Libra left alone by a big payment processor

ardentvolcanoes

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Quote from: Arsenyo on October 07, 2019, 06:54:44 AM

I don't think Libra will be launched in 2020 as they promised, there is too much resistance. PayPal, Visa, MasterCard abandoned this project, the whole European Union wanted it to be shut down. But I don't really care about it, I would never invest in Libra, a centralized coin of a giant company.

Centralized project that will be controlled by FB owner, those news that flowing around also adds publicity with this project for now we are not sure if this coin will proceed according to its plan, even with many controversies, with government non approval it will be a tough start for this project.

It will be best to observe first instead of taking your investment to this coin, chances of failing is higher without good support from the big industry.

DaMut

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Quote from: deathcode on October 06, 2019, 10:32:47 AM

is this a big link with some countries that reject libra? seems like too much controversy over this asset. even though the developer hasn't officially launched coins in exchange. only conceptually there has been a lot of disagreement. but if libra can gain market confidence, this will not be a problem. the developer must see the opportunity and take advantage of it immediately if he does not want to lose the trust of the community that supports them.

The regulation backlash is the biggest reason why PayPal decided to leave Libra, the exact reason is very simple because of their new acquisition of equity state in Gopay with China government and their negativity because of involving in cryptocurrency.
obviously Libra will face this problem because they are aiming to be a regulated and stable coin, it could affect the global economy especially for a small country.

https://techcrunch.com/2019/09/30/paypal-to-enter-china-through-gopay-acquisition/

Free1bitco.in

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Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

Paypal exit from Libra would be a big blow to Libra. even this also widened to the visa, and other partners. I don't know whether libra will be successful in the future, or not. if libra can maintain their position when PayPal is out, I think libra should be taken into account. However, Paypal exit from Libra will have a negative effect on libra, and regulations that have been made before. this article is quite interesting to read from Thenextweb regarding some of the effects of PayPal out from working with libra

Arsenyo

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I don't think Libra will be launched in 2020 as they promised, there is too much resistance. PayPal, Visa, MasterCard abandoned this project, the whole European Union wanted it to be shut down. But I don't really care about it, I would never invest in Libra, a centralized coin of a giant company.

Red-Apple

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this is yet another proof why centralized cryptocurrencies will never be even half successful as bitcoin is. there is always one big point of flaw in them that leads to their failure and that is their centralized power in control of the whole thing.
partners are leaving the project, countries are banning the token, US government doesn't want to let it be created, and everyone is negative about it. you never see any of this in a decentralized thing and even if it were, it wouldn't matter since it is out of their control.

mR.k0fka

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in my opinion those big boys need to use existing public blockchain to build their stuff
to adopt one of the platforms
that could be fantastic.. instead of making more and more chains just because they can

Wintersoldier

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Quote from: smyslov on October 05, 2019, 02:17:08 PM

Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

It will have no effect at all so far, but if big names that are part of the group left, then Libra coin has something to worry about, I don't like Paypal to be part of the team because of their policy in Cryptocurrency, they can trace people who uses their system to trade Cryptocurency and they are in a hurry to limit people, they are robbing their users with this kind of system.

But basically palpay would have the high possibility to create allot of cash in for libra coin. They are partners and since paypal left libra alone, the possibility of libra to have a good start with volume will be lessen. In relation to using the facebook based coin, my opinion about it is that, facebook would mainly use their coin to manage their ads to be more efficient and seamless, there are other cryptocurrency that is worthy for daily transactions.

negancoin

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That will not stop facebook from launching Libra, they already spent heavily on virtual reality technology and this currency is necessary for them, losing an ally like Paypal will have short effect and also will help facebook to apply a better strategy in order to keep his allies on board. Facebook knew from the beginning that launching a project like Libra is not going to be an easy path, that was reason why it teamed with other companies to create a strong power, one left but they are still the 27 other companies who are willing to take the risk, it's also worth mentioning that Paypal said "We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future", So in some point in future, Paypal will rejoin the project.

