Are you worried that France and Germany agree to block Facebook's Libra?

sana54210

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Quote from: Wintersoldier on October 06, 2019, 08:54:05 PM

Quote from: phillymogul on September 14, 2019, 08:33:02 AM

[im g]https://i.ibb.co/zngP2GY/buybitcoin-libra-guerillastyle-1.jpg[/img]

In terms of facebook's libra coin, I think France and Germany will not contribute that big to the development of the coin, since facebook is a social media, people who are using facebook will be the big subject to it. Let us consider the country like india as the top facebook users in the world 2019 based on https://sproutsocial.com/insights/facebook-stats-for-marketers/. The top users will have the biggest impact on the libra coin as they are the direct subject to it.

If France and Germany who I think has been a bit fare to bitcoin is totally against Facebook, what assurance do you have the India who we know that has been against bitcoin will ever support Facebook Libra coin. India is the least country that I expect right now to ever support Facebook project, they will only end up going against it too and I think most of these countries that are powerful and beginning to dislike Facebook Libra coin is already sending wrong signals out.

PayPal being one of the companies that has promised support for the Libra coin is already backing out of the game already and I think that is already a very bad omen that Facebook coin may not succeed. Most of users who would have made the Facebook coin successful will also fear that the government would have issue with them, so they might not really support also.

dfktynby1004

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Of course I'm concerned. This is a very bad trend for other countries. Libra is a stablecoin that the community really needs to popularize. If most countries refuse to implement Libra then we will have a very bad future. The bad news is that it will be almost impossible to introduce cryptocurrency in the future.

desticy

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Quote from: jazmuzika217 on September 14, 2019, 09:18:32 AM

Yes I am worried about this issue. Because like what China done to ban crypto, now France and German will block facebook's libra. And eventually all the crypto will follow to be block to those country and I think like China they will launch their own crypto. And worst thing there is possibility that many country will follow those action. It will have a bad impact to the coin holder and investors and can cause loss.

What makes you think that this scenario will happen? The libra is not on the market, they are trying to strangle it in the bud. In addition, this is not quite a cryptocurrency, it is a stable centralized digital asset.
The crypto market will not react in any way to the ban on libra by these countries. But the fact that the rest can join them by decision of the Libra ban is quite likely.

Darooghe

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Getting mixed feelings about it. On one hand it's really good that they cannot stop bitcoin, hence the silence. they can stop centralized Libra, hence the swift action. At the same time, Crypto success depends upon mass adoption and mass adoption means people being able to use it without fear of sanction. Most people will not risk breaking the law to use Crypto, therefore no mass adoption, therefore Crypto cannot succeed. France & Germany are more worried about Facebook, a corporation that is arguably more powerful than many governments, taking control of their financial system. If Libra became the world currency, Mark Zuckerberg would be the most powerful man to ever exist in the history of the world.

lionheart78

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Quote from: cabron on October 07, 2019, 09:31:25 AM

Not worried about it, France and Germany can only block and not shutdown.

France and Germany of course knew what this Libra stands for but since Libra(facebook) is going into the financial system in EU countries, Libra or facebook will have access to their citizens.

Nope once these government block Libra, it is automatically banned in their country, and the citizen are not allow to use it even if their have access on it.

Quote from: cabron on October 07, 2019, 09:31:25 AM

France and Germany and probably all other countries out there would want to take a piece of a pie that Libra has to offer otherwise it will be blocked. Proportion currencies each country I guess.

Isn't it the opposite? If they are trying to block Libra then there will be no operation in their country, no taxes to get from the usage of that cryptocurrency. It is not the offer they have seen in here. It is the possible manipulation that can affect their economic state.

rahmatullah9305

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not worried, they want to ensure that all existing regulations are followed, and if they must be changed in the future, so they can guarantee the stability of the international financial system. Facebook's digital currency must not be allowed to operate in Europe. Given that there are still concerns about sovereignty and sustainable financial risk.

cabron

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Not worried about it, France and Germany can only block and not shutdown.

France and Germany of course knew what this Libra stands for but since Libra(facebook) is going into the financial system in EU countries, Libra or facebook will have access to their citizens. France and Germany and probably all other countries out there would want to take a piece of a pie that Libra has to offer otherwise it will be blocked. Proportion currencies each country I guess.

judeafante

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Quote from: phillymogul on September 14, 2019, 08:33:02 AM

So far no country are following their action here in our Asian only China is against them, but it's ok that they have an opposition because there will be check and balance, Libra coin cannot abuse their clients and users because they are under the radar of many countries and regulators so i think they are going to behave.

BitcoinHunt3r

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Honestly, i am not worried about it. I think people really too hype about Libra. If me i will stay on bitcoin, whether Libra will give positive thing to bitcoin or maybe anything like that. My favourite coin will stay at bitcoin. If bitcoin not accepted in a lot of countries, that will make me very worry.

X-ray

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Quote from: DaMut on October 07, 2019, 08:01:36 AM

Quote from: FLHippy on October 07, 2019, 05:48:58 AM

It is very important for us to see how regulators approach centralized cryptocurrencies. They have problem with Libra or Tether. But they didn´t show negative attitude against Bitcoin. Because they do not believe that one day Bitcoin could dominate the world?

