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Libra - Thoughts on the Potential Effects on the Crypto Sphere by scipio

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· @scipio · (edited)
$64.23
Libra - Thoughts on the Potential Effects on the Crypto Sphere
# Libra - Thoughts on the Potential Effects on the Crypto Sphere

![libra-logo.jpg](https://cdn.steemitimages.com/DQmSZGvzAPPDbEDN2T4ntXuButByRXwqSY4gSLkyhsozufu/libra-logo.jpg)

# Libra - Thoughts on the Potential Effects on the Crypto Sphere
Earlier this week, the rumours that Facebook would initiate a new blockchain project including a “stable-ish” cryptocurrency to form a new global financial infrastructure became true with the official announcement of “Libra” (previously dubbed as “Facebook Coin”, “Global Coin” and even the “Zucker Buck”).

Whether or not you like the Facebook platform, its organisation, its previous and current behaviour regarding privacy and data, and what you might think about Facebook’s reputation based upon that behaviour, it’s a fact the various app-based platforms Facebook already (co-)owns combined have an immense market reach, as billions people around the world use Facbook.com, Instagram, Facebook Messenger, and WhatsApp.

With the announcement of the Libra Project, the website https://libra.org/ has been released as well, and I must say that that website in and by itself both looks amazing and very professional, and contains content that’s very well thought-out and promising at the same time.

Libra is also adopting the Open Source route: the main GitHub account https://github.com/libra/ has been created, and already 2 repos are included in it:

- https://github.com/libra/website , referring to what I’ve just described in the previous paragraph;
- https://github.com/libra/libra , containing “Libra Core” (currently a working prototype), with APIs and an early-stage testnet of the Libra blockchain software.

The [Libra Whitepaper](https://libra.org/en-US/white-paper/) also mentions a new programming language called “Move”, with which smart contracts and translation logic will be implemented. More detailed technical information about the Move programming language has also already been published [here: the Move Paper](https://developers.libra.org/docs/move-paper), including a CLI which can be installed already on Linux (RedHat / Debian) and MacOS systems, and tested for (test) account creation and (test) transactions.

# Libra has the potential to become huge
It’s become clear, at least that’s the impression I get from this all, that Facebook is “going All-In” on Libra. To Facebook, apparently Libra isn’t just “some side-project”, not “_some weak attempt_” to “_do something with blockchain and crypto as well as everybody else_”, but a very powerful move to take a leadership role in initiating and catalysing a new financial ecosystem which has the potential to transform - disrupt even - the global economy as we know it. And it’s not just Facebook alone and by itself either: already 28 organisations across the globe, some very big brands including the likes of Visa & MasterCard, Uber, CoinBase, PayPal, Spotify, Ebay and Vodafone, have joined Facebook’s initiative to form the “Libra Association” as so-called “Founding Members”. 

![libra-network-partners.png](https://cdn.steemitimages.com/DQmWRY5jK6TtRv7Yo2stHdKrqRgi3tZdDjMNxNBWCQ39TmX/libra-network-partners.png)

Facebook is aiming to on-board around 100 Founding Members before launching the Libra mainnet, now apparently scheduled to take place somewhere around January to June 2020.

To anybody involved in crypto already: **Libra is Huge** and if you haven’t already, I suggest to read-up about Libra and inform yourself as to what it could and probably will do for the world of crypto, so that you can make an informed decision about if and how to get involved.

# A few potentially interesting Libra Key Aspects

### the Calibra Facebook subsidiary & first-product digital wallet “Calibra”
One of the Libra Association Founding Members will be “Calibra”, a new Facebook subsidiary. As [officially announced by Facebook here](https://newsroom.fb.com/news/2019/06/coming-in-2020-calibra/) Calibra’s goal is

> to provide financial services that will let people access and participate in the Libra network.

