Libra is a centralised cryptocurrency just like ripple, somehow it can disrupt the financial system because of their big influence in the social media world by Facebook. They have a lot of criticism specially from the government because of their previous controversies including the data leak or mishandling the users data. I doubt the adoption of this coin will be as healthy as Bitcoin and other crypto.
And right on cue, the Ripple CEO has popped up to bash Libra, because of course Libra is a competitor to Ripple: https://fortune.com/2019/10/07/facebook-libra-cryptocurrency-ripple-ceo-brad-garlinghouse/As the Libra project faces potent opposition by regulators, Garlinghouse doesn't believe Facebook will be able to launch it for at least three years—if ever.
"I would bet that Libra...let's say, by the end of 2022, I think Libra will not have launched," Garlinghouse says |
|
|
|
If the US Government really tried, they would have used coercion tactics. They have done it in the past with gold (read Executive Order 6102).
At the moment, I think the US Government didn't see Bitcoin as a threat to their national interests.
Or they've decided bitcoin is actually a help to their national interests, in that it might undermine other fiat currencies but not the dollar. Given the US-China rivalry and the fact that so many Chinese were using bitcoin to get their money out of China, the Americans might have concluded that bitcoin was an ideal tool to undermine the yuan and prevent it becoming a reserve currency. |
|
|
|
Additionally, even if tether was printed out of thin air without any dollar backed, it just means that tethers value will drop eventually when that turns out to be true, not bitcoins price.
If it was really dollar backed, you would be able to exchange tether for dollars. But on the tether website the facility to exchange for dollars is "temporarily disabled". Which means tether has a dollar value only as long as people believe it does. As soon as they stop believing, it should drop. |
|
|
|
Can't see anywhere that US tried to shutdown Bitcoin on the article, I see it as plain interpretation or something like exaggerated writings to catch peoples attention.
The key word is "tried". They investigated the possibility of legally shutting down bitcoin in 2012 (before it became mainstream) but probably realised that there was no legal mechanism to do it properly. But they "tried" in that they actually spent time checking whether they could do it. |
|
|
|
It may be rather ungrateful to evaluate the state of the Indian banking system on just one case, but it is strange that this bank managed to do things like this and was able to create 21 000 fictitious accounts to hide bad business. This shows us that actually control of the central bank failed in his work, or at least it was late to prevent financial malversations.
When asked why people still keep money in banks, most say that it is still the safest way (for them). And given the attitude of the Indian government towards cryptocurrency, I think it's hard to expect people to change their minds and turn to something else, especially towards Bitcoin, which is still too complicated for most.
In my opinion, any investment is a risk, but I think that keeping money in banks at times like this is an even bigger risk. In some countries (EU) state guarantees for the funds up to a certain amount, so even if banks fail the client is insured against loss.
This stuff is not unique - Wells Fargo of the United States also got caught making ficticious accounts and they got fined $100 million and had to pay back $2.5 million to account holders who were defrauded. The only difference between the US and India is that the American authorities crack down heavily when they can (American prosecutors can make their name and then go on to run for state Governor if they can take down a big name, so they have a big incentive to make sure these types of frauds get prosecuted). |
|
|
|
So it's no wonder that in a country where you can buy a car for Bitcoin, you can also buy fuel for that same car, and pay in Bitcoin. All this is possible because Bitcoin is a regular means of payment in Japan, which means that everyone is able to provide services and sell goods in a very simple way by using Bitcoin.
Yet as has been pointed out, Bitcoin is generally still considered a store of value then as currency. From a normal human perspective, there is nothing strange about it, if you bought Bitcoin at a price of $10k, there is no logic to spend it when the price is $8k. Moreover, if some experts speak about $100k in the next few years, it further affects the consumption of real coins.
