Libra would still require those 1.7 billion people without a bank account to have a kyc bank account - how else would they acquire Libra?
NO... as somebody else said why bother convert real money in to fake money to purchase services which can be bought by real money
Did you even read my reply and if so, did you understand it? I don't think so. Nobody cares about US citizens in this game, you are not the target market, neither is the US a leading force in the development of cryptocurrencies. Take your Brunai Dollar to Western Union and send it to Albania. Once your relative withdraws in Lek, the fees will make his eyes bleed. All this ignorant brabbling about fake money...goddammit...you aren't that stupid, are you? Now put back that mobility scooter, get out of Wallmart and educate yourself.
Mr Mupprt, Instead of being rude and abusive better give a practical example and what sort of odball (Brunei to Albania ) example you give to prove Libra is needed LOL... lets get practical for example 2 places where there is lot of FX repatriation and need for exchanging on daily basis is 1) Singapore ( 3 countries form Malaysia/ Singapore and Indonesia within 10 km and 2) UAE/ Middle east and I bet my bottom dollar that it does not cost 6% to send say USD to Bangaladesh 6% or Nepal
Sorry dude, but ignorance like in your post just tilts me...really. I just love when people discuss things whitout even knowing the facts. It is clearly stated in the Libra whitepaper that the target customers are NOT in the western economies. It is also pretty obvious that you still think it's all about the US. You guys are just 300m people. So why are you stating 1st world economies as example for the costs of USD transfer???? Nobody gives a shit about USD and EUR. Libra is designed for people who do not have access to the system. And they are more than those who have. Do you even realize that congress wrote an open letter to FB insisting that Zuck stops development of Libra asap because it is a threat to the USD and the Feds monetary policy? Libra is serious and I hope it goes down in flames...but you should really read into it, before you make ridiculous statements like yours above.
First of all what makes you think I am from USA? also even if agree that Libra is for non US geography,,, the example of SGD to Malaysia Ringit or Indonesian Rupiya does not cost 6% neither AED (UAE) to INR ( India) all these examples have large liquidity If you cant give a practical example of cost of 6% not a odd ball example with very low need, then just shut up and stop bloody insulting
How arrogant are you to say that the "oddball example" is not practical? There are 180+ currencies in the world and only 60 are pegged to the USD. Also 6% is the average cost and it is even low balled. The global average transaction costs in Q3 2017 was 7.14% as estimated by world bank. Sending money from and to Angola: 18% fees average Botswana: 19% Benin: 19% Cabo Verde: 10% Cambodia: 15% Fiji: 8% Haiti: 8% Lebanon: 11 % Sudan: 9% Yes...all small economies, yet regarding Brazil, remittances are 6% average. Egypt is 5% You can look up all that at: https://data.worldbank.org/indicato...t_recent_value_desc=false&start=2017&view=bar If you want specific breakdowns: https://remittanceprices.worldbank.org/en And here..just for the sake of it: https://remittanceprices.worldbank.org/sites/default/files/rpw_report_sept_2016.pdf This is my last post with regards to this. I am not discussing with a guy who wants me to prove my point, yet is too lazy to google simple facts or even read through the Libra whitepaper to understand what it is all about. I hope for you that you don't trade. Researching facts isn't your strongest feature.
Facebook’s testimony to Congress: Libra will be regulated by Swiss https://techcrunch.com/2019/07/15/libra-testimony/ The big question is whether Congress is savvy enough to understand Libra to the extent that it can coherently regulate it. Facebook CEO Mark Zuckerberg’s testimonies before Congress last year were rife with lawmakers dispensing clueless or off-topic questions. Sen. Orin Hatch infamously demanded to know “how do you sustain a business model in which users don’t pay for your service?,” to which Zuckerberg smirked, “Senator, we run ads.” If that concept trips up Congress, it’s hard to imagine it grasping a semi-decentralized stablecoin cryptocurrency that took us 4,000 words to properly explain, and a six-minute video just to summarize. Sounds familiar for some reason. Apparent experts trying to be experts about something they don't understand.
so FB is doing this for countries like Botswana: Benin: Cabo Verde: Cambodia: Fiji: Haiti: Lebanon: Sudan: And what would be the business volume compared to regular remittance volume in examples I gave? Lot of ex pats from Middle east send money back to Asia , neither are western countries and I don't think anybody there pays 6% If we believe your argument it means to send $1000 worth of local currency it would cost $60 of local currency You got to be joking Oh and not to forget to Convert the Local currency to this crypto it still needs some sort of banking! also you are assuming that everything is about Currency pair,, what about huge local translations.. even in third world countries or developing countries why on earth a Chinese convert his yuan to Libra to purchase something within China which he can by just using his yuan! As somebody else said Why take exchange risk + 3rd party risk when you don;t have to Any way but rather than arguing the point you abuse. so piss off you and your Libra