As a first product the Calibra subsidiary will introduce a similar dubbed digital wallet (“Calibra Wallet”) to store and transact Libra tokens with. Apparently this Calibra wallet will be functioning as a stand-alone app, as well as be integrated into WhatsApp and the Facebook Messenger app. The idea here seems to be introducing the Libra token and blockchain ecosystem to the billions of people already using Whatapp and FB Messenger.

![calibra-wallet-mockup.png](https://cdn.steemitimages.com/DQmZtv4YE5T5CT4HejVtEuLJpv35MxQtTmj1PoUULF3SKm5/calibra-wallet-mockup.png)

### Libra is open to externally-developed competing wallet apps and integrations
Interesting is the following statement made by Facebook’s “Head of Calibra” executive David Marcus in response to some (excellent!) questions asked by Bloomberg's interviewer Joe Weisenthal in this Bloomberg Technology video:

https://www.youtube.com/watch?v=BYxH38H7AZQ

David Marcus stated literally (transcribed by me from this video interview):

> **While we are starting with a permission’ed blockchain on the nodes’ side of the house, the blockchain will be open, meaning that people and companies can build services on top of the blockchain. You don’t need to be a member of the Association to build a wallet on top of this new network, and as a result we will have a lot of competition for our own wallet.**

With the Libra code repositories being Open Sourced, and directly following the aforementioned “wallet competition” statements, this will (probably) mean that the Libra token can’t only be acquired with fiat on-ramping, but via crypto exchanging as well.

Suppose (and this scenario seems highly probable even) **crypto wallet and exchange** [Exodus](https://www.exodus.io/) integrates Libra into its existing app. Then exchanging crypto (for example Bitcoin) for Libra can be done within that app. Registering yourself on an exchange such as Binance, Bitstamp, and/or (Libra Founding Member) Coinbase isn’t needed to acquire, store and transact Libra tokens.

![exodusLogo.jpg](https://cdn.steemitimages.com/DQmPDvBco1BQrksrsPLyGawkbwTeBZhxAgUd3HjCzMdtrew/exodusLogo.jpg)

### Libra vs mobile payment systems (Apple Pay, Samsung Pay and Google Pay)
If we combine Libra with recent payment technology advancements (using NFC, Near Field Communications, to let smart phones communicate with Point of Sale (POS) terminals), used by mobile payment systems such as Apple Pay, Samsung Pay and Google Pay, then spending Libra crypto currency at just about any retail store using NFC-enabled PoS terminals becomes a reality.

With both Visa and MasterCard being among the Libra Association’s FoundingMembers, indeed, this scenario seems to become true very soon, potentially in 2020 already.

### No Banks are among the early Libra Association Founding Members (yet!)
Interestingly, no banks are among the early Libra Association Founding Members yet. 
Where some crypto enthusiasts may fear the (initial?) “semi-centralised” nature of the Libra blockchain, Libra seems to be mostly challenging the existing financial world instead of purely decentralised existing crypto projects such as - mainly - Bitcoin.

### “Open Source” driving Libra adoption
In case Libra would be closed-source, not only would that fuel rumours that “Facebook has evil plans to become Big Brother”, but it would also imply Libra wouldn’t take off. However, Libra being Open Sourced and well-documented allows everybody to build their own tech solutions upon the Libra Core code base. “Project Libra” _could become_ one of “Open Source’s” biggest achievements; in the same Champion’s Rankings as Linux, Wordpress and Bitcoin.

# What could Libra mean for the CryptoSphere as a whole?
If I’d had to make a personal prediction on **the future for Bitcoin** with Libra entering the market, I could suffice with just one word: **Bullish**. Where today only several million people and a handful of early corporate crypto adopters have invested in Bitcoin, with the billions of people that are using not only Facebook’s today’s infrastructure consisting of both apps and a social interconnecting ecosystem, but are using the Libra Founding Members’ infrastructure as well, that means “just about everybody” will be using crypto very, very soon. In case wallet and exchange apps like [Exodus](https://www.exodus.io/) integrate with Libra and become relatively mass-adopted as well, then Bitcoin’s Core Value proposition as being “Digital Gold” will become fully true.

