Bitcoin Forum

now we use facebook as a media for the promoting crypto related projects.but every one knows about the facebook coin 'Libra' .as a expert of this field what you about the involving of the facebook to virtual currencies??
will  it be  help for the  bitcoin to going up??
https://libra.org/en-US/

It is centralized and same with other altcoins that's being run by a certain company. It would help bitcoin somehow by tagging itself as a 'crypto' because bitcoin is a crypto as well. There will be no ICO but it has a wide range of partnership, yes real partnership so it will have its own usecase. I think this is just another the same stablecoin.

I was seeing the name Libra in bitcoin discussion thread and i was wondering what in the hell was that, just now came to know that it is the name of a centralized coin from a company who does not bother about the privacy of their users  ;D. I am not particularly interested to invest in it, but Mark Zuckerberg has some political contacts around the world especially in third world countries and these countries are finding it difficult to understand the market and if he starts that, he might be able to convince the leaders of those countries about the virtual market and we could expect a positive in that aspect, only time will tell what is his vision about Libra.

Based on initial articles about facebook coins, facebook will create a stablecoin. But, it's not yet confirmed where it'll be backed from. Stablecoins as they say, is better than altcoins. Let's wait few more days for the official details of Libra.

      Now they have Libra coin which is a crypto currency also and they are promoting it very well that can attack people to use it  globally so maybe since it is also a crypto , this may help to assimilate other people about bitcoin and altcoins .

Yeah it's happening and it's happening really big. This Facebook coin is really bringing cryptocurrency to the mainstream. Even Facebook workers have the option of choosing to receive their salaries in crypto. To me I think this Facebook coin will eye opener for a lot Facebook users.

That is true facebook coin libra is now happening i read some news that facebook coin libra is now already releasing their website and whitepaper, facebook coin can influence also other big companies to launch their own coins here in cryptocurrency.

yes right this will make the market volume rise because many new people who know cryptocurrency because facebook and coin libra can also be used in whatsapp and this machine makes many people use libra coins

AFAIK the launching will occur next year so most of the news that we are about to see these days are just about on the speculation of well known people and what they think about Libra. I don't usually use stable coins so it's really not a big thing for me but what makes me looking at this case is that it's facebook.

We will of course get free advertising for other blockchains. However I'm unsure if it will actually reflect positively on prices.

This is like a two edged sword, it can cut both ways, first it will likely increase cryptoadoption generally, on the other hand, it can be a starting point for competition with bitcoin, facebook already has 8 billion users,so it will not be too difficult to have a widespread use and acceptance, albeit it is a centralized coin

An honestly this coin intended for the existence of traditional banks. I have read a whitepaper libra coin and most of the word just tell me traditional banks has no everything, I guess if everyone are aware against it then they will move the money they had on the bank to this coin. This is stable coin which mean you can use this coin with comfortable without the volatility thing but I don't agree if this coin to be use as investment place I'll choose bitcoin as place of that. The presence of this coin can make all people know about cryptocurrency, blockchain and decentralized system which mean if all people read against it they will know bitcoin and will have an interesting to buy it.

I don't think it will be a competitor of bitcoin. But it might really aid in crypto adoption. If fb team will design their coin to be user-friendly, fb users might adopt this coin very easily. And this will help in understanding cryptocurrencies by ordinary people who are still hesitant to deal with crypto.

https://www.pcmag.com/news/369019/facebooks-cryptocurrency-everything-we-know-so-far (https://www.pcmag.com/news/369019/facebooks-cryptocurrency-everything-we-know-so-far)

Trying to find out if this facebook 'wallet' will take "other" cryptocurrencies. I think this is unlikely, but looking.

Looking further it seems 'very' unlikely. Though they do say others can make wallets. Perhaps the makers of those wallets will add other cryptocurrencies as well.

another link

https://www.nytimes.com/2019/06/18/technology/how-libra-would-work-for-you.html (https://www.nytimes.com/2019/06/18/technology/how-libra-would-work-for-you.html)

So Libra facebook coin is a 'stable' coin based on different currencies. I think I read it will also be used for microloans and finance.

