Bitcoin Forum

"On the one hand, these are amazing developments that validate blockchain technology and its potential as a currency system, however, they are also drifting us away from the original vision of a decentralised monetary system. In February 2009, Satoshi wrote on a P2P online forum:

'The root problem with conventional currency is all the trust that’s required to make it work…but the history of fiat currencies is full of breaches of that trust'”

Taken from the article linked below, worth reading. Do you think the emergence of banking and corporate digital currencies will take away from the original cryptocurrencies or can they live in harmony?

https://medium.com/@marcus_61942/decentralised-cryptocurrencies-vs-digital-currencies-3811e36cc94f

I think that they would affect the crypto market in a good way they would attract more investor since they are already well known and making more publicity for crypto.
But I don't really think that most of us would be interested in those centralized alt-coin and we would just use it for trading to gain profit ,
Most of us wouldn't really use it for it's sole purpose just like most of the centralized crypto .

My ideal scenario would be that current crypto users boycott Facebook and Jp Morgan coin and stick with the decentralized options.  Unfortunately new users will definitely buy up anything with Facebook attached to it.

With the news of Facebook entering the cryptocurrency network with its global coin people around the world could have known better about cryptocurrencies. JPM is speculated big as they are a big contributor to the economic cycle around the world. Global chain being a plan for stable coin and is much used on centralized platform it might get increased usage and doesn't gonna make a big impact over cryptocurrency.

From what I understand JPM coin isn't even a cryptocurrency, and it will surely be the same about Facebook coin.
So how do you want to impact the crypto currency ecosystem? It's like asking "IF Tesla creates a new car, how it will impact my paper toilets quality?"
Don't forget that Facebook has a few failed projects and its coin could be another one. People will use the fb coins just to buy credit to play Fb games like angry birds, idk

JPM coin and Facebook's cryptocurrency doesn't even cater the same people in the market. JPM coin is only used within their internal transactions of dong business while FB's crypto will only be used within their family of application, so if you are thinking that it will somehow affect the market demands and market dominance from existing cryptocurrencies available in the crypto exchanges think again, the cryptocurrencies this companies created are not meant to be traded in any exchange but to be used within their system.

Truth, that's why I don't see any effects or impact into the existence of these coins yet these do serve or can be used internally with its service
it has nothing to do with cryptocurrency ecosystem.I do rather see this as an another e-currency which have the sole purpose of being used on a specific service/company.

These two coins can be important for the market. However, a future initiative, especially through Facebook, may have more positive effects. However, there is still no significant information about Facebook's project.

There have been rumours about launching this coin but there's no further announcement yet.
As for me, it will make noise since endorsement and advertisement for it would be easy through Facebook.
It could reach a lot of social media users because a lot of people trust the app itself. However, I think this coin is far from decentralization because it's being handled and controlled with the involvement of social media.
Let's see how things will go for this coin.

At the same time they co-exist!Of course, I am a supporter of decentralization, but we all need to understand that someone has more money and power and all the trump cards in their hands.Therefore, the vision of Satoshi is possible and will not occur.But I hope the harmony will prevail.

That idea could help but it's impossible. Since JPM is entitled to control things, he will surely focus on centralizing it and will only take advantage the chance to rule over it. We all know that some users only follow the trend, they will surely buy this coin regardless of the centralization.

We're talking about late arrivals, centralized coins with no real added value for the user, controlled by evil corporations. Sure, some people will make some tidy profits but in overall the crypto ecosystem won't give a damn.

If we are talking about centralized coins like GlobalCoin then it has no impact whatsoever in the market. How can it compete when those can be categorized as tokens, if there is an industry that they disrupt then it should be the banking system and the fiat. So let's stop the comparison right now because it's like apple and oranges, no need to worry guys because there will be negative effect and the net goal is just simply to make more money by Mark Z here.

Personally I don't think centralized coins would alter the market, or at least do some significant impact knowing that for the most part these coins will just be used on the platforms they are intended to, and not really going to be speculative coins (hopefully.) Also, a lot of people know by now that these coins aren't really the "hodling" type, knowing so well that these will be bound by a lot of regulations and stricter rules preventing rapid valuation in a short span of time. Profit opportunity cannot be found on these coins that's for sure, and that will also be one of the reasons why people will avoid it.

We really do not need these corporates to start a centralized blockchain and a monetary system to validate the blockchain technology, these centralized platforms could lure unknown users into their platform when then people will understand the real value of decentralization and the power of bitcoin, these centralized tokens might act as a stepping stone for the future bitcoin echo system.

With the Facebook coin, I'm curious if it'll become another standard stablecoin (like USDC or PAX) since Facebook intends to have it trade on exchanges like Coinbase and Gemini. If Facebook manages to create large demand for this coin (as a cheap remittance method for example) then we could also see it become a common base pair trading against crypto. If that happens, it will probably be net bullish for the crypto market. Some of the money that gets locked up in the Cryptocurrency<-->Globalcoin ecosystem will trickle into the crypto market.

At the end of the day, if no-one chooses to use the digital currencies, there won't be any reason to be concerned about their supposed "rise". Their own form of digital currencies shouldn't be anything different than what they already have (digital fiat) so I can't see these coins becoming anything more than a sort of collectible or vanity token. They'd need to make a considerable marketplace to even begin to get these coins off the ground, and if they're not interested in developing the coins to that extent then cryptos will continue to be the big thing.

Facebookcoin better have a bustling marketplace where users can buy and sell the coin freely, with minimal fees, otherwise, they're wasting their time quite severely. It's no better than purchasing Steam wallets funds if there's no way to take the tokens you earn out of their system. You just funnel money into their business and never get any real value out of it because it'll only be able to purchase intangible goods. At least through the Facebook platform alone. Maybe JPMCoin will have more merit and value.