Where Libra could grow and become a **World Currency** for day-to-day transactions, Bitcoin seems - IMO - to be positioned as a long-term investment class. And in case Bitcoin’s Lightning Network, which holds the potential for fast and permission-less almost zero-cost transactions as well, becomes wide-spread, where multi-wallets such as [Exodus](https://www.exodus.io/) and/or the Coinable wallet app become fully-integrated with the aforementioned mobile payments solutions using NFC/PoS terminals  and contain both Libra and Bitcoin, then everybody has a choice to pay with either Libra or Bitcoin - depending on their preferences.

On the other hand, there are smaller early-day crypto projects, **such as Dash for example**, that only (currently) have the potential to function as digital money, but lack a mass-scale user base. I’m “not-so-bullish” on the perspective of these kind of crypto projects.

Different types of crypto projects, that have a different potential and use case, including EOS, Cardano, Ethereum, IoteX & IOTA, Binance Coin **and Steem**, I’m bullish on as well: the use case of projects like these are completely different than  Libra’s.

EOS’s Voice (not talking here about the potential of EOS as a decentralised Operating System as a whole), however, I’m not too bullish on. “Voice” seems to be positioned to directly challenge Facebook & Libra, without its multi-billion user base, without Libra’s Powerful Partner Network, with the only exception of “decentralised content”.

Steem on the other hand, I am bullish on. Steem is for example (as we all know) “multi-capable” (used for blogging, social interaction, gaming, decentralised token creation and exchange via Steem Engine, et cetera). I think SPS and EIP (HF21) will do away with many of the current Steem-related issues, therewith positioning Steem as a multi-faceted blockchain platform, community-driven, on which content creation and curation is rewarded, as is being entrepreneurial. Steem might perhaps remain “a niche platform”, but serves valid use cases and has the potential to survive, where many early day “alt projects” will probably be gone very soon with Libra on the rise.

_The Future Seems Bright, so Steem On!_

Thanks for reading!
Kind regards, @scipio
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@krischik ·
What exactly has this do to with UTOPIAN-IO ?
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@scipio ·
If you ask that 3 minutes after I've posted this, you haven't even read the post...

=> in the post I'm explaining the Open Source nature of Libra, both technically and sociologically, how exactly that Open Source nature drives Libra adoption in specific and crypto adoption in general.
=> @utopian-io has a category `#blog` as well, which I've tagged here now.

**Read first, comment later** ...
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@krischik · (edited)
UTOPIAN-IO blog post must follow the UTOPIAN-IO guidelines:

https://join.utopian.io/guidelines/

And use the UTOPIAN-IO template for their post:

https://github.com/utopian-io/editor-templates/blob/master/blog
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@cryptocurator ·
$0.12
A very detailed article and I learnt some new things: in particular the open source aspects of Libra which I didn't know about. Very pleasing to see you are still bullish on Steem. Thanks for sharing @scipio
👍  ,
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@scipio ·
The Steem ecosystem is undergoing tremendous developments lately, both on the surface and "behind the scenes". A Massive Force such as Libra entering the cryptosphere is a huge deal, as it has all the potential to be mass-adopted and disrupt both the financial / banking sector as many alt-crypto markets as well. 

Thx for replying!
👍  
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@cryptocurator ·
$0.02
The scale of the Corporate Partnerships in Libra May never have been seen before. I agree the disruptive nature of the venture could be groundbreaking. 

Posted using [Partiko iOS](https://partiko.app/referral/cryptocurator)
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@mindtrap · (edited)
$0.10
Great analysis and a great read too. Glad to see there are people who are bullish on steem, particularly those words come from people who "speak" to the code and explain the reasons why.

Who would have thought that the most centralized platform of them all will be the reason for crypto mass adoption.
👍  ,
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@scipio ·
$0.03
Indeed! Facebook being both originally completely centralised, now leading the Libra Movement, is both remarkable as it seems contradictory, but true regardless!

