Bitcoin Forum

Cool article about how Marcus (head of Facebook's Libra) views Bitcoin:

https://cryptotradernews.com/cryptocurrency/i-dont-think-of-bitcoin-as-a-currency/ (https://cryptotradernews.com/cryptocurrency/i-dont-think-of-bitcoin-as-a-currency/)


What's funnny is that the guy is obviously biased towards Libra and yet sees the usefulness in Bitcoin. Digital Gold!

Thoughts?

That's surprising... I'd expect the guy to praise only Zuckerberg's new toy lol

He's anti bitcoin. He's basically saying it's useless as a payment processor and that's why he is proposing Libra.

I actually don't like how he said that Bitcoin is an effective medium of exchange. It's an AMAZING cheap and fast medium of exchange.

Libra and Bitcoin are different things. Bitcoin serves as a good wealth storage Despite the price volatility and libra is, as he says, a better "stable" medium of exchange

I pretty much agree with David's view on Bitcoin, but with a few additional words I want to express here. Currently Bitcoin is a very volatile asset and that is most due to the lack of volume and liqudity in the market, but as the market matures I'm sure the institutional funds will flood into the market like crazy - and I'm not exaggerating here.

In the current market conditions BTC fulfills mostly the function of a store-of-value taking into account the long term appreciation of the asset, but as Marcus noticed it cannot be utilised on international business transactions for example because of the price swings.

He says it's an ineffcieint currency - but he sees value behind it nevertheless

This guy is smart. I don't know why he got so attacked in congress. He sees the value in bitcoin but also its limitations.

There are many stablecoins out there today. I don't know why he mentions that he wouldn't create libra if something similar already existed. This is obviously not true.

That is why we happily keep buying and investing BTC to make even more money from it. However, if enough people repeat bitcoin is digital gold, maybe it'll come true? i think Bitcoin is about as close to gold as rai stones are close to gold. It's not a goddamn store of value, stop regurgitating that shit. i would to say him that gold is a commodity but Bitcoin is a currency. You don't have a digital commodity. A commodity that we know can be easily manipulated. You have a encrypted, peer to peer, decentralized digital currency. Saying bitcoin is digital gold gives everyone who has no idea what bitcoin is wrong.

If it's not a digital commodity, considering its high volatility... would you agree with me that it's a very poor currency?

Not seeing Bitcoin as a currency is cruel, I agree. After all, the primary purpose of Bitcoin is to function as money. I really don't understand the point of this guy about the gold standard, though, because why would something so imperfect as Bitcoin as he sees it would be a standard? And is not Bitcoin too volatile for that? All in all, I agree with you that from the article Marcus does not strike me as a pro-Bitcoin guy at all. So nothing unexpected here, the Libra team thinks it can make something better than Bitcoin. Well, we'll see about that. For now, they are having a postponement after postponement.

I agree with him. bitcoin can be more than just a currency that is gold and better to be an investment but that does not mean bad bitcoin to become a currency. until now bitcoin is still the currency of several transactions right? and have there been problems with the transaction? the answer is no.

lol .. It sounds a bit funny with an article that says Libra will compete with Bitcoin to solve the problem, and according to what David Marcus said there is no point at all because he considers bitcoin not a digital currency, while satoshi first made bitcoin himself saying that bitcoin is the currency digital can help people who are experiencing an economic crisis.

I think it’s natural that he’d praise bitcoin, his job is to get people away from using fiat & physical cash. Bitcoin & Libra plus many other alts could all flourish in a crypto payment society. There is room for a lot more than one.

He is pro-Bitcoin in some sense but not an all-out supporter. He definitely sees the usefulness in Bitcoin but not as a currency, which Bitcoin should first be before it is a digital gold. He is a supporter probably because he is trying to make a name in the crypto space with Libra. He cannot just go out to be an anti-Bitcoin and promote a cryptocurrency. He would immediately be declared excomunicado if he does that. He is pro-Bitcoin but he also criticizes Bitcoin at the same time as an unsound currency. For me, if someone is truly pro-Bitcoin, he should first and foremost appreciate its being a currency.

I would agree on him despite his biased stance, some of what he said was true. Bitcoin is really like digital gold, but remove the physical asset and with increased volatility, it's more of a speculation asset now. It may not be a good medium of day-to-day exchange, it does achieved its core objective of having a system to send/receive funds without the need of any intermediary.

Libra, on the other hand, is just like a fiat-based digital currency. It's only main difference with banks involved with digital mode of payment is the intermediary. They've just replaced banks since they're still centralized.

What was said by David Marcus is true! So far, Bitcoin is more worthy of being called a digital asset like gold than a currency. But in my opinion, bitcoin has more value than assets such as gold. For example, Bitcoin can be sent to anyone around the world very quickly without third parties. Also, every bitcoin wallet is fully controlled by each individual.