Facebook’s cryptocurrency takes on bitcoin


MARIA: WELCOME BACK. AS PROMISED, JOINING US RIGHT NOW IS THE FACEBOOK HEAD OF CALIBRA, HE IS OUR SPECIAL GUEST. DAVID MARCUS. DAVID, IT’S GREAT TO HAVE YOU ON THE PROGRAM THIS MORNING. THANKS SO MUCH FOR BEING HERE.>>THANKS FOR HAVING ME. MARIA: SO THE WALL STREET JOURNAL HAS BEEN REPORTING THAT YOU’VE BEEN WORKING ON THIS DIGITAL CURRENCY FOR OVER A YEAR. CAN YOU TELL US ABOUT LIBRA AND WHAT YOU’RE UNVEILING THIS MORNING?>>WELL, WE ARE UNVEILING OUR PLANS FOR A NEW TYPE OF BLOCK CHAIN, ONE THAT CAN ACTUALLY SCALE TO MEET THE DEMANDS OF BILLIONS OF PEOPLE THAT WE ULTIMATELY WANT TO SERVE WHEN IT LAUNCHES AT SOME POINT NEXT YEAR. A NEW CRYPTOCURRENCY WHICH UNLIKE OTHER CRYPTOCURRENCIES IS NOT VOLATILE, SO IT’S NOT AN INVESTMENT ASSET. IT’S DESIGNED FROM THE GROUND-UP TO BE A MEDIUM OF EXCHANGE, A GREAT FORM OF DIGITALLY NATIVE CURRENCY AND ALL OF THAT IS ACTUALLY GOING TO BE GOVERNED BY A NOT FOR PROFIT ASSOCIATION THAT IS GOING TO BE MANAGED BY ITS MEMBERS AND WE’RE STARTING WITH 27 OTHER COMPANIES, THIS JOURNEY. HOPEFULLY BY THE TIME THIS NETWORK GOES LIVE, OVER 100 DIFFERENT GLOBAL ORGANIZATION THAT’S ORAT’S ORGA’S ORGANIZATIONSTHAT WILL HELP MANG ORGANIZATIONSTHAT WILL HELP MANE ORGANIZATIONSTHAT WILL HELP MANA ORGANIZATIONSTHAT WILL HELP MAND ORGANIZATIONSTHAT WILL HELP MANG ORGANIZATIONSTHAT WILL HELP MANV ORGANIZATIONSTHAT WILL HELP MANR ORGANIZATIONSTHAT WILL HELP MANN THIS NEW NETWORK, THIS NEW CURRENCY. ON THE OTHER SIDE OF THAT, WHICH THE ASSOCIATION IS SOMETHING THAT WILL JUST BE ONE OF MANY GOVERNING, WE WILL HAVE A DIGITAL WALLET CALLED CALIBRA THAT WILL BOTH BE A STANDALONE APP BUT ALSO BE EMBEDDED IN WHAT’S APP AND MESSENGER SO THAT ANYONE CAN ON-RAMP AND OFF-RAMP TO THIS NEW DIGITAL CURRENCY AND PAY ONE ANOTHER ACROSS THE WORLD. MARIA: IT’S INTERESTING, THIS NETWORK OF COMPANIES THAT YOU’VE ALREADY GOT ON-BOARD. CAN YOU EXPLAIN TO US WHY LIBRA IS BETTER OR MIGHT BE BETTER THAN WHAT’S ON THE MARKET ALREADY, LIKE FOR EXAMPLE, BITCOIN.>>I THINK TWO DIFFERENCES. FIRST OF ALL, THE COMPANIES, THE REASON THAT WE COULDN’T GO ALONE HERE IS BECAUSE IF YOU WANT TO BUILD AN INTERNET OF MONEY OR A PROTOCOL FOR VALUE ON THE EXISTING INTERNET, THIS IS NOT SOMETHING THAT SHOULD BE CONTROLLED BY ONE COMPANY. IT SHOULD BE CONTROLLED AND GOVERNED AS A PUBLIC GOOD, THE SAME WAY THE INTERNET IS. EVENTUALLY, WE’LL GET THERE. BUT TO START, WE HAD TO ENSURE THAT THIS WAS GOVERNED BY A NUMBER OF INSTITUTIONS A AND GLOBAL ORGANIZATIONS AND NOT BY FACEBOOK. AND THEN TO YOUR QUESTION ON HOW DIFFERENT IT IS THAN BITCOIN, I THINK THE FIRST THING IS BITCOIN TODAY, I SEE IT AS AN INVESTMENT AS HE ET ASSEE ET ASSET ET INSET ET INVET ET INVESTET INVESTMENTAS’ CORRELATED FROM DF INVESTMENTAS’ CORRELATED FROM DE INVESTMENTAS’ CORRELATED FROM DT ASSETS. IT’S NOT A GREAT MEAD YUM IT’S NOT A GREAT MEDD YUM IT’S NOT A GREAT MEDIUYUM IT’S NOT A GREAT MEDIUMUM IT’S NOT A GREAT MEDIUM OF EXCHANGE. BITCOIN IS VOLATILE. WHICH IS ITS FEATURE IF YOU’RE LOOKING AT IT FROM AN INVESTMENT STANDPOINT. THE OTHER DIFFERENCE IS THE NETWORK ON TOP OF WHICH LIBRA WILL RUN AND THIS BLOCK CHAIN IS DESIGNED FROM THE GROUND-UP TO BE ABLE TO PROCESS THOUSANDS OF TRANSACTIONS PER SECOND, EVENTUALLY, SO MEETING THE DEMANDS FOR POTENTIALLY BILLIONS OF PEOPLE THAT WILL END UP HOPEFULLY ONE DAY USING THIS NEW NETWORK AND ASSET. MARIA: SO DAVID, ANSWER THE CRITICS BECAUSE OBVIOUSLY FACEBOOK HAS FACED PLENTY OF CRITICISM OVER PRIVACY CONCERNS, PRIVACY BREACHES, THAT’S THE BUSINESS MODEL, SELLING PEOPLE’S DATA TO ADVERTISING. SO IS THAT GOING TO BE ADDRESSED NOW THAT MONEY IS INVOLVED? HOW DO YOU SQUARE THE CIRCLE ON THIS AND GET PEOPLE’S TRUST, GIVEN THE FACT THAT THERE’S BEEN A BREACH OF TRUST IN THE LAST COUPLE OF YEARS?