PS, glad to hear of you again @mindtrap!
👍  
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@mindtrap ·
$0.02
It's been a while isn't it?
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@artturtle ·
$0.03
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@scipio ·
Thx @artturtle! :-)
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@karinxxl ·
$0.06
I can only agree with you that this event will surely be groundbreaking for all and to be honest, I dont think in a bad way... especially getting straight into exodus surely a couple of this 2.4 FB billion users will do something from here in the crypto space.. it aint a bad thing!

damn...look at that list of parties that want to be in...its gonna be massive! cool...but also scaaaaary
👍  ,
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@scipio ·
The more parties involved, the less they can individually "do to consumers". Is that what you think of as "scary"?
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@karinxxl ·
$0.05
on the contrary....on the one hand it seems super good that more parties are involved because then it can actually become something that might be a new standard and succeed....

on the other hand...(same as with all crypto)..when these kinds of initiatives take over initial fiat...what will happen to the world
👍  
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@jasonbu ·
$0.12
Nice write up and bang on... I think it is a huge thing and those cryptos that have no other offering, other than a payment will die off. As you mention. On the other hand I'm bullish on Steem... one thing the announcement has done is bring cryptocurrency to the masses... I have people, like my mother (78), asking me about crypto! 

I've been all over it for the past couple of days, this is a **must** know topic. Again, great write-up.

Posted using [Partiko Android](https://partiko.app/referral/jasonbu)
👍  ,
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@scipio ·
Thx @jasonbu! And I completey agree with you that "Libra" is indeed _Must Know_!
PS, nice talking to you again!
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@bubke ·
$0.12
nice thoughts, i truly enjoyed reading this, another major 2020 event on the list.  i have been pondering quite a lot about possible cash coins, this might become the one, such a backing

Posted using [Partiko Android](https://partiko.app/referral/bubke)
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@scipio ·
$0.05
> this might become the one, such a backing

Yup, agreed, that Libra could become the "break-through" crypto stable currency.
PS, Libra isn't pegged to one asset (like propoer USD-backed tokens such as PAXOS), but rather backed by an "asset basket" including USD, EURO, YEN, but (potentially) Bitcoin **as well**. 

^^^ If and when Bitcoin is included in Libra's backing-basket, then the bigger Libra grows, the more the backend fund needs to buy Bitcoin **itself**... So not only will Libra provide stability like stable coins as we know them, but if and when "traditional fiat" would fall flat, then _because_ of the mixed-bags backing assets of Libra, it will stay pegged to "value" instead of "fiat value" <== truly interesting!

And thx for reading and the kind words! :-)
Kind regards, @scipio
👍  ,
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@amico · (edited)
$0.02
Anyway... who can tell me what is the intrinsic value of the coins that will make up Libra's basket?
For example, the Euro: is the intrinsic value given by the number of people who succeed in enslaving, thanks to its system of issuing an eternal and inextinguishable debt? And/or what else?
Thank you!!!
👍  ,
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@scipio · (edited)
$0.02
I was just replying this to @bubke :-)

> PS, Libra isn't pegged to one asset (like propoer USD-backed tokens such as PAXOS), but rather backed by an "asset basket" including USD, EURO, YEN, but (potentially) Bitcoin as well.

> ^^^ If and when Bitcoin is included in Libra's backing-basket, then the bigger Libra grows, the more the backend fund needs to buy Bitcoin itself... So not only will Libra provide stability like stable coins as we know them, but if and when "traditional fiat" would fall flat, then because of the mixed-bags backing assets of Libra, it will stay pegged to "value" instead of "fiat value" <== truly interesting!
👍  
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@amico · (edited)
$0.05
I fear that Libra only confuses ideas to the masses who will adopt it as good sheep, confused by their shepherds using words that have a completely different meaning... and everything will continue as before, only by moving the players that command the game from the central banks to the multinationals?

Let's see...

