Bitcoin Forum

https://s8.hostingkartinok.com/uploads/images/2019/07/5bf8a72d18c7cf0465d9f7d521f22f2f.jpg


source articles:
https://cointelegraph.com/news/huawei-ceo-why-wait-for-facebook-china-can-issue-its-own-libra
https://finance.sina.cn/chanjing/gsxw/2019-07-26/detail-ihytcerm6336647.d.html?ivk_sa=1023197a


Whaaaaaat ???
Yes we can have many 'Libras' in the world.
Bunch of centralized so called coins that will fight and compete with each other.

Why are they doing this?
Because they can't control Bitcoin  ;D


https://s8.hostingkartinok.com/uploads/images/2019/07/1421e948b139f9ff5916b0a8d8d578ee.png

They want to do it because they are greedy and wanted to make more money out of the crypto market. They know that having their own token, they will have total control. That's why many crypto enthusiast are shunning away from Libra.

As far as the Chinese version, I think it wouldn't gain that much traction. Probably in their country, but outside the sphere, this will be just another shitcoin, IMHO.

You know China is a country with one of the largest population on earth,
and they have copy clones for every single application available in the western world?

QQ and WeChat, (Chinese Whatsapp clone)
Renren (chinese facebook clone)
Weibo (chinese Twitter clone)
Youku Tudou (chinese youtube cloen)
Dianping, Douban....


I am not surprised by this move at all.

And they thought that they can do better because they are a country and Facebook is an internet company, it's actually the crypto community that will decide the fate of any coin in the market if you ask people, I doubt they are going to support it, knowing how they are hard on Bitcoin but they cannot compete on something that is not yet released and it will take time before congress make a go on Facebook .

I don't understand the purpose of such a thing. With Wechat and so on they already have near complete control of everyone's finances. No one outside China will want to use it or accept it anyway. Seems like thoughtless bandwagon jumping.

I don't think that centralized coins are very good idea, they will not gain so much users attention. Decentralized system is one of the primary things that attracted Bitcoin users and that was different to traditional banking system.
Also, this Chinese version might work for China but I don't think it will get attention anywhere else in the world. So, I don't actually see the point.

That may be the exact idea, China has the largest population in the world. And a breakthrough in that market alone would bring lots of revenue. Facebook's platform would reach out to far more people but I do not think it would want to lose the Chinese market.
China is simply marketing it's population.

Chinese are greedy and they don't want to be left behind in terms of technology. Just like most of the traditional trades all around the globe, most of them are owned or partnered with Chinese. Though this would create a diversity for investors to where they put their money.

Chinese are the most innovative in many ways. If the US is making all these things so complicated, China doesn't have to make all these complicated like the need the money all the time. So yes why wait for this Facebook Libra, let it all fly being decentralize. If you hate Facebook Libra so much for it being scary because of privacy security, Chinese will save the day.

This is just an idea, but there's a possibility that it's going to happen, it depends on how Libra coin perform in the market, my opinion on this is they are jealous that an internet-based company is now going to be a big threat to so many companies and countries, but everything depends on how the US restrict Libra Coin.

But we can see they will continue to survive and even defeat bitcoin or some altcoins that use a decentralized system or just want to try innovating. Eventually, most people will be aware that decentralized system is the best for them to choose. Somehow, this thing is just an inovation from this technology we should not bother to give criticism to them.

Then, when many people know about cryptocurrencies yeah I believe there will be many newcomers who care about cryptocurrencies if some countries or a well-known company use/create their own cryptocurrency, most people will be aware of it and they will choose which one is convenient to use. So that a vaginal discharge will be in this phase, cryptocurrencies become a centralized system or the opposite.

Interesting, we could start a new wave of country launching their own version of Libra Coin, if China decided to start one to compete, with Facebook, another country can start a new coin, and if that becomes successful who knows every country will have their own Libra coin.

Why thee are 1000 bitcoin clones?  

Because they own to little Bitcoins and cos there is easy to clone one. It is normal as soon as Libra starts we will see their clones.

Very possible dark future, sadly :(
That is why Bitcoin is so important.

