Bitcoin Forum

A lot of buzz is being created in the cryptospace with facebook's release of the whitepaper of its proposed coin -Libra , giving some the impression that this would be in direct competition with our beloved bitcoin or some of the top alts. combined.
I think Libra; when released will be nothing like what many anticipate - a cryptocurrency in shinning armor, I feel it will be more of an electronic money masquerading as a crypto-currency, minted, censored and controlled by the same centralized giants who rule the current payment system - Visa ,Mastercard, paypal etc. They are listed as being the founding members of Libra Association Council who will set the rules, government the network , run the nodes (each costing 10m $) etc and I dare to add, accept,deny, reverse or freeze transactions at will. Also, Libra will be backed by Government securities which brings in the Government regulators, Central banks etc.
The Libra Association is deemed "non- profit" and at the same time they are required to invest money to be a part of it, Guess whose interest they will serve?
They may indeed run it on the blockchain but I see another JP Morgan coin, not a cryptocurrency that is people-centered like bitcoin

https://cointelegraph.com/news/facebook-releases-cryptocurrency-white-paper-for-libra-currency

No one believes this. It's a fiat token under the control of multiple corporations, none of whom are going to agree on anything anyway.

I think if it ever actually does emerge it's going to look very, very different to the proposal as there's been instant uproar from the establishment.

It'll be a similar trajectory to Paypal. Paypal's original vision was strikingly similar to Libra then it got punked by banks and governments until it was the soulless annoyance it is today.

There is US Dollar, Euro, UK Pound, Gold and Silver, Yuan, Yen. That's enough. VISA and Mastercard debit and credit cards have made all the currencies digital.

but still i think this project could be great and with stable coins that are backed by many big company , i think it will attract many people to know about crypto and even increasing the number of transaction volume of cryptocurrency. Lets see what they could be and i do think it would be wise to not judge before its happening.

I'm not saying it's a bad thing for real cryptocurrency. This isn't a cryptocurrency and it probably won't be permitted to exist in the form they're proposing.

If it fails then it's a lesson in why BTC's design is necessary. If it succeeds and the world becomes enslaved by the Libra foundation it's an even better lesson in why we need BTC.

Indeed, Its made to make the giants even richer and to hoard more user data to sell fore even more profits.

So much attention to the token that has not yet embroidered. Personally, I will not use a centralized currency. If I needed centralization, I would not come to a cryptocurrency.

Without centralization Bitcoin will not get legal status. Bitcoin will get banned if money laundering and ponzi increases from Bitcoin

In fact, we face a kind of electronic money that will try to occupy part of the market. Given that this coin will be a stable coin, there is no point in investing in it for profit, but I am sure that many people will use it as an alternative to other stable coins and electronic money.

Facebook and it's partners are just trying to be smart. Blockchain technology and cryptocurrencies are gradually dominating the modern financial trends and I think it is just the right time for a well known entity like Facebook to make an impact with a cryptocurrency. As to whether this project would fail or not is just a matter of time.

I am more concerned about the impact of this coin on Cryptocurrency, for me this coin will be more popular than Bitcoin. Of course this has a good effect on introducing Cryptocurrency, but who knows this coin will have a bad impact market of Bitcoin and other altcoins by taking over their position since Facebook have well-known partner too.

That's true and we can't stop others especially the investor to make invest to this Facebook coin. Who knows will happen so let see and wait their launching. I think this Facebook coin are many things to consider that need to discuss, because as we can see many speculation about this Facebook coin.

Libra is literally fiat with extra steps. It may be more "stable" than Bitcoin but it definitely isn't anywhere close to being valuable because it's merely backed by the same things that crypto was trying to escape. Even if there are companies that have securities backing Libra, it still doesn't mean that there's a good (or service) backing the coin which has some inherent value. Everything that Libra stands for is based on the fact that fiat likely won't be going anywhere soon, and they're trying to cash in on the hype of cryptos in general. It's ridiculous.

Maybe this will be marginally popular with Facebook users, but I'm not expecting Facebook's gamble on this to pay off. If anything, it'll sweep through the internet as a temporary fad. Most people who would want to have Libra probably got burnt out on Bitcoin back in 2018. I doubt there will be a community as fanatical as Bitcoin's developing around Libra once it is more than the cool new thing.

That is true, MZ said that this coin is decentralized but I don't think it is. Facebook is a huge platform and them introducing a cryptocurrency will really impact the market and obviously Bitcoin though I don't think it will be that huge that Bitcoin will reduce the price of it like in the past.

Because decentralized system is something against the law because that was putting privacy at the top of everything in the system. Remember about the blockchain is not so transparent as the people said.
Don't take a various criminal case that used bitcoin as the best example to explain it. It can't be the best example.

Libra is a centralized coin and to my own point of view it doest feel cryptoish to me and I don't see how this will ever rival other good coins in crypto space ,I know it will attract many investors but not for me

Mark Zuckerberg is a smart man and he invented FaceBook... and almost acquired all of the social media platforms and now... he's in the cryptocurrency scene, I think this is something and a much awaited event for the cryptocurrency world as the most successful man of this generation entered the realm of cryptocurrency. I don't care if it would be bad for Bitcoin or other cryptocurrency for as long as it's for the betterment of the mankind  then I'm fine.

That's actually a one ridiculous example. Moreover, bitcoin wouldn't be needing centralization or being decentralized will be useless. Perhaps, he meant regulation.

I read some article that Libra coin won't compete on btc or in any alts as their perspective is far different. More likely, there are people that keeps comparing it and just confuse and mislead people.

Basically, we don't care if the government legalize Bitcoin or not before we use, and for the ban, am not sure the government will ban Bitcoin because, they where unable to ban the internet when it came onboard. Bitcoin will remain the front-line in the world of cryptocurrency. Also, "Blockchain cannot be reinvented to the suit of the government", hahaha.

You mentioned the good part, that is,bringing people's attention to the cryptocurrency,but in itself I don't expect so much.they are already running into to regulatory difficulties in some countries. US will be holding a briefing with them in July, Russia ,India ,China are not giving it a nod of approval

I believe you man. Forget about all these people that are out here hyping that coin. Trust me it would be nothing compared to what we have already. Bitcoin will still remain on top as the number one and that Libra Coin is not getting close to even the top three. Though I do know that it will be among the top cryptocurrency in the marker,, but not to the level of challenging Bitcoin, that's not going to work. Already there are lots of people hating the libra coin cause they believe that Facebook is using as one their tracking tools to know where and when users will be making purchase and all that so that they can target ads properly.