"Facebook has announced a digital currency called Libra that will allow its billions of users to make financial transactions across the globe, in a move that could potentially shake up the world’s banking system.

Libra is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billion people using Facebook each month, Libra could be a financial game changer, but will face close scrutiny as Facebook continues to reel from a series of privacy scandals.

It could also be a welcome lift to Facebook’s profits: analysts are suggesting Libra could be a huge moneymaker for Facebook, arriving as its growth slows.

Technology to make transactions with Libra will be available as a standalone app – as well as on WhatsApp and Facebook Messenger platforms – as early as 2020. 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.

But with the company in the crosshairs over multiple privacy violations, the move is already attracting scrutiny from financial regulators and privacy advocates across the world. Facebook is currently facing a potential $5bn (£4bn) fine from the US Federal Trade Commission (FTC), which opened an investigation in response to the Cambridge Analytica revelations first reported by the Guardian and Observer.

US and UK officials have expressed concern about Facebook’s move into the financial sector. In May, members of the US Senate committee on banking, housing, and urban affairs wrote to Mark Zuckerberg, the Facebook CEO, asking him to answer questions on privacy concerns and financial regulation.

“It is important to understand how large social platforms make data available that can be used in ways that have big implications for consumers’ financial lives,” the letter said. “It is also important to understand how large social platforms use financial data to profile and target consumers.”
Facebook executives claim the Libra system will help the many millions of people without bank accounts but with access to mobile phones to enter the banking world and to more seamlessly send money."

https://www.theguardian.com/technology/2019/jun/18/libra-facebook-cryptocurrency-new-digital-money-transactions

2 months ago

Comment has been collapsed.

Good thing?

View Results
Yay, you can have my pin/creditcard info too.
No, i value my privacy...
Mweh

deleted my facebook like 4 years ago

2 months ago
Permalink

Comment has been collapsed.

+1

2 months ago
Permalink

Comment has been collapsed.

View attached image.
2 months ago
Permalink

Comment has been collapsed.

When did social media became something more then just a fun activity to participate on your free time ?
Every day it seems social media swallows up daily life of everyone and now they are even trying to get ahold of money as well..

2 months ago
Permalink

Comment has been collapsed.

i'm guessing they are moving away from selling your info for making money off this digital currency

2 months ago
Permalink

Comment has been collapsed.

Ooooo, tough guy Facebook destroying the global markets like a boss! :O

2 months ago
Permalink

Comment has been collapsed.

Zuckerberg has one of the world's most punchable faces. I wouldn't mind seeing the guy thrown into a wood chipper either.

2 months ago
Permalink

Comment has been collapsed.

Screw Zuckerturd, Screw Facecrook.

2 months ago
Permalink

Comment has been collapsed.

None of the poll answers fits me.

I value my privacy very much and use only dummy FB account to easily register to different not-too-important sites, and for stuff like tasks for GAs.

On the other hand, I would like very much to have at hand a more friendly and universal PayPal-like payment provider, and I think, FB has a good chance to succeed with this tasks. So, if they handle the privacy right (and I don't think, that they will want to limit this offer only to FB users), I may easily become one of their customers quite soon.

To summarize. This is something, that should have been created already a while ago, and they have the muscle to pull it through. Lets hope, that they do it right (or do it so badly, that they will provoke someone else, like Google, to do it right).

P.S.
Reading this thread it seems like most people posting here hate Zuckerberg so much, that they totally forget, what banking establishment does to the economy and to it's customers.

Let me point out, that if FB ever runs into troubles due to it's financial speculations, most likely it will not be rescued with milliards of dollars from taxpayers' purses, unlike large banks, that lately seem to take it for granted.

2 months ago*
Permalink

Comment has been collapsed.

Yeah, all those banks that promised to do better, but they still go on like they used to.

2 months ago
Permalink

Comment has been collapsed.

The robot banned me years ago. Going to laugh when those money changers run off with other people's money.