Since I read Bitcoin white paper I don't like centralized again no matter how they tried to color it. Libra for Facebook and libra for china or India will just push us back to where we are coming from, were few members of society control the remaining of us. Bitcoin proved to them and us that decentralized is the best way we can eliminate the cost of governments which enrich the few and enslaved the majorities.

I am not at all surprised by this decision. Since Huawei is currently in conflict with the US government and the US is putting direct pressure on Facebook to prevent Libra from appearing, it’s logical that Huawei will try to release a similar coin in order to have its trump cards in the trade war with the US government. The planned appearance of Libra has caused a great interest and a strong reaction all over the world, so the Chinese business will not miss its chance for profit. They copy everything that can be profitable.

Fun times ahead of us   ;D

I don't mind more Libra-like currencies. Everything that's centralized will eventually be replaced by something better, which is where crypto stands out with Bitcoin and to some degree Ethereum.

Most newbies that enter crypto are confident that the shitcoin they invested in will replace Bitcoin or Ethereum because it's faster and can do so much more. People are so used to seeing internet companies come and go, that they automatically assume the same logic applies to crypto. They have to adapt to how things work in crypto land and figure out that things are different here.

Due to how Libra is gaining more negative attention from the side of governments, they suddenly acknowledge that there is a difference between centralized and decentralized networks. This is quite a milestone in my opinion. One we can be proud of.

I don't think the Chinese government has complete control over the finances of people using WeChat. It's a service operated and controlled by a corporate entity. China can only ask them to hand them over data or perform certain actions.

I'm sure they no longer want to depend on corporations with their own agenda and therefore create their own version of Libra where that they do actually control every aspect of.

There are enough conspiracy theories where the Chinese government has control over every tech giant there, but I'm not buying these theories. Doesn't mean some might not be, but people like to trash talk everything related to China. I prefer to remain a bit more neutral.

I guess it would make a lot of sense for them to create something similar to Libra. It would at least open the crypto world to them even if it is just a stablecoin and it would involve blockchain as well. They are 1+ billion country with the largest economy in the world, having them support crypto would make the price go insanely high and the adoption rate would go up too. Right now they are not supportive of bitcoin and crypto and with something like Chinese libra they could at least see the potential of what could crypto do and how it could help the economy and maybe that would soften the ideas of Chinese government to crypto once again.

If that happens then we would be actually seeing some improvements there. They banned it because Chinese people started to fund ICO's with their money which meant money going out of china, but if they find a way that makes money go into china they will surely support it.

I agree, the American feud with Huawei dragged on to many things and this was interfered with by the Chinese government. I read a number of articles that China announced it would make its own cryptocurrency after Facebook began to seriously make Libra Coin.
I think this is good because with more and more news about cryptocurrency, it makes people want to invest in the crypto market and can make the crypto market attractive again like 2017

You are right but I bet if China have their own version of Libra China people will embrace it,we know how big the Asian continent embrace crypto right?

Yes, it is true. they cannot control the price of bitcoin which is still very far above the cloud. maybe according to them Libra is another way to be able to make their digital coins into the crypto market. and of course with a fairly low price for them to be able to put down their investment money. hope that later when Libra can be as popular as BTC the price they invest can benefit. we just look like Facebook that also uses libra for their digital money.

in my opinion this is actually a very good thing for the crypto world, more and more large companies are competing to become the most prominent in the crypto world will make more people interested in the crypto world, especially companies as big as facebook and huawei, even this is only the beginning

China will surely develop its own currency, the problem is only when? I just wondered if they would loosen electronic money ban from last year.

Instead of doing a coin like Libra, why not go the decentralised route and make a coin for the Chinese people that would be decentralised and stick to the fundamentals of blockchain technology? Seems those that has been fighting Cryptocurrencies are now searching for a way to undermine it.

When I saw this update, I sensed competition which is crystal clear. These guys can't control Bitcoin for real hence the best option is to launch centralized coins with very high regulations. Well, it's not bad for crypto, it's a plus since everything boils down to enhancing mainstream adoption.

Was he talking about a coin issued by Huawei or issued by the Chinese government? I have read some headlines and it's not still clear to me the role that Huawei would play in the creation and control of that coin. In any case, if Libra is a bad idea, you can get an idea on how “good” that Chinese coin could be.

