China can easily launch a coin while Facebook is having a hard time

supercanada1

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Quote from: JeffBrad12 on November 04, 2019, 11:22:43 AM

Quote from: alexsandria on November 04, 2019, 10:58:10 AM

Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

It is not about the name who wants to produce it. Mark Zuckerberg and facebook has its reputation around the world though they have a huge name what they are fighting against is the government who has the absolute authority with it. What they differ is that the China government is somehow open with this plus they all been regulated I supposed which on the other hand facebook Libra is having a hard time with that. If it was all about the name probably facebook would make it through

Despite of all that I'm pretty sure that China themselves want a more centralized version of blockchain. Even Xi Jinping himself say to specifically accelerates the use of blockchain and not the cryptos. It's the same as those company that did research to implement blockchain system into theirs threfore it won't bring that much change to the crypto market anyway and I do agree with you. Facebook is a private company while China is a country and it has the authority to create the regulation or change it to whatever they want really different if you compare to Facebook where they will be facing a dead end if the government doesn't approve.

The main issue that china has with bitcoin and other such kinds is decentralized nature of them. This is the whole reason why China is trying to push away supporters of bitcoin by playing cheap tricks from time to time. Now bitcoin has no central authority, which means no one can control it, not even China. Due to this, it cannot control the digital market, which is future, either. This is the whole game. Blockchain is powerful tool, it cannot ignore that either.

quierx16

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Quote from: ATSgrowth on November 01, 2019, 01:16:00 PM

All about China is a big bubble. Chinese altcoins are pumping only because fake news are spread across the community.

Why are you calling it a bubble? I think its a hard accusation, spreading fake news is just their strategy to get more attention Im not saying its a good thing to spread fake news but its business and thats the strategy they decide to use to win the market.

Fappanu

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China is led by law enforcement so how can we prevent them? While the Facebook Coin is only made by someone who complies with the law.

So we can't compare these two because they are so far apart and they have a huge difference. And yet we can not prevent a country to make their own coin. Maybe it can if it has a bad effect on people.

Hamphser

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Quote from: ableh on November 04, 2019, 12:16:37 PM

Quote from: robelneo on October 29, 2019, 12:20:09 PM

Why China can easily launch a coin while Facebook is having a hard time
~snip~
What's your thought on this?

It because China Coin is fully supported by the government, while Facebook isn't. If look at the Libra case, it seems that regulation is not the main problem, because I am sure they can easily to overcome this. So in my opinion, Facebook is always dealing with problems because it is related to business or personal interests. Considering that Libra is product of private company not government, so they will have trouble to control it if one day Libra is more attractive than the USD.

That's the difference between China and Libra coins. A private company versus the government, of course the government will always wins first. But if the government supported Libra coins we shouldn't be talking about it now why it still got delayed. China has been very picky of choosing their own cryptocurrency that's why they ban it before but now that they've decided to embrace the blockchain technology they're now making their own crypto.

chaoscoinz

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

My thoughts are that Xi Jinping is General Secretary of the Communist Party of China, while Mr. Mark Zuckerberg is Facebook's founder and current chairman. The difference is Mark is just a regular Joe who started and works for a company while Xi is a general.
The differences are staggering. You have a member of China's communist party who's opinion holds heavy weight, vs a regular capitalist, who's opinion doesn't hold much weight by itself on government issues, hence why he went ton Congress first to receive their opinions on his Libra platform.

ableh

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

Why China can easily launch a coin while Facebook is having a hard time
~snip~
What's your thought on this?

It because China Coin is fully supported by the government, while Facebook isn't. If look at the Libra case, it seems that regulation is not the main problem, because I am sure they can easily to overcome this. So in my opinion, Facebook is always dealing with problems because it is related to business or personal interests. Considering that Libra is product of private company not government, so they will have trouble to control it if one day Libra is more attractive than the USD.