I think this is domestic gas bills (as in gas for home heating) not gas as in petrol for your car. |
|
|
|
Africa could be the best place to develop crypto. because usually if the government does not interfere too much and only supervise it, it will facilitate the development of crypto. and that usually happens in developing countries.
so you mean, that if there in no strong government in country, that leads to cryptoboom? hardly it is working this way. Africa has a lot of problems, poverty, luck of education, terrorism, lawless. Tell me, how you could start crypto project there - if there are no specialist in computer science? or no electricity 20 hours per day? or your project leader was robbed and murdered?? are you sure this will allow you to start a good crypto project? I'd say this is nonsense That's why most of the crypto adoption in Africa is happening in South Africa. It has regular reliable electricity, and exchanges that interface with a regular reliable banking system. And a good university system. In the French-speaking part of Africa (Niger, Senegal etc), there is no adoption at all because no electricity more than a couple of hours a day. BTW - people generalise about Africa as though it was a single country. It's actually a massive continent larger in scale than South America with lots of countries and lots of variety. South Africa and Botswana are richer than Brazil and Niger is poorer than Venezuela. And Nigeria is somewhere in the middle. |
|
|
|
see https://www.forbes.com/sites/billybambrough/2019/10/08/the-us-government-tried-to-shut-down-bitcoin/#58419a821966Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin.
Bitcoin's first decade has seen its price explode, making early adopters overnight millionaires, and prompting some of the world's biggest technology companies to create their own versions of bitcoin.
Now, it's been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into "shutting down" bitcoin by her boss at the U.S. attorney’s office in 2012.
"They said 'we have this perfect assignment for you'–there’s this thing called bitcoin and we need to investigate it," Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.
"That was the first time I’d ever heard of bitcoin."
Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.
Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, "it would have been akin to saying ‘let’s go prosecute cash.'"
Haun, who is now the first female general partner at U.S. venture capital firm Andreessen Horowitz and co-heads its $350 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.
U.S. government opposition to bitcoin and cryptocurrencies has become far more transparent since Donald Trump entered the White House.
Earlier this year, U.S. president Trump sent shockwaves throughout the bitcoin and cryptocurrency industry when he tweeted a vicious attack on Facebook's bitcoin rival plans, branding it and bitcoin "unregulated crypto assets."
Others in the U.S. government were quick to tow the line, with U.S. Treasury secretary Steven Mnuchin adding his voice to the assault on bitcoin, Facebook's planned Libra crypto project, and other cryptocurrencies, warning they pose a "national security" risk to the country.
Elsewhere, Apple chief executive Tim Cook has warned companies against creating their own cryptocurrencies.
"What we heard with libra were the same criticisms [I'd first heard about bitcoin]" Haun said.
"They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built."
Facebook's libra has been under fire over the last week, with internet payments company PayPal, one of the Libra Association's founding members, suddenly pulling out of the group on Friday.
Mark Zuckerberg, Facebook founder and chief executive, had hoped to work with global regulators to clear libra's path to launch in June 2020 but appears to have underestimated the level of opposition to the scheme. |
|
|
|
Knowing how most of the Japanese are frugal when it comes to money, I'm sure tons of people would be taking advantage of this offer. Even though it adds another layer of service the Japs have to use, they'd still do it in a heartbeat. It would be better if more and more services would be covered by Coincheck in Japan in order to get the Japanese widen their perspective on bitcoin. They deem it mostly as a trading tool but not really something that can be used in real life, and perhaps this is a start of that change in POV.
This is the big hope. Adoption happens when people are incentivised to use bitcoin/crypto. If you look back to the adoption of the internet - it really started to take off in terms of online retailing when the public became aware that things were cheaper if you bought online. |
|
|
|
While everyone keeps have individual opinions and speculations on the next prices of cryptos, especially on the next altcoin season, I'll say we are moving nowhere because of price manipulation by exchanges. The actions of some exchanges is dropping the prices of tokens unnaturally and these affects market and industry confidence. How can we attract new money into the market when top wash trading exchanges like Bitforex and Bibox still exists and deceives people freely?
I don't need to add links to prove, but just google these exchanges and add the wash trading to your search term, you'll be marvelled at the results you'll find.
Manipulation only really works when the trading volume of a coin is low - that way you only need a little money to move the price. Once the trading volume for a given coin is huge, it's hard to manipulate because you need loads of money to do it. So the answer is build your community, make sure your coin is popular which results in large trading volumes for it - and the manipulation diminishes. |
|
|
|
Why should we boycott facebook coin? This coin would bring us to massive adoption in cryptocurrency? This is what we should look for, Libra as a gate to open a lot of investors in crypto.
Are you quite sure that Libra will open a lot of investors to crypto and not Kill bitcoin and all the alts? There are already about 1500 alts including a lot of stable coins that work perfectly well. What does Libra bring to the table apart from Zukerberg's toxic reputation which might kill crypto off? |
|
|
|
In uk all Ready Economic recession is going on.
Banks dont lend funds in uk and high credit Crunch.
