Much has been written already about the Libra coin. See for example Jameson Lopp's analysis of their whitepaper.
I think it is an innovative step in which a company is capitalizing on its strength (market access). Nothing wrong with that. After all, Facebook did not force anybody to sign up or share their data. People did that voluntarily.
I welcome this move by Facebook even though I will not go back to use FB nor will I buy into Libra.
It might force people to think about their values and goals. Banking the unbanked has long been a humanitarian goal advertised by crypto enthusiasts. FB is likely going to do more for its implementation than most other crypto initiative.
Libra will split the crypto community further as it brings more differentiation to the market. To me, it looks like a statist coin — regulated, supervised, fool-proof.
If FB users can send, for example, 5 Euros worth of Libra across the globe with more than 4.95 arriving, then that will be appreciated.
People who value financial freedom will have little use for Libra as FB and government bodies will be able to stop transactions anytime. Large corporations are too vulnerable to statist interventions to withstand such requests, and Libra will not be able to compete with Bitcoin in this respect.
I think it is time for maximalists to re-evaluate. Some people need to send small amounts around the globe with minimal cost and legal risks. Others seek the ability to transact privately, anywhere, and anytime with minimal risk of third-party intervention. These goals contradict each other, and it is a bad idea to force a compromise.
If the US government allows FB to proceed with Libra, I would not be surprised to see the USD take a dominant role in their basket (Bretton-Crypto-Woods).