>>WELL, THAT’S A REALLY GOOD QUESTION. OBVIOUSLY SOMETHING WE’VE THOUGHT ABOUT FOR A VERY LONG TIME. SO FIRST AND FOREMOST, TO USE LIBRA, YOU WILL NOT NEED TO USE A FACEBOOK PRODUCT IF YOU DON’T WANT TO. THERE WILL BE PLENTY OF WALLETS OFFERING SIMILAR SERVICES THAN CALIBRA WILL OFFER. YOU CAN CHOOSE WHATEVER WALLET YOU WANT. ALL WALLETS WILL BE INTEROPERABLE WITH ONE ANOTHER. THEY RUN ON TOP OF THE SAME NETWORK. IF WE WANT PEOPLE TO TRUST US WITH THIS NEW SERVICE, WE’LL HAVE TO BASICALLY DESERVE THEIR TRUST AND THE WAY THAT WE ARE DOING THIS IS THAT WE’VE CREATED THIS SEPARATE ENTITY THAT IS GOING TO BE REGULATED ENTITY, CALIBRA, AND WE HEARD PEOPLE LOUD AND CLEAR. THEY DON’T WANT THEIR FINANCIAL DATA CO-MINGLED WITH SOCIAL DATA AND THEY DON’T WANT FINANCIAL DATA BEING USED FOR AD TARGETING AND ALL THESE THINGS AND SO THAT’S WHAT WE’RE DOING. BASICALLY FACEBOOK INC. WILL NOT HAVE ACCESS TO FINANCIAL DATA THAT YOU’LL HAVE INSIDE OF CALIBRA. SO WE’RE CLEARLY SEPARATING THINGS AND WE CREATE A LOT OF COMPETITION ON THIS NETWORK THAT WE HELPED START. MARIA: REAL QUICK, IS THIS AN EFFORT BY FACEBOOK TO DIVERSIFY THE BUSINESS, GIVEN THE ISSUES ON THE PRIVACY BREACH SIDE?>>SORRY, I COULDN’T HEAR THE BEGINNING OF YOUR QUESTION. MARIA: IS THIS YOUR EFFORT TO DIVERSIFY THE BUSINESS, GIVEN THE FACT THAT YOU FACED CRITICISM OVER THE PRIVACY BREACHES? YOU LOOK AT SOME OF YOUR EARLY INVESTORS, LIKE ROGER McNAMEE. HE WAS SUCH A FAN AND REMAINS A HUGE INVESTOR. HE’S BEEN ON THE PROGRAM AND SAID THIS IS THE COMPANY’S BUSINESS MODEL, THERE’S NOWHERE TO GO, THIS IS WHAT THEY DO. SO IS THIS YOUR EFFORT TO DIVERSIFY THE REVENUE STREAM TO BROADEN OUT SO YOU’RE NOT MARRIED TO THAT REVENUE STREAM ONLY, SELLING PEOPLE’S DATA TO ADVERTISERS?>>WELL, FIRST OF ALL, LET ME JUST DEFEND OUR BUSINESS MODEL FOR A SECOND BECAUSE I THINK IT’S A GREAT BUSINESS MODEL, ACTUALLY, AND I DON’T THINK THAT THE BUSINESS MODEL IS THE ISSUE HERE. FIRST OF ALL, WE’RE NOT SELLING DATA TO ADVERTISERS AND THE ABILITY FOR US TO ACTUALLY RUN ADS ON THE PLATFORM IS THE WAY WE OFFER THE SERVICE FOR FREE TO BILLIONS OF PEOPLE AROUND THE WORLD. THIS IS THE WAY THAT 90 MILLION SMALL BUSINESSES ARE ACTUALLY GROWING THEIR BUSINESSES BECAUSE THEY HAVE AN ABILITY TO REACH NEW CUSTOMERS AND IT POWERS THE ECONOMY OF SMALL BUSINESSES AROUND THE WORLD. SO THE BUSINESS MODEL AT FACEBOOK IS NOT THE ISSUE. I THINK THAT THERE ARE NUMBER OF THINGS THAT WE SHOULD HAVE DONE BETTER OVER THE PAST FEW YEARS BUT YOU’VE SEEN THAT WE’VE INVESTED AND WE’RE CONTINUING TO INVEST A GREAT DEAL TO IMPROVE WITH THOSE THINGS AND NOW WITH THIS NEW NETWORK, WE’RE EVEN GOING A STEP FURTHER WHICH IS BASICALLY RELINQUISHING A LOT OF OUR GOVERNANCE AND A LOT OF OUR INFLUENCE OVER THIS NETWORK THAT WE HELPED CREATE TO CREATE A LEVEL PLAYING FIELD AND BASICALLY COMPETE WITH OTHERS. MARIA: YEAH, WELL, IT CERTAINLY IS A HOT SPOT.

