Topic: Facebook will issue "GlobalCoin" before 2020 - What do you think about this? (Read 414 times)

The Facebook coin will act as the cryptocurrency of the future, an analogue of the dollar system. According to the idea, this coin will have official regulations in almost all countries.

It is very important to take note of this, I told my friend this of recent when we were discussing about Facebook coin, I told him I wonder why people are criticizing the Libra network when they are yet to see its function, we might think Facebook coin will be a disaster and then end up being the most perfect system aside bitcoin. One thing that many of us have to have to register in our mind is that Facebook coin can never affect bitcoin, there system are not the same.

As bitcoin operates in his own way, so as Facebook will also operate in its own way and also have its users. The best thing for us all is just to keep our fingers crossed like you said and see the outcome of the technology they are coming with, while we go about our own activities in preparation for the coming altcoins season.

Let us wait for the time when Libra is released, and then, criticize or praise it. We cannot know anything about it for sure until it appears.

I have read this article. It proves that Libra can be the perfect way to collect the data about transactions, which is not needed for anyone (I mean people, who make these transactions). The author says that as Libra is going to be bounded to fiat, inflation will also affect it.

G-7 countries have already taken a very tough position to ban the Libra coin. Along with the same tough position of the United States, it seems to me that this coin has no great chances to come into the world. However, around this coin there will still appear many different surprises and scandals. Therefore, the events around it will be interesting.

Facebook's Fake 'Crypto' Is "A Fiat-Money Clone"


The critical question, however, is this: Is the Libra really good — or sound — money?

Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies — and fiat currencies do not make for good money, as should be well known by now.

Fiat currencies are inflationary; they enrich some at the expense of many others.

The issuance of fiat currencies causes distortions in the credit markets, which provokes speculative bubbles and triggers booms and busts, and last but not least, fiat currencies lead the economies into over-indebtedness.

Against this backdrop, it becomes evident that the Libra will suffer from all the economic and ethical deficiencies that come with its underlying fiat currencies. For instance, the Libra will be inflationary money to the extent that the US dollar, the euro, and all the other underlying fiat currencies are subject to inflationary measures by central banks, resulting in the Libra losing its purchasing power in step with the fiat currencies.

In extreme cases, if the official currencies were to go under, the Libra would follow suit. The Libra is, therefore, not a real alternative to official fiat currencies, but rather a more straightforward and more cost-efficient way to use them.

So anyone who thinks that the Libra might offer an escape from the bad fiat currencies is mistaken. The Libra is a fiat money clone; just like fiat currencies the Libra is fake money.

https://www.zerohedge.com/news/2019-07-19/facebooks-fake-crypto-fiat-money-clone

Libra's weakness is the same weakness of what backs Libracoins up: Fiat currencies and Gov bonds.

"The European central banks have sniffed out the danger and have just decided, at France's initiative, to create a "taskforce" on stablecoins within the framework of the G7.

The concern is real, especially as their credibility is dangerously eroding these days: the Fed has just interrupted its rate hike, the ECB admits that it could continue its zero-rate policy, and the BoJ remains stuck in a massive EQ.

Economic players are beginning (at last!) to question the credibility of central banks (and moreover the price of gold is starting to rise...).

This type of competition has already occurred in history: in the Middle Ages, the Florentine Florin and the Ducat of Venice circulated throughout Europe. Their guaranteed gold content made them trusted currencies in relation to national currencies that were too often manipulated.

However, Libra does not play into this category and it is its weak point, which has not yet been sufficiently measured: the asset that will support it will be "the debt from stable governments with low default probability that are unlikely to experience high inflation" as stated in its White Paper. Precisely, in the event of a "2008 but worse" crisis, there may not be any... If the yen, the euro, the dollar collapse and experience a wave of inflation, the Libra will be swept away in the same turmoil, and savers will suffer severe losses."

https://www.goldbroker.com/news/facebook-libra-will-accelerate-the-loss-of-credibility-of-central-banks-1570

hey , everyone. recently i have found an interesting thread regarding this discussion. You can check it following the link.

ofc, facebook intends to capture some part of the cryptocurreny market in order to give all people acess to basic financial services.
btw,regards to this thread.i've found related article so u can read & figure out more.
here's a link.
https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

facebook has released tires on crypto ads for a long time, and today facebook just annouched their stablecoin specification to public, and now on this forum many thread just created and discuss this coin

Globalcoin will not be as global as current cryptocurrencies exist in the coinmarketcap. Facebook doesn't make a right decision with blocking the ads related to crypto projects, ICOs but now they decided to suddenly launch their own global crypto for using it on WhatsApp and Facebook.

this is just my speculation

i think if Facebook really create their own altcoin, maybe this just used for their ecosystem like for paying Ads using their own crypto, paying streamer in facebook, and etc.

this is a reasonable thing that I think about this Facebook coin now

That should be the only advantage the coin will have in the crypto market least it will once again help the market create the hype through its awareness, and maybe some project will get an increasing when new investors gets to know about cryptocurrency and choosing projects to invest in randomly, other that this benefit.

I doubt if it will really be of benefits to regular people out there since they are not creating investment coin, but something more like a stable coin that will be used to purchased their product and maybe pegged to a dollar, but like you said, we still cannot predict what its effect will be until we practically see it.

Honestly speaking, I knew that they were talking about this and they have been working on it for a while but actually hearing it makes it much more real. I really want to believe that this would be one of the first where companies create their own tokens and coins and work with that and profit with that because then all others will follow and the value of fiat will drop.

Think about it even oil is based on dollar (which it doesn't have to but the world picked dollar to value it) and if we stop giving worth to stuff in dollar value and start stuff like "steam coin" or "amazon token" and what not in the future then we will be devaluing dollar and all other fiat which was the whole point of starting bitcoin. We are sick of dealing with centralized currency so we want everything (even including centralized coins) that will drop fiats value.

I see only positive aspects in this. Such a large company first cancels the ban on advertising cryptocurrencies on its platform, now its head wants to release its kripo. This is great and will have a very positive impact on the development of crypto.

This is very positive news for the entire cryptocurrency market as a whole, since this kind of news has a positive effect on the market as a whole and attracts more and more cryptocurrency investments and of course many influential companies, and I am very happy about that.

is a good news for cryptocurrency and blockchain ecosystem when big company like facebook enter blockchain industry and make investor come for investing in cryptocurrency.

after few big company join in cryptocurrency ecosystem make this ecosystem more trusted for investor

Sounds like this coin won't even be a crypto currency and will just be stored on a centralized database so they can implement their own payment processor.  More like a video game currency than being in any way related to bitcoin.

Yes, with Facebook entering the world of Cryptocurrency it will make a very good impact on other Bitcoin and Crypto digital currencies, because we know that Facebook is the best company so far. Hopefully when it is published it will have a good impact on the price of Bitcoin.

I'm really looking forward to this event, because entering the cryptocurrency market from Telegram and Facebook will actually make the cryptocurrency a global means of payment. I think that this will significantly affect the popularization of cryptocurrencies and increase the market capitalization by billions of dollars.

I think this is good news. Facebook can make cryptocurrencies much more popular than they are now. It will be interesting for me to watch the competition between Facebook and Telegram.