JeffBrad12

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Quote from: alexsandria on November 04, 2019, 10:58:10 AM

Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

It is not about the name who wants to produce it. Mark Zuckerberg and facebook has its reputation around the world though they have a huge name what they are fighting against is the government who has the absolute authority with it. What they differ is that the China government is somehow open with this plus they all been regulated I supposed which on the other hand facebook Libra is having a hard time with that. If it was all about the name probably facebook would make it through

Despite of all that I'm pretty sure that China themselves want a more centralized version of blockchain. Even Xi Jinping himself say to specifically accelerates the use of blockchain and not the cryptos. It's the same as those company that did research to implement blockchain system into theirs threfore it won't bring that much change to the crypto market anyway and I do agree with you. Facebook is a private company while China is a country and it has the authority to create the regulation or change it to whatever they want really different if you compare to Facebook where they will be facing a dead end if the government doesn't approve.

alexsandria

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

It is not about the name who wants to produce it. Mark Zuckerberg and facebook has its reputation around the world though they have a huge name what they are fighting against is the government who has the absolute authority with it. What they differ is that the China government is somehow open with this plus they all been regulated I supposed which on the other hand facebook Libra is having a hard time with that. If it was all about the name probably facebook would make it through

Golftech

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Quote from: BartS on November 04, 2019, 01:37:28 AM

Quote from: joshua123 on October 31, 2019, 09:59:30 PM

US can't interfere with China plans. Yes it is another issue on politics I guess, Mark's project is under US government which is under their direct supervision. This is clearly Libra Project is just been holding by the SEC and Congress. How come they can't support their own member. Cause one thing I'm sure, US protect only those with their best interest unlike China that support their own. They are really one country one team.

If cryptocurrencies keep gaining recognition around the world then the US government at some point is going to want to release their own cryptocurrency.

When you think about this it does not make too much sense for the US government to allow Facebook to release their own coin, they will have to compete against Facebook if they let them, and Facebook will also become something more than a social network it will become something closer to a central bank.

That's the logic and the very reason why the US government and European nations are not interested to allow Libra to exist, it will gained much power over their financial system. Unlike China's own version's of crypto where the President itself who foresee the future advantage of blockchain. Allowing the government to use the system to create crypto that will cater the needs of their people who knows how crypto works.

karanggatak

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I don't think we can compare the Chinese crypto coin called DCEP with Facebook Libra. because they are different. Facebook is a cryptocurrency coin that will be created by a large company and which already has sizable members throughout the world. Most European governments and members of the United States Congress reject Libra for fear that Libra will disrupt the stability of the dollar and euro. while DCEP is a cryptocurrency made by the Chinese government for their people. so that this DCEP can be easily created and released because it is supported by the Chinese government.

BartS

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Quote from: joshua123 on October 31, 2019, 09:59:30 PM

US can't interfere with China plans. Yes it is another issue on politics I guess, Mark's project is under US government which is under their direct supervision. This is clearly Libra Project is just been holding by the SEC and Congress. How come they can't support their own member. Cause one thing I'm sure, US protect only those with their best interest unlike China that support their own. They are really one country one team.

If cryptocurrencies keep gaining recognition around the world then the US government at some point is going to want to release their own cryptocurrency.

When you think about this it does not make too much sense for the US government to allow Facebook to release their own coin, they will have to compete against Facebook if they let them, and Facebook will also become something more than a social network it will become something closer to a central bank.

ATSgrowth

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All about China is a big bubble. Chinese altcoins are pumping only because fake news are spread across the community.
But China is going to create private digital Yuan, not a cryptocurrency, mineable, decentralized.. Also president is not talking about cryptocurrencies, but about blockchain only. Roll Eyes

bison

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Coin launching requires careful planning. Libra is planning the best and I hear if Libra will come in the market next year. there is still time and not just China, but all countries that are not hindered by their country's regulations can make launching their coins. managing the regulations will be very important to help ease or hinder the growth of coin launching.

FanEagle

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

It is totally a different thing entirely, because if you look at the two projects, one is being launched by the government itself, because china is the one in control of the project while the second one is coming from an individual that is trying to influence things because of the money that he has, but that does not make him a government.