100 thoughts on “Facebook’s cryptocurrency takes on bitcoin”

  1. This man is lying its not "crypto" Facebook are anti encryption, they sell your data to the highest bidders, Faceboook is an evil corporation Never trust these conmen

  2. I wouldn't buy a dam thing from Facebook , they can keep their dam Crypto 's . ( Facebook is a traitor company working with the Chinese ! ) .

  3. Facebook already misrepresents it's share prices at a $ 180.00 , it's only worth $ 5.00 a share . These companies are going under fast !

  4. Libra is just another bitcoin and they said in will be in a all their stuff like facebook and whats app their just trying to make money

  5. Just wait until someone goes against Facebooks "rules" then finds themselves in Facebook jail not being able to spend their "money" what so ever. Facebook will make you homeless.

  6. "Facebook is evil! They're going to take our money!". Try to consider that this is a blockchain where the power is equally shared amongst other companies. While started by Facebook, the Calibra foundation is non-profit and independent.

    "If they're not going to take our money, then why does Facebook want to do it?" The reason is because it keeps people on the app. If the best form of money is only available through Facebook, you're not going to delete Facebook.

    So although Facebook made Libra, FB does not have power over Libra, but FB will make money off it through increased engagement.

  7. The funniest part of DAVID MARCUS is , born in Paris , France , moved and then growing up in Geneva Switzerland , quit after 1 Year of College in Geneva and then started working in a Bank to help the Family . After that """ he started """ his own Buisiness !!!!!! I must be doing something wrong , I just cant put my Finger on it 😈😈😈😈😈😈

  8. I will NEVER buy or trade in a Fakebook crypto. They spy and steal data so I expect more of same. They are lucky to keep subs into the future. Desperate money grab likely.

  9. So it's basically a private consortium blockchain whose transaction history is maintained and governed by private companies and venture capital firms. sounds like a great idea lol

  10. Libra is the only zodiac sign represented by an inanimate object; a pair of scales. I don't think this is a coincidence.

  11. At the end of the day it is a stablecoin like the others, but the differentiating factor for sure is that it is coming out of a very large company and has numerous powerful companies backing it in partnership. So those 2 points alone make me interested to see if it can or can not push it further than the other current stablecoins out there.

    On my YouTube ch I actually also teach everyone how to master everything blockchain so if anyone is interested check me out 👌

  12. facebook is the super evil nakamoto created bitcoin to be against. If you invest in facebook you are not a part of the community we and satoshi nakamoto are trying to build.

  13. Trump should release a list of Congressmen and Senators loyal to him so I
    can vote for them. Stacking the deck with Yes Men will expedite his
    America First agenda and make up for lost time in his first term from
    all the obstruction. Trump 2020 ,,,,Yes Men 2020

  14. Trump should release a list of Congressmen and Senators loyal to him so I
    can vote for them. Stacking the deck with Yes Men will expedite his
    America First agenda and make up for lost time in his first term from
    all the obstruction. Trump 2020 ,,,,Yes Men 2020

  15. It is NOT a crypto, Saying Facebook Coin is a Crypto is like saying a washing machine is a transport vehicle. They are literally latching onto the term as people have heard it before.

