This is a horrible idea. Facebook is known for being fascistic in their censorship

Hell, even without Libra deployed on the line, Facebook Inc. has already risked a lot of personal information in the open. With the said crypto being deployed and the frenzy of cryptocurrencies becoming so evident to the masses, Facebook's Libra is just a ticking time-bomb waiting to explode, and the fuse would be ignited by of course, the relentless pursuit of people wanting to get into the craze and letting greed take them over, thinking that Libra is x times better than bitcoin.


Point is, once funds are stolen in cryptocurrencies, the trail is hazy and there's little to no chance of getting it back due to its nature of being irreversible and harder to track unlike cold, hard cash.

Centralized cryptocurrencies will never win. It will take time but people will realize that having sole access to your own money is important. You don't want someone else to have keys to to your house or your car then why do you want others to be able to tell you what you can buy?

Facebook coin will remain a token for FB users to buy coffee and stuff it will never be a store of value.

Yeah well Trump doesn't know jackshit

I wouldn't be surprised if they're already practicing it. This is a proven method is a centralised payment system, like credit cards (banks) already. Of course not only that group is laughing with this so called Libra coin, but anyone who has been in the crypto for so long knows that something is not right here and it boils down as to how are you willing to sacrifice your privacy and personal data for a company that has a history of not taking care of their customers privacy, and that is the trade-offs.

We already have our personal information expose from the day you sign up on Facebook, signing up for kyc or having a gmail account that sync all your info in your device, i think Libra is just an icing on the cake,
One thing is clear though, if hodling a libra coin will compromise your info than it already is then don't hodl any, problem solved.

Facebook's Libra would be very similar to the use of Crypto currencies via services like Coinbase. In both these scenarios you would not be in control of your "token", because the centralized service would dictate how you would be able to use it. <ToS>

They will also have full control over the Private keys for those "tokens" and that gives them control over your wealth that is stored on their platform. They can "reverse" transactions on their internal ledger and they can blacklist specific tokens if they wanted to do that.

Bitcoin is not meant to work like that and that is the main difference between Libra and Bitcoin use via centralized services. Bitcoin = true financial freedom and protection.  

Libra should never be compared with Bitcoin and many are already saying that this is not actually cryptocurrency. However, I could not fathom why we have this big fear on this if this is not something that many people will really love because of its inherent defects? Or are we assuming that Facebook is gonna forced us to use it otherwise can't anymore use the free Facebook platform?

A defective product or service can never prosper in an open market...and since Libra is a very defective proposition or idea then soon afterwards this will just die a natural death. For instance, I will never be buying any Libra coin all because I am not interested with it and that it is a stablecoin so there is nothing to speculate here.

Or am I missing something with the whole picture?

Yeah from the look of it, Libra will not be welcome by most crypto lovers with open arms, it will really face alot of criticism and challenges but in time people will warm up to it (that is for those who are willing to do so), i guess Mr Mark will have his hands full trying to convince people to view Libra differently