Is Facebook and JP Morgan's new coins bad for Cryptocurrencies?

[StackingSats]

"With banking institutions investigating digital coins that could one day find consumer use, we might be losing the highly important decentralised and trustless nature currently attributed to cryptocurrencies. The same applies for large-scale corporations such as Facebook, people would be trusting a company responsible for the grossly dishonest Cambridge Analytica Scandal whose CEO described his trusting users as “dumb f**ks”, with vast amounts of payment data."

Read an interesting article linked below, curious to hear everyone's opinions on how the industry is unfolding?

https://medium.com/@marcus_61942/decentralised-cryptocurrencies-vs-digital-currencies-3811e36cc94f?postPublishedType=initial

[Grishanya1234]

You should understand that any large company that will enter the cryptocurrency market and seeks to populize its token and no more, because companies of this kind understand that the market is very competitive and they simply cannot withstand it if they conduct an aggressive policy.

[Mianae]

No I think its a good move towards cryptocurrency mass adoption. If a big company as Facebook is entering the crypto sphere, it says a lot likewise JPMorgan. What I wish to understand is the use ability of fb coins, if they can make it like steem where uses get the coins due to interaction effect on their posts, it will be really nice.

[carlfebz2]

I would say that those coins cant really be considered as Cryptocurrencies on the first place yet these coins are centralized and as far as i know these are reversible ones which
isnt really a legit feature or properties of a true cryptocurrency.If we do talk about the effects then i would say that it wouldnt make any difference at all.

[Tipstar]

Not really. We have seen many online sites introducing tokens that were completely on the web without any proof and working.
Facebook opting for a blockchain is already a huge win for cryptocurrencies. These coins would introduce a large number of people with blockchain and crypto while they would have never known about it.

[StatesManG]

"With banking institutions investigating digital coins that could one day find consumer use, we might be losing the highly important decentralised and trustless nature currently attributed to cryptocurrencies. The same applies for large-scale corporations such as Facebook, people would be trusting a company responsible for the grossly dishonest Cambridge Analytica Scandal whose CEO described his trusting users as “dumb f**ks”, with vast amounts of payment data."

Read an interesting article linked below, curious to hear everyone's opinions on how the industry is unfolding?

https://medium.com/@marcus_61942/decentralised-cryptocurrencies-vs-digital-currencies-3811e36cc94f?postPublishedType=initial

anyone said it's bad? Because I don't think it's bad and it cannot be bad.it's actually a best opportunity for cryptocurrency to note that very important personnel are picking interest in cryptocurrency and that will grab more attention and give cryptocurrency more opportunities for survival.

[tsaroz]

People need to have choices.
No one should be compelled to chose something based on whether it's good or not.
Facebook is undoubtly the most popular social network. For many Facebook is internet.
If facebook hit's the right spot, he could even surpass Bitcoin on number of transactions and overal market supply.

[bigcash2011]

It is indeed positive so there is nothing to panic but be haply that real world companies are now moving towards crypto these type of steps by big companies will only promote crypto and will result in massive adoption soon.

[maydna]

We don't know if that is bad for cryptocurrency or not and we should wait for a while and see what will happen if they are entered the market. That will be normal if Facebook and JP Morgans wants to take part in the cryptocurrency because they think that they can get a big profit from the cryptocurrency because the cryptocurrency is not already reaching all people in all countries and it will have a big chance to be the next new revolution in the financial section. But I think it will not easy to compete with the previous coins that are at the market because of all of the coins in the market has already had a reputation and it is hard to beat all of them.

[Mianae]

I would say that those coins cant really be considered as Cryptocurrencies on the first place yet these coins are centralized and as far as i know these are reversible ones which
isnt really a legit feature or properties of a true cryptocurrency.If we do talk about the effects then i would say that it wouldnt make any difference at all.

These coins ain't launched yet to my best of ability, those will be utility tokens and let's not forget the features of blockchain technology IMMUTABILITY of transactions. First we wait for their launch and see what's really all about. If fb truly launches their own blockchain and a token, it's for mass adoption not for centralization.

[Caladonian]

It is indeed positive so there is nothing to panic but be haply that real world companies are now moving towards crypto these type of steps by big companies will only promote crypto and will result in massive adoption soon.

Indeed, this will be a good sign as many new business that will adopt the same way this two big company who already show their interest,
it will bring more investors to this market and the industry will breakout and  make a huge uptrend.