Tether and Libra have a different story, we can not measure Bitcoin with them because all of them are different. The reason why Regulators do not show a negative attitude against Bitcoin(in general, not specific) because Bitcoin is meant to be an asset while Libra and Tether are trying to be a regulated digital currency.
a regulated currency can be considered as a formal currency which means it has real value just like other currency. If the currency is not being controlled by the government, it could affect their economy because of inflation.

Definitely true, we can't just compare an orange to an apple which in this case is Bitcoin (decentralized, no one have the authority even the government) to Libra and USDT(Stable coin and have company behind it to back it up with real asset or money). The stablecoins tend to attract the attention of regulators simply because it is backed up by real money and every token being printed means the reserve fund is increased, but due to the massive USDT printing lately it has attracted so much attention that some people even asumming that the company is just printing the USDT without even adding more reserve fund which ofcourse I don't know whether that's true or not, it's just a rumour after all. Regarding bitcoin, the only thing government could do is by releasing regulation to limit bitcoin usage by their own citizens.

DaMut

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Quote from: FLHippy on October 07, 2019, 05:48:58 AM

It is very important for us to see how regulators approach centralized cryptocurrencies. They have problem with Libra or Tether. But they didn´t show negative attitude against Bitcoin. Because they do not believe that one day Bitcoin could dominate the world?

Tether and Libra have a different story, we can not measure Bitcoin with them because all of them are different. The reason why Regulators do not show a negative attitude against Bitcoin(in general, not specific) because Bitcoin is meant to be an asset while Libra and Tether are trying to be a regulated digital currency.
a regulated currency can be considered as a formal currency which means it has real value just like other currency. If the currency is not being controlled by the government, it could affect their economy because of inflation.

alyssa85

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Quote from: FLHippy on October 07, 2019, 05:48:58 AM

It is very important for us to see how regulators approach centralized cryptocurrencies. They have problem with Libra or Tether. But they didn´t show negative attitude against Bitcoin. Because they do not believe that one day Bitcoin could dominate the world?

Bitcoin is decentralised, there are loads of crypto businesses from miners to wallet providers like Coinbase to exchanges, involved in bitcoin. There is a proper eco-system and no one company "owns" bitcoin or the other alts.

Whereas Libra is just Facebook and centralises power in Zukerberg's hands. Given that Zukerberg is not a nice man, this is a problem.

masterrex

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No im not worried about that issue since, facebook Libra is different from Bitcoin and other existing cryptocurrencies, while Libra is a so called crypto stablecoin but it was not fully decentralized in my opinion, the main reason why these regulatory issues arise because Facebook Libra was intended to replace the existing traditional fiat currency and countries that opposing it like you mentioned (France and Germany) are feeling threatened in that case im sure Bitcoin and other cryptocurrencies wont be affected by that so called Ban.

FLHippy

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It is very important for us to see how regulators approach centralized cryptocurrencies. They have problem with Libra or Tether. But they didn´t show negative attitude against Bitcoin. Because they do not believe that one day Bitcoin could dominate the world?

Arsenyo

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No, we shouldn't worry. If they could ban bitcoin, they would have done it years ago. I am not a fan of Libra and Facebook itself. And not only Germany and France are strongly against the appearance of the Libra. Its launch in 2020 is really doubtful.

Wintersoldier

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Quote from: phillymogul on September 14, 2019, 08:33:02 AM

In terms of facebook's libra coin, I think France and Germany will not contribute that big to the development of the coin, since facebook is a social media, people who are using facebook will be the big subject to it. Let us consider the country like india as the top facebook users in the world 2019 based on https://sproutsocial.com/insights/facebook-stats-for-marketers/. The top users will have the biggest impact on the libra coin as they are the direct subject to it.

terencio

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I never worry at all about the news and Europe is leading the way to become the block chain hub, so this issue can be resolved on a later stage. Facebook is a big organization they might prepare for this problem.

o48o

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Of course i am not; They want to block Libra because they can block it, and that's because it's centralized. This just brings more people to bitcoin when they start to look for answers on why can't they won't block that too. And there's really no need for another centralized stablecoin like Libra. We already have DAI, Tether and other stable coins that i can't even remember.

ven7net

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Personally, this news doesn’t bother me much and I don’t worry about it. How many different news have already been in the direction of cryptocurrencies and various platforms, but they either did not come true or everything happened on the contrary. I would not particularly pay attention to such statements, because, as world practice shows, today they say one thing and tomorrow they do another. I do not exclude that this is just a specially created statement, which would put pressure on someone or confuse the community somewhere.

JeffBrad12

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Not really, even Libra is cancelled it won't even bother me as it is basically the same as other existing centralized crypto like all those stablecoins alright? the difference is only because Libra issued by massive corporation that has a really huge capitalization and therefore making people feeling excited about it while it's actually just repeating the same cycle that already existed.
It seems that if France and Germany really agree to block libra, visa and mastercards which thinking about reconsidering the decision of investing into Libra might back out.

Topic: Are you worried that France and Germany agree to block Facebook's Libra? (Read 620 times)