Bitcoin Forum

Libra May kill all stable coins and may be best trading pair for bitcoin

I think I'll stick to gold myself

stable coins like USDT, true USD and more

Libra will increase liquidity for bitcoin and make it easier for people to obtain bitcoin, since it will make people feel more comfortable holding virtual currency. There will always be other stablecoins, in my view, since investors may have their own preferences over holding particular fiat currencies.

Some investors may prefer a token exclusively pegged to the U.S. dollar, pound, yen, won, etc.

I'll refuse to use this coin no matter what, I don´t agree with the policies of facebook and will not support this idea
I prefer to use other stable coins

Nobody trusts Mark Zuckerberg to create a currency that anyone can own and use without repercussions

https://techcrunch.com/2019/06/18/facebook-libra/




If you want to trust a bunch of bankers and regulators to create money we all can value and trade as money (without high fees, long term costs, privacy violations, lack of security and anonymity) then go do it!!


This is good for bitcoin. Shitcoins are still shitcoins regardless who creates them.

I suspect same thing since it will be traded in exchanges, Libra coin may decimate the power of most stable coin, am always careful not to always leave my fund in USDT. USDT team must try to do something about their coin before Facebook give them a hot competition. Bull run is coming. God bless Satoshi.

Who cares if it will kill all stable coins? I'm holding bitcoin for myself and everything that's pair with bitcoin has to compete for themselves.
The advantage that this facebook coin has is that they are partnered with different companies to assure that their coin will be used for some services.

with all the circus around fb its gonna be a fun run + heavy adoption pushes 🍿🍿🍿 8) and its not like stablecoins are that stable so far. at some point users would be like Why i have to hold that fb coin if i can get btc first hand)

I think that is one major advantage of fb coin. Their adoption will be easier as compared to other struggling coins. I will take it as a positive development in crypto. Might help in further understanding the world of crypto by ordinary individuals who are into fb. This might pave the way of more btc adoption, who knows what the future holds?

https://media.discordapp.net/attachments/390289052739567616/591396623561654499/D9gJC0eWkAAHndc.png

such adoption)

btc had a satellite for over 2 years till it really got some traction and nobody could give less fucks ahahah. if blockstream would do it by 2017 - price would be over 50. but after the winter....

It has a great potential thanks to infrastructure provided by facebook and its partners. Currently, obtaining bitcoin isn't easy process - at least for newbie. Buying it on exchange usually takes time, cause you have to pass whole verification process. The easies are services like buycoinnow.com (https://buycoinnow.com), where you don't have to create an account and transactions are much faster - but it still takes usually about an hour. Obtaining Libra probably will take few seconds. Compare this with a global reach provided by platform which Facebook is.
And don't get me wrong, it might be a fiasco in the end, but as for now, this coin looks like at least potential game changer on the crypto market (even if it's not crypto itself)

Mostly no, if Libra would be a stablecoin meaning that it will be anti volatile, so its value will not likely to be changing that much, so it will be similar to fiat so there is no margin of prices, so you won't be able to buy at a low price and than wait for the price to go up and sell to collect profit like it is the case with bitcoin, so i  don't think that it will be a trade friendly coin, i think that Libra will only have a more easier access than bitcoin and it will be like an introduction rather than a base for people who don't know about crypto and not trading. 

It is not worth raising to the top a project that has not yet entered the market. And also you should not forget that the majority of large countries will not be able to use this coin. I generally have a skiptic attitude to this product. Yes, the market will strengthen. But a stable coin does not have huge pot-tonals for growth. Yes, and it will take years that she would get at least to the stability of the USDT and traded on all the exchanges.

I think that although buying Libra will last less time than buying Bitcoin, it won't be more impactful than BTC. It doesn't mean that Libra won't be profitable, I think that this will be better choice than some altcoins. That's for sure because it has a great position (in cryptocurrency world) which is conditioned only by its brand.

This token will take the privacy out of crypto

The times for centralized stable coins are now limited. It would highly depend on how decentralized would the Libra stable coin would be.
On comparison, Libra would surely be a instant hit as the current most used stable coin is a shady token from a shady exchange.

I dont think so, it will be a popular coin, but nobody seriously will not use it to store or transact a big volumes of money, because it is totally regulated and controlled by goverment, it denies all main ideas of crypto.

Not rule out the possibility that Libra will be an option for fans of Stable coins and maybe the king of stable coins. Many companies and also Visa + Matercard have supported this project. Regarding the best partner with BTC, I don't think that is necessarily the case because this project has not been officially listed on the exchange. We'll wait for next year 2020.

So many topics with "Libra king of crypto" or something like that already and now at least there's a meaningful topic. Since USDT is flawed while other stable coins are too small in market cap, Libra may be the stable king with its huge supply and big investors' fame. Yes it maybe used as a base trading coin then.

it's a possibility. but with partners like paypal and coinbase I think they will make much easier for new users start buying crypto.
They target a much larger user base compared to the number of crypto traders.

If paypal can fully support or maybe partner with crypto, maybe it will be something that really good. Until now, from what i see is people compare bitcoin/crypto and paypal and not see yet if 2 of that kind of currency support each other.

lol.
Libra is not a stable coin, it is like a classical stock exchange with lo growth/fall.
Also, it is not for trading, it is for using, dont think that crypto traders will use Libra

Scales will be one of the stable coins, and no more. It is unlikely that this stable coin will greatly affect other stable coins. So far, there’s nothing to talk about. Let the scales first show their functionality, and then everyone will decide which stable coin to use. So far I only see a fuss about the scales. Time will tell what it will be in practice. In general, I appreciate her appearance. This creates good competition for stable coins.