    It is based on Fiat…the ONLY reason Banks are orgasming because it will be far far easier to inflate it and hide the tracks, it guarantees the 1% stay the 1%, it is centralized.

    This is basically a way to move money, if anything, SWIFT and Ripple need to worry. THAT'S IT!!! It is a Stablecoin which I find funny as they use that term to discredit Bitcoin, Stable???? WTF is stable about fiat??? The USA is a fart away from losing the power of the Petrodollar if Russia and China team up and drop the US Dollar as a global currency. Facebooks thing is only a vessel to bypass fees and speed up moving fiat, which will be great for many, but this company is not the most honest.

    Then companies are giving this power to a company that REGULARLY sells its customers information, like literally I would feel safer if the mob was running this, because they would protect those that does business with it. The PEOPLE should control this, lord knows the Bankers just manipulate the system they built so to enslave.

  16. LMAO Zuck coin is not even a crypto currency. It is centralized and very dangerous to own. They are in bed with the govt. if you buy Zuck bucks you can expect IRS crypto audit at your door

  17. Could Facebook "LIE BRAU" be planning to SECRETLY use it's billions of USERS COMPUTERS and YOUR Smartphone FB app to MINE CRYPTO FOR THEMSELVES, IE stealing YOUR ENERGY FOR $$ in a big "LIE BRAU" !!

  18. Let’s break this down…. Facebook-not trust worthy stole all Facebook subscribers personal information, Libra crypto coin-backed by “non profit”-don’t trust that lie as every business contract is to create a profit, located in California-bankrupt state that thrives on our tax $$$$.

  19. face book cryptocurrency? we all know how noisy FB can be. i think i'll stick to bitcoin. Investing into bitcoin trading alone has made over £510K with a £177k StartUp with the help of Mrs Charlotte Luck , a trading expert who handles my trades. I met her at a trading conference and she accepted to trade for me.

  20. Stable coin controlled by Facebook. Who cares…… Has nothing to do with crypto or bitcoin except that it utilizes the blockchain. Not sure why they are comparing the two. Might as well compare bitcoin to bananacoin.

  21. There's no way to verify on the blockchain that your token is backed by something physical. Either your users have to trust that it's backed by fiat, or it's a trustless cryptocurrency network, but it can't be both.

  22. Global money should not be governed by ANY companies. But he is right, Libra is JUST another CURRENCY that goes down in purchasing power if held over time where as Bitcoin is MONEY that goes up in purchasing power over time. Just like Gold and Silver have been MONEY for thousands of years. Why do you think that 1 ounce of gold costs $1,300 dollars? It is because the purchasing power of the dollar has dropped massively compared to what it could buy in 1913 when the Federal Reserve first introduced their new fiat currency system. If you do not know or understand the difference between currency and money you are going to get screwed going forward into this new system they are creating. It's just like the old system. The only difference is the technology used but the results will be the same. Loss of purchasing power, inflation, that on going grind of never quite being able to get ahead. Why? Because we have all been conditioned to save or invest currency in hopes of making more currency instead of saving and investing in a real money. They will keep the real money for themselves and pacify the peasants with just another fake currency they will convince is money. Just like they call a paper dollar money.

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  39. And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of scales in his hand.
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    ~~ Revelations 6:5-6 ~~

  40. PRIZM/PZM is cryptocurrency of the future! I do not agree that the cryptocurrency Facebook's will be able to change something…Only Prizm/PZM will solve all global problems of mankind! Popular and fair!You can track it and buy it on coinmarketcap. Good luck friends!)

  41. Bitcoin cryptocurrency is not so popular anymore, look at the cryptocurrency PRIZM which is gaining momentum

  42. They'll be able to freeze, hold, seize your LIBRAs anytime if they feel like it. It's just another digital currency, not a true crypto.

  43. A good movie) Consider the unique Prizm cryptocurrency (pzm), it is simple and convenient. Unification has paramining, it gives a good profit. It is traded on the livecoin exchange. Successes

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  46. Whoever wants to send ne a bitcoin would be so awesome.. here is my wallet.. thanks… 398RBrcpstUunPypmBNVCwQQM2ui2KSzHx

  47. You want people's trust again? Then STOP usurping conservatives right to FREE SPEECH. People don't distrust you just because of the way you handle PERSONAL PRIVATE info (selling to adv), but because of the way you treat those who you disagree with.

  48. iluminati I don't like facebook, let alone want to compete with bitcoin? Noooooooo, you will never trust such media.

  49. Yeah sure and people (especially investors) will trust in anything that comes from zuckerberg 🤣

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