2 months ago
Permalink

Comment has been collapsed.

This was the first thing I thought when I read it. I wouldn't trust them with any amount of my money.

2 months ago
Permalink

Comment has been collapsed.

Facebook II: The Return Yolley, coming soon to a theatre near you!

View attached image.
2 months ago*
Permalink

Comment has been collapsed.

View attached image.
2 months ago
Permalink

Comment has been collapsed.

I don't know what to think, it's not easy to figure how it will impact everyone and everything.
Are people ready to use cryptocurrencies? I don't know if I want to link my money to that, I don't know if people want to link their money to that.

2 months ago
Permalink

Comment has been collapsed.

Are people ready to use cryptocurrencies?

Hopefully not. The point of cryptocurrencies was to free people from the banking establishment. Not to trade the banking establishment for the Big Tech mafia.
But when FB starts forcing advertisers and app creators (and users) to use their currency rather than dollars, chances are people will just say "okay".

2 months ago
Permalink

Comment has been collapsed.

It's really a bad joke. The problem of people who don't have a bank account is that they're very poor, not that they don't have a bank account... Cash works (and we should make sure it keeps working if we want to keep a slight bit of privacy)

2 months ago
Permalink

Comment has been collapsed.

"We sold your secrets... trust us with your finances"

Gotta be an out-of-season April's Fool joke, right?

2 months ago
Permalink

Comment has been collapsed.

You know, I say that so often I just gave up and decided we live in clown world now. Everything's just one giant bad joke after the next lol

2 months ago
Permalink

Comment has been collapsed.

honk honk

2 months ago
Permalink

Comment has been collapsed.

LUL

2 months ago
Permalink

Comment has been collapsed.

I HATE FACEBOOK!

I preferred it when we just used things like Bebo or Myspace in the casual sense, even Facebook wasn't that serious in the start. Some people spend their whole friggen lives on Facebook already. It's not healthy. I have one, but... I barely use it. My family might share photos of big events like weddings, graduations or that kinda thing with each other, and that's fine, but I NEVER put my everyday social life on there. It's none of anyone's business.

At one point years ago, before I realised just how super seriously people take it, I changed my status to married to get some guy to stop messaging me. Strangers could message you that time, there were no proper security features for that stuff. So, I was basically trolling. ! I wasn't even in a serious relationship, but had been dating a guy for a short time. (He didn't live nearby and didn't use facebook, so he wasn't gonna know I did it. He would understand anyway about being harassed.). People who actually knew me in real life and know I'm a bit of a prankster fell for it. I couldn't understand why because it was so fkn obvious I was messing. The next day, I put "got divorced" because the reactions were nuts. People in my town were so angry. They didn't see the funny side. I guess the town gossips had already begun wagging their tongues and I made fools of them all. LOL! Oopsies.

The purpose of Facebook is basically to be prying eye into everyone else's life, not just for the company, but for "friends" too. Some people spend all day trawling other people's profiles and their friends profiles and so on. I honestly couldn't give a fiddler's what other people do. If I log in and something comes up on the feed, I'll say congrats or whatever, but I don't go reading people's pages. Can't be arsed.

2 months ago
Permalink

Comment has been collapsed.

Ha! That's what they get for gossipping. My best bud and I (he was a very openly gay man) put that we got married and you should have seen the comments lol We "got divorced" a week later and man were some of my family (lot of gossips in the fam) were so pissed a couple still won't talk to be like close to like 5 or 6 years now. I guess the rumor was that I was obviously pregnant and we had been making it up that he was gay so no one would know LOL

2 months ago*
Permalink

Comment has been collapsed.

LMAO! That's hilarious. When I did mine it must've been about 10 years ago. I didn't yet understand just how serious Facebook was. hahahah!

At least my family took no notice of what I put on Facebook. They'd never take something like that seriously. Hahah! But yeah, serves the gossips right! XD

2 months ago
Permalink

Comment has been collapsed.

