Topic: How Will FB Coin/JPM Coin Impact the Cryptocurrency Ecosystem? - page 5. (Read 1143 times)

At this point we don't even know any technical details about these centralized coins, they can even not be cryptocurrencies at all and don't have blockchain, and instead just simply use words like "coin" to get publicity and ride the waves of rising crypto hype. Maybe it's not coincidence that it's all happening while Bitcoin entered another bull run, they were waiting for this moment specifically, instead of releasing their announcement during the crypto winter, when general investor's mood was skeptical.

I don't think the Facebook GlobalCoin will pose much of a threat to bitcoin because it will be largely centralized and will simply be a stablecoin of a basket of leading fiat currencies. There will thus be no incentive for investors to use it unless moving funds between trades if they feel more secure with a basket as opposed to one particular fiat currency such as the U.S. dollar. So it can be seen as a hedge to U.S. dollar troubles.

Also, I expect this coin will be useful for those transmitting funds overseas, as presumably it will be much cheaper than using Western Union.

I think crypto users will not boycott Facebook because the glocalcoin that will be published by Facebook is a centralized and stable currency. And if indeed that happens, it will not have a big effect on Facebook because, as I said above, globalcoin is a stable currency and glocalcoin is not traded like other crypto but for the business interests of Facebook users.

Because they have billions of users they can shovel straight in to them.

Of those two thousand coins 95% or more are copy and paste pieces of junk put together by morons or pump and dumpers. They amount to less than nothing. The vast majority will never have had more than a thousand or two users, or rather gamblers, in total.

JPM coin looks like it's going to be interbank so the public will never touch it, but Facebook can plug in nearly half the population of the planet. You don't think that's going to have a teensy effect on something?

I'd be curious to know how many Facebook users have no access to decent banking but it must be a significant percentage.

There are over two thousand cryptocurrencies in the market today and none of them have made any major /noticeable changes in the market, so why do you think that the JP coin and the other one you have mentioned, what makes you think they are going to bring any changes from what we have been seeing? They are not bringing any changes, there are already projects from bigger companies and didn't make any big change, so these ones are bringing nothing. And I'm not even interested in any of those two that you have mentioned cause I don't think they are going anywhere. That's my take on this.

It depends on what would happen and what would the media and the government reactions with it. It could attract new investors our it would be questioned by the government. JP Morgan and Facebook are both excellent company with big influence rate. However, the government
could question them with this. Once they are questioned, they have to sign an agreement for the solution for that specific question the government will throw to them. So they need to regulate it and will make sure that they will operate with the favor of the government.

I doubt Globalcoin will be trading on cryptocurrency exchanges. Though if it is I think that would be fantastic. That simply provides people with another on-ramp into crypto. If facebook allows people to easily and quickly convert fiat into globalcoin, and people could then send globalcoin to an exchange and buy crypto with it, that'd be a huge new easy on-ramp to bitcoin and the crypto world. I'm not sure Globalcoin will actually succeed the way Zuckerberg hopes it will, but if it does I think that'll help Bitcoin out a lot by making it even easier to buy bitcoin.

I think maybe you misunderstand these coins.

First off, JPMorgan coin is not something any one will be buying. It is only used for their own internal use to move money around. No one will ever be owning JPMorgan Coin.

In terms of Facebook's Globalcoin, it is a stable coin, so it isn't something anyone will be "investing" in. New users be buying it up because it is no different than owning USD, there's no reason to "buy it up". Sure some facebook/instagram/whatsapp users will convert fiat into GlobalCoin in order to spend or transfer it through those apps, but it isn't something anyone will be "buying up" instead of something like Bitcoin. Just like people don't buy up Tether or USDC or whatever other stable coins instead of Bitcoin.

I don't really care about JPM coin and it was already hated and it won't succeed. But talking about Fbcoin, I feel already going crazy on what is going to happen when it gets release and listed. I know that many whale traders or rich traders group will use this opportunity to ride its wave and pump a lot of the digital assets. Just imagine that magic of Fb's Globalcoin getting paired not just with btc but also with the several top altcoins.

By the fact that it will be controlled by Facebook and JPM already stated its conditions, there's no chance those coins will  be decentralized
it's own and be controlled by a single entity, we will expect that it will be worthy attract more people inside this industry as the names itself
can bring big attentions around bigger venue of investment.

