Watch the latest White House press conference largely regarding Libra - https://www.youtube.com/watch?v=jH5Em9Le9KM
It doesn't sound like Facebook and friends are anywhere near being allowed to get it rolling. They're going to have to do an awful lot more to convince the government before anything can happen.
As I've said before, it will never live in the form they're proposing. It's going to be hollowed out until the powers that be are satisfied it's nothing more than an inoffensive addition to what's already available.
Topic: How Will FB Coin/JPM Coin Impact the Cryptocurrency Ecosystem? (Read 1121 times)
I believe that these two new Altcoins will favor the crypto currency market to become more trusted investments. Like this Libra coin that for sure that it will attract more people to invest as Facebook has already millions of users that can be future investors too. We really need more new beautiful crypto platforms like these that are feasible to the masses so that the popularity of crypto currency as good source of investment can be sustain.
I think I must agreed on you in some other other things, which is that Facebook can attract more people because of its millions of users that can be their future investors. But not the majority community here in crypto or bitcoin industry I guess. Because most of the community here in the forum are much deeper knowledgeable compare to the community of Facebook users. So, lets see what will happen for this things.
"On the one hand, these are amazing developments that validate blockchain technology and its potential as a currency system, however, they are also drifting us away from the original vision of a decentralised monetary system. In February 2009, Satoshi wrote on a P2P online forum:
'The root problem with conventional currency is all the trust that’s required to make it work…but the history of fiat currencies is full of breaches of that trust'”
Taken from the article linked below, worth reading. Do you think the emergence of banking and corporate digital currencies will take away from the original cryptocurrencies or can they live in harmony?
https://medium.com/@marcus_61942/decentralised-cryptocurrencies-vs-digital-currencies-3811e36cc94f
https://twitter.com/brucefenton/status/1146184692229693446
The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.
"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."
I really don't think this is ever going to see the light of day unless it's 100% neutered.
Libracoins will be backed by currencies and Gov bonds.The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.
"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."
I really don't think this is ever going to see the light of day unless it's 100% neutered.
Libra will take users money and buy currencies and Gov bonds, in order to back up Libracoins.
Through Libra people (without knowing it) will finance Govs.
And you think that Govs are going to stop Libra?
Do you take always so seriously what politicians say?
I believe that these two new Altcoins will favor the crypto currency market to become more trusted investments. Like this Libra coin that for sure that it will attract more people to invest as Facebook has already millions of users that can be future investors too. We really need more new beautiful crypto platforms like these that are feasible to the masses so that the popularity of crypto currency as good source of investment can be sustain.
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https://twitter.com/brucefenton/status/1146184692229693446
The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.
"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."
I really don't think this is ever going to see the light of day unless it's 100% neutered.
Well said cause the governments/institutions was against Bitcoin from the beginning cause they see it as something which may lead to plunge of their national currencies and profit respectively. However, JPM coin don't have the flame to impact crypto ecosystem while FB coin still have but it won't last long though. The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.
"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."
I really don't think this is ever going to see the light of day unless it's 100% neutered.
Many in suspicion are in the new libra coin of the proposed facebook. But they forget that there is still a no less suspicious project J.P.Morgan. He enters the cryptocurrency market with his coin, which is really approved by the banking sector, which is of course a strong blow for existing coins. Because the exchange of bonds can occur instantly, but it should not be forgotten that there is no question of decentralization.
The user-base of Facebook is at least 25 times larger than that of Bitcoin. On the other hand, the user-base of JP Morgan is around one-fourth of that of BTC. On top of that, while Facebook has come up with concrete plans and timeline regarding Libra, JPM has so far remained silent on this. It looks like they will shelve their project and lend support for Libra.
JPM coins is a kind of stablecoin and will not going to public because it's only caters to the bank's clients around the world. The coin is set to launch its pilot testing at the end of this year according to a report. Facebook's Libra coin is said to be a stablecoin also backed by a reserve and reportedly backed by low-risked assets to avoid volatility. These two upcoming coins might be use mainly for transferring money and will create a big impact on many cryptocurrencies like bitcoin.
Even if its a public coin or not for sure it can still affect the ecosystem of cryptocurrency since they are a legit big company that will first to create their own cryptocurrency. Actually its already started, we can feel the pump on the market now because of the hype on upcoming coins and yeah they wil become a stable coin so many companies will use their coin for the transactions.
https://twitter.com/brucefenton/status/1146184692229693446
The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.
"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."
I really don't think this is ever going to see the light of day unless it's 100% neutered.
The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.
"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."
I really don't think this is ever going to see the light of day unless it's 100% neutered.
in my opinion for this time fiat is indeed being misused by certain parties. very unfortunate indeed, with crypto being centralized by users it will be stable. in my opinion the best is collaborating with fiat and crypto.
