Bitcoin Forum

Social networking giant Facebook will release its own electronic money called "GlobalCoin" in 2020, news from the BBC.

The news agency said on Friday that Facebook will plan to issue an electronic-based payment system in many countries before the first quarter of 2020 and is planning to test it before the end of the year.
More information about Facebook's e-money plan will be revealed in the coming month. They also added that Facebook is looking for advisors from the US Treasury Department and leaders from British bank Mark Carney about opportunities as well as legal issues for the discovery, the project is given is called "Project Libra"

This news comes at a time when reports suggest that Facebook is having talks with payment companies including Western Union, Visa and Mastercard to be able to support and financially support the electricity currency. They were pegged for their legal fees. The e-currency development project is expected to help billions of Facebook users can transfer money as well as make online purchases.

On May 2, Facebook registered to set up a new "Libra Networks" company in Geneva (Switzerland), which will enable them to "provide financial and technology services as well as hardware development simultaneously." is the software attached. " Last month, it was reported that Facebook could mobilize $ 1 billion to deploy this stablecoin project.
What do you think about this. Let's discuss the future of Facebook coin and social disturbance

It is good to see a major tech firm taking advantage of block chain to provide services for the users. Social network is one of the sector that requires dynamic progression otherwise some other comes in to steal away the traffic. Crypto based rewarding social networks has been started to take away some of the traffic from Facebook as they are more rewarding to both content creator and viewer and Facebook wants to retain its position.

I am afraid of these upcoming coins. Facebook coin applied for licenses in UK bank, if they receive that they will become the first legally cryptocurrency used by masses.

I really don't like the idea to combine crypto with banks, but what i want to ask will Facebook name their crypto as "Global Coin"? I also think that this new coins can affect maybe old coins.

Facebook is one of the global household names in the world and its involvement into crypto will go a long way to depict the core benefits of cryptocurrency to ict companies and the likes and how they can drive more value through crypto

What is crystal clear right now is that Facebook coin won't be a financial instrument for speculations in the cryptocurrency market since they are emitting a stable coin for internal payments to their social network.

Concerning the mass adoption (what is expected by the bearish market traders), I don't believe it will be a cryptocurrency in conventional understanding of its word (like bitcoin or ether).

The time will show anyway.   

I think it will be the most usual stable coin, only very popular and convenient to use. I do not like Facebook and their policies, but I will be glad if they cope with this task.

To be honest we should tale this crypto initiative from fb positively as i think it will boost confidence among general public as fb has millions and millions of active users and also people will be interested to know and invest in other mainstream cryptos that will eventually help in adoption and market growth.

Yeah, I also feel we should embrace it wholeheartedly since it only shows that crypto is becoming more mainstream and this could be "a light at the end of the tunnel" so to speak. And when it happens, I think it will contribute to global mass awareness on cryptocurrency and I think more people will get involved in crypto than ever and that will be great for the whole cryptoverse in general!

The only thing that I expect in Facebook's coin is that it will make cryptocurrency more popular to people. I don't expect it will contribute anything like technology to crypto world. Mark Zuckerberg is a cunning old fox. He just tries to benefit from his users.

I have to tip my hat to Facebook for their realization of needing to introduce cryptocurrency to the masses. If anyone can reach the people, then it would have to be Facebook. Their reach alone extends around the globe. They will single handedly hip people to the utility of crypto currencies. Sweet!  
The only downside to this is the fact that Facebook is centralized and the main attribute that Satoshi was trying to push was decentralization. Still, this is going to be big!

i think its a great idea if they were realizing the global coin they had issued for around many years. its a great thing if they realize their most important thing for the crypto.

If you will going to look at what will be the main event in this facebook coin launch in the market, it will going to be simple, cryptocurrency market adoption will be at its finest at more and millions of people around the globe will be encourage to learn and understand how cryrpto works, in result, more volume will be generated

Facebook crypto currency will be much different than current eco system

1. It will be centralized instead of decentralized.
2. I do not think facebook will allow mining of it currency.
3. Facebbok will dictate on the pricing of cryptocurrency.

Q: Will it help btc or other crypto adoption?
A: No.

It would be a step forward for Facebook.
Facebook is losing a lot of users from it's platform because of privacy issue and it's being greedy. Tokenizing the platform would at least solve some problems like rewarding the content creators.

I will just wait for them to launch and observe how the market will react to that globalcoin. Other than it will be a stable coin and be used as global payment, I don't have any idea what this coin is all about.

