Topic: How Will FB Coin/JPM Coin Impact the Cryptocurrency Ecosystem? - page 2. (Read 1121 times)
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.
It might be good that Facebook coins will attract more lay people to enter the crypto space because they will carry out extraordinary promotions where they are known for their social media so they also benefit from many loyal users, for the rest maybe new investors will read more many situations and will see high-quality coins like Bitcoin that continue to fluctuate every day, I believe there is a good side of Facebook to issue global coins.
If a large company starts coming towards the cryptocurrency then that's where we have to be quite vigilant, because it can be a two-edged sword. The bad impact that can come is also quite dangerous especially for those who have small projects but are quite successful in growing their coins. Global issues also can't just be solved by crypto.
You're right that global issues can't be solved by just this kind of system. Although, this is very much helpful but we know government doesn't want that crypto system would run the world. Maybe, it helps the economy at a certain level but solving the world's problem could seems difficult to figure. On the other hand, social networking sites really help spreading the information about cryptocurrencies and this gives impact which investors tends to get the attention on it.
There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.
Out of curiosity they will surely search up things on the origin or the first thing who do make use of blockchain tech which is bitcoin.They might able to read it up with FB coin or JPM or any other centralized coins but its inevitable for them not to know on Bitcoins existence which
would possibly divert out if they do able to compare both things and discover their differences.
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.
And they will realize the differences of bitcoin vs. libra or JPM coin. The benefits of having anonymous transactions vs. the centralized one (where the FB dev team knows where, what, when and how you are spending their coins). So the introduction of Libra is really not bad at all. This might pave the way for ordinary users to understand the existence of bitcoin and other altcoins. Who knows, instead of patronizing Libra coin, they will be a bitcoin lover instead?
It might be good that Facebook coins will attract more lay people to enter the crypto space because they will carry out extraordinary promotions where they are known for their social media so they also benefit from many loyal users, for the rest maybe new investors will read more many situations and will see high-quality coins like Bitcoin that continue to fluctuate every day, I believe there is a good side of Facebook to issue global coins.
If a large company starts coming towards the cryptocurrency then that's where we have to be quite vigilant, because it can be a two-edged sword. The bad impact that can come is also quite dangerous especially for those who have small projects but are quite successful in growing their coins. Global issues also can't just be solved by crypto.
"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
"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
There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.
Out of curiosity they will surely search up things on the origin or the first thing who do make use of blockchain tech which is bitcoin.They might able to read it up with FB coin or JPM or any other centralized coins but its inevitable for them not to know on Bitcoins existence which
would possibly divert out if they do able to compare both things and discover their differences.
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.
I have given it a lot of thought but at the end of the day it's up to the people. fb have huge userbase that is true but how many of them would invest in fb coin and hodl it for long term? investing is not enough they have to hodl it too or the value and its acceptance won't reach very high. Good news is that it can bring those same people towards decentralized tokens.
Nothing to invest for the public here, 1 usd inn is 1 usd out. It is made so only the ultra rich can join the party and make big profits. 
I have given it a lot of thought but at the end of the day it's up to the people. fb have huge userbase that is true but how many of them would invest in fb coin and hodl it for long term? investing is not enough they have to hodl it too or the value and its acceptance won't reach very high. Good news is that it can bring those same people towards decentralized tokens.
I think it will have a positive effect to cryptocurrency ecosystem because both are well know hence, they can attract people or investors because of their popularity and with that it is likely that once investor will check on their coins they would also came across with other coins like bitcoin, meaning it will increase the number of people who will know bitcoin and probably one of those people will adopt and invest in bitcoin.
I think we may not trust facebook or jpm but there are so mnay people that trust them and facebook will make their own currency market so well everywhere all around the world that eventually even companies will start to pay each other with libra to make things easier instead of bank transactions.
You and I may not trust it, however they have billions of users and that means even if 1% of it uses that currency it will become huge. Hence, I think this will be good and bad, firstly good because they are still doing something banks have been doing for years and it will hurt banks so having Libra on our side against banks will help us, but the bad is they are also trying to steal away people from crypto world too which will hurt us as much as banks and we are not as strong as banks.
You and I may not trust it, however they have billions of users and that means even if 1% of it uses that currency it will become huge. Hence, I think this will be good and bad, firstly good because they are still doing something banks have been doing for years and it will hurt banks so having Libra on our side against banks will help us, but the bad is they are also trying to steal away people from crypto world too which will hurt us as much as banks and we are not as strong as banks.
They could be a great and bad effect on the market first we all know that they would surely bring new investor in the market ,
But what if those investor just crash the market they could be added to those weak hands who could easily be swayed by the FUD and FOMO .
They would just add up to the fast price drop and boost it way more faster we have seen how the market collapse when there are so many weak hands who couldn't handle the FUD .
But what if those investor just crash the market they could be added to those weak hands who could easily be swayed by the FUD and FOMO .
They would just add up to the fast price drop and boost it way more faster we have seen how the market collapse when there are so many weak hands who couldn't handle the FUD .
It will all boil down to one factor-- TRUST. FB coin of Libra as what they used to term it, is built on trust. They have perceived how users trust the brand enough to use them for their transactions using the social media platform. same thing goes with bitcoin and other top competitors, this will challenge the latter to gain much trust amidst the volatility.
But Facebook as company has a proven track record of breaching trust and data of it's consumers. So if we are talking about your money here, are you going to put your hands on this corporations? And others have said, it's pegged to a fiat, so how can it affect or have a impact on the the current crypto ecosystem?
But I would have to agree that this article is pure click-bait, at the end of it, the OP or the author of the article is promoting about Plutus, a financing app incorporating crypto, nice try.
There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.
Out of curiosity they will surely search up things on the origin or the first thing who do make use of blockchain tech which is bitcoin.They might able to read it up with FB coin or JPM or any other centralized coins but its inevitable for them not to know on Bitcoins existence which
would possibly divert out if they do able to compare both things and discover their differences.
There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.
These coins mentioned weren't gonna make any specific impact on the growth of bitcoin and rest of the altcoins. As the backing firm of these coins were well established can expect immediate popularity all around the world. Whether they have any perfect usage or not is not a big thing, in what way it makes impact on cryptocurrency network is much concerned. Through these coins can easily learn about bitcoin and other cryptocurrencies.
It will all boil down to one factor-- TRUST. FB coin of Libra as what they used to term it, is built on trust.
No it is build on a blockchain under there control and terms for the ultra rich to profit from. Not the best place to pick to trust your funds with. Besides that it is always risky to trust a middlemen with your funds. "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
But the thing is how many people are ready to make use of rue coin? Cause from what I've heard the coin is a stable coin, which means that it is in the same league as USDT and the rest of them that are all stable coins. BNB is in the same league as Bitcoin. But the way I see it, these coins are not making any change… if any cryptocurrency can make huge changes, it is Bitcoin.
I don't think they will that have much impact but I think they can actually help in the globalization and wide use of the technology only a few people in this world know.
As per the latest stats, Facebook is having somewhere around 2.38 billion users. And that number is 25x higher than the users of cryptocurrency right now. Even if just 10% of the FB users start using Libracoin, it will result in the number of crypto users increasing by a great amount. And the best thing is that many of these users will be shifting to BTC and other decentralized cryptos in the near future.
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