Facebook "CryptoCurrency" Whitepaper is out --> What impact will it have?

Betwrong

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Quote from: Jaspion on June 22, 2019, 08:38:53 AM

as for me facebook coin has no future. and its marketing will not help. ofc

That is a wrong assumption, I would say. Facebook has 2.3 billion monthly active users, and its net income for 2018 was over $22 billion. They can easily spend hundreds of millions USD on Libra support, including promotion and technical development. Mastercard, PayPal and Visa have already become members of the Libra Association, paying $10m entrance fee. If there are altcoins that potentially have future, Libra is definitely one of them.

cupruri

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There was absolutely no effect on the market, and I found it very suspicious. One of the biggest social media giants just entered the crypto industry and did absolutely nothing till now. Hope things will turn better in the future.

Iyanu14

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There will be some negative effect of Libra coin in the crypto world but the positive effect will be more than the negative effect, there are many people knows about crypto when libra was announcement more will know when it launch officially.

Novatech8

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The only impact I expect from Facebook coin is more awareness and adoptions from new investors which I believe will increase the chances or spreading the news about crypto ,I believe there are still millions of people left out of crypto space

Elkmar

full member

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None, because facebook is too big.

Europe is already beginning to threat facebook and to cancel everything about Libra.

Jaspion

newbie

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as for me facebook coin has no future. and its marketing will not help. ofc

sandra_1

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Quote from: Mr Zet on June 19, 2019, 08:42:04 AM

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

Yes, Libra is not a cryptocurrency. That's for sure. But although that fact, I think it can influence on cryptocurrencies. But there is one important thing - Libra won't be any danger for the most powerful cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. This is only my speculation, lets see how it goes.

akram143

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I don't have the complete confidence about the wait paper in any cryptocurrency but when it developing only I can see the changes and after I made my investment otherwise I don't directly invest in the very beginning stage because no thing is 100% profitable in the beginning

rmilly

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I think the biggest thing is this allows for FB to become the biggest data collector in the world. That is scary. People don't really grasp the importance of their privacy especially their transaction and purchasing history. I am confident there will be companies like Elixxir who will prove privacy of payments can and should exisit

nutella_11

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Quote from: Mr Zet on June 19, 2019, 08:42:04 AM

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

Yes, I totally agree with you. I think that Libra won't be a cryptocurrency, its definition is different, as you said. I know that Libra seems to be a crypto, but if you are into cryptocurrency world, it's easy to notice the distinction between Libra and cryptocurrencies

anatolij.shishkin

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Impact will be. If a major player goes to the market. That means this is a promising market. That's all. So the plan is to develop projects for 10 years in front of the built. And where there is facebook and google and other market companies.

Nawrod

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Activity: 135

Merit: 1

Quote from: Mr Zet on June 19, 2019, 08:42:04 AM

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

Agree, but I didn't expect for Zuckerberg to actually use this word. FB is in silent war with crypto from few years, and for those who have expected that facebook coin will change something in this situation: it's not a peace treaty, it's just an another weapon

Betwrong

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I stand with Ukraine.

Quote from: omonuyak on June 19, 2019, 06:45:54 AM

Quote from: Betwrong on June 18, 2019, 06:00:03 AM

From what I read about the Libra Blockchain, it looks like Libra is going to be a Proof-of-Stake coin, although it is never defined as such in their documentation. Is that because they want to appear as if they invented something new, or do they really come up with a new idea?

Overall I think it's a good news because most people associate the words blockchain and crypto with Bitcoin, and thus they are getting an impression that such a big tycoon as Facebook is supporting BTC in a way.

You have said the fact! I don’t think Facebook coin is been established to promote the idea of decentralization like bitcoin or blockchain but I think they major ideas is creating a new thing. In my own views I do think that this Facebook coin is definitely going to affect many popular coins negatively.

