Bitcoin Forum

As Facebook's currency Libra is planned to launch in January do you think there will be any impact on cryptocurrencies or it will be just one more stablecoin without significant adoption?
Source https://www.theblockcrypto.com/linked/85882/facebook-libra-first-stablecoin-january

To judge the Libra stablecoin, we first need to look at what's left of it and how it will perform.  Now it is not even known exactly what relation this coin will have to Facebook and whether the issues of its circulation in the territory of the European Union have been resolved.  So far it is known that it will be backed by the dollar and registered in Switzerland.  It looks like it won't be much different from other stablecoins.

It won't have an impact on crypto currency because it is going to be a stable coin 1:1 to USD.

The real question is, will regulators allow Libra again with this new set up or will they stop it again just like the first time? Libra or Facebook has already attracted the brunt of regulatory commission that personally I think that it will be block again, no matter what changes they will do. Regulatory body doesn't want to give Mark too much power to disrupt the financial world, simply as that.

We'll see, in my opinion Facebook has pretty good chance to get an appoval from the regulatory comission  and since it's backed by USD there shouldn't be serious concerns. The clients data base is ready.

I think it will soon be the widely accepted currency in the Crypto market. Because Facebook is used by many people in Asia and Europe, this will be a very good opportunity for us to pay for advertising easily. We even work directly with Facebook's main facility to reduce advertising fees without the need for intermediaries.
If Libra coin is actually accepted by FINMA next year, that will be a very good signal for those who use Facebook's advertising services, they will not need to pay additional intermediary fees for service creation. advertisement.

If the launch of Libra happens on time (January), of course it will have a positive impact on the development of cryptocurrencies in the future because we all know that Facebook is one of the largest social media platforms and has millions of users around the world, but I've read an article if the launch of Libra is subject to approval for the operation of the payment services system by the Swiss Financial Market Supervisory Authority, so it could be canceled / postponed again if it does not get permission from the relevant authorities.

Actually your question has been answered in one of the news sources about Libra vs Bitcoin.

The answer to your question is exactly as below.

The conclusion: No impact at all, because:
If Libra doesn't thrive in the market it will have an impact on themselves, not Bitcoin or cryptocurrency.

I sure Libra will only be stable coins as usual...
However, what you have to understand is that stable coins have a lot of influence on the future of crypto currencies, stable coins are crypto coins that have the most potential for mass adoption because of their stable price.

Libra can become a mass adopted coin, since they already have millions of users across countries and they do not even need to spend on marketing much as FB itself is more than enough to promote their coin. I think during few months this coin will have a good price as demand will keep on picking as it will be trusted coin so in portfolio other coins for many could get added.

The impact that will be generated when lIbra is launched, is the same as coins in general, for example the existence of uniswap for only 3 months people talk about the emergence of Uniswap in the world of cryptocurrency, and until now there has been no discussion about Uniswap in the forum, if it is true that the launch of Libra in January later it will happen then nothing will change, the price problem at this time has started to show stability in all global markets, without having to wait for Libra to be launched, prices in all trades show very good stability for all coins and altcoins ..

Its a stablecoin, there should be adoption to it. There will be users to it, facebook has billions of people to target. They can compete any crypto business with just this Libra.

It's going to be released only in US. It says Novi the wallet that is formerly called Calibra will only be available to countries with a high volume of remittances. It's the use case they want people to see. I'm sure there will be an impact.

The long awaited Libra coin is all set to launch from Jan 2021, it has come with many plans as users and buy things at groceries stores and we can transfer money with zero charge. I believe this coin will boom definitely in upcoming days as mark Zuckerberg is already a popular figure in the world and there will be no Hassel when it comes security. A new coin is going to born and happy news for the users too.

It will have some impact on crypto base on the large user base of Facebook, they have millions of people using Facebook because of this it will surely impact crypto even though it is a stable coin still the news of Facebook having their own crypto can be source of influence to many, it will also increase crypto awareness and exposure,
Am looking forward to January 2021, it seems there will be lots of news coming out.

I think that you do not understand correctly what Libra will be like. Libra will be the same stablecoin as USDT, which will initially be backed by the dollar. It is for this reason that Libra will be a stablecoin, its price will be stable, which means it will not increase in price.

Based on the Binance Research Institute of analysis writes that Facebook's initiative to form Libra will actually have a significant impact on the financial industry and the global economy from a medium and long term perspective, especially on cryptocurrencies. Libra's position cannot be underestimated by its presence.

I'm of the opinion that it would have a significant impact on the cryptocurrency space. As it stands the coin market capitalisation is less than 500 billion dollars as compared to the forex market which is over a trillion dollars. This means that we still have a long way to go and with the libra coin more funds would be pumped into the industry both by individuals and institutional investors, it would also contribute to the mass adoption of cryptocurrency.

we can answer this if we look at the history launch of other stable coins . tether for example because it was the most succesful stable coin out there but did tether really have an impact on cryptos before ? lets find out  . so i done a quick research about ether and it says that tether increase crypto trading after its launch . im thinking the same thing can happen to libra coin .

 it was big and i dont think people will act blind to ignore it but they will be curios to try it and skip tether for now .