We already have centralized coins - XRP, EOS, TRON and others, Facebook, JPM and other are just taking it a little bit further by being more openly centralized, but essentially they are the same. Overall it's just a new hype, long time ago people were forking BTC, then forking forks, then making tokens, now people are making stablecoins, securities, centralized coins. It might become a major trend for crypto, but true old-school cryptos like BTC, LTC, XMR will still rule, they'll have far bigger community and number of users, which is what is really important in the long run.

I only think that with the presence of bitcoin and its success being used by many users in the past of 10 years, it has provided many innovations for a company. They rely on the company's big name to intend to replace bitcoin as a real payment system function. However, I'm still doubt of the success's GlobalCoin and JPM coin will be achieved because basically they have the same characteristics so as everyone who uses them doesn't choose both. As for an effect that will be given when these coins are used against market cryptocurrencies I pretty sure that they won't give a positive or negative effect on cryptocurrencies market. This is like USD coin or Teather that was before FB and JPM made it.

As far as i know the further explanation about facebook global coin will come in the next months and i remember if facebook global coin whitepaper will be released at the end of the Q3 of this year.
Both of coins will be very centralized because it's only controlled by a single party.

Facebook's coin will be a stable coin. The purpose of it (as I keep insisting to anyone who will listen) is to gather user data which they can then use as yet another data source for behavioural profiling, which they will then a) sell to advertisers, and potentially b) use to modify our behaviour (pushing people into voting for a certain party is only the start).

The only upside I can see from the FB coin is that it might pique interest from outside crypto and so be a step on the road to mainstream adoption.

Crtypto get to this level without them, crypto will continue to make progress with or without them. I`m sure that some will use their coins and tokens, mostly new people who doesn`t know what crypto stands for. Let them, sooner or later they will find out what is better, this facebook coin will just contribute to bitcoin space, people will sell jp morgan/facebook coin for bitcoin, or litecoin.

None of these proposals are currencies or cryptocurrencies. They're dollar or alternate fiat tokens. Them using some aspects of blockchain technology makes no difference to their fundamental nature which is the same as everything that's gone before them.

I'll be very interested to see how Facebook treats users who interact with proper crypto. If they allow it then that increases its reach and utility. If they attempt to squash it that make the case for real crypto all the more compelling.

I think that these two businesses will bring to our crypto market a lot of new investors and capitalization will increase quite high in the future. All activities will be more exciting and I am confident that the prices of BTC and ETH will increase more than expected.

It might be good that Facebook coins will attract more lay people to enter the crypto space because they will carry out extraordinary promotions where they are known for their social media so they also benefit from many loyal users, for the rest maybe new investors will read more many situations and will see high-quality coins like Bitcoin that continue to fluctuate every day, I believe there is a good side of Facebook to issue global coins.

I also think will be good for crypto because this can bring new people to crypto and buy also bitcoin and altcoins, if they are interested on crypto, and price could grow way more.

I can stand by your vision that these centralized coins is all about data gathering and profiling and making sure they have a data regarding your investment  but that does not provide the situation where you claim that the centralized coin facebook is coming up with will be a stable coin, not seen their white paper either as it is not released yet, explain to the rest of the community on how you came to the conclusion that facebook coin will be a stable coin.

I'd say, they will aid in crypto mass adoption in one way or another. Because of the huge number of their users, the adoption might come easy for them. Many people are still ignorant in dealing with crypto, and most of them thought that it's too complicated to do a simple btc transaction. With the deployment of fb coin, their dev team might develop a process that is dumb-friendly and so their quick adoption begins. We will know such development in the near future. Let us see...

They are going to leave in harmony. In fact, they may not even exist or last for very long. You see, people are using crypto currencies because it is decentralized and easy to use. If banks starts to get involved (by creating their own coins), it will no longer remain decentralized. The freedom that we getting from using bitcoin or other crypto currencies will be lost when using those centralized crypto coins.
So, the coins will either live side by side in harmony or they won't be popular to last long in the market.

FB will be a 'stable coin'.     Way back paypal was going to be something else, not linked to dollar but of course it went that way as its far simpler to do so.  FB will always be fixed to dollar so far as know, if you discover otherwise let us know.
I believe it'll be similar to this - https://en.wikipedia.org/wiki/Amazon_Coin


The biggest deal FB or JPM might be is interfacing everyday people into a crypto atmosphere.    Ive said that for a while and Im sure its already realised by many that you cant really be talking about wide adoption by the mainstream while having any penalties for the non technical population.    FB coin should just be the remote control device and not really useful beyond that.

FB and JPM will both issue this tech to serve one master, the owners / operators will all be in favour of corporate profits and the users are FB customers; very traditional division unlike crypto.   This is not the crypto model, its just use of the technology for their purpose.   It should not especially effect crypto as its not part of crypto, same thing applied to the Venezuela attempt at crypto which again had only the purpose to serve a dictator with more power.

    The crypto we know is open ended because its greatest gift is growth and enabling others a new route besides the conventional FIAT failure, a distributed trustless system.  
 Neither JPM or FB want you to have that option, so its a very small step and I dont see it much more then current token or points collectable at various shops for loyalty rewards.  Not against it but that that excited either.

I'll mention this product, its really old now but it came before BTC existed and was 'net money' and generally went nowhere:   https://en.wikipedia.org/wiki/Beenz.com  

That's true I think it will bring more investor here in crypto because of this coming coins and I think it will be profitable. But of course many things can be still consider for this coming coins although it will give a good impact in crypto.

Without facebook coin, they already gathering data from their members and for example is on cambridge analytica case. I am just thinking this coin is just to raise their portfolio and creating new company because this coin should manage by different company not facebook but still in facebook group.

Social media is a powerful too use in many different aspects, information gathering and input, so many users around the globe use it. It is a good way to let people be aware of current issues. Crypto is still on it's development so apps like Facebook is a really big help in promoting crypto. Even if they are only launching their own coin it is still can be counted as a whole for crytpo. That's what sometimes people think, all are linked together leading them to other crypto currencies.

