Facebook Details Libra: A New Flavor of Cryptocurrency

Discussion in 'GBAtemp & Scene News' started by Ericzander, Jun 19, 2019.


    Earlier this week Facebook Inc. disclosed the first details of its take on cryptocurrency; Libra. Breathing new life into the cryptocurrency hype-train and forcing companies to reconsider the validity of the the cryptocurrency market, Libra launches next year with the promise of protecting customer information.

    Libra will be an alternative to Bitcoin and its many competitors in a market that many consider to be oversaturated. Facebook hopes to use its unique branding to differentiate Libra from the competition; opening the world of cryptocurrency to a much wider base. Those who use Facebook Messenger or WhatsApp will have access to Libra once it launches.

    Don’t understand cryptocurrency? Watch this Clickhole video where a man will mumble an explanation at you.​

    In all seriousness, accurately and fully explaining cryptocurrency falls outside the scope of this news piece. For those interested, I highly recommend this Investopedia article explaining Blockchain, the record-keeping technology behind cryptocurrency like Bitcoin and Libra.

    :arrow: Source
    Pluupy, H1B1Esquire, KiiWii and 4 others like this.
    Discussion (84 replies)
  1. Oleboy555

    Oleboy555 Wie dit leest is een zemmel

    Feb 8, 2017
    a cryptocurrency by facebook that protects customer information? what kind of alternate reality is this?
    Pluupy, Karones, Lucifer666 and 30 others like this.
  2. Chary

    Chary Never sleeps.

    pip Senior Editor
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    Oct 2, 2012
    United States
    Yes, because we all trusted Facebook with our information and that didn't go wrong in any way possible. So obviously, we should totally trust them with money.
  3. the_randomizer

    the_randomizer The Temp's official fox whisperer

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    Dr. Wahwee's castle
    I see this going over very well. :creep:
    2Hack likes this.
  4. FAST6191

    FAST6191 Techromancer

    pip Reporter
    Nov 21, 2005
    United Kingdom
    I heard it is also to be pegged to the US dollar or something so should be less volatile.

    That said +1 to the there is no way I am trusting facebook with financial info, much less one wherein they have the ability to say be gone peon as we just don't like you (see various banning waves) and I am left scrambling.
  5. Roamin64

    Roamin64 GBAtemp Regular

    May 24, 2007
    The whole point of Bitcoin and crypto is exactly that , to protect our personal information. Now they want to tie their crypto to "users who already use messenger and whatsapp", linking user info , pics, ad preferences directly to money accounts? There is no way anybody gets a hand on my crypto unless they beat me to a pulp to get my credentials... and even then! How many punches will facebook take for you before it hands out the owner info of a wallet that the government is trying to seize.. But go right ahead and release it , it will only make bitcoin even more valuable.
  6. Godofcheese

    Godofcheese GBAtemp Regular

    Dec 31, 2016
    Shivering Isles
    This is some mirror world bullshit
    Facebook and "protect the users information" does not go hand in hand.
    Pluupy, Mnecraft368, VinsCool and 5 others like this.
  7. Viri

    Viri GBAtemp Addict

    Sep 13, 2009
    United States
    Isn't the whole point of crypto currency to be, ya know, cryptic? Something about Facebook and being cryptic seems a bit off, loool. Maybe next Facebook will open a secure VPN, lol.
  8. x65943

    x65943 Dr. Rabbi Prince X, Sr., Ed. D.

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    I cannot think of a company I trust less with money
  9. Mikemk

    Mikemk GBAtemp Advanced Maniac

    Mar 26, 2015
    United States
    "Facebook Details Libra ... launches next year with the promise of protecting customer information."
    Ignoring the already stated, "Facebook protecting customer info?" reminds me of xkcd 463
    A properly implemented crypt currency shouldn't have any user information to protect.
  10. leon315

    leon315 POWERLIFTER

    Nov 27, 2013
    more info for u guys.

  11. Foxi4

    Foxi4 On the hunt...

    Global Moderator
    Sep 13, 2009
    Gaming Grotto
    This is completely pointless and contrary to the general premise of crypto. The entire point of crypto currency is decentralisation - nobody is supposed to be "in charge" of it, there is simply a certain amount of it that can be mined, mining becomes progressively more difficult and the value of a "coin" is relative to the demand. The beauty of Bitcoin is specifically the fact that it is volatile - it's only as valuable as Bitcoin owners say it is, it's free market in its purest form. A crypto currency shouldn't be "pegged" to anything and of all corporations, Facebook is the last one on the list that I would task with designing one. Since it's this idiotic, it will no doubt catch on, especially among "normies" with little to no experience on the Web.
    dAVID_, Pluupy, Kraken_X and 8 others like this.
  12. This...is...the...stupidest...idea...ever.

    Lemme tell you something. Facebook couldn't be trusted with privacy because they are all stuck up schmucks especially the founder/CEO. Why the fucking hell in any reality would I or even anybody for that matter trust them with our money? Its a good thing i've never used Facebook because privacy is my #1 concern.

    Cryptocurrency is also like the stock market...it fluncates so you'll either be shitted on or be basked on in the glory of god. So no way in hell this is gonna work.

    For Mark: Fuck you and your company...i'm glad your ass got removed. It's probably better this way.
    Bladexdsl likes this.
  13. Panzerfaust

    Panzerfaust Member

    Oct 25, 2018
    no. because no

    DANTENDO I Won year sub Edge mag 1996 hot topic digitiser

    Mar 10, 2019
    United Kingdom
    Don't understand crypto currency and really can't be arsed to understand it and not for me anyway as I'm a scorpio
    BORTZ likes this.
  15. shamzie

    shamzie Oh David de Gea <3

    Mar 19, 2014
    How long until your money is confiscated for 'violating community guidelines'
    Pluupy, CrossOut, air2004 and 6 others like this.
  16. The moment you join and add some money boom! Instant "violation"
    Subtle Demise likes this.
  17. Solitario

    Solitario GBAtemp Regular

    Feb 18, 2018
    Face Coin
  18. fatHusky
    This message by fatHusky has been removed from public view by Quantumcat, Jun 21, 2019, Reason: Not an imageboard.
    Jun 20, 2019
  19. PRAGMA

    PRAGMA GBAtemp Addict

    Dec 29, 2015
    Maybe EA
  20. uyjulian

    uyjulian Homebrewer

    Nov 26, 2012
    United States
    United States
    This is a GDPR bypass, as companies are forced to keep financial information for KYC/anti-fraud purposes.