Facebook "CryptoCurrency" Whitepaper is out --> What impact will it have? - page 2.

Betwrong

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I stand with Ukraine.

Quote from: BrewMaster on June 18, 2019, 11:22:10 AM

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform Cheesy

~

Do they really do it? I think it's China, Iran, and North Korea that are banning access to Facebook, and not the vice versa.

Quote from: BrewMaster on June 18, 2019, 11:22:10 AM

i think the main short term effects that this is going to have is every other company out there, whether giant ones or tiny ones, are going to start thinking about creating their own token. basically everyone would be "printing money" now. something that the government was allowed to do before this.
~

I think creating their own token by a company differs a lot from printing money by a government. Governments enforce the usage of the money printed by them and, in many cases, forbid or restrict the use of other currencies, but this situation is impossible in the crypto world.

BitcoinFX

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https://youtu.be/DsAVx0u9Cw4 ... Dr. WHO < KLF

Quote from: TomCrypto on June 18, 2019, 05:29:57 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

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

milewilda

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Quote from: BrewMaster on June 18, 2019, 11:22:10 AM

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform Cheesy

i think the main short term effects that this is going to have is every other company out there, whether giant ones or tiny ones, are going to start thinking about creating their own token. basically everyone would be "printing money" now. something that the government was allowed to do before this.
this may end up with a new form of flood of centralized altcoins but this time closed sourced and non-public ledger kind of coins.

but i don't think it has any kind of impact in the long run though.

Most likely the scenario would happen later on when we do talk about the possible effects which would only point out into other companies as well.
They do see on what facebook have done then they would consider out to follow up on the track.I have nothing to see as an innovative thing but rather
this is just an upgrade but in terms of the true essence of crypto then this one isnt really suit up.

CryptoGamblingSites

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Nobody trusts Mark Zuckerberg to create a currency that anyone can own and use without repercussions

https://techcrunch.com/2019/06/18/facebook-libra/

Quote

Each founding member paid a minimum of $10 million to join and optionally become a validator node operator (more on that later), gain one vote in the Libra Association council and be entitled to a share (proportionate to their investment) of the dividends from interest earned on the Libra reserve into which users pay fiat currency to receive Libra

Quote

Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
Telecommunications: Iliad, Vodafone Group
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking

If you want to trust a bunch of bankers and regulators to create money we all can value and trade as money (without high fees, long term costs, privacy violations, lack of security and anonymity) then go do it!!

This is good for bitcoin. Shitcoins are still shitcoins regardless who creates them.

harizen

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Still, the usual "money" we used to but in another form. Still a centralized one and regulated.

About the real "use-case", didn't check the whole picture yet on the Whitepaper.

Since "crypto" is tagged, somehow it will boost popularity on the crypto as a whole.

The real impact? We will just able to see once it became out. Don't want to speculate for now.

hatshepsut93

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Quote from: BrewMaster on June 18, 2019, 11:22:10 AM

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform Cheesy

It will be the same as PayPal - some countries will demand it to comply with their laws, they will refuse and drop support for those countries. This is all you need to know to clearly see that Facebook's coin is not a cryptocurrency, it's just another centralized payment system, and "crypto" and "blockchain" are only used for hype. They probably wanted to make it a long time ago to harvest even more data from users, now they got a right time with renewed interest in crypto due to Bitcoin's bull market.

TomCrypto

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Binance research published a report where they took a first glance at Libra.
It's quite detailed and a special part is focused on short/mid/long term impact of this new currency.
But in my opinion only positive impacts are presented and not really negative ones.

BrewMaster

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There is trouble abrewing

i stopped reading after the first line saying "...global currency..." when they are already banning multiple countries from their platform Cheesy

i think the main short term effects that this is going to have is every other company out there, whether giant ones or tiny ones, are going to start thinking about creating their own token. basically everyone would be "printing money" now. something that the government was allowed to do before this.
this may end up with a new form of flood of centralized altcoins but this time closed sourced and non-public ledger kind of coins.

but i don't think it has any kind of impact in the long run though.

ichai

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Worlds Simplest Cryptocurrency Wallet

Quote from: TomCrypto on June 18, 2019, 05:29:57 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

There is an unreasonable thing that Libra coin wallet doesn't need KYC and can still be traded. CZ spoke about it on Twitter and he said Libra coin owns more than 2 billion personal information of people around the world and they can also manage data warehouses as well as investors' passwords. .
This is really what worries me. CZ is spread FUD and it may affect trust in Libra coin.
Let's wait and see how Libra coin will respond to this question.

Betwrong

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I stand with Ukraine.

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.

TomCrypto

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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

And you could also find here a report published by Binance Research where they took a first glance at Libra.
It's quite detailed and a special part is focused on short/mid/long term impact of this new currency.
But in my opinion only positive impacts are presented and not really negative ones.

Topic: Facebook "CryptoCurrency" Whitepaper is out --> What impact will it have? - page 2. (Read 375 times)