Gerry Tebben writes:
I don't understand the whole concept of cryptocurrency, but was amused with the illustration on the June 18, 2019 New York Times
article on Facebook's global currency ambitions. I loved the motto: IN ZUCK WE TRUST and think the profile kind of looks like a mashup of Hitler and
To read the complete article, see:
Faebook Plans Global Financial system based on
I definitely got the Hitler vibe from this. "Zuck" refers to Facebook founder and CEO Mark Zuckerberg. Here's an excerpt from an
article that provides a great overview. Be sure to read the complete article online for more. -Editor
Facebook has finally revealed plans for a cryptocurrency called Libra, one of the worst-kept secrets in the history of virtual money.
After six months of news leaks, the massive social network and 27 other partners are touting the Libra digital coin and Facebook's corresponding
digital wallet, Calibra, as a way to make sending payments around the world as easy as it is to send a photo. The new currency—linked to a basket of
major currencies, like the US dollar and perhaps the euro—could make it cheaper and easier to transmit money across borders, as well as to pay for
things on the internet. The partners say they plan to launch the Libra ecosystem in the first half of next year.
If successful—a big, humongous if—Libra could bring millions of people into the digital financial system, allowing them to leapfrog costly banking
infrastructure and avoid smaller, volatile currencies. It could also make Facebook's platform of 2.7 billion users (including WhatsApp, Instagram,
and Messenger) more powerful than ever, creating a new, widespread digital money that challenges scores of financial institutions.
Or it could sputter out, like so many overhyped projects that came before it. Consortiums with powerful partners can be unwieldy. Consumers might
avoid it because of a lack of trust in a globe-spanning effort led by a Silicon Valley titan. Ambitions to bring bitcoin into the world of Wall
Street have mostly fizzled.
But Facebook and its family of apps, which have more monthly active users than the populations of China and the US combined, occupy a unique place
in human history. The Menlo Park-based company and its partners can learn from the shortcomings of other crypto projects.
Why is it called Libra?
The name was inspired by the Roman unit of weight measure, which was eventually used to mint coins, according to a spokeswoman. Libra the
astrological symbol is the balance of justice, and phonetically it sounds like libre, which is French for free or freedom. The name is a combination
of money, justice, and freedom.
To read the complete article on Quartz, see:
Behold Libra, the global cryptocurrency masterminded by
Wayne Homren, Editor
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