Your thoughts on Facebook's GlobalCoin

[jestbenen8]

I don't really know much about that coin but I have seen news that they have launched a website for the coin and also released the whitepaper. Btw… The name of the coin is not globalcoin, it is named as Libra coin and it seems like the coin is. Going to be a stable coin. I don't even know the purpose for it yet. But I think it will be linked to Facebook social media and people who make use of the platform will be able to access their wallet and be able to send and receive the Libra coin which is pegged 1:1 with usd. For now I'm just looking out for more news on the coin and I'm not even sure whether I will be having interest in it.

[trickyriky]

GlobalCoin is coming. What are your thoughts on this new Facebook-made altcoin? What have you heard about it?
Share your first impression!

Certainly, I have heard and read a lot about the Facebook coin, and I think that many people will support it. probably, I will also get some, although it is expected that it will be a stable coin. Let us come to conclusions when it is launched.

[starblocks]

Will it be considered an altcoin or its own distinct asset? Regardless, it is well hyped and will draw valuable attention to the existing cryptocurrency market along with all the exposure gained recently with other major brands joining the party and will also hopefully make these types of technologies more attractive and user friendly for everyone to benefit from

[katerina5643]

ofc, facebook intends to capture some part of the cryptocurreny market in order to give all people acess to basic financial services.
btw,regards to this thread.i've found related article so u can read & figure out more.
here's a link.
https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

[taguig]

GlobalCoin is coming. What are your thoughts on this new Facebook-made altcoin? What have you heard about it?

Share your first impression!

This Facebook coin  is everywhere here on this forum, there are so many speculations some people think that it's good for the community, other think it will fail because of the data and of it as a stable coin, I would rather wait and  see, what will happen when it launches, could be another big hype like all the hype coins in the past, or another milestone in the making.

[WillItChang]

GlobalCoin is coming. What are your thoughts on this new Facebook-made altcoin? What have you heard about it?

Share your first impression!

Not very impressed with it. I wouldn't even call it an alt coin. They are just some centralized coin. I don't see much difference between Libra payment system and Paypal. The only main difference is that facebook will be using the blockchain technology. If I am not wrong, even the price will be 1:1 in terms of USD. Was never a huge fan of centralized coin. Though this might help people to better understand the blockchain technology. So yeah, we do have some good sides over here.

True.. in fact if you take a look at Libra team , David Marcus (former President of Paypal) is the co-creator and leading Libra/Calibra wallet project.

[katerina5643]

hey , everyone. recently i have found an interesting thread regarding this discussion. You can check it following the link.

[zacxavier]

GlobalCoin is coming. What are your thoughts on this new Facebook-made altcoin? What have you heard about it?

Share your first impression!

It's not a cryptocurrency we all know. I don't know what we could call it but it is a centralized currency running on nodes governed by private companies so the blockchain itself is useless. Recently, it is also requested to stop the development by the main reason that it is against the financial system, bitcoin is but nobody controls it, Libra would get taken down soon along with facebook if they wont' stop.

Follow this link for reference ;
https://coingape.com/libra-vs-congress-us-law-makers-halt-libra-development/

[mich]

Libra Isn’t a Cryptocurrency. It’s a Glimpse of a New Asset Class



https://www.coindesk.com/libra-isnt-a-cryptocurrency-its-a-glimpse-of-a-new-asset-class?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

The organization has chosen to brand Libra “a stable global cryptocurrency,” and the label “cryptocurrency” has been replicated by media around the world. Yet Libra is not a cryptocurrency.

[bitcoindusts]

It will surely have good impact on crypto market in general but some are saying it will outrival bitcoin which is very hard to believe for me ,globalcoin will do fine no doubt but can't rival bitcoin

Naaaaa! I don’t believe it. This incoming new altcoin will surely be centralized, will be a stable coin from which i’ve heard about and will have its specific purpose different from that of Bitcoin. It will surely be for the use of these leading social media facebook and WhatsApp and can’t be considered a digital asset like bitcoin.

[jarhed]

It will surely have good impact on crypto market in general but some are saying it will outrival bitcoin which is very hard to believe for me ,globalcoin will do fine no doubt but can't rival bitcoin

Naaaaa! I don’t believe it. This incoming new altcoin will surely be centralized, will be a stable coin from which i’ve heard about and will have its specific purpose different from that of Bitcoin. It will surely be for the use of these leading social media facebook and WhatsApp and can’t be considered a digital asset like bitcoin.

