Death of the Dollar?

hard2kill
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hard2kill
2020 Could this be the death of the dollar or just more crypto hype? What says the vital braintrust?

http://fortune.com/2019/06/18/facebook-project-libra-cryptocurrency-fb-…
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RONJ OSE
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RONJ OSE 6/18/2019 1:21pm
6/18/2019 1:21pm
I can’t stand this, cash is king it all ways has been and will be
And if that fails I’ll be paying in gold!
I can’t remember what book I read about how everyone had a PIN number in the future and then it failed one day
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early
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early 6/18/2019 1:38pm
6/18/2019 1:38pm
Hype

More like Facebook version of venmo or PayPal

Facebook in America is mainly mom's and grandparents now anyway.
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harescrambled
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harescrambled 6/18/2019 2:11pm
6/18/2019 2:11pm
That's just Facebook trying to get more intertwined with peoples day to day life (and another way for FB to generate revenue) Wonder what would happen if a bunch of people adopted this payment method, and a government decided it threatened their currency? As an example...China. China has the ability to block access to any website from within it's borders. E.G. "the great firewall". I'm thinking that would throw a wrench in the works.
hard2kill
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hard2kill 6/19/2019 6:28am
6/19/2019 6:28am
harescrambled wrote:
That's just Facebook trying to get more intertwined with peoples day to day life (and another way for FB to generate revenue) Wonder what would happen...
That's just Facebook trying to get more intertwined with peoples day to day life (and another way for FB to generate revenue) Wonder what would happen if a bunch of people adopted this payment method, and a government decided it threatened their currency? As an example...China. China has the ability to block access to any website from within it's borders. E.G. "the great firewall". I'm thinking that would throw a wrench in the works.
Yep that seems to be a BIG hurdle for any kind of global currency to overcome. The curious thing to me about libra though is that while facebook is the marketing machine behind it, it will not really be facebook owned (semi-decentralized) plus there are already some very big global revenue-commerce exchange companies supporting it (visa, mastercard, paypal, ect.) China is not going to stop accepting payments from these entities.

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TXDirt
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TXDirt 6/19/2019 7:16am
6/19/2019 7:16am
harescrambled wrote:
That's just Facebook trying to get more intertwined with peoples day to day life (and another way for FB to generate revenue) Wonder what would happen...
That's just Facebook trying to get more intertwined with peoples day to day life (and another way for FB to generate revenue) Wonder what would happen if a bunch of people adopted this payment method, and a government decided it threatened their currency? As an example...China. China has the ability to block access to any website from within it's borders. E.G. "the great firewall". I'm thinking that would throw a wrench in the works.
hard2kill wrote:
Yep that seems to be a BIG hurdle for any kind of global currency to overcome. The curious thing to me about libra though is that...
Yep that seems to be a BIG hurdle for any kind of global currency to overcome. The curious thing to me about libra though is that while facebook is the marketing machine behind it, it will not really be facebook owned (semi-decentralized) plus there are already some very big global revenue-commerce exchange companies supporting it (visa, mastercard, paypal, ect.) China is not going to stop accepting payments from these entities.
China will block any of those companies if they want to. Those companies combined do not sway China in any way. Google couldn't even sway China, so no way do they care at all about Visa, Mastercard, etc.
hard2kill
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hard2kill 6/19/2019 7:41am
6/19/2019 7:41am Edited Date/Time 6/19/2019 7:42am
TXDirt wrote:
China will block any of those companies if they want to. Those companies combined do not sway China in any way. Google couldn't even sway China...
China will block any of those companies if they want to. Those companies combined do not sway China in any way. Google couldn't even sway China, so no way do they care at all about Visa, Mastercard, etc.
Perhaps, but if it begins to hinder sales in a significant way i am not so sure they would want to.
TriRacer27
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TriRacer27 6/19/2019 8:51am
6/19/2019 8:51am
I agree, in practice it'll be more like another Venmo or PayPal. The thing is that facebook is a social media company that happens to also let you buy things from their site. It would be a bigger deal if Amazon created its own currency.
Jonesboys819_828 6/19/2019 9:12am
6/19/2019 9:12am
Facebook, alphabet, twitter etc will go through the process, over the next short few years, of being broken up due to Anti Trust laws just like the communications sector did back in the late 70's early 80's. They are no longer just a scocial media platform. They are trying to figure out ways to keep their revenues viable so they can continue to use their market reach to do so. But any crypto that isn't backed by a nuclear power is powerless. The main reason the dollar is the standard is because of what's backing it, & that isn't gold. It's the ultimate ability to make your company, state, or culture cease to exist.
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hard2kill
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hard2kill 6/19/2019 10:07am
6/19/2019 10:07am
Jonesboys819_828 wrote:
Facebook, alphabet, twitter etc will go through the process, over the next short few years, of being broken up due to Anti Trust laws just like...
Facebook, alphabet, twitter etc will go through the process, over the next short few years, of being broken up due to Anti Trust laws just like the communications sector did back in the late 70's early 80's. They are no longer just a scocial media platform. They are trying to figure out ways to keep their revenues viable so they can continue to use their market reach to do so. But any crypto that isn't backed by a nuclear power is powerless. The main reason the dollar is the standard is because of what's backing it, & that isn't gold. It's the ultimate ability to make your company, state, or culture cease to exist.
Yes i think this a good assessment. But it does seem that we may be coming upon a tipping point where corporations are gaining more global power than any military might. IF libra is successful in bringing in goggle, amazon, ect. on board (which they have already stated a desire to) then this could turn into a monster that no government power could stand against (or deny access to their people).

Libra is attempting to fix a lot of the problems that bitcoin faces, i think it will ultimately be unsuccessful for now, but something is coming soon after likely in most of our lifetimes?
Casting
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Casting 6/19/2019 10:32am
6/19/2019 10:32am
I see this as Facebook trying to predict the future and be one step ahead of the curve. Crypto currency is a hot topic right now, makes sense to me that they would throw their hat in the ring and test the waters.

I'll stick to cash and my 403b/Roth IRA/standard investment and let you investor types play with the crypto. I don't know enough to feel comfortable jumping into that just yet.
GeorgiePorgie 6/19/2019 1:37pm
6/19/2019 1:37pm
solely digital currency takes buying power away from the people. eliminate paper currency and you're kicking the citizen in the gut.

Crypto will be great until the electricity goes out. Poof. But then again when the electricity goes out, paper will be worthless too, people will barter to survive.

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