Facebook's Libra coin is coming and the Crypto community is having none of that.
Set to be revealed on Tuesday, June 18th 2019, Facebook's Libra represents the first major foray into the crypto space by a tech giant. Some details of the planned announcement were first uncovered by The Block and here's what they found out:
- Facebook and dozens of partners are set to unveil the Libra Association and Libra Blockchain next week
- The Libra Blockchain will be backed by Libra Reserve, “a reserve of real assets” that will provide the cryptocurrency with “stability, low inflation, global acceptance, and fungibility”
- The Libra Blockchain will be open-sourced under an Apache 2.0 License as of the day of the announcement, and a testnet will be launched at the same time
Libra will be governed by the consortium known as Libra Association. The list of partners that have signed on include:
- Andreessen Horowitz
- Union Square Ventures,
Below is the full list broken down into segments by The Block.
Each partner will have to pay $10M to operate a Libra node, which will allow them to gain access to all transactions that are happening on the blockchain.
Given how data, privacy and Facebook doesn't mix well, the crypto community is slamming Facebook's crypto effort. Calling it an attack on Bitcoin and the total opposite of what crypto was meant to be (Decentralized, Open, Censorship resistant, etc).
There's even a parody Twitter account called "Librarian" that's gaining momentum.
Below are some of the crowd's reaction:
- fuck facebook in the face!
- I will never use zuck fuck Facebook. He is one of the worst people out there. He probably even knows how many times you go pooping
- Facebook coin is aimed towards "normies". It will be integrated into Facebook apps (messenger, whats app, instagram), PayPal, eBay, Uber and many other platforms that normies use every day. The aim is to distract them from Bitcoin and altcoins.
- I never liked Facebook, never had an account. But now I really hate it.
You can get a better sense of the conversations in the following Reddit posts:
- Reject Facebook And Libra: An Open Letter to Our Non-Crypto Friends
- This is how they will kill crypto
All eyes on 18th June now.