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Read: What Facebook could have been Libra will be a brand-new currency, in spirit the same thing as a dollar or euro. People will obtain Libras by handing librxs national currency to organizations such as Calibra, the subsidiary that Facebook is creating to handle Libra transactions. Calibra will in turn transfer this money to the Libra Reserve—a group of s held by financial custodians around the world.
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The Libra Association will, after all, be overwhelmingly controlled by for-profit companies, not by charities. The bitcoin protocol created a digital version of this process, with the important difference that bitcoins can be sent over the web, unlike gold bars or nuggets. Vodafone has million customers.
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And it could certainly do some good by reducing the cost of transferring money. If people decide that Libras are worth nothing, they can trade them in for cash from the reserve.
The money that goes cuat the reserve will be held there or used to buy other currency or low-risk government bonds. Calibra will in turn transfer this money to the Libra Reserve—a group of s held by financial custodians around the world. This body is supposed to prevent the emergence of a bitcoinlike oligarchy to rule over Libra. Liibras currently has 28 members, with that expected to rise to And this meant that, unlike gold, bitcoin was supposed to be a usable currency for people who distrusted government management of national currencies.
If the Libra Association members want to increase their returns on their investment, all they need to do is change the composition of assets in the Libra Reserve—a policy shift that they could make by a two-thirds vote. The company has already shown that a successful tech platform can scale up quickly to a once-unimaginable size.
And Libra will be big. They're probably the ones who keep the group chat interesting.
To get the system started, the members put money in the Libra Reserve, which will enable the creation and circulation chatt an initial pot of Libras. The structure of the organization gives them a direct financial interest in the management of Libra because their investment in the reserve entitles them to dividends, which in turn depend on the assets that the reserve holds.
chag Facebook obviously knows this history. If those assets appreciate, the members make profits. Currency, like communication, exhibits strong network effects—meaning that it becomes more valuable as more people use it.
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The white paper is long on happy talk and short on details. The early internet itself, along with some relatively simple applications such as and chat rooms, created a decentralized system of communication over which no central authority—no government, no corporation—exercised much power. They could then, for example, exchange some of the currency and low-risk debt for somewhat higher-risk debt—by making loans, or by buying loans from banks and other loan originators.
Bitcoin was promoted as a decentralized currency. The problem of volatility is solved.
No corporation, government, or other organization ran it. They wanted a more structured environment, and this gave rise to the big social networks, above all Facebook.
Facebook might sincerely believe that the association will manage the Libra as a kind of glorified Western Union. So the strategy Facebook used so effectively to build its social network—lure in customers with zero-pricing and then make money off them without their realizing it—will work just as well for Libra. The white paper provides a few details about how the Libra Association will work.
Facebook kept claiming that it was, but libra policy choices—about how information was displayed, about the use of data—that harmed a great many people. And to understand how high this price is, we need libra background. If the Libra Reserve lends or buys risky assets, it will affect the global money supply, just like a central bank.
It knows that a fully decentralized Libra would not be usable. Prone to typing "wow lol" or "omg" or "that's cool" absentmindedly while doing three other things at once. Facebook itself will not operate Libra. If you want to exchange your bitcoin for dollars, you need to find someone willing to buy it. They never use the group chat unless out of necessity or because they llibras to clear their notifications.
When the price of gold falls, miners stop mining, producing less gold, which causes the price to rise.
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When the market price of gold rises, miners dig deeper, producing more gold, which causes the price to fall. What started out as a libertarian utopia is now a highly regulated environment, albeit one regulated by a corporation rather than by our government. Read: What Facebook could have been Libra will be a brand-new currency, in spirit the same thing as a dollar or euro. You can exchange your Libras back into a national currency if you need it, with the money coming out of the reserve.
Of course, Libra could fail, or become nothing more than a niche product like Venmo. Once these large players were in place, they became an oligarchy that dominated the bitcoin world.
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