Posted: Jun 21, 2019 11:59 pm
by jamest
tuco wrote:
jamest wrote:The Facebook coin is a fucking joke. If anyone wants to know why, just ask.

I would like to ask. Seriously.

Okay, well firstly read my previous post: the Libra is not an investable asset. It's sole purpose is to serve as an alternative digital currency enabling borderless transactions which will eliminate/minimise the fees that most banks often charge. Facebook will even reward holders with discounts (and probably free coins) as an alternative to bank interest rates rewards. The bottom-line though is that you aren't going to get rich by acquiring it with your Euros, unlike say bitcoin (or numerous other

There are other problems too. Firstly, this coin, although pegged to a basket of prominent fiat currencies as a whole, is not pegged to any of them specifically. How that pans out when one or two of them take a nosedive, especially the US dollar, is anyone's guess.
Secondly, there's nothing decentralised about this at all, from the company (Facebook) to the coin. Indeed, given that Libra threatens to undermine the banks (by people moving their savings into Libra to save fees), and given the importance of banks (mortgages, pensions, stocks) in maintaining the economical status quo, the longevity of this exercise is very questionable. I mean, as a centralised project, it will be very easy for governments to regulate and/or curtail it.

So, whilst there are many people out there who might buy Libra, those people won't be holders of cryptocurrencies, because people who invest in cryptocurrencies do so for two main reasons:

1) To make money.
2) To make money in a realm which they feel is relatively safe from government control.

When your government is in dire need, it will screw you over. They will rob your assets, fact, read your history. Given the precipice upon which our current economic system resides, I predict theft of epic proportions within the next handful of years. My advice: buy crypto, gold/silver (delivered to your home), or perhaps property. Whatever you do, don't trust your wealth with the banks/stockmarket/government. If you've got any kind of pension or savings etc., gain as much control of it as you can asap. I.e., give your government/bank the least control over your wealth as you can.