Its too early to tell what will be the effect of that coin if Facebook did really implement it but I guess it will create a buzz over social media and other media channels and will help spur mass awareness for cryptocurrency and the industry in general which I think will result to a positive effect among non believers.

expect a ton of these types of coins from a lot of different companies, banks and governments. basically we had 3 periods so far. the first one was the revolution that started with bitcoin and then some other initial altcoins that were decent projects. the second one was the pumping period where the hype was so much that it attracted lots of scammers who created a ton of shitcoins (mostly ICO tokens) and took newbies' money. the third phase is going to be the centralized sector doing the same thing but under regulation!!!

my guess would be the 4th period is the death of all the junk including the coins created in 2nd and 3rd periods and only the good projects surviving and going on.

Why is this advertised as if it's competition for Bitcoin? It sounds to me like Facebook is going to compete against Paypal.
A centralized payment system doesn't need a blockchain and can't be anonymous.

As you know FaceBook wants to launch own coin as like Bitcoin but Bitcoin will always prime and this announcement will boost the crypto market.

In my opinion this is good news, because later the crypto world will develop and there will be many people who know crypto

Reading the note posted by the OP it's not clear to me if what Facebook is going to launch is really a cryptocurrency or not, they don't say if this coin will have its own blockchain or if it will not have any blockchain at all, according to what is written there it seems Facebook is going to launch some kind of internal payment processor with an “in-game currency”.

On the one hand, it is good, more people will start to be interested in cryptocurrency, and on the other hand, it is bad, large corporations are always trying to change the market for themselves and this can become a problem for us.

If the facebook will really launched a new coin like the above said "global coins" it may leads us into two ways effects like being a good opportunity to every hunters because it seems that cryptomarkets gets along new market system that provide hunters to become more interested in joining bounties for a good investment like the dencoins tokens. But on the other hands, it can also be a threat to the others bounties because it may leads to affect the rate of the old coins.

Is this comes from an article? if so please edit it and post the link it or quote where you copied, you might get ban for copy-pasting, going back to your post, if they are going to use $1 billion for this project, this is one of the costliest cryptocurrency projects, and will give all the top coins a tough fight in the position.

I think i will avoid this.

Yes it is good thing for cryptocurrencies to become mainstream but on the other hand, it will be probably a money grab operation for facebook.

I think this is good news. Facebook can make cryptocurrencies much more popular than they are now. It will be interesting for me to watch the competition between Facebook and Telegram.

I'm really looking forward to this event, because entering the cryptocurrency market from Telegram and Facebook will actually make the cryptocurrency a global means of payment. I think that this will significantly affect the popularization of cryptocurrencies and increase the market capitalization by billions of dollars.

Yes, with Facebook entering the world of Cryptocurrency it will make a very good impact on other Bitcoin and Crypto digital currencies, because we know that Facebook is the best company so far. Hopefully when it is published it will have a good impact on the price of Bitcoin.

Sounds like this coin won't even be a crypto currency and will just be stored on a centralized database so they can implement their own payment processor.  More like a video game currency than being in any way related to bitcoin.

is a good news for cryptocurrency and blockchain ecosystem when big company like facebook enter blockchain industry and make investor come for investing in cryptocurrency.

after few big company join in cryptocurrency ecosystem make this ecosystem more trusted for investor

This is very positive news for the entire cryptocurrency market as a whole, since this kind of news has a positive effect on the market as a whole and attracts more and more cryptocurrency investments and of course many influential companies, and I am very happy about that.

I see only positive aspects in this. Such a large company first cancels the ban on advertising cryptocurrencies on its platform, now its head wants to release its kripo. This is great and will have a very positive impact on the development of crypto.

Honestly speaking, I knew that they were talking about this and they have been working on it for a while but actually hearing it makes it much more real. I really want to believe that this would be one of the first where companies create their own tokens and coins and work with that and profit with that because then all others will follow and the value of fiat will drop.

Think about it even oil is based on dollar (which it doesn't have to but the world picked dollar to value it) and if we stop giving worth to stuff in dollar value and start stuff like "steam coin" or "amazon token" and what not in the future then we will be devaluing dollar and all other fiat which was the whole point of starting bitcoin. We are sick of dealing with centralized currency so we want everything (even including centralized coins) that will drop fiats value.

That should be the only advantage the coin will have in the crypto market least it will once again help the market create the hype through its awareness, and maybe some project will get an increasing when new investors gets to know about cryptocurrency and choosing projects to invest in randomly, other that this benefit.

