How Will FB Coin/JPM Coin Impact the Cryptocurrency Ecosystem?

[gentlemand]

I personally don't see how they will convince anyone in a first world country to use Libra. Libra doesn't have enough of the benefits of something like Bitcoin to get people to buy in, especially since it is a stablecoin.

Whatsapp.

Loads of businesses still don't have card machines. Almost everyone has that. If you're out with your friends you can all settle up whatever bill with it immediately. If you're in another country there's no transfer wait, excessive card fees or any need to buy cash or use an ATM.

All the same I'll be very curious to know how volatile the exchange rate is. I'm sure it'll be very, very modest but even then it's not something most people are used to. I dunno what proportion each currency is planned to have but the Brexit result for instance would've produced a very noticeable knock.

But I still don't think this has a chance of being allowed to live in the form they want it to.

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[davinchi]

I'm not going to buy FB Coin and indulge in a centralized cryptocurrency. I will invest in cryptocurrency currencies that meet the standards of understanding the first cryo enthusiasts.

I personally don't see how they will convince anyone in a first world country to use Libra. Libra doesn't have enough of the benefits of something like Bitcoin to get people to buy in, especially since it is a stablecoin. It won't appreciate, it isn't a hedge against economy, it isn't decentralized or trustless, it isn't borderless, it isn't censorship resistant, it exists within the established currency regulatory framework so it isn't protected from having funds or accounts frozen. It's a bank account in a cryptocurrency package, which does indeed have advantages over the legacy digital fiat system, but I don't see people being like "oh i should move my money into Facebook/Libra".

I get the "banking the unbanked" use case or store of value for those in countries with a currency that is being rapidly devalued. Bitcoin currently serves that use case but a stablecoin would make more sense for people's savings, while Bitcoin could still serve as an investment for those in countries where they can't trust the government to not rapidly debase their fiat. Still though, they'd have to set up Libra ATMs in all these unbanked places, but there is nothing really special about that, any bank could do the same by setting up a cryptocurrency and doing the same.

The only advantage I am seeing about Facebook coin from my own angle is just that it will make it easier for lots business men and women across the world to be able to transact business within one another easily without any delay, just like it has been easy to use other currencies like Bitcoin to make payment without delays or restrictions caused by other local traditional payment method.

The fact that it is going to be a stable coin, people won’t be scared of losing the value of their money when they exchange it to cryptocurrency, so I think Facebook will still be very useful, even though it is going to be a centralized coin, but the edge Bitcoin will have over it in the market is its decentralize feature.

[Pumapipa]

It will all boil down to one factor-- TRUST. FB coin of Libra as what they used to term it, is built on trust. They have perceived how users trust the brand enough to use them for their transactions using the social media platform. same thing goes with bitcoin and other top competitors, this will challenge the latter to gain much trust amidst the volatility.

[bitgolden]

Nothing special about those coins. JPM coin and FB coin (if that will be the name since they haven't declare it yet) are still altcoins, the only difference is the objective of there projects. They are just from a famous people that is why we just thought they are special but the truth is they are just some alternative coin that may still follow btc's path. Just like some other altcoins, they will bring any impact on the crypto space.

I don’t know about JPM coin and what the name of its coin will be, but I guess Facebook has finally declared its coin to be Libra, and also officially made a statement of Libra coin not performing the same function as much as Bitcoin does, so like you said, they are just altcoins and these two coins can only compete with other altcoins for their popularity, especially Facebook Libra coin.

I think the release of Libra coin, should be the fear of those altcoins that are sitting on the position of top in the coinmarketcap, I see Facebook coin really boosting the crypto market so high with very huge volume and market cap gap.

[Indrawan77]

I think it will makes crypto investment become more interesting, but as we know most of the crypto investors never take centralised coin seriously they just buy and dump to make profit, in other hand it could attract more investors that want more secure investment, so its good to have these coins

[joshy23]

I think it will makes crypto investment become more interesting, but as we know most of the crypto investors never take centralised coin seriously they just buy and dump to make profit, in other hand it could attract more investors that want more secure investment, so its good to have these coins

Both sides will have a weight when you will going to decide whether to invest or not with this types of projects, you need to consider how the team will create new usable things that will also helps the entire industry, after doing your own research and assessment you'll be able to figured things out and known the value once investing to this projects.

[Vishnu.Reang]

As per the latest stats, Facebook is having somewhere around 2.38 billion users. And that number is 25x higher than the users of cryptocurrency right now. Even if just 10% of the FB users start using Libracoin, it will result in the number of crypto users increasing by a great amount. And the best thing is that many of these users will be shifting to BTC and other decentralized cryptos in the near future.

[shinharu10282016]

I don't think they will that have much impact but I think they can actually help in the globalization and wide use of the technology only a few people in this world know.

[welchmgra]

"On the one hand, these are amazing developments that validate blockchain technology and its potential as a currency system, however, they are also drifting us away from the original vision of a decentralised monetary system. In February 2009, Satoshi wrote on a P2P online forum:

'The root problem with conventional currency is all the trust that’s required to make it work…but the history of fiat currencies is full of breaches of that trust'”

Taken from the article linked below, worth reading. Do you think the emergence of banking and corporate digital currencies will take away from the original cryptocurrencies or can they live in harmony?