So when compared to bitcoin, if it is pegged to the various currencies, I see 'no way' that it can be used as a store of value like Bitcoin.

Thus, as some have been saying, this could 'help' bitcoin with its bid to be a store of value and 'virtual gold'

Then again, with the power of this facebook coin, perhaps it could go the other way. With governments ONLY allowing stable coins, 'controlled' and 'managed' like Bitcoin.

Anyway, my take on above links and some more info is needed on all this stuff. I still don't think we have 'seen' the main 'catch' yet for this Libra coin making Zuckerberg another

billion dollars or so.

I can't deny that Facebook as a media has a huge community all over the world, and many of them are expecting too much and many are also awaiting for their updates, imagined how many subscriber they have in the entire world. So this will explode or boom for sure even it is a centralized based form. But it has a big impact in crypto world and bitcoin.

This is one of a waiting announcement from the start when Facebook CEO announce creating their own cryptocurrency based on what I read recently this is a stable coin based the question that run to my mind right now if its will be boom in the market we all know that Facebook is the popular social media.

I think since facebook so popular around the world it will be a good way to gain more popularity for cryptocurrency. I am sure a lot of people who knows nothing about cryptocurrency will be curious about it. And somehow it will become a good influencer to crypto.

If it's going to be a stablecoin, I'd worry more about the future stablecoin projects (not so much about currently successful ones though - they already have a userbase)

That's unless they're going to do strict KYC, in which case it's probably going to have much less impact on other stablecoins. Don't see the whole stablecoin userbase following a Facebook KYC anytime soon.

How do you see this as affecting the future/price of Bitcoin and other cryptocurrencies? Being FaceBook and all, you just know they are going to have a lot more regulatory oversight

and KYC etc on the Libra Facebook coin

Right now I'm NOT too worried. But there is, IMHO, a possibility these 'stablecoins' put out by Facebook and others could regulate 'open source' Bitcoin and say only 'regulated' crypto

can be exchanged etc, etc. This does not seem likely IMHO, but nothing would please the powers that be in finance in government would be stablecoins replacing that pesky open source

cryptocurrency like Bitcoin/Litecoin etc.

Hopefully, because Facebook has said it will allow others to make wallets for Libra...this means 3rd party will make such...but due to the 'fast transaction' and supposed small fees etc of

Libra coin by Facebook. Some kind of scaling of crypto, be it BTC or whatever, better pick it up. Because IF not than the ONLY option likely would be BTC would still be a store of value as

the only position of worth that Bitcoin would have. Being replaced by fast transaction centralized controlled coins like Facebook Libra.

Brad

https://libra.org/en-US, sound interesting, I liked it.

I don't think this helps bitcoin rise, it is more helpful to promote bitcoin where introducing facebook users to the technology adopted by bitcoin. Yes, this is more about future technology.


Yes it's true, Libra has low volatility so this coin is not suitable as an investment, and actually this coin is used for business purposes between Facebook users and Facebook.
On the other hand, clearly with the announcement of this coin, it will make new changes where the blockchain is the technology of the future, and this will lift the existence of bitcoin too.

This is interesting for sure Libra is already gained a big popularity, it just up to the developers team how to implemented the usage of this coin, its good to see some big coin try to become btc rival, but I think it still faraway to compare with bitcoin, but for sure this coin is going to be phenomenal

Even if this is decentralize or centralize, this is facebook is a really really big company, investors will invest here no matter what, I think if they will do ICO this will be sold within just a milliseconds. This is really interesting and a lot of us is waiting for this one

I think the impact of the media giant involving in cryptocurrency will have effects on the market overall. Some of its good impacts have started manifesting on the market with major coins increasing in value. Being vocal of cryptocurrency once, Facebook is joining it and it means a good impact on the market. So lets hope for good.