Maybe I was not paying enough attention, but I used to think that this project has been forgotten as I hardly hear anything about it not until now, I'm totally wrong then. Well, the hype has dropped a lot and many partners has left as well, so I don't think there is much that will likely be expected of it. In my own opinion, if the bull run extends to next year, just as most people anticipate, it will hardly be noticed because a lot of people would be focused on Bitcoin and others.
On the other hand, from another point of view, talking about its nature, which is a stablecoin, I also think there is nothing much to be expected, stablecoins comes with a stable price, so it will be seen like other stablecoins and will have USDT and others to battle with, because no matter the adoption it takes and whatever, it will still have a stable price, hence nothing much to expect. But if it's the other way around, maybe a new impact would be felt.

I just hope they will launch this time as they initially planned to launch earlier this year.
The launch of libra will help boost crypto adoption and we can expect crypto demand and value explosion that will produce many new millionaires.

The next step after the launch, I see the listing of this Libra stablecoin on various cryptocurrency exchanges. Personally, I will have more confidence in this stablecoin than in those that are currently present on the market, with the exception of DAI, which refers to decentralized coins.

Pretty sure it's just gonna be one more stable coin and not gonna give any signifcant impact to the crypto market. If any it's gonna be that kind of flash dump you usually see after some good news coming up. Libra's delay make its release pretty underwhelming to be honest that people just don't really care at this point. People are more focused on Paypal as of now and Libra just gonna be another stablecoin available on the market.

They are rebranding libra, and I think they will show that it's not even connected with Facebook, maybe they are trying to remove that bad look on the coin, but I think they have the same agenda, maybe they will be putting other people in the front just to satisfy the people and the government, but I think Facebook is still connected, I hope this time they will be able to make the government approved it.

I don't know if such stable coins will an impact on the crypto industries, we already have a bunch of those kinds of coins today. Though USDT is the current dominant stable coin in the crypto market, we wouldn't know if something will happen if Libra finally in the market next year. this is a tight competition because it also came from a giant company. USDT should have some Plan B to think about when their competitor is about listed in the market.

Hopefully, they can release this Stable token successfully because many governments officials like regulators are having doubts and negative impressions, and I like the idea that they are rebranding the name Libra to "Diem"

If I remember that libra coin was the coin of the facebook right? Well I haven't heard a news from that coin for a long time or maybe because to this Covid it outshined the Libra news, what could be the possible effect of this coin to the market?

They only have plan but they are not saying it can crypto is regulated in US they need to pass it first in their local government before they can launch and be available in the public if it's going to denied again then there is no way for them to launch that currency even they want.

This is the latest news about libra and they are going to change his name from LIBRA to DIEM https://www.zdnet.com/google-amp/article/libra-changes-name-to-diem-for-organisational-independence/

This a double-edged sword IMO. I think it will be good for crypto as a whole due to the publicity, but it's bad in a sense that it'll be somewhat centralised being that it's run by facebook. I imagine it will fairly stable, as others have suggested, as you'll probably purchase it directly through FIAT, I guess? In theory I don't see any reason to buy and hold, or as an investment, it'll just essentially be like a global currency...therefore, it won't be as easily manipulated and fluctuating.

I think that perhaps short-term = good, medium to long-term = not so good.

Thats a bald move from facebook ,after all negative feedback from crypto community.
To be honest, that doesn't change my mind much - they still are trying to please their auddience rather than push crypto technology

But they are not Libra now as the change name happens early before the said launch.

https://bitcointalk.org/index.php?topic=5295727.msg55733566#msg55733566

maybe rebranding is what they see to change some bad image in the past and start a new this coming year as the launch has been postponed several times.

I also heard they are rebranding their name, its DIEM already not Libra. That's what I read in an article on facebook.  Its actaully getting a lot of attention already because of the article/news sites of crypto blogs. 

Facebook will make crypto a lot more known to internet users who have yet learn about BTC. The billions of its users are will add value to BTC and altcoins after its launch.

They have big market that's why they are pushing to have their own it will bring to them more income in the future so why do you think they will not push it?

For crypto technology there are many project or university having that option for those who want to study deeply on nlockchiain technology.

A dollar-backed stablecoin cannot be decentralized.  Also at a hearing in the US Senate, Zuckerberg promised that Libra would have nothing to do with Facebook.  This is most likely why it is not advertised on Facebook.  In this regard, most likely, Libra will no longer be the special project that it was planned to be last year.  It will be one of the stablecoins, of which there are already a lot.  However, we will be able to evaluate it soon after its appearance.

I think will be good impact on the crypto industry because the adoption of crypto by Facebook will boost the market and more users will come into the crypto industry and the demand for crypto will increase, and uses of crypto will increase through Facebook stablecoin, so this is good news for all crypto industry. 