FB  and JPM coins are just a stable coin that may not directly have an impact in the crypto space but it will indirectly have an impact as the day go one, since these will help advertise cryptocurrency the more and many believers and users of Facebook and JP Morgans will want to invest big in Cryptocurrency.

Blockchain technology doesn't always translate into decentralised cryptocurrencies. It can be applied in a variety of ways, including by corporations to streamline their own internal processes, or develop their own centrally backed coins. There is nothing wrong with that.

It's just that these coins most likely will not pose any significant advantages to existing decentralised cryptocurrencies. People may get hyped up like a launch of a token from an institution will change everything, but they are two separate entities altogether that aren't necessarily related.

I also don't see it as "drifting away" from decentralisation. The people will benefit the most from bitcoin's utility will continue to use it; it's not like they will cease to do so simply because some company issued their own blockchain token.

It cannot be negative because it's an addition to the market and not just a simple addition as it's from reputable and popular company, imagine the exposure crypto will get when they launch, even now that they are still in the planning stage, people are well aware already that these giants are entering in crypto, and that would boost some investors confidence and will attract new money to flow in the market.

By the fact that it will be controlled by Facebook and JPM already stated its conditions, there's no chance those coins will  be decentralized
it's own and be controlled by a single entity, we will expect that it will be worthy attract more people inside this industry as the names itself
can bring big attentions around bigger venue of investment.

I don't really care about JPM coin and it was already hated and it won't succeed. But talking about Fbcoin, I feel already going crazy on what is going to happen when it gets release and listed. I know that many whale traders or rich traders group will use this opportunity to ride its wave and pump a lot of the digital assets. Just imagine that magic of Fb's Globalcoin getting paired not just with btc but also with the several top altcoins.

I think maybe you misunderstand these coins.

First off, JPMorgan coin is not something any one will be buying. It is only used for their own internal use to move money around. No one will ever be owning JPMorgan Coin.

In terms of Facebook's Globalcoin, it is a stable coin, so it isn't something anyone will be "investing" in. New users be buying it up because it is no different than owning USD, there's no reason to "buy it up". Sure some facebook/instagram/whatsapp users will convert fiat into GlobalCoin in order to spend or transfer it through those apps, but it isn't something anyone will be "buying up" instead of something like Bitcoin. Just like people don't buy up Tether or USDC or whatever other stable coins instead of Bitcoin.

I doubt Globalcoin will be trading on cryptocurrency exchanges. Though if it is I think that would be fantastic. That simply provides people with another on-ramp into crypto. If facebook allows people to easily and quickly convert fiat into globalcoin, and people could then send globalcoin to an exchange and buy crypto with it, that'd be a huge new easy on-ramp to bitcoin and the crypto world. I'm not sure Globalcoin will actually succeed the way Zuckerberg hopes it will, but if it does I think that'll help Bitcoin out a lot by making it even easier to buy bitcoin.

It depends on what would happen and what would the media and the government reactions with it. It could attract new investors our it would be questioned by the government. JP Morgan and Facebook are both excellent company with big influence rate. However, the government
could question them with this. Once they are questioned, they have to sign an agreement for the solution for that specific question the government will throw to them. So they need to regulate it and will make sure that they will operate with the favor of the government.

There are over two thousand cryptocurrencies in the market today and none of them have made any major /noticeable changes in the market, so why do you think that the JP coin and the other one you have mentioned, what makes you think they are going to bring any changes from what we have been seeing? They are not bringing any changes, there are already projects from bigger companies and didn't make any big change, so these ones are bringing nothing. And I'm not even interested in any of those two that you have mentioned cause I don't think they are going anywhere. That's my take on this.

Because they have billions of users they can shovel straight in to them.

Of those two thousand coins 95% or more are copy and paste pieces of junk put together by morons or pump and dumpers. They amount to less than nothing. The vast majority will never have had more than a thousand or two users, or rather gamblers, in total.

JPM coin looks like it's going to be interbank so the public will never touch it, but Facebook can plug in nearly half the population of the planet. You don't think that's going to have a teensy effect on something?

I'd be curious to know how many Facebook users have no access to decent banking but it must be a significant percentage.

I think crypto users will not boycott Facebook because the glocalcoin that will be published by Facebook is a centralized and stable currency. And if indeed that happens, it will not have a big effect on Facebook because, as I said above, globalcoin is a stable currency and glocalcoin is not traded like other crypto but for the business interests of Facebook users.

I don't think the Facebook GlobalCoin will pose much of a threat to bitcoin because it will be largely centralized and will simply be a stablecoin of a basket of leading fiat currencies. There will thus be no incentive for investors to use it unless moving funds between trades if they feel more secure with a basket as opposed to one particular fiat currency such as the U.S. dollar. So it can be seen as a hedge to U.S. dollar troubles.

Also, I expect this coin will be useful for those transmitting funds overseas, as presumably it will be much cheaper than using Western Union.

At this point we don't even know any technical details about these centralized coins, they can even not be cryptocurrencies at all and don't have blockchain, and instead just simply use words like "coin" to get publicity and ride the waves of rising crypto hype. Maybe it's not coincidence that it's all happening while Bitcoin entered another bull run, they were waiting for this moment specifically, instead of releasing their announcement during the crypto winter, when general investor's mood was skeptical.

i have a theory about these coins in the long run and that says they are actually going to be very good for bitcoin!

you see, so far people were either unaware of bitcoin or have been hearing a lot of negative stuff about it and they believed most of them becasue they didn't understand how the blockchain technology works and they were skeptical about whether something like bitcoin could even work.

now these coins come in, they spend millions advertising the shit out of their coin and people will see the "blockchain technology" in action and realize how wrong all those FUDs were.
after they got rid of those misinformation they start seeing the reality and be able to really compare bitcoin with all these centralized company coins. and obviously bitcoin comes out a victor.

