Facebook announced its new digital wallet Libra yesterday in a move to provide minimum to low transaction costs in terms of remittance. Facebook Libra wallet will both be available in Messenger and WhatsApp and also as a standalone app. Facebook cryptocurrency has massive backing from some of the top companies in different industries. Libra will officially launch in 2020.
On Twitter, after Facebook Libra news broke out, there has been quite hilarious reactions from the crypto twitter family. Here are some the threads we found insightful;
After inserting itself between you and your national politics, Facebook now attempts to insert itself between you and your national currencies. It's almost as if it wishes to cover the surface of the earth in a US-dominated corporate skin #libra
— Brett Scott (@Suitpossum) June 18, 2019
#Libra, the day after…
The banks: how can we lobby against it?
The French government: how can we tax it?
The IMF: how can we slow it down?
The other tech giants: how can we join?
Everybody: good idea, if we could exclude Facebook from the Libra-association.
— Geert Noels (@GeertNoels) June 19, 2019
I think it's safe to say Facebook's Libra is massive tech companies giving the finger to government authority and power, claiming it for themselves and themselves only.
— Peter Todd/mempoolfullrbf=1 (@peterktodd) June 18, 2019
Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML!
— CZ 🔶 Binance (@cz_binance) June 18, 2019
If Facebook is truly serious about Crypto, they should add BTC as part of the basket of currencies that back Libra.
— Ran Neuner (@cryptomanran) June 19, 2019
Facebook, congratulations. You found a name so spooky, ominous, and cultish for your new cryptocurrency, ‘Libra,’ that it sounds like a global syndicate of super villains in a Bond film or a Robert Ludlum novel about blowing up the UN: ‘The Libra Directive.’
— Walter Kirn (@walterkirn) June 19, 2019
— Decred (@decredproject) June 19, 2019
— Coach K (40% Crypto, 60% USDC) (@Coachkcrypto) June 19, 2019
Libra is the ultimate Schrödinger's cat of the digital economy: a blockchain/non-blockchain, it will serve as money/non-money to save/bury Facebook/all of us.
— Evgeny Morozov (@evgenymorozov) June 19, 2019
Though met with mixed reactions, in the end, Twitter user LandM_Marius summed it up all referencing the Roman Empire.
Eventually Facebooks Libra coin will fall, just like Roman Libra, just like Pound…. ultimately it’s doomed, will be quick too. Facebook destroyed to much credibility by selling our private data for billions. For now, Libra (Facebook) is bringing world attention to Cryptos. 😂 pic.twitter.com/pN0vfw6OsX
— Marius BitcoinTAF.com 🏄♂️ (@LandM_Marius) June 19, 2019
But in case the Facebook cryptocurrency makes it as a mainstream medium for remittance please remember to follow your saving plans.
— Chris Harihar (@ChrisHarihar) June 18, 2019