So there is a light for facebook currency aka Libra I thought it was already dead because of the government. I don't think if there is an impact of the market because it is just stable coin nothing contribute of the market I guess. If this coin is volatile I don't hesitate to invest.

It's just another entry of a coin to the industry. It's not like it's the new Bitcoin or somethign anyway so don't expect some impacts.
In the end, it is just another competing coin that I wouldn't even think of buying due to how Facebook treated my privacy plus there are plenty of scams there that their team doesn't even want to take down even if it is against their so-called "Community Guidelines".

They are not launching as it is was initially intended rather they are now rebranding and restructuring it and most probably it will be completely separate project from fb and will be like a new, independent and regulated stablecoin.

I do not know Libra's relationship with facebook but I think if the Libra coin is launched it will probably be a good signal for the crypto market.
Facebook is a large social network and they know how to advertise, when Libra launches perhaps everyone will know better about the cryptocurrency market.

Yes, it is launching in january but do not get much excited because they have announced to change everything about the project so i do not think that this project will add value to crypto market and ecosystem so lets see what kind of project launches in january finally.

Do they already solve up their issues? I dont have any updates on this one yet the last thing i had remembered is that they had been blocked into their launch.
It seems that they do able to cope up with those problems and do tend to launch up on next year.Whats my impression to Libra? Then it would really be just
an another stablecoin which is really that solely created for own platform and just like any other services that do make out their own coin rather than
on accepting bitcoin which is the same on where Paypal had done.Is this significant? No, it wont but for the sake of some advertisement about crypto then
that would already do.

I thought facebook permanently suspend Libra project? of course, we should expect a huge impact on the crypto space at large. if launch it can help propel the much anticipated alts bull season

Did they really get a green light from the government? I thought that the project was scrapped. Maybe they think Biden will be more lenient?

Libra is too late. They had their chance in the bitcoin's bear market but now? The big news for this year is paypal, BTC bull market and eth 2.0. Nobody cares about zuck the crook.

it seems like that rebrand is not theonly way to gain back its reputation but libra wanna try to build a new impression for the government. we know that with the change climate in the crypto more and more companies are coming right now.
diem will be launched successfully.

Regarding the theme, the Libra project is blocked by sanctions and regulations to circulate legally among governments. We cannot create expectations in this centralized project where its base can be compared with a stable currency or even with XRP. However, with the launch and global approval of this project, the disclosure of the crypto may be extended.


Changing the name will not change the destination of the project.

if I'm not mistaken, I heard that the Libra project will be launched in 2019 and it turns out that this project is officially launched in the coming year?. but the question is whether within 1 year they have been tested by several parties? especially the legality for their project? because the last time I heard that this project was hampered because it was not approved by the SEC.

I have been excited about Libra coin right from the start that I heard about it, I see some bashers of this coin but as for my opinion
it will help a lot for global adaptation of crypto especially if it will be implemented to be used on Facebook.

Looking forward to their products, as far i can tell Libra will have a token equivalent to USD at a 1:1 ratio. And that's all i know about it, i'm not sure how the product Libra uses will relate to facebook? There are many issues about it that i am not aware, this news is raising expectations for me and many people about Libra.

i think this will make an empact bcz of his community . many up and downs is coming in altcoins

What we can do is just to speculate but not an assurance that it will bring big impact to entire market.

Libra will serve as stable coin for Facebook users, the impact to crypto market still unknown since it's not been completely launch,
Hopefully what you've said happen after this together with all those news that may take effect to this entire crypto industry.

in my opinion, with the launching of Libra coin, there will be a positive impact on cryptocurrency, because more and more people will know about cryptocurrency and of course with Facebook making cryptocurrency (Libra Coin), then i believe in the future there will be more other companies that will use or create cryptocurrency too and of course it will make the market and the price of cryptocurrency can increase very high.

You must read the latest article about libra AKA diem https://cointelegraph.com/news/facebook-s-diem-stablecoin-is-an-existential-threat-to-traditional-banking

The stable coin will give the best solution for the platform to maintain its payment system. It will not rely with the 3rd parties too.
It can help crypto when there will be a gateway for libra to be paired with some altcoins on the exchange sites and people who owned libra aka diem can trade it into the exchange site too.

In more details, it is discussed here https://bitcointalk.org/index.php?topic=5297738.new#new (https://bitcointalk.org/index.php?topic=5297738.new#new)

Facebook is going to launch in January and this is going to have a lot of positive vibe in cryptomarket. From the awareness, Facebook is going to make and the crowd of investors that are going to be pulled and attract I think with this there will be a lot that will venture into crypto world.

This wjmho are not yet in crypto or doesn't know how crypto works will be amazed on this, with proper marketing from Facebook many will have interest on using it but not as investment or to gain profit but mainly for the uses it can be in Facebook. Those who already earning in trading or crypto will not be affected if this will really launch.

will libra be like USDT in the future?
if it does become a stable coin forever then it will provide a balance in crypto and is sure to be a conversion option on many exchanges