Listen: Would you use Facebook's new Libra cryptocurrency? (The 3:59, Ep. 573)
"The. Welcome to the three fifty nine I'm Ben FOX Ruben, Johnny salesman, Facebook's highly anticipated crypto currency called Libro was officially announced today. The new digital money could be used to send friends and family money, pay bills were by stuff online to ensure libra isn't as volatile as other crypto currencies will be backed by pay pal visa Uber Queen base and others as well as global currencies and other investments, it's also expected to debut in the first half of next year. So is this awesome? We're, we're talking about. Crypto currencies again, because people are trying to like by anew house, or put all the money that they have invested into a new cryptocurrency, right? Yeah. The last crypto boom about a year and a half ago was basically because bitcoin went up to like almost twenty thousand dollars each and everybody was just trying to like, go for the gold rush. Go for the money. Grab this one. This is interesting in that it kind of promises everything that bitcoin was supposed to do before got hijacked by all these other like those investing whatever. Rugs. So granted that could still happen. The idea with bitcoin. And a lot of crypto currencies was that this would be a global currency that would have very low cost attached to it that you would be able to use, regardless of what country you're in, and just buy whatever you wanted to online, and that's kind of what Facebook trying to do with libra, and I don't know. Like should we be excited about it? I'm not even sure. Well, you pointed out earlier, I thought it was interesting that you notice that bitcoin in terms of its value. That's the best thing you can do to check like, check the stock market on crypto currencies checking weapon, and it's doing better. And I think that's because. It's sort of like a rising tide lifts all boats as people with a company that's asked pervasive. And like planetarium ubiquitous as Facebook. It means that people are gonna get educated on what crypto currencies are that they don't necessarily need to be scary, or on, on comprehensible. And it'll make it easier educate people, and are also potentially just make crypto currencies more prevalent across the world making transactions to do them. That's the idea of this. Right. Is that you actually use this cryptocurrency for transactions rather, relation or whatever? So EBay is added in as one of the founding members of this new libra association, that's a nonprofit that's going to be guiding this whole process, and they were specifically mentioning how you could in theory, use libra as a currency to buy and sell stuff on EBay, the complication here that I'm still trying to wrap my head around is that there are already currencies available. We've solved some of. These problems already as far as like with credit card networks with the dollar, which is widely accepted. So the question for regular consumers is like, do they really want to use bitcoin? Sorry libra as opposed to some of these other things. Obviously, bitcoin did not end up doing that. And referred variety of reasons point is just very volatile. It's not as liquid as you would hope if you're going to try to buy something with bitcoin, sometimes the transaction doesn't actually go through for, like, maybe half an hour or forty five minutes afterwards. If I'm trying to buy a salad I don't want to avoid forty five minutes for the transaction happen. But one of the things that queenie Wong our reporter points out in her story is that maybe could be a way for people for the une Bank to have greater access to those sort of networks, that are already set up bar are inaccessible to people that have bad credit. You can't get a credit card. If you have terrible credit, that's not there's a reason that's because you're less likely to make good on your payments. If you have terrible credit, but it does with, with the pervasiveness of face. Book and the fact that Facebook is so prevalent, especially in developing countries, where that sort of, like credit infrastructure, maybe isn't as robust, as it is in a place like the US, or in Europe. It might give people the ability to have more options for buying things online, if they can do it with cryptocurrency, like this one shore, but is Facebook, the right face to go forward with they have a really bad reputation for a lot of reasons or people going to want to trust them with their finances. Plus, they're kind of stepping forward into a situation where big choline, and a lot of other crypto currencies have been knocked for helping fund terrorism helping fund drug sales. What are the chances that libra would somehow able to solve those problems? Like, are they going to be able to fix those situations to? I don't know. I mean, we'll have to wait and see right to see how things turn out, but. Given that there is like I mean, you know, this, given that there's this association behind this, this has more of the potential for scale and also accountability than other cryptocurrencies, which so that at least works in its favorite granted, whatever you wanna say about Facebook and how people trust. It's Facebook's usage, hasn't their monthly actives haven't gone down even in the last year and a half of their crises. So it's not hurting people using Facebook. I don't know if it'll hurt people using Facebook as there, something that holds their money, either way we're way over four minutes by the way, but I do want to mention because we did say, we're going to talk about. Let's just do it really quickly. I guess. Yeah, the palm phone is now on locked, apparently kids love it. I don't get it. Kids love it the kids love it. But, you know if if you wanna go get a palm phone. It's three hundred fifty dollars, and it's really tiny. So it's terrible for watching YouTube, but go figure anyway. Read more about these stories, check them out on CNN. Mbengue FOX Ruben Joni salesman. Thanks for listening."