If the project of Libra had been designed separately for government, I believe that they would not have been having the challenge they are having right now, but because the whole code thing will be with the Facebook team which is of threat to the government, you don’t expect the government to accept the project just like that and also for the fact that these people are still having some pending unresolved issue with Facebook.

Wintersoldier

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Quote from: crazy-pilot on October 31, 2019, 02:23:45 PM

In my opinion, these coins cannot be compared with each other. How can we compare China's digital money and the Facebook global ecosystem? Who can forbid a country to make its own coin?

We don't have a reason why we need to compare China's digital money and facebook currency, they are very independent to each other. And one we can do is to only educated people on how these two massive crypto news will affect the cryptocurrency community. It is really hard for Libra to launch their coin because of their privacy issues, and it is very easy for China to launch their own coin because they are backed by their Government.

joshua123

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US can't interfere with China plans. Yes it is another issue on politics I guess, Mark's project is under US government which is under their direct supervision. This is clearly Libra Project is just been holding by the SEC and Congress. How come they can't support their own member. Cause one thing I'm sure, US protect only those with their best interest unlike China that support their own. They are really one country one team.

Fatunad

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Quote from: alyssa85 on October 31, 2019, 11:50:25 AM

Quote from: pgbit on October 30, 2019, 02:54:44 PM

This is one area where I think China has an edge over USA, while we have to admit that Libra is not owned by the USA Government and one of the reasons why they are kicking against it is that it puts too much power in the hands of an individual who isn't part of th Government, I also have to admit that if it were the USA trying to launch their own cryptocurrency, it would take them a while lot of time to think and execute it cos it has to has through many books and go through a bunch of approvals from different arms of Government before it's eventually implemented.

I don't think they have an edge at all.

How many people will trust the new Chinese coin enough to buy it and hold it? It's just another attempt for the Chinese govt to control their population - this time with a crypto that has a public ledge and identities tied to addresses so they can track all money.

Exactly! That's the main reason why they banned all the exchange and other btc related transactions in their country only to find out that they're planning to make their own coin. It does not make any sense deprieving the people to use btc and other alts just because they want their own to control the people financially. They might seem to have realized how blockchain technology could possibly improve their country's economy.

Menawi12

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Quote from: robelneo on October 29, 2019, 12:20:09 PM

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

China has a different political system from America so that the Chinese government is more free to carry out movements in any field. Libra as a company in America must comply with American regulations and this makes Libra coin not as fast as the Chinese government in launching coins

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Quote from: LouVandetta on October 31, 2019, 08:20:51 PM

Wasn't this because President of China itself has approved and announced of it?
And For a third party such as facebook cannot be compared to China's own coin. It all depends on US Government, actually.
Facebook must've faced a hard time with regulation, rules, all those documents that needs to be approved.
As long the government supports facebook, I think they could launch Libra more easily. But, not now I guess.

SEC has so much to think about Libra such as there can be no assurance that Libra or their associated products and services will be made available in a timely manner.

After announcement of their president they pursue more their own coin, since it is fully used only in China it will not affect too much the cryptos now since China still bans exchanges it will just be like a normal fiat operating like a token while Libra been facing regulation issues since Facebook been used often and have many supporters that may affect privacies. BTW Facebook still ban in China, they just maybe only want to released their coin before Libra find ways to continue in their plans. Both projects have different take in crypto moves.

LouVandetta

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Wasn't this because President of China itself has approved and announced of it?
And For a third party such as facebook cannot be compared to China's own coin. It all depends on US Government, actually.
Facebook must've faced a hard time with regulation, rules, all those documents that needs to be approved.
As long the government supports facebook, I think they could launch Libra more easily. But, not now I guess.

SEC has so much to think about Libra such as there can be no assurance that Libra or their associated products and services will be made available in a timely manner.

Topic: China can easily launch a coin while Facebook is having a hard time (Read 596 times)