Topic: Facebook Cryptocurrency - page 9. (Read 10272 times)

Lol, that's what I heard as well and my guess is that OP isn't aware of this fact.  If it's a stablecoin, you might as well take all your dollar bills and stash them under your mattress, because that would be equivalent to owning Libra.  No point in "investing" in something like that, no matter how much you love Facebook (which I most certainly do not).

It's not a threat to anything.  In fact, there's the potential that it might get people interested in real cryptocurrencies like bitcoin, and those people might end up making money from them.  And anyway, it's waaay too soon to even speculate about that sort of thing, because FB is having one hell of a time getting this thing started.  With all the pushback from regulators, they might not even get the chance to launch it.

The libra is a threat to all the coins of the cryptocurrency market because it masquerades as cryptocurrencies, although in reality it will not be a full-fledged cryptocurrency in the usual concept of this word.

Exactly. It's still too early to tell how Libra will work or behave, as it hasn't launched yet. The best thing we could do right now is to speculate what the outcome will be once the digital currency is launched by Facebook within 2020. Even so, the company has announced (via an SEC filing) that it's uncertain if Libra will launch at all. This is probably because many worldwide governments and central banks have been opposing it every step of the way.

Still though, if the launch of Facebook's cryptocurrency takes place, there's a high probability that it'll become highly controversial within the mainstream world. After all, Facebook is well-known to violate people's privacy after the Cambridge Analytica Scandal. The social media giant could do the same thing with Libra as it obtains people's sensitive information from transactions performed on the Blockchain. With the ambition of becoming the next-generation central bank, many governments and traditional central banks are fearing its launch. Which is why, they'll do anything within their power to stop Libra from becoming a reality at all costs.

Nonetheless, Facebook's cryptocurrency may be more of an idea than anything else nowadays. After launch (if it ever happens), we'll know for sure what the implications will be for Libra as a worldwide stablecoin for the masses. Just my thoughts

Libra is a stable coin and therefore it can not significantly affect the price of bitcoin or other cryptocurrency. In addition, at the moment, it is most likely that Libra will never appear. G-7 states too actively began to hinder its appearance, up to its strict ban on its territory. Therefore, Facebook has already made a statement that this project may not be implemented.

Definitely, but there are fake sale out there selling Libra coin and investors should be very careful and smart enough not to be victim of scams.
They should continue to monitor the update which is coming for the facebook itself, of here in the forum since we can read reliable feedback from high rank members.

Exactly. There isn't a single cryptocurrency that's been able to replace Bitcoin today. Not even Ethereum, after being the world's second largest cryptocurrency by market cap. The situation is worse with Libra, since it's centralized whereas Bitcoin is not. Comparing both Libra vs Bitcoin are two completely different things. Facebook's aim is to dominate the world of finance by bring the stability of the USD and the flexibility of crypto with its newly proposed cryptocurrency. Whenever it'll become a success or not it's yet to be seen. Right now, Facebook is having a hard time trying to convince regulators and the government of the legitimacy of Libra.

The battle is becoming fierce for the world's largest social media conglomerate as most central Banks and governments worldwide are opposing the launch of its controversial cryptocurrency. Which is why, there's a possibility that Libra might not launch after all. However, if Facebook manages to do an agreement with several regulators worldwide, it'll have the "green light" for launching Libra within the mainstream world. Once it becomes a reality, then it could prove to be a direct competitor towards traditional payment processors like PayPal and Western Union. But it'll never be able to reach the level of adoption decentralized cryptocurrencies like Bitcoin and Ethereum have obtained for a very long time.

Nonetheless, Facebook's cryptocurrency may be just a mere idea that will be forgotten within a couple of years from now. That is if the social media giant is unable to comply with every single regulation imposed by governments worldwide. But, rest assured that crypto will be here to stay no matter what. Just my thoughts

Exactly. Libra's centralization would effectively bring back the middleman, making Facebook the next-generation central bank of the world. Satoshi intended the Blockchain to be free from middleman for a very good reason. Corruption, manipulation, and fraud has been existent within the world's financial institutions for a long time. That's why Satoshi invented an alternative to centralized money, in order to circumvent such risks. A real cryptocurrency is about delivering a system where no single entity controls it, effectively eliminating the risk of a single point of failure.

Libra, as well as XRP, greatly defeats the purpose of a Blockchain. Despite the facts, Libra may very well bring a lot of attention within the mainstream world. It's main purpose is to be a stablecoin backed by the USD where the "unbanked" could gain access to finance in an easy manner. Whenever it's successful or not, it's yet to be seen as it has not even launched yet. With the many regulatory hurdles to get pass through, it might be unlikely that Facebook will be launching Libra by 2020.