👍  
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@scipio ·
> only by moving the players that command the game from the central banks to the multinationals

^^^ this is exactly what could happen, but that makes "Bitcoin" the 3rd party exception.
In Dutch there's a saying: _"waar twee honden vechten om een been loopt de derde ermee heen"_, which (literally) translates as "where two dogs are fighting over a bone, a third dog takes it and walks away with it".
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@amico ·
$0.02
Oh yes, man!
In Italy, we say *"Tra i due litiganti, il terzo gode"* which (literally) translates as "Between two parties, the third gains". ;)
👍  
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@drakos · (edited)
$0.15
Mark Fuckerberg wants to increase his grip on the world and is becoming bigger than governments. Libra is bad news to me.
👍  , ,
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@scipio ·
... Which is exactly why I'm bullish on Bitcoin! ;-)
👍  
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@flemingfarm ·
$0.02
My concern is that we are just shifting the "monetary overlord" status from the banks to these corporations. Neither of which can be trusted as far as they can be thrown. While this will open up the adoption of crypto by the masses this will also be largely controlled  by the very corporations that are raping the public in many ways. I don't trust that this is for "the people's" benefit when this number of huge companies are signing on. They wouldn't sign on so quickly if they didn't stand to make a shit ton of money.  Control of your data, now control of your money.
👍  
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@scipio ·
You could be right! Time will tell. 
But as I've argued in the post, for crypto in general Libra seems to be a very powerful catalyzing force, crypto on-boarding potentially billions of people worldwide, who will be acquainted with Bitcoin and other value-providing blockchains and crypto currencies, giving people a choice.

The way I see it, Libra will enable people to spend crypto (most arguably: Bitcoin) via the Libra Found Partners infrastructure. Crypto won't be "for techies only", but genuinely mass-adopted. What else could be expected in the case of mass-adoption than the "powers that be" being active in crypto as well?
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@flemingfarm ·
$0.03
Adoption is the primary point of the whole endeavor I'm sure and it will do its trick well. I just hope that this opens people's eyes to the greater crypto world and the immense number of extremely valuable projects that have been languishing due to the constant ebb and flow of interest. More people using any crypto will help increase the visibility of all other crypto. At least that is my hope.
👍  ,
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@steemitboard ·
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@scipio ·
10,000 upvotes, seriously? And 1,244 on this post alone as of right now)?
Wow... I had no idea I was hovering below 10k upvotes **in total**.

Thx, @arcange for the insight!
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@gikitiki ·
$0.02
This should be very interesting.   Zuckerberg was the disruptor of the social media space back in the day.

He will soon be the disruptor of the crypto space. 

I'm wondering how long before apps like Splinterlands appear on Libra.   I recall how much simple gaming apps like Farmville and Candy Crush were able to make on the Facebook platform, this may open up another realm for them!
👍  
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@scipio ·
> He will soon be the disruptor of the crypto space.

Not completely! I think Libra will disrupt the financial system as we know it, not crypto...
👍  
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@gikitiki ·
We will wait and see.   I think Facebook will have the whole blockchain registering with [fintrac](http://www.fintrac-canafe.gc.ca/intro-eng.asp), so I don't see it having much more disruption on the current Financial System than Western Union does - except, hopefully lower fees.

I see him bringing the current financial institutions into crypto.  So, Wall Street will essentially own (from an influence standpoint) the exchanges.  

But, it's pretty early to speculate.   Exciting times to come.
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@rosatravels ·
$0.05
@scipio, very impressive. Thanks for giving us such a comprehensive overview of this new Libra coming on the scene. You did a great job!
👍  
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@scipio ·
Thank you @rosatravels, very kind of you!
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@steem-ua ·
$0.05
#### Hi @scipio!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your **UA** account score is currently 7.027 which ranks you at **#71** across all Steem accounts.
Your rank has improved 2 places in the last three days (old rank 73).

In our last Algorithmic Curation Round, consisting of 186 contributions, your post is ranked at **#8**.
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👍  
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@paulag ·
Its really interesting to read so many different opinions on this.  Hi @scipio its been a while since I engaged on a post with you :-)  nice write up which I don't know why, but I was expecting it to be a lot more negative.