I don't think anyone should be surprise about this, this has been in the pipeline from China before Libra, him now saying this is just saying what we all know, for me I think what is preventing most of this Centralized projects from coming to light is because of transparency, you can verify the amount of Libra tokens created on blockchain,so the issue of printing money out the thin air is out of the equation

Are we looking at an era where every major organisation is looking to create their own cryptocurrency? First it was JP Morgan, then Facebook and now Huawei is threatning to do same? Why can't they just be like Samsung that just integrated a wallet into their devices without churning out their own cryptocurrency?

Now the only question remains:

What country will create 1st centralized cryptocurrency
USA or China ??

Clock is ticking...

Huawei is a similar company like Facebok, also they had problems with losing user's datas. So probably they would develop also similar cryptocurrency.

You mean similar deeds like collecting data from its users?  You can't say no company isn't collecting these days some are even worse. But having more stablecoin in the market is way better than focus only to one stablecoin, I'm assuming this Chinese Libra will be pegged to CNY. I can only see China's version I guess will be more used than Facebook's Libra.

They want to fight Facebook that is still under scrutiny, not even sure if the US senators will allow the a breathing ground. Huawei should relax and concentrate on building on their operating system and possibly partner with an existing coin in the market rather than trying to have another centralized coin that will raise dust in the world politics. 

This is one of the biggest sign that Blockchain has already arrived Big companies are talking being a part of this technology, there was an attempt in the past, countries creating their own token, but this technology is new, they all failed to realize, now could be the right time, now that Facebook is creating their own, big companies now, big countries soon.

China has the most crypto trading volume by far.
It has the highest amount of hashpower for mining.
It has the highest adopted use of crypto.
It is by far the biggest crypto country in the world.

But why do people not take China seriously or don't realize just how powerful it is in the world of crypto?
Because China, in the end, really only cares about China.
There's 1.6 billion in China for crying out loud.
They can be ultra successfula nd wealthy just by focusing on their own market.
And I think that's what a Huawei coin would do.

They know what they are doing and every actions or waits taken is for a reason. With the emergency of series of cryptocurrency that we ha ẹ seen risen and fallen, they need to make a way of avoiding such.
And on bitcoin price regulation, I just don't know how it keeps happening risen and fallen in price while we all believe it doesn't have a body regulating it's price.

That's right. So why wait. Huawei should just go on. I don't think any state can stop them form doing so. Although they may not have the capacity to make it world wide like facebook, they have Huawei phones that can be installed there just like Samsung is doing. That means you being a Huawei phone owner has the access to their coin. Its almost the same thing, this is a far bigger threat they'll have to consider than facebook libra. Act now, approve Facebook libra or Chinese will do it for you.

At least we are moving somewhere. And something is always better than nothing. When technological giants and governments compete, the benefit would always be to the normal users. If US and China issued competing crypto, users would move to whichever is friendlier to them. In that race, they would be bound to change according to the need of the users. And this time, it's not going to be just the two poles.

Don't you think that most of the developers of coins have created their own because they want to control the supply? They want to control how much to have or be given to different people? I think the developers mostly want to have that and to create something that could help the community and also doing that to benefit in their gain. Not that it's wrong, but I think it's a common trait for every one of us that we want something to earn from. Not every time but it still happens.

I think it's quite easy for big brands like Facebook, Google, Huawei, etc., to create their coin. It can easily be mass adopted because they control most of the software and technology. I believe there would come a time that it would be heavily used it maybe Libra, maybe not, but one thing is real in all of this, Bitcoin is still the most recognized of them all. Let's see how the market reacts with the possible future happenings.

Who really cares about these centralized coins? For me, the no.1 advantage with Bitcoin is that it is decentralized. Any currency that is not decentralized is worth nothing for me. For example, Libra will be a centralized coin backed up by assets denominated in USD. The Huawei coin is going to be the CNY version of Libra. Now tell me why we should use these coins, when we have the option of using PayPal/Visa/Master? For me, there is hardly any difference between Libra and PayPal.

