Topic: How Will FB Coin/JPM Coin Impact the Cryptocurrency Ecosystem? - page 3. (Read 1121 times)

Both sides will have a weight when you will going to decide whether to invest or not with this types of projects, you need to consider how the team will create new usable things that will also helps the entire industry, after doing your own research and assessment you'll be able to figured things out and known the value once investing to this projects.

I think it will makes crypto investment become more interesting, but as we know most of the crypto investors never take centralised coin seriously they just buy and dump to make profit, in other hand it could attract more investors that want more secure investment, so its good to have these coins

I don’t know about JPM coin and what the name of its coin will be, but I guess Facebook has finally declared its coin to be Libra, and also officially made a statement of Libra coin not performing the same function as much as Bitcoin does, so like you said, they are just altcoins and these two coins can only compete with other altcoins for their popularity, especially Facebook Libra coin.

I think the release of Libra coin, should be the fear of those altcoins that are sitting on the position of top in the coinmarketcap, I see Facebook coin really boosting the crypto market so high with very huge volume and market cap gap.

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.

The only advantage I am seeing about Facebook coin from my own angle is just that it will make it easier for lots business men and women across the world to be able to transact business within one another easily without any delay, just like it has been easy to use other currencies like Bitcoin to make payment without delays or restrictions caused by other local traditional payment method.

The fact that it is going to be a stable coin, people won’t be scared of losing the value of their money when they exchange it to cryptocurrency, so I think Facebook will still be very useful, even though it is going to be a centralized coin, but the edge Bitcoin will have over it in the market is its decentralize feature.

Whatsapp.

Loads of businesses still don't have card machines. Almost everyone has that. If you're out with your friends you can all settle up whatever bill with it immediately. If you're in another country there's no transfer wait, excessive card fees or any need to buy cash or use an ATM.

All the same I'll be very curious to know how volatile the exchange rate is. I'm sure it'll be very, very modest but even then it's not something most people are used to. I dunno what proportion each currency is planned to have but the Brexit result for instance would've produced a very noticeable knock.

But I still don't think this has a chance of being allowed to live in the form they want it to.

I personally don't see how they will convince anyone in a first world country to use Libra. Libra doesn't have enough of the benefits of something like Bitcoin to get people to buy in, especially since it is a stablecoin. It won't appreciate, it isn't a hedge against economy, it isn't decentralized or trustless, it isn't borderless, it isn't censorship resistant, it exists within the established currency regulatory framework so it isn't protected from having funds or accounts frozen. It's a bank account in a cryptocurrency package, which does indeed have advantages over the legacy digital fiat system, but I don't see people being like "oh i should move my money into Facebook/Libra".

I get the "banking the unbanked" use case or store of value for those in countries with a currency that is being rapidly devalued. Bitcoin currently serves that use case but a stablecoin would make more sense for people's savings, while Bitcoin could still serve as an investment for those in countries where they can't trust the government to not rapidly debase their fiat. Still though, they'd have to set up Libra ATMs in all these unbanked places, but there is nothing really special about that, any bank could do the same by setting up a cryptocurrency and doing the same.

It is backed up plus it has all the benefits that a cryptocurrency should have that means it will be beneficial for the Long haul and At the same time it is going to improve the people's perception as a whole , actually we suffer from major misconceptions about the Bitcoins , people don't think that it is something that needs attention.

This way we could actually increase our public popularity and thus gain investors therefore I think this will be good.

Don't take it as a competition. Take it as a healthy completion '

I think the facebook libra will have a positive impact on us if I understood it properly. Now from what I heard so far that the name will be Libra and they are considering making it a stablecoin as well which means that it will be like usdt for example which is still a blockchain technology based thing but pegged 1 to 1 which is still acceptable.

I normally do not like stablecoins because I have hard time believing the one to one ratio thing but considering now it will be done by Facebook there is a high chance they are actually going to pull it off and have a 1 to 1 because they are literally worth hundreds of billions of dollars with three amazing huge companies. I think if we just show them support on this we can have a proper stablecoin unlike all other scam ones.

Nothing special about those coins. JPM coin and FB coin (if that will be the name since they haven't declare it yet) are still altcoins, the only difference is the objective of there projects. They are just from a famous people that is why we just thought they are special but the truth is they are just some alternative coin that may still follow btc's path. Just like some other altcoins, they will bring any impact on the crypto space.

Bitcoin will e differ and whatever this businesses wanted to bring it back to the natural way of payment transactions bitcoin will continue to survive being
decentralized and not be oblige to adopt this centralized process, but only time will tell if what will be the right impact of this new added projects.

