Will you use Libra? (Facebook's new currency)

[Zak33]

They have aplied to the Swiss banking system for a payment licence, so as they say "go big or go home"

https://uk.reuters.com/article/uk-fa...-idUKKCN1VW0H5


Will you be using Libra?

[Smudger]

No.

And the page won't let me just answer 'no'.

So nay, nonny nonny. No.

[Ttaskmaster]

Oh, yes indeed - If Facebeook tells me to do something, it must be alright, surely.....?
I bet it will be all in one place and as convenient as the rest of Facebook, too!

[jim]

I know it's fashionable (and legitimate) to hate Facebook, but even putting that aside - why?

I'm really open to new payment methods where they make my life easier. I've made a couple of big changes in the last couple of years to embrace new payment / fintech technology where it makes my life easier.

But I can't even think of a way that this would help me. Right now I have multiple credit, debit and emoney physical and virtual cards that allow me to make payments in a matter of seconds. So what's new to the table?

So far from crypto I've seen nothing other than anonymisation which has little direct benefit for me - and given that Facebook is the antithesis of anonymisation we're bound to lose that benefit anyway.

[Zak33]

here's what I think might occur.

might

to get a new thing to work, you need people to use it. And to use a new thing, you have to make it value/cheap for something they already use or want

so what if.... and this is what I'd do.. what if they offered Facebook services such as adverts at a discount if you paid in Libra? What if people could earn Libra while using Facebook? And what if they got other products valued in Libra too?

[Smudger]

After what Facebook did with my data, I'm not letting them have any of my money.

[peterb]

Not a chance - why would I use it preference to a debit/credit card?

[Mr_Jon]

here's what I think might occur.

might

to get a new thing to work, you need people to use it. And to use a new thing, you have to make it value/cheap for something they already use or want

so what if.... and this is what I'd do.. what if they offered Facebook services such as adverts at a discount if you paid in Libra? What if people could earn Libra while using Facebook? And what if they got other products valued in Libra too?

This will likely be how it takes off (if it takes off). As a business owner who advertises on facebook, I suspect that'll be the de facto way of paying for adverts - but all without inconvenience to the user, it'll all be handled with one click. And there's a lot of businesses who advertise on there.

There's their marketplace too. I don't use it myself - I prefer looking at descriptions that don't make my eyes bleed - but I know plenty of people who do, and regularly. If that's handled in a likewise easy manner, then libra gets a massive headstart.

[g8ina]

nnnnnnnnno

[spacein_vader]

I'll definitely start using it...


...the day after Saracen does.

[[GSV]Trig]

I've got no issues with privacy or any sort of currency so I'm a solid maybe..

[Zak33]

I've got no issues with privacy or any sort of currency so I'm a solid maybe..

are you convinced your money would be safe Trig? Would you allow a sensible sum of money to sit in it?

[Output]

It's a definitive no from me.

Not only does it seem pointless to me as yet another cryptocurrency entering the very crowded space, but I'm sceptical of cryptocurrencies in general anyway as they generally look like a big hassle to acquire without mining (which is also a hassle itself), and I'm not a fan of mining either anyway given the effect it had for so long on everything and for seemingly no useful purpose.

Add that to the fact that there are already plenty of normal payment methods to use anyway, and there's no need to complicate things even more with the many cryptocurrencies.

[Spud1]

I'm not particularly sure why I would want to make use of it.

I use bitcoin regularly, and other cryptos when the current BTC transaction fee is too high, and i don't see any paritcular advantage to using Facebook's alternative. BTC already does it's job perfectly well (principally for me that's effectively insulating me from currency fluctuations, and making me money when it goes up )

I do wholeheartedly support discussion and promotion of Libra though as every time there is positive news about it, the BTC price goes up

[Ttaskmaster]

I do wholeheartedly support discussion and promotion of Libra though as every time there is positive news about it, the BTC price goes up

Is it especially high right now, though?

A friend of mine keeps going on about how he's going to buy some, usually right when it's really high, and then just before he actually does it seems to plummet down almost to penny-sweet values....

[Saracen999]

I'll definitely start using it...


...the day after Saracen does.

I think it's a great idea, and will be using it as soon as it's available.

And if you believe that, U've a got a great Rolex here at a bargain price. I know it says Timex, but that'sca printing mistake and why it's cheap, honest. Besides, what difference does three letters make? And, while you're there, these great gold mine shares on the moon are a great buy.

Space-in? You alright, dude? Erm, somebody call spacein an ambulance. I think he took me seriously and had a heart attack.

Just for clarity, I will certainly hive due consideration to Libra ... starting the day the sun (our solar system's star, not the newsrag) goes nova. And after such consideration, then I'll tell FB, in anatomically accurate detail, where to stick Libra.

TL : DR version ...... No.