Bitcoin Forum

Binance announced a stablecoin recently, something very similar to Facebook's libra coin. I think this should be considered a push for adoption and variety, not necessarily a push for competition.
What do you think guys?

Okay lets add some links for people to see such news/update: https://www.msn.com/en-ph/health/medical/is-sleeping-for-5-hours-a-day-better-than-8/ar-AAG0iHB?ocid=spartanntp

Binance is really trying to get ahead of the game and with recent issues with Libra they do took this opportunity to take the lead and create their own similar coin.
We don't know if this one would be still blocked or would able to pass through.

Well, what do you expect from the biggest exchange in the world? as long as profit is involved, they can do almost everything.

About their stablecoin, I think They will able to do this because they do not have any restriction from the government. Unlike Libra, they need to do a lot of things such as legal from U.S law. While in Malta, they can do this very easily because Malta supports cryptocurrency fully. It is the best place to get your license compared to U.S absolutely.

Yes, creating a cryptocurrency is much easier in Malta. Rules are not strict as United States there. But I still expect  regulations will be applied as it is supposed to pegged to British Pound.

Did they? woah I wasn't updated with this move of Binance. This big exchange would always want to become the leader and they would create something that they can overtake as much as possible.

It wouldn't be for the competition? I don't think so, Libra isn't here and that's why they are taking the advantage before it comes. I think the good side of this is that they are educating a lot of people about stable coins since mostly doesn't use it.

read here the official announcement about venus from binance buddy
https://www.binance.com/en/support/articles/360032604131
seems this could be the next competitors from xrp and libra(facebook coin)
but, somehow i think this venus will be a centralized crypto just like xrp

Venus has the same mechanism and strategic direction as Libra coin.
This is still an underground war. Venus took advantage of the opportunity when Libra was delayed, launching their products earlier to gain a larger market share than Libra.
This great competition will continue in the future, when Libra starts its business.

It's a push to make more money. Facebook wants to make money and wants to monopolize. Binance wants to make money and be the first to make something like that same design, because it knows first mover is a very hard position to be removed from.

Hell yeah it wants to push for competition! But hell no am I using Libra or Venus or whatever fancy name they want to give some fake centralized money.

AFAIK this stablecoin will be far ahead with Libra because Binance is lot more established in this industry rather on Facebook with has many controversies.

Libra is not getting delayed and it's still in the testnet mode. FINMA already said if FINMA will be supporting libra coin. Binance just take the advantage for another country who is interesting to launch its own crypto to compete with another stable coin like libra. Chinas has already planned to launch its crypto and binance was seeing an opportunity.
But still, venus will be the next centralized stable coin backed by fiat.

But they can compete with each other because they have stable coins. The market will look interesting than before because we have more stable coins that we can use to help us to make a profit. But I am not sure about who will get the biggest support because both Binance and Facebook already have their fans and I think people will give their favorite.

But we need to be patient to see what will happen in the market or what will they said about each other. Will they compete with each other or not, only time will tell.

The news has been going around lately, and I think this is a big gamble but a wise move by CZ himself.


https://www.binance.com/en/support/articles/360032604131

I say wise move because we all know that Facebook has their big plans next year. So if Binance will be the first one then it could bring a significant amount of cash flow in the market. A gamble, because we all know that government hates this kind of powerful, and it's possible that authorities will get their hands on this project as well.

Is VENUS will become LIBRA killer Rival??
Why Binance what to create the same stable coin as Facebook do?

I don't know which one is the best, let's see who can success first...  ;D

Thanks for that link, I can't believe it that they are also stepping in to the next level of making their own stable coin. I thought that having BNB coin would suffice their hunger in the crypto market but it didn't stopped there.

I'm expecting as well that this is going to be a centralized coin because it's pegged with fiat and they are longing to work with gov't beside them to develop Venus.

LOL. Libra killer? We haven't seen Libra in the market though and even Venus as well so it's too early to speculation about a project we haven't seen. But the good news is that altcoin market is hyping again, social media is abuzz with this Binance joining this so called centralised coins to be used as 'digital currency' (fiat -token). So it has the potential to attract more people in crypto space. And I would say that this is no threat to Bitcoin, as others might think, on the contrary it could bring more people to Bitcoin when they see that either Venus/Libra gives to much power to these companies in the future.

More of a shitcoin killer, will Venus be stable as it was same goes to Libra? Just get some bitcoins and don't worry that much.

Wow, this is the second great news that I will be reading about Binance today, Binance is really ready to give all exchanges and probably altcoins a very wide gap, with this stable coin that is released, this may make them eventually be the third best coin in the market because first, many of tether’s client that has been dealing with tether with full eyes opened while sleeping will tend to move over to Binance stable coin now, knowing that it is a place where they can have their money with all their full eyes closed while sleeping.

I have been skeptical about using stable coin all these while even if it interests me because I never for once trust those companies that are into it but I will trust Binance stable coin more now and I can confidently use their table coin.

In principle, I expected that such steps are simply obliged to perform the exchange, which among the community is considered top.They just need a stable coin.Very happy with the exchange and I think they will not cease to amaze its users.And in conclusion can say that to compare Venus with Libra at all not worth. It's like comparing heaven and earth.

Stablecoin can mean they can be spend anywhere. USDT as far as I know can be send to the ERC wallet so if this Venus can be sent anywhere it can be used just as how libra can be used. Whatever Binance decide its usage, its default usage will be of the trading pair for the tokens they list such as BTC/VENUS. A stable coin can be very useful in their Binance platform of to their DEX.

every exchange wants its own stable coins because they simply dont trust others. That quite clearly tells us that stablecoins are not really useful on long term. They are short term solutions for exchanges to attract more wealth into crypto.

Not sure if links to sleep cycles was the link you meant to provide. But yeah, Facebook has some powerful enemies in high places, binance hasn't got that privacy stain. (Unless you count that kyc hack, if that's real)

Do that kyc hack isn't still unresolved? Once an exchange got hacked then its automatically being stained with privacy issues.

I'm not saying that they are being hacked totally but the damage is already being done-either if its true or not but people do already
have different views and insights.

binance increasingly wants to rule the crypto world by always appearing more than its competitors.
with established in the crypto world it seems like they can do anything and every asset they do will become great.

Yes, Binance is working on a large-scale and open blockchain project called Venus. It is going to develop stable coins. The exchange will cooperate with corporations, developers, blockchain projects. They will work together to create a new ecosystem of cryptocurrencies that will improve the lives of people in both developed and developing countries.

It is planned that in the near future these stable coins might even replace fiat.

Binance venus is the extended version of facebook libra which is a stable coin stable coin demand in market is fullfilled  with binance Venus coin