Andreas Antonopoulos 2019: Bitcoin vs. Facebook Libra coin = End of retail bank

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Quote from: RealMalatesta on August 20, 2019, 11:21:32 AM

Quote from: elisabetheva on August 19, 2019, 03:19:28 AM

Whatever will be done by a large company to help enliven, by displaying the new Libra coins, it will definitely have an impact, will the impact really affect bitcoin? I strongly believe that there will be no direct impact on the existence of bitcoin because its share is clearly different and better known. not easy to change the trust that has happened to bitcoin to libra.

What I believe is that there would be no negative impact on the coin, but there would be a lot of positive impact on the price of bitcoin, the impact would come on the awareness the Facebook coin would create, and also the pairs it would have with bitcoin.

I am sure that when Libra coin is paired with bitcoin, it would sometimes require people to demand for bitcoin in other to be able to by the Libra coin, and also, people would also be able to trade both on exchange platform, so I don’t see any negative effect but positive one, even though I fear that the said Libra coin may not really be launched, because Facebook itself has also expressed some fears about it because of the G7 that has expressed concern about the technology and may be going against it.

If a global stable coin appears, which will be widely used by society, it will certainly have a negative and positive impact on bitcoin and other cryptocurrencies. Already now there is information that a stable USDT coin has a greater trading volume than Bitcoin. This means that this stable coin diverts a significant amount of investor funds, that is, it means that bitcoin is less used as a means of payment.
However, I would not want a global stable coin to be issued by a private corporation. This will mean that the global financial system will depend on well-being, in this case, Zuckerberg. And why do we need this? Such a coin should be issued by the state, and even better by a group of states.

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Andreas Antonopoulos Announces New 'Mastering Lightning Network' Book

https://cointelegraph.com/news/andreas-antonopoulos-announces-new-mastering-lightning-network-book

https://www.youtube.com/watch?v=julWo8IJX_8

audaciousbeing

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People are allowed to make several proposals and comments depending on where their alliances and loyalties are but one thing is constant which is retail banking is not going down the worse that could happen is them having low patronage and even at that, we have underestimated the power of government in all of these debacle. Another note worthy of mentioning is the part that for both Facebook crypto to work and bitcoin to be able to render retail banking obsolete, it means every one would have a smart phone and access to the internet with basic knowledge at the minimum which is not possible in this generation as there are several people in third world countries that those basic things are luxury.

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Quote from: Upgate on August 14, 2019, 07:15:20 AM

Quote from: Naida_BR on August 14, 2019, 02:13:29 AM

Libra won't have any future in our ecosystem.
First of all Bitcoin and Libra are two totally different currencies.
And apart from that, Libra is fully centralized (as it is controlled by Facebook), a feature that our community doesn't like.
It may have a hype in the start but it will fall down sharply as people will start to realize that there is not any application of that coin to our ecosystem.

I stand to counter you on that. Libra do have a future in cryptocurrency it will not be as bright as bitcoin but yes it does have a future here. Even before its lunching there has been anticipation about the coin and this is not mere hype

However, still, investors do not understand the Libra working scheme, which is currently under development and is not disclosed. The fears of the project partners are also based on EU restrictions on taxes and money laundering, which may become an obstacle to the development of crypto business in the vastness of the Internet industry.
Facebook will perform the connecting function of accounting and verification of the transaction, without direct control of the currency.

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Quote from: elisabetheva on August 19, 2019, 03:19:28 AM

Whatever will be done by a large company to help enliven, by displaying the new Libra coins, it will definitely have an impact, will the impact really affect bitcoin? I strongly believe that there will be no direct impact on the existence of bitcoin because its share is clearly different and better known. not easy to change the trust that has happened to bitcoin to libra.

What I believe is that there would be no negative impact on the coin, but there would be a lot of positive impact on the price of bitcoin, the impact would come on the awareness the Facebook coin would create, and also the pairs it would have with bitcoin.