Why do you think so? If all Facebook users were already using crypto currencies, I would probably agree with you, but this is not the case. Because of Libra we can expect hundreds of millions new people pouring into crypto market, and this can affect it only one way, positively.

nutella_11

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Activity: 175

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Quote from: Mr Zet on June 19, 2019, 08:42:04 AM

I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

My dream is that Libra would be available to buy via credit card, as you said. I think that the whole Facebook's team is so impactful that their crypto coin would be really "BIG"

Mr Zet

jr. member

Activity: 93

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I think it's a mistake to compare Libra with other cryptocurrencies - the only similarity between them is blockchain tech and its general function. Whole agenda of Zuckerberg's coin is completely different from idea behind cryptocurrency concept.
Even in his FB statement about Libra, Zuck have said that main purpose of this coin is "to create a simple global financial infrastructure that empowers billions of people around the world ". So it's obviously aimed in banking system, but it won't work like BTC and other cryptocurrencies. Libra will be more available, cause it will have whole infrastructure of FB and its partners (like Visa or MasterCard, so it's highly possible that you will be able to buy this coin in a seconds, in case of bitcoin such option is available only in services like buycoinnow.com).
And one final thing - FB didn't use word "cryptocurrency" even once in context of Libra. But I believe both of them my coexist in peace

drumamat

sr. member

Activity: 1193

Merit: 251

Quote from: TomCrypto on June 18, 2019, 04:29:57 AM

Facebook just released the whitepaper for their "Libra Currency" that they will launch in 2020.
You could read it here

After reading it, what is your opinion on the possible impact that this currency could have on :
- The crypto world
- The classic financial world
- the access to financial service to the unbanked

1-The cryptocurrency world will be strongly influenced as their coins will be bought on cryptocurrency exchanges.(I'm sure the demand will be great)
2-The classic financial world doesn’t react in any way. But over time, the reaction will of course be. Everyone will try to create their own coin. It will be 100%
3-every smartphone owner will now have access to financial services.That's awesome.

tsaroz

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Quote from: ?? on ??

Quote from: BitcoinFX on June 18, 2019, 07:15:29 PM

Head of Facebooks Libra Distances it from BTC: We'll Share Information with Authorities ...
- https://cointelegraph.com/news/head-of-facebooks-libra-distances-it-from-btc-well-share-information-with-authorities

Chair of House Financial Services Committee Requests Halt on Facebooks Crypto Project ...
- https://cointelegraph.com/news/chair-of-house-financial-services-committee-requests-halt-on-facebooks-crypto-project

Without those articles, and statements from Head of Facebook Libra, we all know that Libra will disclose IDs of users and requires KYCs from their users, difinitely. Facebook, is a company, that has been strictly controlled by US laws, then no matter whatever approach of Facebook owners, the Libra coin has to obey US laws. Therefore, I don't think we will have any positive things, in technical aspect from Libra. However, I thank to Facebook, Libra and news related to them recent weeks, that actually boosted the crypot market. We can deny their contributions recent months.

If the coin couldn't be freely traded between users and on exchange than it would not qualify as a cryptocurrency for me.
If it is to be highly regulated and used inside a closed network, than it would be like just another payment gateway. But if we are able to create multiple wallets without verification and trade it person to person than we could easily circumvent the KYC enforced by exchange and use the coin among ourselves anonymously.

Pffrt

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Activity: 1372

Merit: 322

I didn't read the whole whitepaper till now, will probably have a look tonight or later, just checked the introduction. However, this project will help us crypto adoption widely because mass people will also be able to know about cryptocurrency with the help of facebook. I would see it as a good move for the whole crypto world.

omonuyak

sr. member

Activity: 882

Merit: 269

Quote from: Betwrong on June 18, 2019, 06:00:03 AM

From what I read about the Libra Blockchain, it looks like Libra is going to be a Proof-of-Stake coin, although it is never defined as such in their documentation. Is that because they want to appear as if they invented something new, or do they really come up with a new idea?

Overall I think it's a good news because most people associate the words blockchain and crypto with Bitcoin, and thus they are getting an impression that such a big tycoon as Facebook is supporting BTC in a way.

You have said the fact! I don’t think Facebook coin is been established to promote the idea of decentralization like bitcoin or blockchain but I think they major ideas is creating a new thing. In my own views I do think that this Facebook coin is definitely going to affect many popular coins negatively.

masterrex

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It defends on each others points of view, for me i see it as positive sign that cryptocurrency are here to stay, Facebook journey in cryptospace can drive mass adoption since the social media giant has billions of users around the globe aside from its giant cryptocurrency backers too. I dont think its a treat of the existing cryptocurrencies. The competition is good and theres nothing wrong about it. The impact is just minimal so need to be alarmed.

Topic: Facebook "CryptoCurrency" Whitepaper is out --> What impact will it have? (Read 411 times)