A coin from Facebook can be considered as an official cryptocurrency asset. But other coins may have problems with regulation.

[klaaas]

A coin from Facebook can be considered as an official cryptocurrency asset. But other coins may have problems with regulation.

But this one will have the worst aspects of a crypto currency.

A controlled corporate crypto currency that is there to profit from its users to gain more power in the world.
Great speech by Andreas here

[mich]

Now its its looking like Circle exchange ceo Facebooks Libra leads to regulation:



https://cointelegraph.com/news/circle-ceo-hopes-libras-unique-needs-trigger-positive-regulation

Jeremy Allaire, co-founder and CEO of payments company Circle, said that Facebook's Libra will run in a closed-loop permission scheme that has its own requirements for regulation during an interview with Bloomberg released on July 5.

Bloomberg video:
https://www.bloomberg.com/news/videos/2019-07-05/circle-ceo-says-public-blockchains-with-financial-applications-are-just-emerging-video

[mich]

People’s Bank of China (PBoC) seems uncertain what to think of facebook coin:



https://www.coindesk.com/facebook-libra-threat-could-spur-work-on-chinas-national-digital-currency-pboc-official?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

With Facebook’s Libra cryptocurrency potentially posing a threat to traditional money on various fronts, China’s central bank could hasten development of its own digital cash, according to a People’s Bank of China (PBoC) official.

[OneCoinMan]

To be honest, I fear this coin. I just do not understand how Zuckerberg, which is related to information leaks, can be connected with the concept of cryptocurrency. This is idiotic.

[Spaffin]

To be honest, I fear this coin. I just do not understand how Zuckerberg, which is related to information leaks, can be connected with the concept of cryptocurrency. This is idiotic.

we used to be afraid of the banking system, which, together with government agencies, controls the funds of citizens, but now we will be afraid of one person, whose authority will be all personal information and information about the amount of funds and transactions.  No wonder the US Congress is trying to counteract this project from Facebook.  We can say with confidence that Libra will greatly undermine the economies of many countries in the world. 

[mich]

And now GEMINI wants a part of this:



https://www.coindesk.com/winklevoss-twins-gemini-exchange-may-join-facebooks-libra-project?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency.

“We’re definitely looking at it in earnest and we’re excited about the project,” Cameron told CoinDesk Tuesday.

[teddyelwyn]

Mixed reviews but interested to see how regulation will pan out with having such a thing in place. It's interesting that Congress is already taking action on Libra even citing Ciphertrace cyber security report in their letter. They see 1.2 billion in crypto fraud/scams reported and a red flag is raised

[santiPOGI]

GlobalCoin is coming. What are your thoughts on this new Facebook-made altcoin? What have you heard about it?

Share your first impression!

They are aiming for global acceptance on their coin but we should call it LIBRACOIN.
All i think i this is just HYPE now and we can depend on it wif we want a good in come in short time.
But as i look it for a long run, this will not be different to XRP and some others.

[mich]

Japan to Look Into the Impact of Facebook’s Libra Ahead of G7


https://cointelegraph.com/news/japan-to-look-into-the-impact-of-facebooks-libra-ahead-of-g7

Japanese authorities are investigating the impact of Facebook’s Libra stablecoin, Cointelegraph Japan reported.

Per the report, Japanese authorities have set up a liaison conference tasked with investigating the impact of Facebook’s stablecoin on monetary policy and financial stability. The conference will reportedly consist of the Bank of Japan, the Ministry of Finance and the Financial Services Agency and has already started meeting this week.

The report claims that the objective of the newly formed group is to coordinate policies that would address the consequences of Libra’s implementation on regulation, tax, monetary policy, and payments settlement.

Unspecified officials reportedly noted that they hope that more tax and financial regulators will join the group, given the broad impact of Facebook’s project. Japan has taken the initiative on ahead of the upcoming meeting of the G7 finance ministers in Chantilly, France, on 17-18 July.

As Cointelegraph reported at the end of June, France created a G7 taskforce to examine how central banks can regulate cryptocurrencies such as Libra in anticipation of the same summit.

It is not only regulators who are worrying about Libra. Yesterday, news broke that Ethereum’s co-founder Mihai Alisie is concerned that Facebook is attempting to hoodwink regulators into approving a centralized “cryptocurrency.”