Crypto is a scam backed up with nothing so its a "dude trust us" kind of deal which works because of pyramid scheme. Banking got no value behing them nowadays either, so cash is still the most safe and useful kind of payment, no matter how much they want to jam this down our throat

2 months ago
Permalink

Comment has been collapsed.

Cash is the same if it's not backed up by anything, ie here in the US after Nixon took us off the gold standard in 1971. Look at the price of an oz of gold now and then and tell me cash is worth the same. The Federal Reserve prints money out of thin air (quantitative easing) driving inflation and devaluing the currency.

I agree that there are still problems that need to be solved with cryptocurrency like speculation, volatility, and usability. Even still, at least with many projects the code is open and it's not controlled by a single organization.

2 months ago
Permalink

Comment has been collapsed.

wouldn't mind seeing this actually working. might be also the "next" Facebook. thou, i'm kinda suspecting someone will block this project (or they'll ask Facebook to "totally, completely transform" itself, like selling all the social part).

this is the most interesting bit, imo, of the "whole story":

Companies involved include Mastercard, PayPal, the crypto exchange Coinbase, and eBay. Also joining the Libra Association are ride hailing startups Uber and Lyft and non-profit financial organisations Women’s World Banking, micro-loan platform Kiva, and humanitarian aid group Mercy Corps. The foundation will be headquartered in Geneva and Facebook claims it will be independent from governments and the company itself.

like, together they cover pretty much everything you need to make it succeed. Kiva included, and that surprised me, even more. I've used and appreciated that site a lot. plus, the non profits, Geneva headquarters...

(rest assured, your privacy will be respected, as usual. don't like Facebook handling your data? and what about Whatsapp or PayPal, ...eBay? Never ever paid an Uber with a Mastercard? ...)

2 months ago
Permalink

Comment has been collapsed.

Yeah but facebook used alot of people's profile information or whatever without people's permission, but the scary thing is that Facebook is alot bigger and has more information on you that it (ab)uses, and it's one of the so called big 4 with Amazon, Google and Microsoft, and like how Siri has "infiltrated" into people's homes, and they also been spied on. Alltogether like that Orwell's Big Brother is watching is coming more and more true.

2 months ago*
Permalink

Comment has been collapsed.

Facebook has proven that they are too irresponsible to handle something like this. Never mind privacy, they are more than happy to let entire countries believe that they are actually a legitimate source of information and news, without any kind of oversight or monitoring, and here is the result.

As Binance can tell us, the business of cryptocurrency exchange is still a new frontier and can be plenty risky and probably not the best business choice for a company like Facebook, considering their security track record.

I'm not sure that I understand the need for this, since people who don't have bank accounts or credit cards can use Paypal with a prepaid gift card.

2 months ago
Permalink

Comment has been collapsed.

Now if only amazon pay would add PayPal..

2 months ago
Permalink

Comment has been collapsed.

Stealing comments from /r/cryptocurrency:

Your recent post has breached our community guidelines.
Your account and wallet has been suspended for 3 days.

Unfortunately, your social credit score is below threshold for participation.
Please review the guidelines of citizens' behavior at facebook.com/obey. Your next score update is scheduled in 6 months.

2 months ago
Permalink

Comment has been collapsed.

china?

2 months ago
Permalink

Comment has been collapsed.

Yeah, and Black Mirror (which was inspired by China).

2 months ago
Permalink

Comment has been collapsed.

i'm scared they will push a social score into other countries.
"dead sir you have only liked one article and only clicked on 2 adverts this month so we are locking your wallet untill you can be more social"

2 months ago
Permalink

Comment has been collapsed.

Reading "Facebook" and "crypto" in the same sentence is quite the oxymoron. It's both hilarious and depressing.
And with that said, would you trust Zucc with your money, when he can't even be bothered to protect your data?

2 months ago
Permalink

Comment has been collapsed.

Sign in through Steam to add a comment.