry to the PDF essay competition.

 

[fitpOsitive]

@Zibago @Mentee @RealNapster @fitpOsitive @ps3linux @k s ahmed @Moonlight @Hamartia Antidote @B+ Dracula, what do you people think ?? Maybe I could expand the above post to present my entry to the PDF essay competition.

If Facebook stepped into this, then might cost Zuckerberg his life.
The game is getting dangerous by every second. The day anyone became successful in establishing a reliable and tested system, will see the beasts of darkness, the elders of banking system, jumping out of their dens, and snatching the business away.
Facebook has that potential.

 

[KhanBaba2]

Libra is a proposed global digital coin that'll be managed by the Libra Association, a de facto monetary authority that Facebook hoped would have as many as 100 partners. The association says Libra could "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.

How many people have internet and no bank account.

 

[jamahir]

If Facebook stepped into this, then might cost Zuckerberg his life.
The game is getting dangerous by every second. The day anyone became successful in establishing a reliable and tested system, will see the beasts of darkness, the elders of banking system, jumping out of their dens, and snatching the business away.
Facebook has that potential.

You have a point there.

But I don't think Zuckerberg is under threat, because in my limited understanding of this Libra currency it does not seek to replace Western dominance of the global financial system.

One of the reasons that the Western governments wanted Gaddafi dead is because his championing of a new currency which would have been used by Muslim-majority countries and all African countries. I don't think Zuckerberg is proposing anything like that.

How many people have internet and no bank account.

Good point.

Though there may be many.

 

[fitpOsitive]

You have a point there.

But I don't think Zuckerberg is under threat, because in my limited understanding of this Libra currency it does not seek to replace Western dominance of the global financial system.

One of the reasons that the Western governments wanted Gaddafi dead is because his championing of a new currency which would have been used by Muslim-majority countries and all African countries. I don't think Zuckerberg is proposing anything like that.

No he is not.
This method of currencies is evolving. If anyone came forward with a fully functioning method, that guy my friend, will be murdered immediately, and his business will be taken by those, who took business of many many others.

 

[k s ahmed]

if u fix all problems, how will businesses be run?
its an ideal process but its more about control than loving people.. higher level ppl dont have any empathy//
libra is seems to mkking currecy digital , to help israel(in hindsight) and control moneyfrom central loc.
facebook could be playing role of cambridge analytica here..a cover company..or
they are guinea pigs
i dint trust any sood based finacial system run by greedy people ,lacking empathy- whether or not they are muslims
china might create unnecessary pressure on peoiple to be good.. iuts like being in examination 24/7..
i would give them more freedom and make thungs easirr for them..
bigger economies are usually more competitive.
hard to be a human at times

@BAGAR_BILLA, to my Socialist sentiments this new currency ( the Libra ) seems not so different than the traditional Capitalist currency systems. I want to see in the near-future, an economic system like this :

1. Essential things like education, health system, water, electricity, housing, basic food and basic clothing should be provided free to the citizens. No one should remain homeless and hungry.

2. Occasional food ( like a chocolate cake ), leisure clothing items ( like cuff-links ), transport etc should be provided based on a citizen's "Social Credits" which will be judged based on various parameters, for example how many hours a person has put in to work on the neighborhood Vertical Farm or on the neighborhood security watch.

This is a more scientific economic system. China is already experimenting with Social Credits.

The point is equitable distribution of resources and facilities while at the same time ensuring that the resources and facilities do not dry up.

This could be an ideal economic system for the near-future, including for Mars colonies.

 

[StormBreaker]

If Facebook stepped into this, then might cost Zuckerberg his life.
The game is getting dangerous by every second. The day anyone became successful in establishing a reliable and tested system, will see the beasts of darkness, the elders of banking system, jumping out of their dens, and snatching the business away.
Facebook has that potential.

Not unless Zuckerberg himself is a part of that specific secret group, which is against cryptocurrency

 

[jamahir]

libra is seems to mkking currecy digital , to help israel(in hindsight) and control moneyfrom central loc.
facebook could be playing role of cambridge analytica here..a cover company..or
they are guinea pigs

Agreed.

i dint trust any sood based finacial system run by greedy people ,lacking empathy- whether or not they are muslims

china might create unnecessary pressure on peoiple to be good.. iuts like being in examination 24/7..
i would give them more freedom and make thungs easirr for them..

Well, where I disagree with the Chinese implementation of the Social Credits systems is the collaboration of mass-surveillance methods like Facial Recognition.

bigger economies are usually more competitive.
hard to be a human at times

Agreed. Which is why I said earlier that all basic needs of a person should be made free. This will reduce criminality to a great extent.

higher level ppl dont have any empathy//

At least in Capitalism-run societies it is the case.

Whereas in Socialism-driven societies ( like say when the late Hugo Chavez used to be the leader of Venezuela ), empathy is part of the governing system.

 

[HttpError]

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