Satoshi's vission will still be alive once we begin to see DEX are better to use than those CEX. With the hacks of exchanges that has been going on every year, not all of them are confirmed hack but probably self claimed hack.Though not proven, its all clear that centralize exchange may not really work when certain authority is centered to one. The ecosystem shall be for the P2P and DEX will one day rule the crypto market.

Libra Coin (the cryptocurrency from Facebook) may be launched sometime in 2020, and there is a good chance that its launch might be delayed. Till now, JPM has not given any fixed date for the launch of its coin. So we still have approximately one year left (or maybe more). And by that time Bitcoin may climb to a new ATH and these coins may lag far behind.

Nothing much in my opinion. It changes nothing at all. The coins are just like fiat currencies ... They won't stop me from using real cryptocurrency. I doubt they will stop  mass adoption of cryptocurrency

It will only give the newcomers a wrong idea that cryptocurrency can and should be centralized. The average facebook addict/apple fanboy/starbucks drinker will follow his favourite companies and think he's cool for using a cryptocurrency, while in fact he could be using a stablecoin and living in denial. Using bitcoin is completely different from using a centralized stablecoin. This message should be made clear and reach as far as possible.

It can go sideways, we don't know until we got there. One thing is for sure, others will know about crypto currency and later on, they will have an idea about the whole crypto currency thing. They will discover other coins as well and may see a better opportunity into other coins that will lead into higher demand.

There are always positive and negative impact of something including this popular parties, facebook and JPM. Their popularity will impact crypto as well, not only their coins/tokens but previously their thought/idea. Now not only their idea but their coins/tokens, the most positive impact is increasing public trust to crypto. This is important as last year crypto world were attacked by scammed projects then public trust seems decreased.

If Facebook thinks he can please the government by trying to create a global coin that will knock off Bitcoin, I guess he is just wasting his time, because when it comes to digital currency, there are so many means of making payments digitally and in a centralized way, so I wouldn’t see any importance for Facebook coin trying to make it global one when we all know that its coin will be more like a centralized coin.

People will simply just ignore this coin and then stick with most of the decentralized coin that has given them the power to be free completely from any third party involvement like government and authority.

I think we should wait it out. I mean many of us are too into this and I know its impossible to not make any comments or just let them be without any hurdles etc etc but I think the best case for us is for them to be hugely successful because if they do become hugely successful then we will be capable of saying that is thanks to crypto and more people will join us as well.

These are the tricks we need to use, help JP morgan build their coin, get facebooks coin to a famous spot, help banks and governments do great things with crypto and show our support for them. I know crypto in its core is against the "system" but if we trick the system into thinking we support them we would basically manage to make them join us while they are just doing simple researches.

It will surely do to a little extent, but based on my reasoning, I think in the end, it will still favor Bitcoin more, because when people  research and study blockchain/cryptocurrency, they will see that only Bitcoin is the one that is serving this real purpose which will make Bitcoin to always be relevant, it is even more dangerous and threatening to Bitcoin lifespan if they are doing exactly what Bitcoin is doing, at least, something must differentiate them, and in this case, it will be a centralized coin vs decentralized coin.

For Facebook, the only advantage I see here is that it will only end up being useful as means of cryptocurrency advert to the world out there.

With these circumstance you mentioned, if these centralized coins become an instant hit and many people gets introduced to the platform and you think that these people who are investing or using their platform really cares about the novelty of the system, all they care about whether they can profit out of it or whether these coins are useful for them, there is no hardcore fans of the platform, everyone is looking for their own profit if you look closely  :P.

From my perspective, in theory when a new coin starts some part of the crypto community moves to that coin just to help it getting pumped or with a significant amount of interest in waiting few days to see if it's really worth the time.

Based on that it will start as normal coins where excitement will be at it's top since basically Facebook Coin will be the most looked at one. And i am expecting much from them as it's the biggest social media of the planet which could influence cryptocurrency markets in every coin aspect.

Advertising such coin will advertise crypto currencies for everyone thus making for example Bitcoin even better in terms of price and market volume.

More people will join cryptocurrencies, there will be more traders, more holders, more of everything. Some people will have that FB token and they will think about what they can do with it. Like we discovered cryptocurrencies, this will be new for all of them. Like some others are talking, people will dump their FB coins for bitcoin.
FB coin will be a threat for some coins, that`s for sure, but not for Bitcoin or Ethereum.

In my opinion, many have got the broad idea of a digital currency, and sooner or later, poeple would want to have it regulated to be able to also protect their own interests. FB coin or Libra what others may call it, is introducing a revolutionary coin that will be in a digital platform but a coin that will be stable as well. In this sense, this coin will require for a regulation that it will need to gather as much trust from the poeple as they can.

https://twitter.com/udiWertheimer/status/1140897329014329345

This regards Facebookcoin's wallet, https://www.calibra.com not Facebookcoin itself, but it does reveal a bit.

Full KYC, custodial wallet, a mention of fees.

It's currently down so here's some snapshots - https://imgur.com/a/65TYsPa

This is what appears to be the Libra white paper - https://libra.org/en-US/white-paper/#introduction

"...built on the foundation of a blockchain (the Libra Blockchain)."

Well that seals the deal. It's a closed/permissioned network. There's no decentralized blockchain to allow robust secondary markets or prevent censorship. This seems just as gimmicky as Binance's "DEX."


Now I'm confused. Doesn't Calibra = Facebook?

It says the aim is to start to become permissionless within five years and it's going to be open source whatever. I haven't finished the paper fully but it's a bit less nauseating than I was expecting so far.



They're saying it's a separate thing to keep financial stuff segregated.

I just read through it. Overall it's pretty much in line with what I was expecting but perhaps more of an emphasis on it eventually being open to all than I expected. However that's how Paypal started too.