Do you think the emergence of banking and corporate digital currencies will take away from the original cryptocurrencies or can they live in harmony?
For people looking for decentralisation, Stablecoins are not a viable competition to decentralised cryptos.On the other hand, where Stablecoins are needed, those are areas where decentralised cryptos hadn't come into play anyway.
so no possible competition.
Decentralized cryptocurrencies and centralised ones (Stablecoins) can live in harmony, as each one serves a different purpose and areas
I think the main reason why JPM and FB are so different from each other is that one is only personal and not global while the other will be global.
PJM wants to build something for themselves and since they are super rich and deal with billions of dollars every single day it would be smart for them to find a way to make it cheaper for themselves because lets be honest blockchain makes this both faster, cheaper, easier plus makes it very well organized, whereas facebook just wants to build something that would be "sort of" crypto which is stablecoin, now they are pegged to regular fiat currency but they are not regular fiat, they have blockchain but they are not crypto so they are literally in the middle but they will make sure to bring fiat currency and blockchain together by allowing people to send money to each other all around the world via whatsapp which would be awesome. So one is basically B2B while the other is B2C and thats their difference.
PJM wants to build something for themselves and since they are super rich and deal with billions of dollars every single day it would be smart for them to find a way to make it cheaper for themselves because lets be honest blockchain makes this both faster, cheaper, easier plus makes it very well organized, whereas facebook just wants to build something that would be "sort of" crypto which is stablecoin, now they are pegged to regular fiat currency but they are not regular fiat, they have blockchain but they are not crypto so they are literally in the middle but they will make sure to bring fiat currency and blockchain together by allowing people to send money to each other all around the world via whatsapp which would be awesome. So one is basically B2B while the other is B2C and thats their difference.
The vast majority of Facebook users won't have the technical background or interest to learn about the insides of Bitcoin, but if only a small percentage of them can take the time to do it it will be already something huge.
The majority of the Bitcoin users are also not very tech savvy. Out of the 100 million users, at the most 5 million or 10 million may be knowledgeable about all the aspects of cryptocurrency. The remainder may be knowledgeable about the basics such as how to store and how to send coins, but if you ask them about double spend or 51% attack, they may not be having an answer to those questions. I guess the same situation will be faced with Facebook. The idea of crypto is going to be completely new for the vast majority of the users.
From the information given, Libra hasnt been officially released, and when it does, it will be a digital currency that can be used for purchases and trades on Facebook, WhatsApp, and other Facebook properties. On the other hand, JPM coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients which will be introduced to the public by the end of 2019. What makes these two coins different from bitcoin is that it isnt decentralized as it will be governed by a single entity though because of its strong potential, it may cause an impact to the cryptocurrency ecosystem, as all coins that run on blockchain technology are interconnected.
JPM coins is a kind of stablecoin and will not going to public because it's only caters to the bank's clients around the world. The coin is set to launch its pilot testing at the end of this year according to a report. Facebook's Libra coin is said to be a stablecoin also backed by a reserve and reportedly backed by low-risked assets to avoid volatility. These two upcoming coins might be use mainly for transferring money and will create a big impact on many cryptocurrencies like bitcoin.
One thing we must get clearly here is that FB coin is centralized and all its affairs will be regulated by a centralized authoritative body unlike the traditional cryptocurrency whereby transactions are entirely controlled by users. Remember, Zuckerberg is business minded and there is no doubt that this is one of his strategies to increase his net worth.
You forget that the JPM coin is intended for institutional players who are involved in cash settlements and transfers, and not for investments such as cryptocurrency. But for the cryptocurrency market, the appearance of such a strong player can also lead to strong price variations for the main coins.
Bankers will benefit from JPM coins, although people will be assured that everything is done for them. They take advantage of the fact that a low percentage who are interested in cryptocurrency has extensive knowledge of all the mechanisms of cryptography and trading. Although it is possible to improve investment skills by taking training courses on the taklimakan platform. But the percentage of people who fall for the trick of the jp. morgan will be great.
This coin is backed by a US dollar. What makes her more attractive. For each issued coin, JPM will hold one dollar in the client’s reserve account. However, it turns out that the group of large companies and investors who hold the bulk of assets can change the price dynamics of a coin very easily.
Bankers will benefit from JPM coins, although people will be assured that everything is done for them. They take advantage of the fact that a low percentage who are interested in cryptocurrency has extensive knowledge of all the mechanisms of cryptography and trading. Although it is possible to improve investment skills by taking training courses on the taklimakan platform. But the percentage of people who fall for the trick of the jp. morgan will be great.
J.P.Morgan is a private company focused on business structures, but of course ordinary users will be able to purchase a coin. And this is a problem, because they want it to be centralized and everything has been pre-processed. They need full control and this is contrary to why we use cryptography, where decentralization and confidentiality from any third party or government comes first.
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