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Not sure they "won" yet, but clearly the US businesses were looking for a competitor to Alipay and they found it with FB and Libra.  They are going to try (and probably succeed) in building out a consumer-facing instant payments network within the US just like in China.  I don't know how effective it will be on a global scale, but FB is popular in many other countries so it might work pretty well for international payments if they can keep fees low. 

I'm not exactly sure if it competes with the remittances or Ripple's enterprise-class payments network.  It certainly could.  I feel like this will still be a fee driven network and a number of those partners will be looking to fees to drive revenue to their company's bottom line.  In particular I could see this being advantageous to Uber and Lyft who have yet to address scale issues with their business models.

I mean...this is what people want, right?  People want blockchain to be used and integrated into everyday life.  If the product works well, is it a boon to Ripple and other players in the blockchain space?  Competition is good in a capitalist society.  It forces people to make moves, invest in R&D, and drives innovation forward.  This will also help to kill off lesser competitive digital assets that are taking up precious value from the rest of the blockchain industry.

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4 minutes ago, Zedy44 said:

Not sure they "won" yet, but clearly the US businesses were looking for a competitor to Alipay and they found it with FB and Libra.  They are going to try (and probably succeed) in building out a consumer-facing instant payments network within the US just like in China.  I don't know how effective it will be on a global scale, but FB is popular in many other countries so it might work pretty well for international payments if they can keep fees low. 

I'm not exactly sure if it competes with the remittances or Ripple's enterprise-class payments network.  It certainly could.  I feel like this will still be a fee driven network and a number of those partners will be looking to fees to drive revenue to their company's bottom line.  In particular I could see this being advantageous to Uber and Lyft who have yet to address scale issues with their business models.

I mean...this is what people want, right?  People want blockchain to be used and integrated into everyday life.  If the product works well, is it a boon to Ripple and other players in the blockchain space?  Competition is good in a capitalist society.  It forces people to make moves, invest in R&D, and drives innovation forward.  This will also help to kill off lesser competitive digital assets that are taking up precious value from the rest of the blockchain industry.

I think a lot of small crypto projects on CoinMarketCap will died because of this. 

My only concern is I just keep thinking Facebook are gonna swoop in and take up a lot stuff. All these small payments from Indian to UK. This is a moving market and things change all the time and very quickly. 

Ripples main focus is cross-board payments for banks.  The Uber and lyft thing BG has talked about before will be out the door if they are now partnered with Libra.

“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee” Facebook writes in its Libra documentation.

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The space is open enough for both to thrive, healthy competition is one thing that is needed in this space because a lot of the so called competition going on now is FUD vs Facts!!

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This is so damn large that its very difficult to digest. If there has been any lesson throughout history, its that the larger scale and broader scope the venture, the more difficult it is to successfully implement. Given the Libra Association, its members (who all have very different incentives) the Forex trade backing this entire thing, the insurance involved so Calibra (maybe Libra) is able to fully reimburse stolen coins (Minting new coins like its nothing) and the geopolitical risk involved (what happens to currencies if the Eurozone breaks???) there are a ton of risks both visible and hidden that i cannot even think up. Time will tell and maybe it improves lives, but sheesh, if this isn't one giant way of allowing behind the scenes shenanigans, i don't know what is. Ill be very curious to see if regulators allow this to be rolled out. We can't even get a straight forward crypto exchange traded product through let alone this newly formed experimental FX broker/dealer banking institution that will touch billions of users. 

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It would be interesting to read the white paper. I seem to recall that the projected rollout of the Libra coin is still a year or more off. If that's the case, then Ripple still has a significant lead in this race, if the Libra coin is even in the same league as XRP. (caps intended as a form of respect!) I believe that we're about to see a rapid acceleration of the Xrapid rollout and adoption, as Ripple must be keenly aware of the mounting competition it's about to face. Getting access to MoneyGram's 200 countries, as well as the market penetration that SBI's MoneyTap is soon to provide, might be just the fire that Ripple needs to truly launch XRP world-wide. The race is on......

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1 minute ago, WuWei said:

It would be interesting to read the white paper. I seem to recall that the projected rollout of the Libra coin is still a year or more off. If that's the case, then Ripple still has a significant lead in this race, if the Libra coin is even in the same league as XRP. (caps intended as a form of respect!) I believe that we're about to see a rapid acceleration of the Xrapid rollout and adoption, as Ripple must be keenly aware of the mounting competition it's about to face. Getting access to MoneyGram's 200 countries, as well as the market penetration that SBI's MoneyTap is soon to provide, might be just the fire that Ripple needs to truly launch XRP world-wide. The race is on......

here you go...

 

https://libra.org/en-US/white-paper/

 

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Posted (edited)
15 minutes ago, Drew said:

Libra will be the grain that tips the scale forcing the hand of established financial institutions to jump into the game. 

Let the RACE BEGIN!

Is Ripple about to RUN?

You have no concerns that Lirba could do what Ripple are doing when it comes to sending payments from UK to India in seconds?  

Edited by T800

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25 minutes ago, lucky said:

A single for-profit company that has access to your full identity, your interests, your social network, your entire personality basically, by scanning what and how you swipe through the content that has been fed to you through your personal brainwash device (a.k.a. smartphone), now also gets access to your wallet, and your entire purchase history. It can not only make you want something, it can let you buy it with a click. The self learning algorithms will make sure you want it, and will make you click.

Are we / governments just going to let our transformation into brainwashed swiping zombies that are fed and milked like cows by the server farms of Facebook happen? I don't think so.

I am using an Android device, gmail and Google Pay. Think about that for a second.

I just discovered that Maps has this feature where you can pick a date in history and it shows which route I have taken throughout my day, which images I have taken (and probably what I have purchased).

Will I disable these features? Probably not. I am naive enough to believe they are more use to me than harm, nobody will get access to my Google account and Google won't sell/use my info for my personal disadvantage. It's still pretty scary, and it will only get scarier. 

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