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  Post #1 (permalink)   06-18-2019, 06:08 AM
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from https://www.facebook.com/zuck/posts/10107693323579671

Quote:
Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra.

Libra's mission is to create a simple global financial infrastructure that empowers billions of people around the world. It's powered by blockchain technology and the plan is to launch it in 2020. You can read more about the association here: https://libra.org

Being able to use mobile money can have an important positive impact on people's lives because you don't have to always carry cash, which can be insecure, or pay extra fees for transfers. This is especially important for people who don't have access to traditional banks or financial services. Right now, there are around a billion people who don't have a bank account but do have a mobile phone.

We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos. To enable this, Facebook is also launching an independent subsidiary called Calibra that will build services that let you send, spend and save Libra -- starting with a digital wallet that will be available in WhatsApp and Messenger and as a standalone app next year.

Calibra will be regulated like other payment service providers. Any information you share with Calibra will be kept separate from information you share on Facebook. From the beginning, Calibra will let you send Libra to almost anyone with a smartphone at low to no cost. Over time, we hope to offer more services for people and businesses -- like paying bills with the push of a button, buying coffee with the scan of a code, or riding local public transit without needing to carry cash or a metro pass.

In addition to our efforts, many other companies will build their own services using Libra -- from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Uber, to non-profits doing important work around financial inclusion like Kiva, Mercy Corps and Women's World Banking, to companies in the crypto space like Anchorage, Coinbase, Xapo, and Bison Trails. A number of leading Venture firms are also joining to help drive innovation on the Libra network. We're hoping to have over 100 cofounding members of the Libra Association by the time the network launches next year.

All of this is built on blockchain technology. It's decentralized -- meaning it's run by many different organizations instead of just one, making the system fairer overall. It's available to anyone with an internet connection and has low fees and costs. And it's secured by cryptography which helps keep your money safe.

This is an important part of our vision for a privacy-focused social platform -- where you can interact in all the ways you'd want privately, from messaging to secure payments.

Privacy and safety will be built into every step. For example, Calibra will have a dedicated team of experts in risk management focused on preventing people from using Calibra for fraudulent purposes. We'll provide fraud protection so if you lose your Libra coins, we'll offer refunds. We also believe it's important for people to have choices so you'll have the options to use many other third-party wallets on the Libra network.

There's still a lot more to learn and do before Libra will be ready to officially launch. We know it's a major undertaking and responsibility -- and we're committed to getting this right. We've been working with policymakers and experts in areas like financial inclusion, economics, security, privacy and blockchain, and we'll continue listening to their feedback as we figure out the best way to move forward. We're thankful for their partnership, and for all the businesses, organizations, and academic institutions that are part of the Libra Association.

This is the beginning of an exciting journey and I'm looking forward to sharing more soon.
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  Post #2 (permalink)   06-18-2019, 08:00 AM
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I can't trust Facebook to keep my account secure - I don't think I can trust them with money. Sure there are other organizations involved, but Facebook will be the driving force. Certainly, if I use it, I wouldn't have more than a grand in there.
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  Post #3 (permalink)   06-18-2019, 08:54 AM
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Quote:
Originally Posted by bigredseo View Post
I can't trust Facebook to keep my account secure - I don't think I can trust them with money. Sure there are other organizations involved, but Facebook will be the driving force. Certainly, if I use it, I wouldn't have more than a grand in there.
I agree

Facebook dont even enforce their own policies

they have this policy https://www.facebook.com/policies/commerce which lists items you cannot sell on FB, but people do and when reported they just send a canned reply to say it does not breach their community standards, so they do nothing and you dont get any way to reply to their message to tell them they are wrong
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  Post #4 (permalink)   06-18-2019, 01:21 PM
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When I read about the currency thing earlier today, the first thing that came to my mind was "trusting facebook"? Hardly use facebook now, I personally hate their interrupting“mid-roll” ads into videos.
 
 
 


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  Post #5 (permalink)   06-19-2019, 11:06 AM
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Quote:
Originally Posted by qtechservers View Post
When I read about the currency thing earlier today, the first thing that came to my mind was "trusting facebook"? Hardly use facebook now, I personally hate their interrupting“mid-roll” ads into videos.
facebook bombard your timeline with ads, which have a report feature, so report them as spam but all you get is

Quote:
Thanks for your feedback
You did the right thing by letting us know about this. While this ad is being reviewed, it will continue to be seen on Facebook. If, upon review, we find that the ad goes against our Ad Policies, then we will take it down.
As you reported this ad, we won't show you this in the future and will take your feedback into account when it comes to future ads that you see.
Please continue to report ads that you think don't belong on our platforms and are misleading, offensive or inappropriate.
Click here to review and manage your ad preferences.
Learn more about giving feedback on ads.
even tough in your ad preferences you have both

Quote:
Ads based on data from partners
To show you better ads, we use data that advertisers and other partners provide us with about your activity off Facebook Company Products.
and

Quote:
Ads based on your activity on Facebook Company Products that you see elsewhere
When we show you ads off Facebook Company Products, such as on websites, apps and devices that use our advertising services, we use data about your activity on Facebook Company Products to make them more relevant.
marked as Not Allowed.

FB, just ignore these instructions and to FB the GDPR does not apply to them
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