I think these ones are already old news by now. The only thing people are talking about this time around is the Facebook Libra coin. There's been lots of news going round since Facebook released the white paper for their libra coin and a lot of people has been the coin is going to bring a lot of changes in the crypto world and is going to compete with Bitcoin and Ethereum. I don't know if that is true, sometimes these coins just get hyped for nothing and when they get released they end up being something else.

This name you mentioned, I really don’t know where you got the name from mate, from the record I have, Facebook is yet to declare their coin m=name and most of the name with have been seen such as fbcoin, global coin, and this your libra coin, does not exist, so I will implore that we really wait for them to confirm the name officially before we start promoting information that is not verified.

I don’t really see any of these two coins becoming that popular even if they release their coin before bitcoin reaches its ATH, because these coins in question can only be internalutility coins, and will not be much useful for the general public.

Why not?  Fast integrated payments pegged to there stable coin for the companies that are joining the project. Facebook credits running on a blockchain.

I think those self-acclaimed hack is only a strategy developed also by scammers to swindle traders of their money since they know that they are running a system where information cannot be verified when they do so, and I believe that it will be impossible for reputable exchanges to do so deliberately knowing fully well that it could damage their reputation, so in a case like that of Binance that happened recently, this type of hacking cannot be a self-acclaimed one.

I believe that in other to guide against this hacking for future occurrence is why they are launching DEX which might be a major boost for the recognition of DEX.

I think the JPM is not making a coin but making a blockchain system for their bank which is totally different than a coin.
After all everyone likes to use blockchain nowadays because of the help they are getting making things easier and faster, even cheaper.

However facebook is actually making a new coin which is global coin and we still don't know what it will be used for and why they are creating one however knowing that mark zuckerberg is a person who likes to test out new stuff maybe its just an experiment, I mean dude tried to recreate jarvis from iron man movies in real life ffs, so this could all be "lets check it out" and nothing serious. However even with those two becoming a reality there is no problem with the cryptocurrency ecosystem since the coins you like that are decentralized and what we are used to as real crypto are still around and anything new wouldn't change that.

I already see disappointment for those who think they can use Facebook coin to make money. There is need to start having it in mind by any investor that the same way they are not able to use stable coin for investment unlike volatile coins like Bitcoin and the rest is the same way they might not be able to use Facebook coin for investment, other than they purchase it for internal use if they have any business deal with Facebook, or just use it to keep the value of their crypto equivalent a fiat because Facebook coin will not be so different from tether which will certainly be pegged to either USD or any other currency without having any price fluctuation, so I do not see how the whales can benefit in it.

One of the most interesting and potentially alarming things is that we get fast tracked into finding out what governments REALLY feel about something crypto esque and it's not even anywhere near the full fat version.

They've suddenly had a muscular proposition land in their laps from nowhere and so far they don't seem too jolly.

Agreed completely.

Let's be honest here, the primary motivator for getting into Bitcoin at this point in its history is its sound money design - deflationary and therefore huge price gains with adoption. It doesn't make much sense for most people to spend it until the market (read: price) has matured. People buy bitcoin as an investment, and that's ok. Once trillions of dollars are held in bitcoin and the market has matured, then it become natural for people to start spending their bitcoin. Plus 99.9% of merchants won't directly accept Bitcoin anyway, they'll use bitcoin merchant services that convert the bitcoin to fiat for them, so really stablecoins are where they merchant action will be directly, as Bitcoin will only have indirect merchant adoption. I am more and more seeing Bitcoin's prime value proposition as being its sound money design that makes it a great investment and store of value and hedge and censorship-free, spending is secondary and only becomes more prominent when the market matures and even then it makes sense to convert spending money into a stablecoin and to prevent volatility while keeping anything you don't plan on spending in the mid-term in bitcoin.

Libra is a stablecoin, so it doesn't compete at all with bitcoin for adoption. Of course it competes on spending and exchanging money between people, along with credit cards, payment apps, apple/google pay, wire services, bank transfers, etc. But nobody is going to be hoarding their money in Libra because there is no point, it isn't a place you store value. They're only gonna put money in it if they plan to spend it. I think it mostly directly competes with something like Venmo. I feel questionable about it being used with merchants outside of the facebook ecosystem, but I guess we'll see. I see it mostly as facebook integrating a cryptocurrency for Venmo features like they made stories or whatever to compete with Snapchat.

Since the code will be open source that means crypto exchanges could make Libra wallets and add it to their platforms. This could potentially add a huge onramp for people getting into Bitcoin. So ultimately, like you said I see this as a neutral/positive thing for Bitcoin and crypto in general.

I think the effect is neutral/positive.

It won't tempt anyone out of crypto who's already in it. It may open some minds that otherwise wouldn't have been opened and they'll give the real deal some thought.

The reason most people are in crypto is to make more dollars. That's not an option with this. There really isn't very much overlap at all.