The smart contract function in particular makes me wonder about stuff like ETH and similar projects. No doubt it's going to be vastly more secure and simple and contract makers don't want volatility either.

I think they will impact very positively to the crypto market. A large amount of capital is added to the crypto market and there will be huge amounts of money invested from these 2 coins funds.
We will see our market will grow strongly in the coming time and surely ETH and Ripple will face many difficulties in competing on scale.

To be honest, it can be a wild card. There are many scenarios that could happen. All of which are hypothetical - until they are not:

1. Facebook coin is integrated on its social network.

As a result people wishing to send money to their loved ones can do so via messenger, which is really a no-brainer. FB then corners this market, the people who don't give a shit about blockchain technology, speculation and such that is endemic to the bitcoin ecosystem. The billions of users are happy.

1.A. Facebook coin does not take the 'usual crypto' route and refuses to integrate to the crypto exchanges.

It will become a de facto fiat/or stable coin that can't be traded. Can they do that? Yes they can, if they limit the technology within a closed loop in Facebook.

I'm not so much into the technical aspects, but I surmise that they can do this. If they do, Bitcoin will become relegated to a core niche community, and fb coin will rule.

1.B Facebook coin allows open integration into the overall cryptocurrency ecosystem.

Chances are it will become tainted with regulatory uncertainty BECAUSE it will be subject to speculation. I would surmise that this has less than 50% probability, knowing full well facebook's regulatory concerns. The last thing it needs is the SEC, FATF and all those interagency task forces looking into their business when there's already talk of privacy and anti-trust issues.

I will not deny the fact that the introduction of this Facebook coin or globalcoin and gpmcoin is going to affect cryptocurrency negative because they are trying to take us back to the centralized transactions type that bitcoin and blockchain technology is trying to abolish! However, I still believe that bitcoin will find it way out at the end.

I think the effect is neutral/positive.

It won't tempt anyone out of crypto who's already in it. It may open some minds that otherwise wouldn't have been opened and they'll give the real deal some thought.

The reason most people are in crypto is to make more dollars. That's not an option with this. There really isn't very much overlap at all.

Agreed completely.

Let's be honest here, the primary motivator for getting into Bitcoin at this point in its history is its sound money design - deflationary and therefore huge price gains with adoption. It doesn't make much sense for most people to spend it until the market (read: price) has matured. People buy bitcoin as an investment, and that's ok. Once trillions of dollars are held in bitcoin and the market has matured, then it become natural for people to start spending their bitcoin. Plus 99.9% of merchants won't directly accept Bitcoin anyway, they'll use bitcoin merchant services that convert the bitcoin to fiat for them, so really stablecoins are where they merchant action will be directly, as Bitcoin will only have indirect merchant adoption. I am more and more seeing Bitcoin's prime value proposition as being its sound money design that makes it a great investment and store of value and hedge and censorship-free, spending is secondary and only becomes more prominent when the market matures and even then it makes sense to convert spending money into a stablecoin and to prevent volatility while keeping anything you don't plan on spending in the mid-term in bitcoin.

Libra is a stablecoin, so it doesn't compete at all with bitcoin for adoption. Of course it competes on spending and exchanging money between people, along with credit cards, payment apps, apple/google pay, wire services, bank transfers, etc. But nobody is going to be hoarding their money in Libra because there is no point, it isn't a place you store value. They're only gonna put money in it if they plan to spend it. I think it mostly directly competes with something like Venmo. I feel questionable about it being used with merchants outside of the facebook ecosystem, but I guess we'll see. I see it mostly as facebook integrating a cryptocurrency for Venmo features like they made stories or whatever to compete with Snapchat.

Since the code will be open source that means crypto exchanges could make Libra wallets and add it to their platforms. This could potentially add a huge onramp for people getting into Bitcoin. So ultimately, like you said I see this as a neutral/positive thing for Bitcoin and crypto in general.

One of the most interesting and potentially alarming things is that we get fast tracked into finding out what governments REALLY feel about something crypto esque and it's not even anywhere near the full fat version.

They've suddenly had a muscular proposition land in their laps from nowhere and so far they don't seem too jolly.

I already see disappointment for those who think they can use Facebook coin to make money. There is need to start having it in mind by any investor that the same way they are not able to use stable coin for investment unlike volatile coins like Bitcoin and the rest is the same way they might not be able to use Facebook coin for investment, other than they purchase it for internal use if they have any business deal with Facebook, or just use it to keep the value of their crypto equivalent a fiat because Facebook coin will not be so different from tether which will certainly be pegged to either USD or any other currency without having any price fluctuation, so I do not see how the whales can benefit in it.

I think the JPM is not making a coin but making a blockchain system for their bank which is totally different than a coin.
After all everyone likes to use blockchain nowadays because of the help they are getting making things easier and faster, even cheaper.

However facebook is actually making a new coin which is global coin and we still don't know what it will be used for and why they are creating one however knowing that mark zuckerberg is a person who likes to test out new stuff maybe its just an experiment, I mean dude tried to recreate jarvis from iron man movies in real life ffs, so this could all be "lets check it out" and nothing serious. However even with those two becoming a reality there is no problem with the cryptocurrency ecosystem since the coins you like that are decentralized and what we are used to as real crypto are still around and anything new wouldn't change that.

I think those self-acclaimed hack is only a strategy developed also by scammers to swindle traders of their money since they know that they are running a system where information cannot be verified when they do so, and I believe that it will be impossible for reputable exchanges to do so deliberately knowing fully well that it could damage their reputation, so in a case like that of Binance that happened recently, this type of hacking cannot be a self-acclaimed one.

I believe that in other to guide against this hacking for future occurrence is why they are launching DEX which might be a major boost for the recognition of DEX.

Why not?  Fast integrated payments pegged to there stable coin for the companies that are joining the project. Facebook credits running on a blockchain.