It cannot be negative because it's an addition to the market and not just a simple addition as it's from reputable and popular company, imagine the exposure crypto will get when they launch, even now that they are still in the planning stage, people are well aware already that these giants are entering in crypto, and that would boost some investors confidence and will attract new money to flow in the market.

Blockchain technology doesn't always translate into decentralised cryptocurrencies. It can be applied in a variety of ways, including by corporations to streamline their own internal processes, or develop their own centrally backed coins. There is nothing wrong with that.

It's just that these coins most likely will not pose any significant advantages to existing decentralised cryptocurrencies. People may get hyped up like a launch of a token from an institution will change everything, but they are two separate entities altogether that aren't necessarily related.

I also don't see it as "drifting away" from decentralisation. The people will benefit the most from bitcoin's utility will continue to use it; it's not like they will cease to do so simply because some company issued their own blockchain token.

FB  and JPM coins are just a stable coin that may not directly have an impact in the crypto space but it will indirectly have an impact as the day go one, since these will help advertise cryptocurrency the more and many believers and users of Facebook and JP Morgans will want to invest big in Cryptocurrency.

Social media is a powerful too use in many different aspects, information gathering and input, so many users around the globe use it. It is a good way to let people be aware of current issues. Crypto is still on it's development so apps like Facebook is a really big help in promoting crypto. Even if they are only launching their own coin it is still can be counted as a whole for crytpo. That's what sometimes people think, all are linked together leading them to other crypto currencies.

Without facebook coin, they already gathering data from their members and for example is on cambridge analytica case. I am just thinking this coin is just to raise their portfolio and creating new company because this coin should manage by different company not facebook but still in facebook group.

That's true I think it will bring more investor here in crypto because of this coming coins and I think it will be profitable. But of course many things can be still consider for this coming coins although it will give a good impact in crypto.

FB will be a 'stable coin'.     Way back paypal was going to be something else, not linked to dollar but of course it went that way as its far simpler to do so.  FB will always be fixed to dollar so far as know, if you discover otherwise let us know.
I believe it'll be similar to this - https://en.wikipedia.org/wiki/Amazon_Coin


The biggest deal FB or JPM might be is interfacing everyday people into a crypto atmosphere.    Ive said that for a while and Im sure its already realised by many that you cant really be talking about wide adoption by the mainstream while having any penalties for the non technical population.    FB coin should just be the remote control device and not really useful beyond that.

FB and JPM will both issue this tech to serve one master, the owners / operators will all be in favour of corporate profits and the users are FB customers; very traditional division unlike crypto.   This is not the crypto model, its just use of the technology for their purpose.   It should not especially effect crypto as its not part of crypto, same thing applied to the Venezuela attempt at crypto which again had only the purpose to serve a dictator with more power.

    The crypto we know is open ended because its greatest gift is growth and enabling others a new route besides the conventional FIAT failure, a distributed trustless system.  
 Neither JPM or FB want you to have that option, so its a very small step and I dont see it much more then current token or points collectable at various shops for loyalty rewards.  Not against it but that that excited either.

I'll mention this product, its really old now but it came before BTC existed and was 'net money' and generally went nowhere:  https://en.wikipedia.org/wiki/Beenz.com  

They are going to leave in harmony. In fact, they may not even exist or last for very long. You see, people are using crypto currencies because it is decentralized and easy to use. If banks starts to get involved (by creating their own coins), it will no longer remain decentralized. The freedom that we getting from using bitcoin or other crypto currencies will be lost when using those centralized crypto coins.
So, the coins will either live side by side in harmony or they won't be popular to last long in the market.

I'd say, they will aid in crypto mass adoption in one way or another. Because of the huge number of their users, the adoption might come easy for them. Many people are still ignorant in dealing with crypto, and most of them thought that it's too complicated to do a simple btc transaction. With the deployment of fb coin, their dev team might develop a process that is dumb-friendly and so their quick adoption begins. We will know such development in the near future. Let us see...

I can stand by your vision that these centralized coins is all about data gathering and profiling and making sure they have a data regarding your investment  but that does not provide the situation where you claim that the centralized coin facebook is coming up with will be a stable coin, not seen their white paper either as it is not released yet, explain to the rest of the community on how you came to the conclusion that facebook coin will be a stable coin.