I keep Monitoring and let u know What's next for uk
Well, I live in the UK, there is no credit crunch at all, bank lending is happening as normal. Unemployment is at a 44 year low, and wages are growing at their fastest since 2007. The economy is growing (the latest figures out in July were positive). Brexit doesn't seem to have affected the economy - or if it has, it's affected it in a positive way in that it has made businesses pay down corporate debt and streamline. |
|
|
|
Canada and uk will Take biggest Economic hit to the face the USA, Au and Eu will do fine at least 2019.
If you are looking for good investment to buy real estate then 2020 is good time buy Property in Canada.
Uk have 2 ways to go but this year the only way is suffering!
High unememployment rate and high possibility for many businesias to declare Bancrupty
Are you sure about this? Germany is already in recession and their manufacturing sector has been in recession for 15 months, the only thing keeping them going is services and govt spending. Because the Germans make cars and import parts from the surrounding countries (Czechia, Hungary, Poland, Slovakia and Italy), all those countries are showing signs of distress too. Sweden is showing distress for different reasons (their housing sector is showing signs of crisis and they have more household debt than most other countries). The UK is actually chugging along on autopilot - perhaps distracted politicians means less meddling and the country runs itself anyway. Unemployment is at a 44 year low and wages are now rising at 4% which is the best since 2007. |
|
|
|
I'm not sure the flippening would actually happen, but people will start speculating about it again for sure.
It's possible too. The ETH supply is growing a lot faster than the BTC supply, so overtaking BTC's market cap is getting easier and easier in terms of price. Market cap is such a dumb metric......
There are other metrics too - the number of transactions per day, adoption in a wide variety of ways, the number of businesses built on top of the coin. Ethereum has a lot of stuff built on it's platform, whereas the lightning nework was supposed to have done the same and has failed. |
|
|
|
Now, whether the receiving NGOs converted the cryptocurrency to cash or use them to buy good/services, it does not matter to me. What is important is that we now have a good option and let's hope that a growing number of charities and developmental organizations will continue and even expand their cryptocurrency exposure.
I think it does matter. Suppose they use the crypto they receive to pay locals in crypto - that way you start to build up an economy based on crypto. For parts of the world that are unbanked, this could be revolutionary. |
|
|
|
Developed countries are unlikely to adopt bitcoin since their currency is still doing well, why would they adapt another currency?
The only situation that would persuade someone from a developed country to adopt bitcoin is something like the eurozone crisis. People forget that it was the crisis in 2013 that pushed bitcoin into the mainstream (they were confiscating people's savings in Cyprus banks to save the banking system and instigated horrendous capital controls so people couldn't get their money out. Since then, the eurozone countries have passed a "bail-in" law where people's savings are confiscated to bail out banks. This is in contrast with Anglosphere countries where the govt is expected to do the bailout. Lots of the eurozone banks are weak, and if there is another crisis watch for lots of bail-ins, lots of people having their savings confiscated and renewed interest in bitcoin and crypto. IMO the eurozone is the weak point in the developed world. |
|
|
|
I'm not so.sure that trade war will influence on people to buy cryptocurrencies and increase demand. Trade war influence on supply of certain goods, it might start some financial crisis too but that doesn't mean that people will automaticly turn to cryptocurrency and abandon traditional investments and fiat currencies. In fact I don't think that is going to happen at all.
It's now ten years since bitcoin got released and we have a fair idea of what makes people adopt bitcoins. Recessions by themselves don't do it. Banking crises do. The first time bitcoin went mainstream was during the Cyprus crisis where people's savings got confiscated to save the banks. The 2017 bubble was down to bitcoin becoming a fashionable investment amongst millenials. So two things drive adoption: fashion and banking crises. Recessions and trade wars are irrelevant unless they also cause a banking crisis. |
|
|
|
It is very important for us to see how regulators approach centralized cryptocurrencies. They have problem with Libra or Tether. But they didn´t show negative attitude against Bitcoin. Because they do not believe that one day Bitcoin could dominate the world?
Bitcoin is decentralised, there are loads of crypto businesses from miners to wallet providers like Coinbase to exchanges, involved in bitcoin. There is a proper eco-system and no one company "owns" bitcoin or the other alts. Whereas Libra is just Facebook and centralises power in Zukerberg's hands. Given that Zukerberg is not a nice man, this is a problem. |
|
|
|
|
Show Posts