This name you mentioned, I really don’t know where you got the name from mate, from the record I have, Facebook is yet to declare their coin m=name and most of the name with have been seen such as fbcoin, global coin, and this your libra coin, does not exist, so I will implore that we really wait for them to confirm the name officially before we start promoting information that is not verified.

I don’t really see any of these two coins becoming that popular even if they release their coin before bitcoin reaches its ATH, because these coins in question can only be internalutility coins, and will not be much useful for the general public.

I think these ones are already old news by now. The only thing people are talking about this time around is the Facebook Libra coin. There's been lots of news going round since Facebook released the white paper for their libra coin and a lot of people has been the coin is going to bring a lot of changes in the crypto world and is going to compete with Bitcoin and Ethereum. I don't know if that is true, sometimes these coins just get hyped for nothing and when they get released they end up being something else.

Bitcoin will e differ and whatever this businesses wanted to bring it back to the natural way of payment transactions bitcoin will continue to survive being
decentralized and not be oblige to adopt this centralized process, but only time will tell if what will be the right impact of this new added projects.

Nothing special about those coins. JPM coin and FB coin (if that will be the name since they haven't declare it yet) are still altcoins, the only difference is the objective of there projects. They are just from a famous people that is why we just thought they are special but the truth is they are just some alternative coin that may still follow btc's path. Just like some other altcoins, they will bring any impact on the crypto space.

I think the facebook libra will have a positive impact on us if I understood it properly. Now from what I heard so far that the name will be Libra and they are considering making it a stablecoin as well which means that it will be like usdt for example which is still a blockchain technology based thing but pegged 1 to 1 which is still acceptable.

I normally do not like stablecoins because I have hard time believing the one to one ratio thing but considering now it will be done by Facebook there is a high chance they are actually going to pull it off and have a 1 to 1 because they are literally worth hundreds of billions of dollars with three amazing huge companies. I think if we just show them support on this we can have a proper stablecoin unlike all other scam ones.

It is backed up plus it has all the benefits that a cryptocurrency should have that means it will be beneficial for the Long haul and At the same time it is going to improve the people's perception as a whole , actually we suffer from major misconceptions about the Bitcoins , people don't think that it is something that needs attention.

This way we could actually increase our public popularity and thus gain investors therefore I think this will be good.

Don't take it as a competition. Take it as a healthy completion '

I personally don't see how they will convince anyone in a first world country to use Libra. Libra doesn't have enough of the benefits of something like Bitcoin to get people to buy in, especially since it is a stablecoin. It won't appreciate, it isn't a hedge against economy, it isn't decentralized or trustless, it isn't borderless, it isn't censorship resistant, it exists within the established currency regulatory framework so it isn't protected from having funds or accounts frozen. It's a bank account in a cryptocurrency package, which does indeed have advantages over the legacy digital fiat system, but I don't see people being like "oh i should move my money into Facebook/Libra".

I get the "banking the unbanked" use case or store of value for those in countries with a currency that is being rapidly devalued. Bitcoin currently serves that use case but a stablecoin would make more sense for people's savings, while Bitcoin could still serve as an investment for those in countries where they can't trust the government to not rapidly debase their fiat. Still though, they'd have to set up Libra ATMs in all these unbanked places, but there is nothing really special about that, any bank could do the same by setting up a cryptocurrency and doing the same.

Whatsapp.

Loads of businesses still don't have card machines. Almost everyone has that. If you're out with your friends you can all settle up whatever bill with it immediately. If you're in another country there's no transfer wait, excessive card fees or any need to buy cash or use an ATM.

All the same I'll be very curious to know how volatile the exchange rate is. I'm sure it'll be very, very modest but even then it's not something most people are used to. I dunno what proportion each currency is planned to have but the Brexit result for instance would've produced a very noticeable knock.

But I still don't think this has a chance of being allowed to live in the form they want it to.

The only advantage I am seeing about Facebook coin from my own angle is just that it will make it easier for lots business men and women across the world to be able to transact business within one another easily without any delay, just like it has been easy to use other currencies like Bitcoin to make payment without delays or restrictions caused by other local traditional payment method.

The fact that it is going to be a stable coin, people won’t be scared of losing the value of their money when they exchange it to cryptocurrency, so I think Facebook will still be very useful, even though it is going to be a centralized coin, but the edge Bitcoin will have over it in the market is its decentralize feature.

It will all boil down to one factor-- TRUST. FB coin of Libra as what they used to term it, is built on trust. They have perceived how users trust the brand enough to use them for their transactions using the social media platform. same thing goes with bitcoin and other top competitors, this will challenge the latter to gain much trust amidst the volatility.

I don’t know about JPM coin and what the name of its coin will be, but I guess Facebook has finally declared its coin to be Libra, and also officially made a statement of Libra coin not performing the same function as much as Bitcoin does, so like you said, they are just altcoins and these two coins can only compete with other altcoins for their popularity, especially Facebook Libra coin.

I think the release of Libra coin, should be the fear of those altcoins that are sitting on the position of top in the coinmarketcap, I see Facebook coin really boosting the crypto market so high with very huge volume and market cap gap.

I think it will makes crypto investment become more interesting, but as we know most of the crypto investors never take centralised coin seriously they just buy and dump to make profit, in other hand it could attract more investors that want more secure investment, so its good to have these coins

Both sides will have a weight when you will going to decide whether to invest or not with this types of projects, you need to consider how the team will create new usable things that will also helps the entire industry, after doing your own research and assessment you'll be able to figured things out and known the value once investing to this projects.

As per the latest stats, Facebook is having somewhere around 2.38 billion users. And that number is 25x higher than the users of cryptocurrency right now. Even if just 10% of the FB users start using Libracoin, it will result in the number of crypto users increasing by a great amount. And the best thing is that many of these users will be shifting to BTC and other decentralized cryptos in the near future.

I don't think they will that have much impact but I think they can actually help in the globalization and wide use of the technology only a few people in this world know.