I did a little test to see if facebook coin could help my stuff on steem - I think you will find the results interesting.  I'm, not a fan of facebook, but that doesn't mean I won't use it to gain an advantage when it suits me.
https://steemit.com/steem/@paulag/my-thoughts-on-facebook-libra-coin-and-first-test-results-prove-it-will-benefit-steem
👍  
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@abh12345 ·
A great read.  Bullish!
👍  
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@blanchy ·
I don't know why noone is reporting the importance of the name Libra. Who owns Gemini??  . The twins who are now billionaires now in their own right from bitcoin . Everyone knows Zuck holds grudges . Will he try to make bitcoin somewhat obsolete ??

Posted using [Partiko Android](https://partiko.app/referral/blanchy)
👍  
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@arcange ·
$0.05
Congratulations @scipio!
Your post was mentioned in the [Steem Hit Parade](/hit-parade/@arcange/daily-hit-parade-20190620) in the following categories:

* Upvotes - Ranked 8 with 1304 upvotes
* Comments - Ranked 8 with 54 comments
👍  
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@steem-plus ·
$0.05
SteemPlus upvote
Hi, @scipio!

You just got a **0.05%** upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
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👍  
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@knowledges ·
$4.99
Hey @scipio!
It looks like you kept yourself very informed about crypto trends and blockchain news. The project is barely a few days old and you have given this extensive details about it. Well done. 

Indeed, to many people, Facebook is "bad news" however, it is very hard to stop the trend since there are so many users around the world still using their product. 
It is very hard to speculate on the benefits this project could have on Facebook. I see that the project is actively developed. Let's all hope for the best. 

Thank you for sharing this piece of information. I look forward to your next contribution. 

Your contribution has been evaluated according to [Utopian policies and guidelines](https://join.utopian.io/guidelines), as well as a predefined set of questions pertaining to the category.

To view those questions and the relevant answers related to your post, [click here](https://review.utopian.io/result/1/2-2-2-3-1-2-4-).

---- 
Need help? Chat with us on [Discord](https://discord.gg/uTyJkNm).

[[utopian-moderator]](https://join.utopian.io/)
👍  , , , , , , , , , , , , , , , , , , , ,
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vote details (21)
@utopian-io ·
$0.04
Thank you for your review, @knowledges! Keep up the good work!
👍  
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vote details (1)
@utopian-io ·
$0.05
Hey, @scipio!

**Thanks for contributing on Utopian**.
We’re already looking forward to your next contribution!

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 Simply set @utopian.pay as a 5% (or higher) payout beneficiary on your contribution post (via [SteemPlus](https://chrome.google.com/webstore/detail/steemplus/mjbkjgcplmaneajhcbegoffkedeankaj?hl=en) or [Steeditor](https://steeditor.app)).

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@shaidon ·
$0.04
If they aren't going to pay Facebook users with it, then I don't see it as a concern or a threat to us on Steem in any real way. 
👍  ,
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vote details (2)
@claudio83 ·
$0.05
the only positive thing about Libra is that it has caught the attention of many regarding the existence of words like blockchain and cryptocurrency. All the rest instead is very far from the real meaning of blockchain and cryptocurrency. however somewhere you have to start and this BTC pump is due to the spread of the Libra project. We'll see what happens

Posted using [Partiko Android](https://partiko.app/referral/claudio83)
👍  
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vote details (1)
@por500bolos ·
$0.05
Sheez @scipio. This post is so optimistically well written from one side of the fence, that I have no choice but expose you to explore & find what's on the ['other side'](https://steemit.com/libra/@anonymint/facebook-s-libra-bitcoin-trump-israel-666-orwellian-dystopia) of the same fence. Hahahaha  };)
👍  
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@ione15 ·
Hmmm

Posted using [Partiko Android](https://partiko.app/referral/ione15)
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