Nonetheless, it's becoming evident that Blockchain technology is the way of the future (especially for finance). Whenever it'll be via Facebook's Libra, a government-issued digital currency, or even Bitcoin itself, we cannot know for certainty. But at least, we know that Blockchain will be a part of our lives one way or the other. Just my thoughts

Welcome to inflation, officially ~2% per year on average, in reality over 3.5% of wealth loss a year

I don't know much about Facebook crypto but many people talk, what's the essence and good or bad if Facebook crypto libra has been circulating?  But in my opinion this project has a good impact because Facebook has a very wide community

It won't affect as  bitcoin have their own venue of supports and FB have its own too, if Facebook will proceed and make it's way inside crypto market
interest will be added to people who's knew to this investment place, it can help bringing more invested money and lift the value up for crypto currency just need to have more information and ideas, facebook as one of those giants inside social media it will be noticed right away.

Bad news, Libra is going limbo as right now, Facebook got some attention from the US government. Hope Facebook will just temporary halt and not cancel Libra coin.

Ofc, it has nothing to do with Bitcoin. A coin that is issued and controlled by Facebook, a company that collects the private information of million of its users, stands against everything that Bitcoin or cryptocurrencies in general were created for. The only reason you can be hyped about Libra is, that it will probably introduce a lot of people to the 'real' cryptocurrencies.

I still believe in bitcoin until later ... because bitcoin is the king of all coins ... so any coins that are launched now will not make the price of bitcoin weak ... even though facebook coin will soon be launched and facebook has a big name still sure that Bitcoin is still the king of all coins ...because we have often seen that so many coins have been launched through various ICO and IEO projects ... but still very far from BITCOIN ... so don't worry about the strength and resilience of bitcoin

Well, since Libra hasn't launched yet, all we could do is to speculate what the outcome will be within next year. The quick response towards Facebook's infamous cryptocurrency among governments and central banks worldwide, shows us how worried these entities are. They largely believe that Libra will take the world by storm eventually replacing traditional Fiat as we know it. But this will greatly depend on how governments will allow Libra to grow within the mainstream world. After all, US lawmakers (where Facebook is located) have asked Facebook to halt the development of its cryptocurrency. The controversial social network company, would need to find ways to negotiate with the US government in order to launch Libra by 2020.

As long as, governments are able to gain easy access to the activity of Libra's blockchain, then they'll support its launch in every way. Knowing that Facebook has successfully shared users' private information to the government, it's expected that they'll do the same with Libra. Which is why, I believe that there's a possibility that Libra will launch with full support from governments worldwide.

If successful, then Libra would've brought Blockchain technology towards mainstream adoption. This will largely benefit the whole crypto ecosystem, as people will become interested into decentralized cryptos as well. With due time, Libra would become the world's next-generation reserve currency putting the USD down its knees. Perhaps, the US will adopt Libra as USD's successor due to the many benefits it provides.

Nonetheless, the future of Facebook's cryptocurrency is largely uncertain these days. All we could do is wait until the time comes for its launch. After that, we'll be able to know if Libra will gather traction within the mainstream world or not. Just my opinion

Has anyone thought about what a Libra? I understand that it has nothing to do with cryptocurrency, as it will be controlled by certain persons, no anonymity, transactions are also controlled and can be blocked. am I wrong?

The other day Zuckerberg said that he did not abandon his plans to launch Libra and stressed that he would spend as much time and effort as it would take to persuade regulators to his side, so it is not known when the release is planned, perhaps everything will be transferred and postponed as usual, but I also will not be surprised that Libra has long been cooperating with the authorities and the Facebook project is a cover.

While I will not be buying it as an investment (unlike BTC and others), I might use it as fiat equivalent in daily transactions (alongside other stablecoins).
Would very much like to see how it will fare in volatility versus USDT and others stablecoins. and how daily fiat FX trading will affect its own "stability".

1 billion people have access to the bank system.
2 billion people have access to Facebook.
Could you even imagine what could happen if Facebook successfully develop own cryptocurrency?

It may become a help for Bitcoin and some volatile cryptocurrencies. Now, more people will get access to crypto. They will stop being so skeptical about BTC and tokens. Suppose, Libra cannot be any threat to digital currencies. It may become a rival of some traditional online payment methods. They say SWIFT can vanish if Libra shows that it is better and faster.

When Facebook introduced the Libra coin, is there any place in their summarized whitepaper that stated that the cryptocurrency proposed would be used for investment purpose?

Facebook created the coin to solve some payment challenge also that is found in the traditional market using the famous blockchain technology, and these coin will serve as utility coin that will be used for payment on their platform, and also a stable coin that will be used to make cryptocurrency payment without the fear of volatility, it is not every coin that you see in the market presently that serves as investment.

Look at tether, there are millions of dollars being pumped into it from time to time, but yet, it still cannot be used as investment. Libra also will not be different from that aspect.