How Will FB Coin/JPM Coin Impact the Cryptocurrency Ecosystem? - page 4.

omonuyak

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Quote from: StackingSats on June 12, 2019, 10:56:43 AM

"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

I will not deny the fact that the introduction of this Facebook coin or globalcoin and gpmcoin is going to affect cryptocurrency negative because they are trying to take us back to the centralized transactions type that bitcoin and blockchain technology is trying to abolish! However, I still believe that bitcoin will find it way out at the end.

bitcoinproblogger

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To be honest, it can be a wild card. There are many scenarios that could happen. All of which are hypothetical - until they are not:

1. Facebook coin is integrated on its social network.

As a result people wishing to send money to their loved ones can do so via messenger, which is really a no-brainer. FB then corners this market, the people who don't give a shit about blockchain technology, speculation and such that is endemic to the bitcoin ecosystem. The billions of users are happy.

1.A. Facebook coin does not take the 'usual crypto' route and refuses to integrate to the crypto exchanges.

It will become a de facto fiat/or stable coin that can't be traded. Can they do that? Yes they can, if they limit the technology within a closed loop in Facebook.

I'm not so much into the technical aspects, but I surmise that they can do this. If they do, Bitcoin will become relegated to a core niche community, and fb coin will rule.

1.B Facebook coin allows open integration into the overall cryptocurrency ecosystem.

Chances are it will become tainted with regulatory uncertainty BECAUSE it will be subject to speculation. I would surmise that this has less than 50% probability, knowing full well facebook's regulatory concerns. The last thing it needs is the SEC, FATF and all those interagency task forces looking into their business when there's already talk of privacy and anti-trust issues.

ichai

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Quote from: StackingSats on June 12, 2019, 10:56:43 AM

"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

I think they will impact very positively to the crypto market. A large amount of capital is added to the crypto market and there will be huge amounts of money invested from these 2 coins funds.
We will see our market will grow strongly in the coming time and surely ETH and Ripple will face many difficulties in competing on scale.

gentlemand

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Quote from: exstasie on June 18, 2019, 04:59:01 AM

"...built on the foundation of a blockchain (the Libra Blockchain)."

Well that seals the deal. It's a closed/permissioned network. There's no decentralized blockchain to allow robust secondary markets or prevent censorship. This seems just as gimmicky as Binance's "DEX."

It says the aim is to start to become permissionless within five years and it's going to be open source whatever. I haven't finished the paper fully but it's a bit less nauseating than I was expecting so far.

Quote from: exstasie on June 18, 2019, 04:59:01 AM

Now I'm confused. Doesn't Calibra = Facebook?

They're saying it's a separate thing to keep financial stuff segregated.

I just read through it. Overall it's pretty much in line with what I was expecting but perhaps more of an emphasis on it eventually being open to all than I expected. However that's how Paypal started too.

The smart contract function in particular makes me wonder about stuff like ETH and similar projects. No doubt it's going to be vastly more secure and simple and contract makers don't want volatility either.

exstasie

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Quote from: gentlemand on June 18, 2019, 04:53:58 AM

It's currently down so here's some snapshots - https://imgur.com/a/65TYsPa

"...built on the foundation of a blockchain (the Libra Blockchain)."

Well that seals the deal. It's a closed/permissioned network. There's no decentralized blockchain to allow robust secondary markets or prevent censorship. This seems just as gimmicky as Binance's "DEX."

Quote

This regards Facebookcoin's wallet, https://www.calibra.com not Facebookcoin itself, but it does reveal a bit.

Now I'm confused. Doesn't Calibra = Facebook?

gentlemand

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Welt Am Draht

https://twitter.com/udiWertheimer/status/1140897329014329345

This regards Facebookcoin's wallet, https://www.calibra.com not Facebookcoin itself, but it does reveal a bit.

Full KYC, custodial wallet, a mention of fees.

It's currently down so here's some snapshots - https://imgur.com/a/65TYsPa

This is what appears to be the Libra white paper - https://libra.org/en-US/white-paper/#introduction

congresowoman

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In my opinion, many have got the broad idea of a digital currency, and sooner or later, poeple would want to have it regulated to be able to also protect their own interests. FB coin or Libra what others may call it, is introducing a revolutionary coin that will be in a digital platform but a coin that will be stable as well. In this sense, this coin will require for a regulation that it will need to gather as much trust from the poeple as they can.

Barbut

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More people will join cryptocurrencies, there will be more traders, more holders, more of everything. Some people will have that FB token and they will think about what they can do with it. Like we discovered cryptocurrencies, this will be new for all of them. Like some others are talking, people will dump their FB coins for bitcoin.
FB coin will be a threat for some coins, that`s for sure, but not for Bitcoin or Ethereum.

DreamStage

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From my perspective, in theory when a new coin starts some part of the crypto community moves to that coin just to help it getting pumped or with a significant amount of interest in waiting few days to see if it's really worth the time.

Based on that it will start as normal coins where excitement will be at it's top since basically Facebook Coin will be the most looked at one. And i am expecting much from them as it's the biggest social media of the planet which could influence cryptocurrency markets in every coin aspect.

Advertising such coin will advertise crypto currencies for everyone thus making for example Bitcoin even better in terms of price and market volume.