That said, the other countries (esp. China and Russia) should not allow Facebook to wield political influence in their countries. Allowing the usage if Libra in China can pose serious issues to CNY, as the latter is a heavily manipulated national currency. Libra is a digital version of USD and other countries should ban it from their territories.

You are thinking about that too far about huawey to create its own crypto, it's not yet even done with the problem with US ban and it's still in the progress to building its own own OS after the google ban too.
They will not think about that in short time dude.

This is not strange to me, you think that governments of the nations would fold their arms and watch as Facebook control their economy, of course they would not, I already expected that right now, many countries that believe in cryptocurrency would have been warming up to start creating their own centralized coin, and this centralized coin would be regulated and imposed on their citizens which would made their eyes blind to coins like Libra, after all, Libra coin was not going to operate a decentralized technology anyway.

It is still only bitcoin that can never be compete with, except these people are willing to create a decentralized technology like that of bitcoin, but as far as they are all in for centralized, only centralized projects will suffer all these competitions.

It might be a joke. You cannot compare Huawei and Facebook. By the way, Huawei has got problems with the USA and many other European countries. Google stopped to support it, which is probably the #1 problem. Facebook, vice versa, has the most powerful support from all leading companies. Libra will definitely have success, as for Chinese project, it might be interesting for China only.

Huawei is more like apple then like Facebook.  If anyone want a phone Librem 5 will be out in few months.  https://puri.sm/products/librem-5/   Opensource project. Just like Bitcoin or Monero in crypto. They build opensource phone and all software on it. Impossible some government put backdoors in it.  

Well the CEO of Huawei is still informing people of a potential plan to integrate cryptocurrencies maybe into the Huawei mobile ecosystem or maybe into the very fabric of Chinese society. China has been capable of creating and implementing their own ideas and creations and perhaps they are also seeing the potential, I mean Chinese Big Business is seeing the potential of cryptocurrencies to get more profit for them. Well it will be a big hit in China, but I am doubtful if this will have an impact outside of their country.

I like this us-china financial cold war, just because it is creating global competition and if the us-china indulge in this stablecoin war then im glad that crypto market will boom explosively.

No, it will not be a big hit, if china decides to create a cryptocurrency now, there is no way that they can even annoyance it to the world to use, because everyone knows their attitude toward the coins that the world actually accepted, I mean bitcoin. China has quite been against bitcoin since it was created, and only its citizens that know its value has been using it, which is why majority of miners are from there.

Their coin will just be limited to their country’s payment system alone, and I already got a hint from a mate that they are working towards having one of their own crypto too. Although we have so many people that like any business that would give them Most of profit, and if china happens to create a crypto that will serve as investment, sure many people would accept it.

It is open-cold-war on all fronts :)
Not a boring time that is for sure.

We could very soon see a bunch of digital coins in all countries in the world,
but there is only one Bitcoin...and no country owns it.

That's true consider about china can issue its own crypto anytime and there is no need to wait for facebook to launch its libra coin in the market but walmart looks a little step ahead compared with facebook.
That doesn't make sense for china to release its crypto after libra ( if this will happen)

I agree, since President Trump raised tax rates on Chinese commodities, the tension of the trade war has penetrated into all fields. Maybe Huawei will launch its own coin after seeing the potential in the cryptocurrency market. China is one of the largest markets and has large transactions, this makes Chinese companies want to take advantage of these transactions

No offense to Chinese people but that is what they always do. If something is coming that they cannot control then they will create their own version of it. Maybe Huawei will team up with the number one social media on china to produce an imitation of the Libra coin.

Now each and every big corporate will come up with their own crypto currency. Libra is just a starting point. Looking forward for announcement from Microsoft next.

Lol, how can they create imitation of what is yet to be working, the Libra coin itself, we are still unsure if it will be accepted or not. If they want to create their own cryptocurrency, let them go ahead, how many cryptocurrencies has been created and yet still not being used or gain any relevance more than bitcoin. Majority of them will still end up following behind bitcoin when they are released because bitcoin still suppressed them with whole lots of features and one of those features would be its decentralization.