Saisher

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Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

There is still no follow up tot hat bad news, only Paypal is leaving I read the reason is they are striking a deal with Gopay and they want it more than the Libra Coin, so it's about profit and interest and who can give them mileage in the competition and of course profit, since Gpay is a big Chinese firm.

dfktynby1004

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I would start using Libra coin as I think it is a good alternative to fiat. I often travel and so for me the Facebook coin is a great option for making payments. PayPal's departure from this project means nothing. It even went to the benefit of Facebook as after this case the hype began.

mr_random

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I don't think the successful project will care about the traditional payment provider as a competitor but the reputation of the PayPal can be the reason why there is no chance for mass adoption for altcoins like Libra. The Libra team shouldn't worry about the stated facts if they plan to introduce working product till the year after 2020.

deathcode

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Quote from: bitcoinposts on October 06, 2019, 10:23:47 AM

that big payment processors is none other than paypal it is paypal which left libra crypto currency project.Due to too much of regulators intervention papal came out of crypto

is this a big link with some countries that reject libra? seems like too much controversy over this asset. even though the developer hasn't officially launched coins in exchange. only conceptually there has been a lot of disagreement. but if libra can gain market confidence, this will not be a problem. the developer must see the opportunity and take advantage of it immediately if he does not want to lose the trust of the community that supports them.

CryptoBry

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Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

So the exodus has already started for Libra and the first gunfire is coming from PayPal which has a name to protect and also does not like to be on the limelight created by many regulators and politicians. After PayPal officially left the Libra Association, we can expect the others to do the same exit announcements.

In my own humble opinion, the main problem of Libra is Facebook. Well, everybody knows the reputation of Facebook when we talk about how it is managing the data it gathered from its millions of users and how the company is monetizing the data without even sharing something to the real owners of data. Many considered Facebook as a detached conglomerate which is almost a personification of the "devil" which is kinda bad in today's global economy. Then of course, regulators have many other concerns as well. I am not so sure but as of now, we can already considered Libra to be in a dying state. So the bottom line here is that Libra is needing a big miracle for it to be resuscitated to life...and I don't know where that miracle can be coming from.

Soon Facebook will realize that to avoid further scrutiny from regulators the best thing to do is to shelved Libra and wait for the right time for its reintroduction.

bitcoinposts

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that big payment processors is none other than paypal it is paypal which left libra crypto currency project.Due to too much of regulators intervention papal came out of crypto

Tipstar

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It's actually good as Libra could in future be a competitor to them. They would not love to promote their own competitor in the future. And this also makes them free to create their own alternative to Libra. As though being a conservative company, Paypal and Master Card has made the payment system really simple for the general users. They have better experience of the market demand and could lead a crypto project better.

Patrix_1

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I believe they would make it sooner or later. Sure some companies will go, but some other companies will get on board. Libra would be a great push for the whole industry, but FB needs to take it more serious.

rdluffy

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This is a loss to Libra, lose support of the giant PayPal can make a difference to the coin
I'm not lying, I'll never buy a coin from facebook, I don't trust them with my data and I will not trust my money

serjent05

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Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook?

It is early to speculate whether Libra will be a big failure of Facebook. Paypal left FB because their tempo does not meet, since FB is too aggresive for paypal. Mastercard and Visa had not yeat given their side though rumor said that they are planning to.

Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

Nope, I don't have any intention to make payment with FB based coin but I am open for the possibility.

voteformeg

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Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

i do not use facebook btw , but think i wil also never use any libra , still got a better believe in bitcoin , could be that the pullback of PayPal could be just the beginning of the end

NathanJB

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Quote from: ChrisPop on October 05, 2019, 01:38:21 PM

PayPal has pulled their guns out of the Libra project according to CoinTelegraph. Do you guys think Libra is going to be a big fail of Facebook? Would you actually use a Facebook based coin to make payments at businesses and friends taking into account the previous press scandals like Cambridge Analytica?

It is not only PayPal that has suddenly decided to get out of the Libra project. Visa as well as Mastercard have also decided to leave the Facebook-initiated project. And there may also be others that are thinking twice right now, after giving their commitment to the project. There is something fishy all over these decisions. These decisions were made after all the hearings, meetings, and discussions initiated by the government were conducted regarding the project. It is even safe to say that these are not truly independent decisions.

Topic: Libra left alone by a big payment processor (Read 200 times)