I am sure that when Libra coin is paired with bitcoin, it would sometimes require people to demand for bitcoin in other to be able to by the Libra coin, and also, people would also be able to trade both on exchange platform, so I don’t see any negative effect but positive one, even though I fear that the said Libra coin may not really be launched, because Facebook itself has also expressed some fears about it because of the G7 that has expressed concern about the technology and may be going against it.

elisabetheva

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Whatever will be done by a large company to help enliven, by displaying the new Libra coins, it will definitely have an impact, will the impact really affect bitcoin? I strongly believe that there will be no direct impact on the existence of bitcoin because its share is clearly different and better known. not easy to change the trust that has happened to bitcoin to libra.

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All of these are just speculations on what can happen once the Libra beast is unleashed globally...but nobody can really be sure of what can happen as nobody can predict how the intended market will be reacting. All of these theories that something will end something are just theories so they remain to be seen. Right now, Libra is on a twilight zone and nobody can be sure if that can be launching soon but we know that because of sufficient resources invested into it, Libra will be trying all means possible to eventually reach its potential despite the big eyes of many people in the government focused into it. Seems to me that many are afraid of the repercussions of Libra but many of these concerns are tied to Facebook and its record on many aspects. The best thing to do is for Libra to detached itself from Facebook but how they gonna do that can be interesting to watch.

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It is not about governmental systems, it is the banking system that bribes the government system.
Fiat is not the problem actually, fiat is the enabler of the people who are too greedy and trying to ruin the financial system.

If you look at how much money is involved all around the world or how much food or how much hospitals etc etc you will realize that there is enough to go around for everyone in the world.

Just ice creams that gone bad in USA for the past 2018 year has enough costs to produce that would feed every single person in Yemen but companies are willing to create those costs for themselves in order to sell the upmost amount they can instead of running out of products to sell and do not care about the hungry, same with money, I know communism never works and it is too much but with the idea that nobody wants a bit more than the other we could potentially have a world where everyone can live very relax without having to worry about money, that is way too much equality of course but right now the inequality is way too much too, so there has to be some in between zone.

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Quote from: Kakmakr on August 14, 2019, 02:07:33 AM

I can tell you now, Libra will be a dead born baby. The announcement from Facebook that it would effectively create their own global currency, immediately grabbed the attention from governments that wants to protect their own reserve currencies. Gears are set into action to strongly regulate Crypto currencies and Blockchain technologies.

The end result will be that Bitcoin and all other "public" Blockchain based technologies would suffer as a result of Facebook's attempt to create their own digital currency. Angry

Facebook is an easy target, though. It only takes one government to pull the rug out from under them and put a stop to the whole song and dance. I don't see how distributed blockchains with individual people running nodes all over the world would be subject to the same regulatory pressures. Every government on the face of the planet would have to reach an agreement on what regulations to enforce. I can't think of many occasions where they all came together and agreed on something like that. My impression is that governments will go after the low-hanging fruit they can reach, which will be exchanges, webwallets and other such custodial services. It's not practical to regulate a protocol. And if you try to ban it, you simply drive usage underground, which is not what they want either.

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Quote from: Kakmakr on August 14, 2019, 02:07:33 AM

I can tell you now, Libra will be a dead born baby. The announcement from Facebook that it would effectively create their own global currency, immediately grabbed the attention from governments that wants to protect their own reserve currencies. Gears are set into action to strongly regulate Crypto currencies and Blockchain technologies.

The end result will be that Bitcoin and all other "public" Blockchain based technologies would suffer as a result of Facebook's attempt to create their own digital currency. Angry

Andreas pointed to the pillars that makes it different to Bitcoin and why it would fail, but I think the difference is irrelevant in a scenario where governments over regulate all competition to protect their own reserve currencies. Roll Eyes

You have a point that the governments will strictly regulate all cryptocurrencies including Libra and Bitcoin but I guess it has to happen someday.
Whether or not Libra would be launched, if we want bitcoin to go mainstream then it should definitely face the challenges from the governments and banks hence leading to regulations.
In fact, I believe that Facebook has done a good job launching Libra in the first place because now Libra will face all the criticism from the governmetns and banks.
This will benefit bitcoin because if Libra gets accepted or legalized or regulated whatsoever then bitcoin and other cryptocurrencies would probably be accepted too

.