In my opinion, if the plan is realized soon, it's likely to have a big impact on crypto lovers including new members who will join them, because Facebook has a large community in the visual world, while Facebook releases centralized coins like Bitcoin and of course there will be major changes on the site this global.

I think Libra will be the reason for a bullish market these coming months. Just imagine how much users Facebook has and let say 1/2 of them will buy libra and half of them will learn what is a cryptocurrency. See? if that will happen I'm sure they will use bitcoin and altcoins as well.

I'm so glad what will be the outcome of Libra and how it will help the people around the world.
Libra will be a stable coin that can use by anyone, anywhere and anytime that didn't require any documents.
The overseas worker will benefit this because they can save transaction fees and time when they are going to send money to their family from the other side of the country.

In that case, people around the world will have an interest in crypto and remember, every coin and tokens have a maximum supply and that is not enough for everyone to have it. That will lead to a bullish market, of course, thanks to Facebook.

I think Facebook will not turn "Libra" into cryptocurrency because Facebook has claimed to remove ads related to Crypto activities from the platform. Could Libra become Cryptocurrency after completing its ICO? If it listed on the exchange, this might take place.

For the development of cryptocurrency I don't think there is anything that is impossible, when humans like Mark say they prohibit cryptocurrency activity, there will be an exception for Libra and I'm sure Libra will still be promoted because Libra's owner is a Facebook company.

Wow good news and a ray of hope for cryptocurrency have been on the horizon as I think the news about Facebook joining cryptocurrency will definitely have an impact on the crypto market. I do not know price of coins will increase multiple times or not after the issuance of Libra coin. But one thing is definitely becoming reality that cryptocurrency is being adopted widely.

the introduction of Libracoin by facebook is a welcome development that will help publicise the cryptoworld more . and with the numerous facebook subscribers , Libra coin will make alot of people to adopt the blockchain technology and use of cryptocurrency.

Yes, it would be an exception for their own coins, again on the grounds that Facebook prohibits cryptographic ads because there are many scams during ICO. Well because Libra has full trust and this is a self-developed coin so libra is more privileged, even in my opinion Facebook will not position Libra into crypto because they function this coin more for business, or as a Facebook payment method.

the buzz surrounding Libra coin is massive, i saw it on Yahoo news, in CNN it is really crazy, believe it or not this will change the crypto community in some ways, so many people are looking forward to the lunch of Libra coin and am sure lots of people wouldn't want to miss out on this one, but the way i see the whales will have much influence in this coin.

It would be very nice to see more whales to play from each other as we see the possibilities that the cope of venue this libra can bring to crypto industry is far wider than what crypto is working right now, imagine those numbers of people who participated with FB if most of them will support this and have a wider knowledge about crypto, it will open more doors for new investors especially those who can bring big amount of investors and start competing with
the fat whales inside this industry.

Even if it's a centralised coin it is not a big deal. Why? Crypto market need some big names. It will increase the popularity and more and more people will be aware of the crypto currencies. It is a win - win environment for Cryptocurrency market and big companies.

I also think that the arrival of such companies will help the to the whole market. People who use all the services of the Facebook company are a very large amount of people who will know about cryptocurrencies!

A guy who doesnt care about privacy plus a centralized coin.
Wow.
Are the aliens taking over by now?
I mean, where is that goal to be not traced in any way possible? Looks like that is not the trend anymore.

Now, you do little against the law and they will just go to facebook and they will find you. ;D

That is how Mark thinks and do you really think he will not input this in his own coin?

I doubt if this libra token will be sold publicly before it enters exchange, not sure if any fund raising like ICO or IEO will be held at all, the whole project may be privately funded and a whole lot of these anticipations may not worth it for those that intend to jump in. It is long overdue, let them get it launched already

That is my question. You can use this coin on facebook but can you actually keep this coin in any manner outside of transactions?