Many people wants to operate their transaction on a decentralized system so why would they shift from a true decentralized coins to a coin that would not be decentralized, it will not be different from the usually traditional bank digital payment.

They are already controlling Bitcoin mining and exchanges (Binance, etc...). They don't really need a Libra. WeChat already has his own payment system.

Correct.
And as we know that Chinese government is also creating their own state based digital coin,
and Huawei is very advanced with their 5G and face recognition software being installed all over the woirld,
then I am sure that Huawei will push very hard to compete with US and be the first to create their centralized coin.

Most likely, Huawei also will not create its own stable coin, similar to Libra. The creation of such a global coin cannot be trusted in private hands. Then, so that the global financial system is not in a fever, the government will have to support such a private company.
Recently, information has appeared that something similar could create the Chinese government. This is already more real. Moreover, China may ignore the opinion of the United States and even other states on this matter. This is important, given that this was the reason for the actual closure of the Libra project.

With the ongoing trade war between China and the United States getting worse, I don't expect China to allow Libra in its territory. The problem with Libra is that it is just a digital version of the United States Dollar. I don't think that China will allow the circulation of USD or its equivalent in its territory, as it can weaken the national currency (Chinese Yuan).

Yeah, there is NO WAY Libra will be allowed in China 100%.
They are using wall for all other services world is using like Youtube and Facebook... why would Libra be any different.
They have their own version of Facebook and Youtube at this moment.
The will Have their own 'Libra clone' also

This is done because they want to get greater results from the cryptocurrency world and I'm sure libra will not be allowed in China because it can weaken their own currency, and if they want to create their own coins this might be a very difficult process.

I think Huawei is taunting thr western country for this statement. Actually China doesnt have a good tie up with US which clearly the hometown of Libra Project. Well, I admit this is a so called revenge for pulling off thr huawei removal of anndroid on their Mobile phones. Well I guess, Chinese firm are into cryptocurrency after all, inspite of all banning they issue on it few years back. Libra is a grea project and even SEC is scrutinizing it until now. Anyways I wanted to know if Huawei will really do one cause to be honest this will be interesting.

how could QQ be a whatsapp clone?  QQ exist way before whatsapp :)

There is nothing surprising.Every company wants to earn as much as possible.Releasing their coin, they will significantly increase their profits.It's obvious.They do not care for bitcoin and any other altcoin.They have in their hands a powerful working company with its products.And this trump.

Soon there will be a parade of new coins from the tech giants.This is just the beginning.Who knows what will happen to Libra,but if Huawei will release its own coin-it will be the starting point for all other companies.You'll see.

Do you really think so about the starting point?

As far as i know libra is now postponed to promote and advertise due the some reason need to,protect by developers none another than the giant social media company facebook.
The reason is UNITED STATES government is against for this project correct me if not wrong.

It is possible. All we know how the China thinks. In terms of digital currency they are very sensetive and they want their own digital currency so they don't want to entertain other crypto to enter their country so they crypto. But I don't surprise if they are not alone to built their own crypto. Like in huwaie who already have a 5g features that they launched but all the idea is coming from Filipino and Japanese expert so it is not impossible.

Huawei might succeed, but their cryptocurrency will be more popular for Asian investors. In China, Facebook has been prohibited since 2009, so the giant of social networks does not expect to launch Libra in this country. However, we know that everything can happen here, and the things in the crypto world have been changing very fast. Whatever happens, Huawei seems to be too serious not to fulfil its plans.

This continued battle between america and china is definitely getting out of hand and its sad that the rivalry will also penetrate into the crypto ecosystem should incase a chinese firm launches its own version of libra..Ultimately the hype would definitely be good for the space but the centralized nature both will be working with will defintely be a shorffall

No matter the effort they put into creating the coin, it would still have its own boundary because how many coins will be created for global use, we cannot use so many coins as the same time and we can only use one. No, I can see that we are having lots of competition, and don’t be shocked if every country now start raising their own currency also, so who will then succumb to who, most of these people are just doing this to create competition and also to limit the monopoly of anyone of them.

If Facebook creates its own now, and Huawei creates its own coin too, it means china will never look at Libra, while Americans will never look at Huawei coin also, then other countries will then follow same step.