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Quote from: legendster on August 13, 2019, 04:37:40 PM

Man that's a long ass interview. I'm gonna save it for my dinner time.

I don't have the attention span to watch an interview like that, so I'm going to skip it altogether.

Quote from: legendster on August 13, 2019, 04:37:40 PM

I don't think retail banking will die. It will just get a new platform.

Retail banking likely won't die in any of our lifetimes. Think about how many banks there are just in the United States. Every single town usually has several of them, and the banks have so much capital invested in them and in their various businesses to be put out of business by a technology that so far has yet to make a major impact--not in the banking system and not in the average person's life. I know that a lot of hardcore bitcoiners want this to happen, but the fact is that it hasn't happened yet and doesn't look like it's going to. It would probably take a financial crisis that made all fiat money worthless for cryptocurrency to take over.

Quote from: Lucius on August 15, 2019, 07:43:57 AM

I do not see that Libra can jeopardize retail banks if it ever becomes a reality, banks are too strong and they are too deeply associated with politics who make laws, and banks can pay to keep the laws on their side.

Libra? I don't think so, nor do I think Facebook is looking to take on the banking system--and if they try to, the regulators will put a stop to that without hesitation. I'm not really sure what FB is trying to do with Libra, but I'm assuming it has more to do with creating a payment system for their customers than eliminating the banking system.

Quote from: Kakmakr on August 14, 2019, 02:07:33 AM

I can tell you now, Libra will be a dead born baby.

That could well be true. It does look like the government regulators are giving them a very hard time about it.

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Facebook can try to make their own country with their own rules and set Libra as their currency, because at this point they are far away from anything realistic, everything is just an idea on paper. Given such a fierce reaction from the very top of US politics, I don't see how such currency can get green light anywhere in the world.

I do not see that Libra can jeopardize retail banks if it ever becomes a reality, banks are too strong and they are too deeply associated with politics who make laws, and banks can pay to keep the laws on their side.

Only chance I see for Libra is maybe if they manage to fill enough pockets with enough money, or to say better if they manage to buy the right people in the right positions. Everyone has a price, the question is whether the FB has enough money to pay for its membership card in the banking world.

barbara44

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One problem that I have found common with most of us in the cryptocurrency community is that we like to use cryptocurrency talks to just discredit government system, and this is quite not too good or healthy for us, now that Andrea has mentioned that bitcoin and Facebook will be the end to retail banking and he even analyzed it, you think that those retail banks will fold their harms and watch has their system is being destroyed.

You think those who has been employed through bank would want to understand that language that a system could make them loose their job, common, we have to be very watchful of what we say so that we will not anger the government into banning cryptocurrency, everything we say should be more of how cryptocurrency would help better the system of bank and not destroy it.

timerland

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Pretty well-made video, probs. I watched it and definitely learned a lot and it helped me understand his POV and reflect on my own thoughts.

I personally don't think retail banking will ever die out. Banking was done in a much more tedious way years ago, and technology simplified it for us - I believe blockchain will do the same, and it'll never truly die, just migrate and move into a different platform.

With Facebook's own currency, it's gonna draw a lot of resources and attention from Bitcoin, but since it is much safer for government, it'll likely be preferred over other payment options.

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It is really not a shocking thing that Libra wouldn't be rivals with bitcoin, it is not even about "is bitcoin better or is libra better" they are both handling different things from each other hence they are not really fighting against each other.

Bitcoin is literally a currency, you work for it and earn it and spend it for buying something etc etc and in the end there is really no way of saying bitcoin is backed by anything and it definitely is not, we are the ones backing up the price of bitcoin and nothing else.

Libra is literally a currency like thing where it is backed by whatever facebook says it is backed by and people can use it to send each other money and so forth, that is why I honestly feel like they are not even remotely similar things hence why would they try to be compared with each other.

