Facebook Libra vs Calibra [VLOG #90]


CryptoSlo with more cryptoGains! so
you want to talk about Facebook coin global coin this coin whatever coin it’s
crazy alright so title the video the difference between Calibra and Libre
alright so first let’s talk about what each of these things are so there’s a
lot of confusion surrounding Facebook coin and what it is and you know is it
actually they’re coined but the reality is it’s kind of a two-layer it’s kind of
a two layer protocol and they really don’t have a coin or so than a network
of payment okay so let’s start out with calibra which is what you were hearing
about initially so calibra is c a.o Ibra is a basically a wallet infrastructure
which will work on facebook that will allow you to send a digital crypto a
digital payment of some sort to and fro people across the network
okay and obviously they’re supposedly going to be working with you know the SEC Securities and Exchange Commission
and all that and you know all legal and such now obviously if you have a payment
mechanism across the social network that has 2.3 billion people they’re gonna
have some things you know KY caml concerns but we’ll get into that just
yet so basically Calibra is a digital wallet
that is made to send payments period that’s what it is and this wallet will
appear on some other applications or apps that run on Facebook
so in essence Calibra is not really a cooling it’s more of a payment
infrastructure that is going to be used on the network so that’s 0.1 that’s very
important to get across because calibra is not actually the crypto it’s kind of
the wall the wallet payment system okay so now and that is owned by Facebook and its subsidiaries but Libra now let’s
get into it get into this Libra is the actual cryptocurrency
which is supposedly going to be on blockchain which is going to be launched
which is a in essence multinational stable point what do I mean by no
multinational meaning there will be exchange rates behind Libra so if I’m
sending peso Libra to if I’m sending it across a border there would probably be
some kind of forex trading rate now that’s a whole different topic
you know we hack people trade Forex for a living so yeah so Libra would have a
basically completely it’s a stable point it’s
multinational so there’s gonna be exchange rates now what they’re boasting
is that there will be assets behind Libra meaning dollars low volatility
assets you know could be real estate whatever
so also Facebook’s role in Libra is that they will actually be one of many
investors in Libra so they’re like kind of think of it like like I OST or Tron
like the super nodes they would be one of the nodes in the network so Facebook
won’t actually Oh but basically they’re not going to be
the central authority on the Libre project now the reason they’re doing
that obviously is the supposed conflict of interest meeting the ability for them
to tie your personal data to you know the crypto data now with that being said
circling back to Calibra the wallet half Facebook is claiming that they will keep
that wallet app data completely separate from your face your your financial
transactions which I just don’t know if I believe that because that’s on honey
pot now they said it could that means that it will be a privacy setting within
the system so meaning just think of the gold there is once you start having
people transact digitally if they could tie that to your personal information oh
my gosh that’s a honeypot for Facebook but supposedly there will be security in
place that that wallet the calibra wallets will
be separate from your personal data but you know do your own research
believe what you want I don’t know if I believe it
so I mean how could you not end up time I mean I can have a conversation about
something I saw on Amazon and ads start appearing magically in my Facebook feed
so you know that’s like if not the whole conspiracy theory of the microphone
listening to you or you know Google you know listening to you all the time but
so basically Calibra a wallet protocol that will run on the Facebook and
Facebook network and other apps with supposedly keeping personal information
away from financial transactions Libre a crypto or digital coin of some type
that’s a multinational stable coin with an exchange rate across borders so yeah
but anyways so that’s the difference Calibra wallet Libre is the quote crypto
stable coin that has exchange rates that’s supposedly backed by real world
assets it’s value okay so now that I’ve covered
the confusion the difference between let’s talk about this a little bit the
Libra first number one you know they’re pumping this Libra stuff but you got
mega problems okay number one ky caml the shit’s gonna be blocked then it’s
gonna be blocked unless people give up super personal details just look at the
signing up for an exchange you have to give all this data your passport your
driver’s license so in this way they’re gonna block payments because people
would launder money so you know that that is you know we can’t have payments
without kyc an AML that’s that’s regulated period okay so that’s one
problem number two Libra even though it’s quote a nonprofit organization
that’s generating this crypto PayPal all these companies involved uber lived it
it’s still backed on the dollar so if the dollar fails then Libra will fail so
you can get wrecked yeah you know they’re hating on regular Kryptos and
saying that they’re volatile and blah blah blah but the idea of crypto to
begin with is to get away from the dollar so yeah it’s not really it’s not
really a crypto it’s not really a crypto it’s it could be based on the blockchain
but ultimately it’s just a digital payment system it’s additional payment
system that’s based on the dollar so and it’s not based on trust Trust is what
gives real crypto value because when the shit hits the fan you don’t want your
stuff to be based on the dollar because we as a global economy are 247 220
trillion dollars in debt so you know and there’s supposedly only 80 trillion
dollars in the world so it’s yeah yeah so it’s based on the dollar so I just I
don’t know I don’t think it’s a real crypto now with that being said without
being a Futter do they have an advantage yeah they have an advantage they got 2
billion people on the network so Facebook definitely has a very large now
that’s gonna introduce a lot of people to crypto which you know the bottom line
and the conclusion is it’s gonna introduce a lot of people to pseudo
crypto digital payments which I guess from a mass adoption standpoint is a
good thing because who knows maybe the Calibra wallet will introduce additional
coins you know maybe that’s the real plan and it won’t just be Libre so yeah
we’re gonna have to wait and see but anyways the test net of the Libre
nonprofit crypto is launching today and they hope to be made that by beginning
the next year so we’ll see where this all goes for sure but one thing’s for
sure they’re not gonna be able to send multinational payments without it’s very
very strict regulation because ultimately governments don’t want you to
build to transfer a dollar anywhere in the world at any time just because
that’s you know they’re gonna they want to regulate that so you know not to
mention I would assume the government will have full access to all payment
records so once again you know it’s a complete invasion of privacy from my
standpoint so from that standpoint will I and by any Libra coin
This is cryptoslo, if you not talking gains then were not talking.

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