Bitcoin Forum

Well!!

The head of Calibra, David Marcus told the Senate Banking Committee that, Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets.

what's your take on facebook libra hearing (https://coinpedia.org/news/senate-hearing-about-libra-cryptocurrency/)?

This is stable coin. Hence no hurry to buy or sell. But as it's pegged to a group of “of low-volatility assets, including bank deposits and government securities” in multiple currencies. It could be much more stable than fiat or any crypto so could be an option for maintaining portfolio for long term.
And you can't buy it as of yet.

Okay, I just read the article now, it's a case of trust on the side of Libra team because of their past privacy breaches. And the Senate fear too about the future of the fiat and how it's going to affect the fiat couple with money laundering and terrorist. I hope the Libra team are able to scale through and have their coin launch. I am only interested how this will bring more cash inflow to the market and maybe we should hit $1 trillion market cap.

The coin will be release on 2020

Libra has a battle with US and i think that will be delayed caused by the problem with US.
It has already announced to be released next year but due for some reasons and it may get another delay. In order to avoid the problem in the future and facebook must follow all of the regulator's order.

Seems like they'll limit the use and transfer of Libra within the Messenger and Whatsapp wallet. Something similar to We chat pay.
That would not make it a real crypto even if it used blockchain. What's the use of blockchain if people can't export the private key.

From this statement we can easily understand that facebook's coin and its ecosystem is going to be a completely centralized and controlled system that will be fully regulated and we will not have the freedom like we have with other crypto.

So they are on their own and will not support any coins or promote other cryptocurrencies into their products and services, well because of that other Cryptocurrency should do the same, I will not be surprised if they are going to launch their own exchange, and compete with Binance and other top exchange in the market.

From that, I don't think I am going to have any interest in this coin. Surely, it is going to be a centralized coin and a stable one. Meaning, I am not going to earn anything from it since it is a stable coin. But I think I have to see more about their regulations since it is a centralized one.

Crytpowallet to be used on messenger and whatsApp, on what purpose?
Well, we can’t know the exact plan of Facebook but i hope its a good coin of the future. Hearing about libra is the proof that the government is watching cryptocurrency, they know the threat. Facebook coin must win this one or else no one will buy and use that coin.

Small step for Facebook but big step for cryptocurrencies.
If people see cryptocurrencies everytime when they use Messenger then you can´t even imagine the influence on cryptocurrencies.

Some of us here may still remember the leaked Facebook user data some time ago. Yes, now they want to build their wallets on messenger and whatsapp, is that safe? Because in the wallet not only contains information, but our investment, our money  :o

In my opinion, if Facebook will build its own cryptocurrency wallet it is good. but I don't agree if they refuse to compete with other wallets. because competition is necessary to increase popularity. that's where the concept is good or not.

I think that would prevent Libra from being called completely cryptocurrencies. There is no freedom. Decentralization does not exist. You only have the chance to use it where they allow it.

Facebook hyped a lot more and now would settle for lot less. They are heading towards being another paypal.
Facebook can't go against it's real owner the US government. Decentralization would hurt the total essence of Facebook's existence.

Maybe to step up to make your own wallet, it's been thought well and badly, because obviously the competition will be even greater. indeed, fair competition is needed so that there are alternatives that can be done. I feel Facebook will go step by step with what he want to do and of course you yourself don't know what surprises Facebook will make.

After reviewing the Facebook hearing with the US Senate, it seems that the US government still holds a very strict opinion on Libra. With a huge user base of 2 billion people, if Libra works, Facebook will operate a very large monetary system compared to the US government's monetary system. That why US government will not let this happen. Now we can only wait to see what Facebook will do to be passed.

Facebook would have no choice rather than to comply with the US laws. Even though they get shifted to Europe or somewhere, US would do whatever necessary to make sure they won't exist very long. Decentralization and Privacy is hated by every oppressive governments equally around the world.

honestly I am really nervous about it. I think it's going to get more than just our government involved 

Yeah buy it at presale at 1 Libra = 0.9999 USD. Then, it will be valued afterwards at 1 USD per Libra.
There is just no sense buying it at all. It is a stable coin and no doubt about it. United States wont let them create a coin that will be volatile too just like bitcoin which they already hated so much.  ;D

Better look for another one. You are just wasting a lot of time by now. You could use it with trading someday just like USDT.

The sad thing is if Libra gets super famous then we will not see it in exchanges we use.

Libra could be the real alpha stable currency in the world of crypto and I would love to see it on places like binance for example but without these facebook allegations are over that is not going to happen, we don't know when facebook will be allowed to share its libra outside of whatsapp and facebook neither, I don't know how people will cash out neither, like if I want to send money to someone in USA for example and forward them 500 Libra and say here is your money, how will that person take it and cash it out, nothing is known so far and thats the issue.

I hope that with time they will add it to everywhere and we will be using it in all exchanges instead of the USDT we are using right now.

I dont really support this Libracoin. I dont want it near my portfolio!

I don't take any action against facebook who create a coin that according to them use blockhain technology, but I doubt about it. The libra coin seemingly is like centralized system which is mean not fully cryptocurrency, its movement pricr will like money fiat. So, if I have a lot of money on my pocket I will never use it to buy libra coin, it will be good to buy bitcoin and other altcoin.

Alright

The US is fearful about its fiat currency when a powerful social media comes in with a plan to introduce its own digital currency. Facebook is so much powerful and its influence will have much impact. Likewise, other giant tech will follow suit. So the US is right in fearing impact of Libra. I think Facebook will convince US administration and issue its own currency.

I agree, with billions Facebook members in the whole world, Libra coin becomes a big potential that can erode the use of dollars. With various platforms owned by Facebook, the government feels threatened and the government should be support of technological advancements because sooner or later the use of money will switch to digital

Yes, that's why David Marcus is still trying to convince the US government to believe in Libra, even if it is registered in Switzerland. The most compelling reason he gave is that if the US does not participate in this field, other countries like Russia or China will be willing to do and take the opportunity of the US. And US will never go slower.

I don't think Facebook's project born to compete with bitcoin.
it's aimed to be stable coin, just like USDT, and I hope it succeed, cause market would be more stable if it did, Facebook is one of the biggest company on the planet right now. so they have abillity to do so