7788bitcoin

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Quote from: el kaka22 on June 17, 2019, 05:03:21 AM

These are the tricks we need to use, help JP morgan build their coin, get facebooks coin to a famous spot, help banks and governments do great things with crypto and show our support for them. I know crypto in its core is against the "system" but if we trick the system into thinking we support them we would basically manage to make them join us while they are just doing simple researches.

With these circumstance you mentioned, if these centralized coins become an instant hit and many people gets introduced to the platform and you think that these people who are investing or using their platform really cares about the novelty of the system, all they care about whether they can profit out of it or whether these coins are useful for them, there is no hardcore fans of the platform, everyone is looking for their own profit if you look closely Tongue

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bitgolden

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Quote from: StackingSats on June 12, 2019, 10:56:43 AM

"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

It will surely do to a little extent, but based on my reasoning, I think in the end, it will still favor Bitcoin more, because when people research and study blockchain/cryptocurrency, they will see that only Bitcoin is the one that is serving this real purpose which will make Bitcoin to always be relevant, it is even more dangerous and threatening to Bitcoin lifespan if they are doing exactly what Bitcoin is doing, at least, something must differentiate them, and in this case, it will be a centralized coin vs decentralized coin.

For Facebook, the only advantage I see here is that it will only end up being useful as means of cryptocurrency advert to the world out there.

el kaka22

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I think we should wait it out. I mean many of us are too into this and I know its impossible to not make any comments or just let them be without any hurdles etc etc but I think the best case for us is for them to be hugely successful because if they do become hugely successful then we will be capable of saying that is thanks to crypto and more people will join us as well.

These are the tricks we need to use, help JP morgan build their coin, get facebooks coin to a famous spot, help banks and governments do great things with crypto and show our support for them. I know crypto in its core is against the "system" but if we trick the system into thinking we support them we would basically manage to make them join us while they are just doing simple researches.

RealMalatesta

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Quote from: EdenHazard on June 12, 2019, 11:19:27 PM

I only think that with the presence of bitcoin and its success being used by many users in the past of 10 years, it has provided many innovations for a company. They rely on the company's big name to intend to replace bitcoin as a real payment system function. However, I'm still doubt of the success's GlobalCoin and JPM coin will be achieved because basically they have the same characteristics so as everyone who uses them doesn't choose both. As for an effect that will be given when these coins are used against market cryptocurrencies I pretty sure that they won't give a positive or negative effect on cryptocurrencies market. This is like USD coin or Teather that was before FB and JPM made it.

If Facebook thinks he can please the government by trying to create a global coin that will knock off Bitcoin, I guess he is just wasting his time, because when it comes to digital currency, there are so many means of making payments digitally and in a centralized way, so I wouldn’t see any importance for Facebook coin trying to make it global one when we all know that its coin will be more like a centralized coin.

People will simply just ignore this coin and then stick with most of the decentralized coin that has given them the power to be free completely from any third party involvement like government and authority.

hurry_hore

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There are always positive and negative impact of something including this popular parties, facebook and JPM. Their popularity will impact crypto as well, not only their coins/tokens but previously their thought/idea. Now not only their idea but their coins/tokens, the most positive impact is increasing public trust to crypto. This is important as last year crypto world were attacked by scammed projects then public trust seems decreased.

Shinpako09

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It can go sideways, we don't know until we got there. One thing is for sure, others will know about crypto currency and later on, they will have an idea about the whole crypto currency thing. They will discover other coins as well and may see a better opportunity into other coins that will lead into higher demand.

coolcoinz

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It will only give the newcomers a wrong idea that cryptocurrency can and should be centralized. The average facebook addict/apple fanboy/starbucks drinker will follow his favourite companies and think he's cool for using a cryptocurrency, while in fact he could be using a stablecoin and living in denial. Using bitcoin is completely different from using a centralized stablecoin. This message should be made clear and reach as far as possible.

Ucy

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Nothing much in my opinion. It changes nothing at all. The coins are just like fiat currencies ... They won't stop me from using real cryptocurrency. I doubt they will stop mass adoption of cryptocurrency

Vishnu.Reang

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Libra Coin (the cryptocurrency from Facebook) may be launched sometime in 2020, and there is a good chance that its launch might be delayed. Till now, JPM has not given any fixed date for the launch of its coin. So we still have approximately one year left (or maybe more). And by that time Bitcoin may climb to a new ATH and these coins may lag far behind.

target

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Satoshi's vission will still be alive once we begin to see DEX are better to use than those CEX. With the hacks of exchanges that has been going on every year, not all of them are confirmed hack but probably self claimed hack.Though not proven, its all clear that centralize exchange may not really work when certain authority is centered to one. The ecosystem shall be for the P2P and DEX will one day rule the crypto market.

BrewMaster

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There is trouble abrewing

i have a theory about these coins in the long run and that says they are actually going to be very good for bitcoin!

you see, so far people were either unaware of bitcoin or have been hearing a lot of negative stuff about it and they believed most of them becasue they didn't understand how the blockchain technology works and they were skeptical about whether something like bitcoin could even work.

now these coins come in, they spend millions advertising the shit out of their coin and people will see the "blockchain technology" in action and realize how wrong all those FUDs were.
after they got rid of those misinformation they start seeing the reality and be able to really compare bitcoin with all these centralized company coins. and obviously bitcoin comes out a victor.

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