They will not do anything different from what others have done. There's a bit difference with Facebook Libra, it's being accepted by a lot of companies like eBay, PayPal and so many of them.. That's the only difference. And I already knew that it was going to be like that because Facebook is already a huge company and for sure it's meant to have a wide acception.

But the thing is how many people are ready to make use of rue coin? Cause from what I've heard the coin is a stable coin, which means that it is in the same league as USDT and the rest of them that are all stable coins. BNB is in the same league as Bitcoin. But the way I see it, these coins are not making any change… if any cryptocurrency can make huge changes, it is Bitcoin.

No it is build on a blockchain under there control and terms for the ultra rich to profit from. Not the best place to pick to trust your funds with.  Besides that it is always risky to trust a middlemen with your funds.

These coins mentioned weren't gonna make any specific impact on the growth of bitcoin and rest of the altcoins. As the backing firm of these coins were well established can expect immediate popularity all around the world. Whether they have any perfect usage or not is not a big thing, in what way it makes impact on cryptocurrency network is much concerned. Through these coins can easily learn about bitcoin and other cryptocurrencies.

There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.

Out of curiosity they will surely search up things on the origin or the first thing who do make use of blockchain tech which is bitcoin.
They might able to read it up with FB coin or JPM or any other centralized coins but its inevitable for them not to know on Bitcoins existence which
would possibly divert out if they do able to compare both things and discover their differences.

But Facebook as company has a proven track record of breaching trust and data of it's consumers. So if we are talking about your money here, are you going to put your hands on this corporations? And others have said, it's pegged to a fiat, so how can it affect or have a impact on the the current crypto ecosystem?

But I would have to agree that this article is pure click-bait, at the end of it, the OP or the author of the article is promoting about Plutus, a financing app incorporating crypto, nice try.  :)

They could be a great and bad effect on the market first we all know that they would surely bring new investor in the market ,
But what if those investor just crash the market they could be added to those weak hands who could easily be swayed by the FUD and FOMO .
They would just add up to the fast price drop and boost it way more faster we have seen how the market collapse when there are so many weak hands who couldn't handle the FUD .

I think we may not trust facebook or jpm but there are so mnay people that trust them and facebook will make their own currency market so well everywhere all around the world that eventually even companies will start to pay each other with libra to make things easier instead of bank transactions.

You and I may not trust it, however they have billions of users and that means even if 1% of it uses that currency it will become huge. Hence, I think this will be good and bad, firstly good because they are still doing something banks have been doing for years and it will hurt banks so having Libra on our side against banks will help us, but the bad is they are also trying to steal away people from crypto world too which will hurt us as much as banks and we are not as strong as banks.

I think it will have a positive effect to cryptocurrency ecosystem because both are well know hence, they can attract people or investors because of their popularity and with that it is likely that once investor will check on their coins they would also came across with other coins like bitcoin, meaning it will increase the number of people who will know bitcoin and probably one of those people will adopt and invest in bitcoin.

I have given it a lot of thought but at the end of the day it's up to the people. fb have huge userbase that is true but how many of them would invest in fb coin and hodl it for long term? investing is not enough they have to hodl it too or the value and its acceptance won't reach very high. Good news is that it can bring those same people towards decentralized tokens.

Nothing to invest for the public here, 1 usd inn is 1 usd out. It is made so only the ultra rich can join the party and make big profits.

The vast majority of Facebook users won't have the technical background or interest to learn about the insides of Bitcoin, but if only a small percentage of them can take the time to do it it will be already something huge.

the impact given from this currency will be more powerful when it's landed on cryptocurrency filled but how it can be affect the cryptocurrency ecosystem will be not read table by me because if it was going positively also then there will be some problems are available for other cryptocurrency to do its work that's way the future will be answer for everything.

I think it will in the beginning Stage So the impact will be shown after some years because when it's placed on huge role in this Crypto market then only the people trying to consider it also a good investment for the future.

If a large company starts coming towards the cryptocurrency then that's where we have to be quite vigilant, because it can be a two-edged sword. The bad impact that can come is also quite dangerous especially for those who have small projects but are quite successful in growing their coins. Global issues also can't just be solved by crypto.

And they will realize the differences of bitcoin vs. libra or JPM coin. The benefits of having anonymous transactions vs. the centralized one (where the FB dev team knows where, what, when and how you are spending their coins). So the introduction of Libra is really not bad at all. This might pave the way for ordinary users to understand the existence of bitcoin and other altcoins. Who knows, instead of patronizing Libra coin, they will be a bitcoin lover instead?

You're right that global issues can't be solved by just this kind of system. Although, this is very much helpful but we know government doesn't want that crypto system would run the world. Maybe, it helps the economy at a certain level but solving the world's problem could seems difficult to figure. On the other hand, social networking sites really help spreading the information about cryptocurrencies and this gives impact which investors tends to get the attention on it.

Many in suspicion are in the new libra coin of the proposed facebook. But they forget that there is still a no less suspicious project J.P.Morgan. He enters the cryptocurrency market with his coin, which is really approved by the banking sector, which is of course a strong blow for existing coins. Because the exchange of bonds can occur instantly, but it should not be forgotten that there is no question of decentralization.

J.P.Morgan is a private company focused on business structures, but of course ordinary users will be able to purchase a coin. And this is a problem, because they want it to be centralized and everything has been pre-processed. They need full control and this is contrary to why we use cryptography, where decentralization and confidentiality from any third party or government comes first.

Bankers will benefit from JPM coins, although people will be assured that everything is done for them. They take advantage of the fact that a low percentage who are interested in cryptocurrency has extensive knowledge of all the mechanisms of cryptography and trading. Although it is possible to improve investment skills by taking training courses on the taklimakan platform. But the percentage of people who fall for the trick of the jp. morgan will be great.

This coin is backed by a US dollar. What makes her more attractive. For each issued coin, JPM will hold one dollar in the client’s reserve account. However, it turns out that the group of large companies and investors who hold the bulk of assets can change the price dynamics of a coin very easily.