I doubt if it will really be of benefits to regular people out there since they are not creating investment coin, but something more like a stable coin that will be used to purchased their product and maybe pegged to a dollar, but like you said, we still cannot predict what its effect will be until we practically see it.

this is just my speculation

i think if Facebook really create their own altcoin, maybe this just used for their ecosystem like for paying Ads using their own crypto, paying streamer in facebook, and etc.

this is a reasonable thing that I think about this Facebook coin now

Globalcoin will not be as global as current cryptocurrencies exist in the coinmarketcap. Facebook doesn't make a right decision with blocking the ads related to crypto projects, ICOs but now they decided to suddenly launch their own global crypto for using it on WhatsApp and Facebook.

facebook has released tires on crypto ads for a long time, and today facebook just annouched their stablecoin specification to public, and now on this forum many thread just created and discuss this coin

ofc, facebook intends to capture some part of the cryptocurreny market in order to give all people acess to basic financial services.
btw,regards to this thread.i've found related article so u can read & figure out more.
here's a link.
https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

hey , everyone. recently i have found an interesting thread regarding this discussion. You can check it following the  link. (https://bitcointalk.org/index.php?topic=5155721.msg51512527#msg51512527)

Libra's weakness is the same weakness of what backs Libracoins up: Fiat currencies and Gov bonds.

"The European central banks have sniffed out the danger and have just decided, at France's initiative, to create a "taskforce" on stablecoins within the framework of the G7.

The concern is real, especially as their credibility is dangerously eroding these days: the Fed has just interrupted its rate hike, the ECB admits that it could continue its zero-rate policy, and the BoJ remains stuck in a massive EQ.

Economic players are beginning (at last!) to question the credibility of central banks (and moreover the price of gold is starting to rise...).

This type of competition has already occurred in history: in the Middle Ages, the Florentine Florin and the Ducat of Venice circulated throughout Europe. Their guaranteed gold content made them trusted currencies in relation to national currencies that were too often manipulated.

However, Libra does not play into this category and it is its weak point, which has not yet been sufficiently measured: the asset that will support it will be "the debt from stable governments with low default probability that are unlikely to experience high inflation" as stated in its White Paper. Precisely, in the event of a "2008 but worse" crisis, there may not be any... If the yen, the euro, the dollar collapse and experience a wave of inflation, the Libra will be swept away in the same turmoil, and savers will suffer severe losses."

https://www.goldbroker.com/news/facebook-libra-will-accelerate-the-loss-of-credibility-of-central-banks-1570

Facebook's Fake 'Crypto' Is "A Fiat-Money Clone"


The critical question, however, is this: Is the Libra really good — or sound — money?

Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies — and fiat currencies do not make for good money, as should be well known by now.

Fiat currencies are inflationary; they enrich some at the expense of many others.

The issuance of fiat currencies causes distortions in the credit markets, which provokes speculative bubbles and triggers booms and busts, and last but not least, fiat currencies lead the economies into over-indebtedness.

Against this backdrop, it becomes evident that the Libra will suffer from all the economic and ethical deficiencies that come with its underlying fiat currencies. For instance, the Libra will be inflationary money to the extent that the US dollar, the euro, and all the other underlying fiat currencies are subject to inflationary measures by central banks, resulting in the Libra losing its purchasing power in step with the fiat currencies.

In extreme cases, if the official currencies were to go under, the Libra would follow suit. The Libra is, therefore, not a real alternative to official fiat currencies, but rather a more straightforward and more cost-efficient way to use them.

So anyone who thinks that the Libra might offer an escape from the bad fiat currencies is mistaken. The Libra is a fiat money clone; just like fiat currencies the Libra is fake money.

https://www.zerohedge.com/news/2019-07-19/facebooks-fake-crypto-fiat-money-clone

G-7 countries have already taken a very tough position to ban the Libra coin. Along with the same tough position of the United States, it seems to me that this coin has no great chances to come into the world. However, around this coin there will still appear many different surprises and scandals. Therefore, the events around it will be interesting.

Let us wait for the time when Libra is released, and then, criticize or praise it. We cannot know anything about it for sure until it appears.

I have read this article. It proves that Libra can be the perfect way to collect the data about transactions, which is not needed for anyone (I mean people, who make these transactions). The author says that as Libra is going to be bounded to fiat, inflation will also affect it.

It is very important to take note of this, I told my friend this of recent when we were discussing about Facebook coin, I told him I wonder why people are criticizing the Libra network when they are yet to see its function, we might think Facebook coin will be a disaster and then end up being the most perfect system aside bitcoin. One thing that many of us have to have to register in our mind is that Facebook coin can never affect bitcoin, there system are not the same.

As bitcoin operates in his own way, so as Facebook will also operate in its own way and also have its users. The best thing for us all is just to keep our fingers crossed like you said and see the outcome of the technology they are coming with, while we go about our own activities in preparation for the coming altcoins season.

The Facebook coin will act as the cryptocurrency of the future, an analogue of the dollar system. According to the idea, this coin will have official regulations in almost all countries.