Libra is what happens when companies see inflation and the economic balancing act of global currencies and says to itself "What if we made the money?". "Let us create a private bank for you without all the obligations of a private bank."
The viability of bitcoin and other such currencies are possible because of the resource to availability is to scale accordingly. To be volatile is the side-effect to this scale. But what Libra does is takes the careful balancing act and begins to force the scale towards the backing companies, visa, master-card, Paypal, stripe, Facebook, uber, booking holdings, Spotify, eBay, Vodafone, etc. To force investors to place government backed currencies into a system where the companies control How Much and Where to spend. These companies already have issues with selling personal data, ranging from purchase history to location, familial relationships, and social frequency. Data mining and selling this information to turn a profit and make their services more effect, ie more addictive. Now the dealer is not only the supplier, manufacturer, but also now the treasury.
Looking at the info page https://libra.org/en-US/white-paper/#introduction
"We believe that people have an inherent right to control the fruit of their legal labor."
#This statement is to lead the reader to the idea that it will lead to economic freedom, but this is contrary to capitalism and the companies that are supporting Libra feed into this Capitalism ideal.
"We believe that global, open, instant, and low-cost movement of money will create immense economic opportunity and more commerce across the world."
#While this is true in every sense, it does become an issue when the currency brought by select companies and company affiliates. Boosting the economy would be truly free circulation of funds. Not isolated to select company backers and interests. When life imitates art
"Facebook teams played a key role in the creation of the Libra Association and the Libra Block-chain"
#Should be a red-flag right out of the gate.
"Once the Libra network launches, Facebook, and its affiliates, will have the same commitments, privileges, and financial obligations as any other Founding Member."
#Which says to me "They wont go back on their word this time, promise." And to follow on this
"Block-chains are described as either permission or permission-less in relation to the ability to participate as a validation node. In a permission block-chain, access is granted to run a validation node. In a permission-less block-chain."
"To ensure that Libra is truly open and always operates in the best interest of its users, our ambition is for the Libra network to become permission-less."
#Then why not just allow it to be open and proliferate naturally? The best stress test for any new currency is to place it in a real economic system, just like Bitcoin.
"Highly secure, to ensure safety of funds and financial data."
#When most of the company backers actively partake in data mining and selling, I doubt this will be anywhere near true.
"The Libra Block-chain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity."
#Pseudonymous is not Anonymous and again, security from outside is good, but when the issue is inside, it may cause some problems.
"The association is the only party able to create (mint) and destroy (burn) Libra."
#Which takes the decentralized idea and throws it right out the window. Why not just invest more heavily into bitcoin and back that with new tech? Because that would take away the control.
What happens when people begin to fork and proliferate? Well its already happening Libra Classic And this continues on and on from just their promo alone. When you start making a Panopticon currency you begin to see a slow deterioration of the natural flow of goods. And this will lead to two results. Natural failure or Global Economic Monopoly.
Libra is not Libre.