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Quote from: Naida_BR on August 14, 2019, 02:13:29 AM

Libra won't have any future in our ecosystem.
First of all Bitcoin and Libra are two totally different currencies.
And apart from that, Libra is fully centralized (as it is controlled by Facebook), a feature that our community doesn't like.
It may have a hype in the start but it will fall down sharply as people will start to realize that there is not any application of that coin to our ecosystem.

I stand to counter you on that. Libra do have a future in cryptocurrency it will not be as bright as bitcoin but yes it does have a future here. Even before its lunching there has been anticipation about the coin and this is not mere hype

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Will bookmark this to watch later.

Quote from: Kakmakr on August 14, 2019, 02:07:33 AM

I can tell you now, Libra will be a dead born baby. The announcement from Facebook that it would effectively create their own global currency, immediately grabbed the attention from governments that wants to protect their own reserve currencies. Gears are set into action to strongly regulate Crypto currencies and Blockchain technologies.

I don't think that would stop facebook in pursuing their plan, the government is afraid if they can't monitor it but they have the power to regulate so that problem will be solve. Libra can push through their project but it has to follow sets of regulatory requirement but we know facebook is compliant so I'm confident they'll be able to surpass all these challenges.

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Quote from: Ebrahmos on August 13, 2019, 09:17:55 AM

Andreas Antonopoulos 2019: Bitcoin vs. Facebook Libra coin = End of retail banking

Dear crypto community and blockchain buddies across the globe...

Welcome back to the no BS blockchain channel covering bitcoin, cryptocurrency and everything around FinTech. Episode 11 part two is the sequel with, once again, the one and only Andreas Antonopoulos!

As mentioned in the previous episode Andreas has been an incredible bitcoin ambassador by representing the crypto community in many huge appearances such as the Joe Rogan Podcast A.K.A JRE, london real & bitcoin 2019 with Brian rose twice going down in crypto history... Andreas is one of the references when it comes to explaining Bitcoin for absolute beginners to the more season viewers.. We are honoured to interview the man, the legend himself... Andreas Antonopoulos!

In this video Andreas shares his strong views on Libra coin (originally named "global coin") before Facebook had even officialized their coin. Andreas explains why Bitcoin has nothing to fear from Facebook coming into this space. As a matter of fact, Andreas dives deep into why the Facebook Libra coin barely meets one of the five pillars of open source blockchains... Make the Facebook libra coin irrelevant. For those who missed the first part of this epic interview and want to find out more on "the FIVE PILLARS of open blockchains" OR know anyone curious or interested about bitcoin...
The first half of this interview with Andres could be the PERFECT starting point...

Watch the first part here: https://t.co/deBeSpFWQN

(click on the picture to be redirected to the youtube video)

Libra won't have any future in our ecosystem.
First of all Bitcoin and Libra are two totally different currencies.
And apart from that, Libra is fully centralized (as it is controlled by Facebook), a feature that our community doesn't like.
It may have a hype in the start but it will fall down sharply as people will start to realize that there is not any application of that coin to our ecosystem.

Kakmakr

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I can tell you now, Libra will be a dead born baby. The announcement from Facebook that it would effectively create their own global currency, immediately grabbed the attention from governments that wants to protect their own reserve currencies. Gears are set into action to strongly regulate Crypto currencies and Blockchain technologies.

The end result will be that Bitcoin and all other "public" Blockchain based technologies would suffer as a result of Facebook's attempt to create their own digital currency. Angry

Andreas pointed to the pillars that makes it different to Bitcoin and why it would fail, but I think the difference is irrelevant in a scenario where governments over regulate all competition to protect their own reserve currencies. Roll Eyes

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Man that's a long ass interview. I'm gonna save it for my dinner time.

Few thoughts prior to I watch this;

I don't think retail banking will die. It will just get a new platform.

Think about it.

Most of the successful platforms in existence today are basically things that have taken out the middlemen and given them a centralized platform to do their business on. It curbed down preferential pricing of goods and services and it also clamped down on predatory pricing.

I think, the Banking sector is also headed for the same direction, but only in a decentralized way.

Will come back later with more thoughts on the interview content. Thanks for sharing.

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