For example, you get some facebook coin to make a transaction of say $100 worth, with the pegging on other currencies....it WILL ALWAYS BE $100...so

by 'token' you could just as well say 'a way to move $$$ and nothing else'

So, if I have this correct, Facebook would make $$$ off of you hodl'ing tokens and/or modest fee for using tokens and/or maybe interest someday vs your

crappy currency vs the USA dollar as a hedge. (In Venezuela at least your $100 in facebook coin would stay $100 after conversion of your local currency)

Thus, the last question, does this 'hurt' or help Bitcoin and other Crypto?

If Bitcoin continues to be used as a store of value, maybe. But if Libra takes over on the actual movement of $$$ back and forth at faster transaction times

and larger number and fewer fees...why would this be so?

Don't know, just tossing it out here for others smarter than me to say how this may help or hurt Bitcoin.

brad

However, it seems that the US government wanted to stop it at all cost,

https://www.cnbc.com/2019/06/18/rep-maxine-waters-facebook-should-stop-work-on-libra-cryptocurrency.html

Does the US government feel threaten with this "crypto" and afraid that it might disrupt their financial system? There seems to be a lot of hype surrounding this Facebook coin that it has to reach the US congress and that they're going to halt it or at least let Mark Z appear and answer to them.

I think it has more to do with the fact that Facebook was playing it both ways in saying they could not control hate speech the election tampering and the rest

but making $$$ on the FUD and such on its platform. Add to that the loose privacy issues and the rest and on top of that, just how damn big they are, well hell,

if I was a legislator, I'd probably want hearings also.

Also, the fact that when they announced this Libra coin, they plan on using it as they do Facebook pages, for advertisement and track your spending habits and

all that as part of the currency. That likely is what really set off the House wanting hearings. Give facebook even MORE data and now the same thing moves into

banking and currency and the like? Hell, banks can't give out your data in that manner.

But from Facebook's point of view, the money is in the data mining. So unsure, how profitable Libra coin can be, in its current state, if they have to act like a bank

and all info and such is private for data mining and Ads and the rest.

Yeah, things may not be going there way as they planned.

I am very happy that Facebook made coin crypto with support from Facebook it will make crypto currencies more famous in the eyes of the world other than that it will certainly make the price of bitcoin and other altcoins up

If Libra is simply a payment currency for Facebook services, I think it will not directly affect BTC. We can only look forward to the perception from the huge number of users of this platform.

Libra is in development and it will be almost 1 year before we see it and can take advantage of it, when new users join the crypto community, but now it's just news.

Libra is set up so that any company, not just Facebook, will be able to accept the coin and build wallets that will let people hold and spend it. That’s similar to the way that a diverse array of companies have created wallets and exchanges for Bitcoin.
It is built on some of the same principles as Bitcoin. But the aim is for Libra, unlike Bitcoin, to have a stable value, backed up by a basket of international currencies.

Unfortunately, it has no effect on the crypto market in general. I have expected much more from this coin and hoped that it is going to push the industry forward, but no movements detected till this moment.

This is a forum for the latest news about Libra, the Facebook cryptocurrency (stablecoin). There are already many news and tech analysis about this blockchain, that could be used worldwide by 2.4 billion users. The first validators will pay $10 million to join the network!

https://getlibra.net/

I guess Facebook can help in introducing cryptocurrency but I do not think that this will help Bitcoin in anyway. 


You sure about that?  Can you trust someone who is leaking your identity?

It's not a big deal? the crypto market has grown being known with the implementation of decentralized cryptocurrencies and now that the big names are entering, you say that it's not a big deal? if you are not for the technology and you are just considering that coin to make the market cap higher you can say that easily. But this is a big deal for most crypto enthusiasts that are wanting decentralization. I know those attributes that it can bring to the market but you should understand that we have different opinion regarding this.