You forget that the JPM coin is intended for institutional players who are involved in cash settlements and transfers, and not for investments such as cryptocurrency. But for the cryptocurrency market, the appearance of such a strong player can also lead to strong price variations for the main coins.

One thing we must get clearly here is that FB coin is centralized and all its affairs will be regulated by a centralized authoritative body unlike the traditional cryptocurrency whereby transactions are entirely controlled by users. Remember, Zuckerberg is business minded and there is no doubt that this is one of his strategies to increase his net worth.

JPM coins is a kind of stablecoin and will not going to public because it's only caters to the  bank's clients around the world. The coin is set to launch its pilot testing at the end of this year according to a report. Facebook's Libra coin is said to be a stablecoin also backed by a reserve and reportedly backed by low-risked assets to avoid volatility. These two upcoming coins might be use mainly for transferring money and will create a big impact on many cryptocurrencies like bitcoin.

From the information given, Libra hasnt been officially released, and when it does, it will be a digital currency that can be used for purchases and trades on Facebook, WhatsApp, and other Facebook properties. On the other hand, JPM coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients which will be introduced to the public by the end of 2019. What makes these two coins different from bitcoin is that it isnt decentralized as it will be governed by a single entity though because of its strong potential, it may cause an impact to the cryptocurrency ecosystem, as all coins that run on blockchain technology are interconnected.

The majority of the Bitcoin users are also not very tech savvy. Out of the 100 million users, at the most 5 million or 10 million may be knowledgeable about all the aspects of cryptocurrency. The remainder may be knowledgeable about the basics such as how to store and how to send coins, but if you ask them about double spend or 51% attack, they may not be having an answer to those questions. I guess the same situation will be faced with Facebook. The idea of crypto is going to be completely new for the vast majority of the users.

I think the main reason why JPM and FB are so different from each other is that one is only personal and not global while the other will be global.

PJM wants to build something for themselves and since they are super rich and deal with billions of dollars every single day it would be smart for them to find a way to make it cheaper for themselves because lets be honest blockchain makes this both faster, cheaper, easier plus makes it very well organized, whereas facebook just wants to build something that would be "sort of" crypto which is stablecoin, now they are pegged to regular fiat currency but they are not regular fiat, they have blockchain but they are not crypto so they are literally in the middle but they will make sure to bring fiat currency and blockchain together by allowing people to send money to each other all around the world via whatsapp which would be awesome. So one is basically B2B while the other is B2C and thats their difference.

For people looking for decentralisation, Stablecoins are not a viable competition to decentralised cryptos.

On the other hand, where Stablecoins are needed, those are areas where decentralised cryptos hadn't come into play anyway.
so no possible competition.

Decentralized cryptocurrencies and centralised ones (Stablecoins) can live in harmony, as each one serves a different purpose and areas

in my opinion for this time fiat is indeed being misused by certain parties. very unfortunate indeed, with crypto being centralized by users it will be stable. in my opinion the best is collaborating with fiat and crypto.

https://twitter.com/brucefenton/status/1146184692229693446

The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.

"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."

I really don't think this is ever going to see the light of day unless it's 100% neutered.

Even if its a public coin or not for sure it can still affect the ecosystem of cryptocurrency since they are a legit big company that will first to create their own cryptocurrency. Actually its already started, we can feel the pump on the market now because of the hype on upcoming coins and yeah they wil become a stable coin so many companies will use their coin for the transactions.

The user-base of Facebook is at least 25 times larger than that of Bitcoin. On the other hand, the user-base of JP Morgan is around one-fourth of that of BTC. On top of that, while Facebook has come up with concrete plans and timeline regarding Libra, JPM has so far remained silent on this. It looks like they will shelve their project and lend support for Libra.

Well said cause the governments/institutions was against Bitcoin from the beginning cause they see it as something which may lead to  plunge of their national currencies and profit respectively. However, JPM coin don't have the flame to impact crypto ecosystem while FB coin still have but it won't last long though.

I believe that these two new Altcoins will favor the crypto currency market to become more trusted investments. Like this Libra coin that for sure that it will attract more people to invest as Facebook has already millions of users that can be future investors too. We really need more new beautiful crypto platforms like these that are feasible to the masses so that the popularity of crypto currency as good source of investment can be sustain.

Libracoins will be backed by currencies and Gov bonds.
Libra will take users money and buy currencies and Gov bonds, in order to back up Libracoins.
Through Libra people (without knowing it) will finance Govs.
And you think that Govs are going to stop Libra?
Do you take always so seriously what politicians say?  ;)

JPM coin has been around for a whole now and I don’t see any changes that it has brought to the crypto System ,so I’ don’t think it is going to bring any change any longer.  I’m just waiting for the facebook Libra coin to start off so I would see how everything about is going to work, the way I see it, the FB Libra coin is likely to bring a lot of changes cause there are lots of companies that are ready to work with the Libra coin . There are also people who are saying they don’t like the Libra coin cause they are believing it wouldn’t be what cryptocurrencies are meant to be… they think it would be something different. We are not sure about that yet… so I’m not going to say anything on it.

I think I must agreed on you in some other other things, which is that Facebook can attract more people because of its millions of users that can be their future investors. But not the majority community here in crypto or bitcoin industry I guess. Because most of the community here in the forum are much deeper knowledgeable compare to the community of Facebook users. So, lets see what will happen for this things.

Watch the latest White House press conference largely regarding Libra - https://www.youtube.com/watch?v=jH5Em9Le9KM

It doesn't sound like Facebook and friends are anywhere near being allowed to get it rolling. They're going to have to do an awful lot more to convince the government before anything can happen.

As I've said before, it will never live in the form they're proposing. It's going to be hollowed out until the powers that be are satisfied it's nothing more than an inoffensive addition to what's already available.