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Good Reddit thread
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IMO
The Pros: will open Normies up to crypto.
The Cons: Facebook is a company that blocks users if they don’t agree with their expressions or their politics…and we want this company to manage our money…
Not only that they are doing this to skim off the top of every transaction. Imagine 0.01% of 20 trillion dollars of transactions per year. Thats 2 billion dollars and they can increase that skimming over time. Imagine it becoming 0.45% (average visa fees businesses charge us in AU), it becomes nearly 100 billion dollars a year profit.
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I had not even looked at that part of it.
The sad thing is that normies will begin uptake. All we can do is tell people to be careful. Ive told my fakebook friends to not go near it with a ten foot pole.
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I think that people willing to buy and use Libra will be more willing to buy any crypto in a future.
For crypto market it should be better than Visa, Mastercard, Paypall, Apple pay, Google pay etc.
And as Libra will be peged to some nationals currency, the user will see price going up and down a bit. But they will see it more negative than it really is .
what bugs me is that they will connect it with facebook aka many people hacked on facebook will have their money taken from them…
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