I quite agreed with that statement . Libra will  be Globally embraced and it will have effects on most stable coin though it will never stop their existence but most people will prefer to exchange their crypt assets into Libra. Besides, Libra i partnering with some payment processing giant which will facilitate direct conversion into fiat. This is indeed a a very positive development in Crypto Space but nevertheless , it will never stop the existence of all other stable coins .

Libra Will come  it is not sure . Because ist Has many obastragal. But if Libra came it will kill stable coins and will be a best trading pair for Bitcoin , i think it.

They have large fan base already when you talk fb alone. So what they can do is how to attract those users to use their coin. There will be hesitations at first because most of them have no idea how to use crypto. But later on, once everybody is using it within their platform, adoption will come easy. But we are all speculating things here. And Libra is not even listed in the market.  :P

Every opinion now is a mere speculation, the success of Libra is not stamped, it could flop if something go wrong with it, i can't say yet if libra will kill available stable coins.

Well I'm gonna wait till it's already available on trading floor. Of course people very excited and gonna look it soon. But still we must wait till already happen.
Libra have big potential to become the biggest stable coin cause it's Facebook, but I'm gonna wait till already available.

There is no doubt that it is going to be a killer coin and the hype already been created is going to be something that will make millions of people invest in the crypto with billions of dollars pooling into the account of the management. About the performance, I am not sure yet if it would be able to kick out the rest of the stable coins but it looks like it is going to be big.

Libra's creator has a big role in this regard. Even the "bigger"s that he already agreed on are extra. But I do not think that the main goal of Libra is to create just a stable coin, it is something much bigger and different.

this is just speculation and I'm not sure about this yet. I even doubt whether later Libra can be traded freely. You know that US regulations are very strict about crypto. so it's difficult to make the libra develop. so I think the first step is to make how libra can be accepted by that country.

Libra is the biggest war against the crypto ecosystem and it will be a stable backup of the main cryptos with time. I don't see any clear reason why it is not pegged to top cryptocurrencies. Stable coins will suit more than enough.

I agree that it may become the main stablecoin. We are all a bit wary of Tether I think. But I hope the Facebook coin is not a success. It's big business trying to muscle their way in and take over crypto, and I don't like Facebook at all. I think their target here may be the US dollar. I would not be surprised to learn that Facebook wants to become the new world currency.

  It is going to be more easier for the people around the world to buy and hold crypto after Libra is in the market. You do not need to have a credit card to do the payments etc. Libra in this regard would be heavily demanded and I am expecting some good financial gains for the investors and for the company as well. How efficient it would be is still a question.

I do not see any reason why Libra should be more trusted than Tether. Both are centralized, both will have a problem with transparency of pegged dollars.

I disagree with your thoughts, Libra can be a great currency but it is difficult for it to kill stable currencies. Stable currencies like USDT have a great reputation in the market, I will personally choose USDT instead of Libra.

tbh its a very controversial news. on the one hand Global coin will be really easy to get, retain & use it. But on the other hand we dont know exactly about its safety and real purpose.
however, it seems to be good payment system.also u can read more information here https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

Why do you think so? Libra will be something new, and people are not always ready to trust new currencies. Stable coins exist already, but still, Bitcoin is a trading pair with a dollar, not with other currencies.

You mean an escape route for whales?  ;D
That might happen. The good thing is the coin is not USD name but still I think they will equal it to USD if converted.
There is no way Mark Zuckerberg will have another bitcoin like or ethereum like coin which is too volatile.
His company will be questioned a lot if that happens.
AML and other stuff will be glued to him if he doesnt follow the rules of the government he is in.

Still too early to give assumptions with this coin if it's going to be a good stable coin after it's been introduced inside the market, it will depends on how much support it will get from the end users Itself and how it will perform after being listed inside the exchanges, we can only speculate but nothing is certain.

No, I deny that this could happen. Libra is likely to be a nominal coin for reporting but no more. Old cryptocurrencies will not lose their positions and strengthen them. Due to the fact that Libra will give the market a good popularization but she will remain underutilized.

We'll see about it but do you have some supporting information or any opinion of yours why do you think Libra might kill USDT and other stable coins and be the best trading pair for bitcoin? I've read somewhere in the forum that they are not supporting Libra since it's centralized and handled by a company or a government I think?

Can you imagine moving Million of USD and the Facebook team stopped the transaction because it was deemed illegal of flagged, Libra is centralised and people won't trust it, just wait and see and this coin would end before it even started

That'd be a huge pain in the ass but I'm pretty sure that people who have used USDT will still stick to it anyway. I just got used to the saying that if it ain't broken dont fix it, moreover so many peolpe put their eyes to Libra seems to find any smallest mistake exist for sole reason to take it down.

I think this would really not matter to Facebook gain, because Facebook has a userbase of over 2 billion people, and the people that may pick interest in Facebook coin are still within this figure, in which they already have their KYC done already on Facebook while they were registering on the Facebook platform, so there is nothing new about the KYC to tem again.

I think people will still prefer to use Facebook coin even when they are fully aware that it will run on centralization platform, Most stable coin they are using already like tether and the rest are also centralized coin, which I do not think that they have had issue with, other than the issue with bitfiniex, and for this reason, people may prefer to use Facebook stable coin over them.

The popularity of the Libra coin will be shaped by the users themselves by this coin. It is hardly to be expected that everyone will rush to use Libra, leaving their former stable coins. Therefore, I do not believe that this new stable coin can have a strong negative impact on other traditional types of stable coins.
Already, with regard to Libra, there are great concerns about the possible collection of information about its users and their transfer to government agencies. People are unlikely to risk their privacy.