Facebook and JP Morgan's will be the beginning for much bigger space for crypto industry.

[aioc]

I can't think of a reason why it's going to be bad, we are promoting the adoption and usability of Cryptocurrency any company big or small that wants to create or adopt Cryptocurrency will always good for the community, as long as they are not going to use it to scam people or use it to something that can bring bad image to the of cryptocurrency.

[jcarlo]

I can't think of a reason why it's going to be bad, we are promoting the adoption and usability of Cryptocurrency any company big or small that wants to create or adopt Cryptocurrency will always good for the community, as long as they are not going to use it to scam people or use it to something that can bring bad image to the of cryptocurrency.

I am agree. When big company join in cryptocurrency market and make their own crypto, i think its good because crypto community have more choice. It will increase trust from people who dont understand about cryptocurrency and could be attract more people to invest in crypto market

[Iykecollinz]

I have been hearing about Facebook coin all over the space, I have searched for details but it appears not to have a detailed information or a whitepaper yet. Most Kiely a lot of people will troop into it because of the popularity of Facebook but with time it may eventually not be what we had assumed it would be. The crypto market is very competitive now and new projects are not finding it to survive

[bitgolden]

It is indeed positive so there is nothing to panic but be haply that real world companies are now moving towards crypto these type of steps by big companies will only promote crypto and will result in massive adoption soon.

Indeed, this will be a good sign as many new business that will adopt the same way this two big company who already show their interest,
it will bring more investors to this market and the industry will breakout and  make a huge uptrend.

Facebook and JP Morgan's will be the beginning for much bigger space for crypto industry.

To the best of our knowledge, we all know that these coins are still in the development stage, bur prior to their release, we all need to deliberate on the importance of these coins that will definitely not show the true picture of a decentralized system, and it is likely that they will be centralized utility tokens which may not really be much useful for global transaction.

The only added advantage of these types of projects is that they create awareness generally for blockchain technology and cryptocurrency because of their recognition in the world and their reputation.  I really have a doubt if we will ever have a decentralized system again other than the one satoshi created.

[funchiestz]

"With banking institutions investigating digital coins that could one day find consumer use, we might be losing the highly important decentralised and trustless nature currently attributed to cryptocurrencies. The same applies for large-scale corporations such as Facebook, people would be trusting a company responsible for the grossly dishonest Cambridge Analytica Scandal whose CEO described his trusting users as “dumb f**ks”, with vast amounts of payment data."

Read an interesting article linked below, curious to hear everyone's opinions on how the industry is unfolding?

https://medium.com/@marcus_61942/decentralised-cryptocurrencies-vs-digital-currencies-3811e36cc94f?postPublishedType=initial

Facebook's Globalcoin doesn't seem like real cryptocurrencies. Globalcoin is more like a loyalty program benefit. As far as I can see, it hasn't really convinced the market experts yet. Even Roubini, says it is not real cryptocurrency.

[Dpat]

There will be no bad if the big giant like the Facebook and the JP Morgan's come to the cryptocurrency field. Rather the cryptocurrency will be more legit and the project will be more viable for the long term investors.

[Red-Apple]

you shouldn't even care about these coins because it is the underlying infrastructure of the banks. so when they advertise their "coin" it is like JP Morgan saying that from now on they are switching to computers with Corei7 CPUs whereas they were using Pentium 3 CPUs so far in their branches!!!
creating these new coins is not going to change anything for their customers either. and there is no such thing as these coins versus cryptocurrencuies and the argument about whether they are good or bad for them is meaningless in my opinion because you are comparing apples and oranges.

you see, people who are using bitcoin don't care about a bank that created some coin and is using the blockchain as a buzzword. if they wanted to use centralized crap they would have never started using bitcoin in first place.

[Samboo]

I think we should hold positive beliefs. Talking about cryptocurrency, the trend is like people follow what other people do without any judgement. So it is important to use judgement before drawing any conclusion. I think Facebook and JP Morgan's coins will give some encouragement to boost the market. It maybe noted that both of them were vocal of cryptocurrency.

[Erickan]

I am concerned that large companies like facebook when entering the crypto market will lose the decentralization of crypto. Facebook's coin is not decentralized, it is under strict management from facebook and the government. Moreover faceboook appears threatening the existence of XRP, XLM, it is not good for crypto market.