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

They will not do anything different from what others have done. There's a bit difference with Facebook Libra, it's being accepted by a lot of companies like eBay, PayPal and so many of them.. That's the only difference. And I already knew that it was going to be like that because Facebook is already a huge company and for sure it's meant to have a wide acception.

But the thing is how many people are ready to make use of rue coin? Cause from what I've heard the coin is a stable coin, which means that it is in the same league as USDT and the rest of them that are all stable coins. BNB is in the same league as Bitcoin. But the way I see it, these coins are not making any change… if any cryptocurrency can make huge changes, it is Bitcoin.

[klaaas]

It will all boil down to one factor-- TRUST. FB coin of Libra as what they used to term it, is built on trust.

No it is build on a blockchain under there control and terms for the ultra rich to profit from. Not the best place to pick to trust your funds with.  Besides that it is always risky to trust a middlemen with your funds.

[romero121]

These coins mentioned weren't gonna make any specific impact on the growth of bitcoin and rest of the altcoins. As the backing firm of these coins were well established can expect immediate popularity all around the world. Whether they have any perfect usage or not is not a big thing, in what way it makes impact on cryptocurrency network is much concerned. Through these coins can easily learn about bitcoin and other cryptocurrencies.

[thehun]

There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.

[Lanatsa]

There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.

Out of curiosity they will surely search up things on the origin or the first thing who do make use of blockchain tech which is bitcoin.
They might able to read it up with FB coin or JPM or any other centralized coins but its inevitable for them not to know on Bitcoins existence which
would possibly divert out if they do able to compare both things and discover their differences.

[Kemarit]

It will all boil down to one factor-- TRUST. FB coin of Libra as what they used to term it, is built on trust. They have perceived how users trust the brand enough to use them for their transactions using the social media platform. same thing goes with bitcoin and other top competitors, this will challenge the latter to gain much trust amidst the volatility.

But Facebook as company has a proven track record of breaching trust and data of it's consumers. So if we are talking about your money here, are you going to put your hands on this corporations? And others have said, it's pegged to a fiat, so how can it affect or have a impact on the the current crypto ecosystem?

But I would have to agree that this article is pure click-bait, at the end of it, the OP or the author of the article is promoting about Plutus, a financing app incorporating crypto, nice try. 

[butcherme]

They could be a great and bad effect on the market first we all know that they would surely bring new investor in the market ,
But what if those investor just crash the market they could be added to those weak hands who could easily be swayed by the FUD and FOMO .
They would just add up to the fast price drop and boost it way more faster we have seen how the market collapse when there are so many weak hands who couldn't handle the FUD .

[FanEagle]

I think we may not trust facebook or jpm but there are so mnay people that trust them and facebook will make their own currency market so well everywhere all around the world that eventually even companies will start to pay each other with libra to make things easier instead of bank transactions.

You and I may not trust it, however they have billions of users and that means even if 1% of it uses that currency it will become huge. Hence, I think this will be good and bad, firstly good because they are still doing something banks have been doing for years and it will hurt banks so having Libra on our side against banks will help us, but the bad is they are also trying to steal away people from crypto world too which will hurt us as much as banks and we are not as strong as banks.

[Rufsilf]

I think it will have a positive effect to cryptocurrency ecosystem because both are well know hence, they can attract people or investors because of their popularity and with that it is likely that once investor will check on their coins they would also came across with other coins like bitcoin, meaning it will increase the number of people who will know bitcoin and probably one of those people will adopt and invest in bitcoin.

[unusualfacts30]

I have given it a lot of thought but at the end of the day it's up to the people. fb have huge userbase that is true but how many of them would invest in fb coin and hodl it for long term? investing is not enough they have to hodl it too or the value and its acceptance won't reach very high. Good news is that it can bring those same people towards decentralized tokens.

[klaaas]

I have given it a lot of thought but at the end of the day it's up to the people. fb have huge userbase that is true but how many of them would invest in fb coin and hodl it for long term? investing is not enough they have to hodl it too or the value and its acceptance won't reach very high. Good news is that it can bring those same people towards decentralized tokens.

Nothing to invest for the public here, 1 usd inn is 1 usd out. It is made so only the ultra rich can join the party and make big profits.

[thehun]

There is one positive outcome, that many people who knew nothing about Bitcoin (apart from what the mainstream media says) will start educating themselves and discover how much better a REAL cryptocurrency like BTC is.

Out of curiosity they will surely search up things on the origin or the first thing who do make use of blockchain tech which is bitcoin.
They might able to read it up with FB coin or JPM or any other centralized coins but its inevitable for them not to know on Bitcoins existence which
would possibly divert out if they do able to compare both things and discover their differences.

The vast majority of Facebook users won't have the technical background or interest to learn about the insides of Bitcoin, but if only a small percentage of them can take the time to do it it will be already something huge.