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

[StackingSats]

"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

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[xvids]

I think that they would affect the crypto market in a good way they would attract more investor since they are already well known and making more publicity for crypto.
But I don't really think that most of us would be interested in those centralized alt-coin and we would just use it for trading to gain profit ,
Most of us wouldn't really use it for it's sole purpose just like most of the centralized crypto .

[angel55]

My ideal scenario would be that current crypto users boycott Facebook and Jp Morgan coin and stick with the decentralized options.  Unfortunately new users will definitely buy up anything with Facebook attached to it.

[Ayiranorea]

With the news of Facebook entering the cryptocurrency network with its global coin people around the world could have known better about cryptocurrencies. JPM is speculated big as they are a big contributor to the economic cycle around the world. Global chain being a plan for stable coin and is much used on centralized platform it might get increased usage and doesn't gonna make a big impact over cryptocurrency.

[LeGaulois]

From what I understand JPM coin isn't even a cryptocurrency, and it will surely be the same about Facebook coin.
So how do you want to impact the crypto currency ecosystem? It's like asking "IF Tesla creates a new car, how it will impact my paper toilets quality?"
Don't forget that Facebook has a few failed projects and its coin could be another one. People will use the fb coins just to buy credit to play Fb games like angry birds, idk

[Harlot]

JPM coin and Facebook's cryptocurrency doesn't even cater the same people in the market. JPM coin is only used within their internal transactions of dong business while FB's crypto will only be used within their family of application, so if you are thinking that it will somehow affect the market demands and market dominance from existing cryptocurrencies available in the crypto exchanges think again, the cryptocurrencies this companies created are not meant to be traded in any exchange but to be used within their system.

[Lanatsa]

JPM coin and Facebook's cryptocurrency doesn't even cater the same people in the market. JPM coin is only used within their internal transactions of dong business while FB's crypto will only be used within their family of application, so if you are thinking that it will somehow affect the market demands and market dominance from existing cryptocurrencies available in the crypto exchanges think again, the cryptocurrencies this companies created are not meant to be traded in any exchange but to be used within their system.

Truth, that's why I don't see any effects or impact into the existence of these coins yet these do serve or can be used internally with its service
it has nothing to do with cryptocurrency ecosystem.I do rather see this as an another e-currency which have the sole purpose of being used on a specific service/company.

[funchiestz]

These two coins can be important for the market. However, a future initiative, especially through Facebook, may have more positive effects. However, there is still no significant information about Facebook's project.

[Genemind]

There have been rumours about launching this coin but there's no further announcement yet.
As for me, it will make noise since endorsement and advertisement for it would be easy through Facebook.
It could reach a lot of social media users because a lot of people trust the app itself. However, I think this coin is far from decentralization because it's being handled and controlled with the involvement of social media.
Let's see how things will go for this coin.

[alrose]

"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

At the same time they co-exist!Of course, I am a supporter of decentralization, but we all need to understand that someone has more money and power and all the trump cards in their hands.Therefore, the vision of Satoshi is possible and will not occur.But I hope the harmony will prevail.

[Ailmand]

My ideal scenario would be that current crypto users boycott Facebook and Jp Morgan coin and stick with the decentralized options.  Unfortunately new users will definitely buy up anything with Facebook attached to it.

That idea could help but it's impossible. Since JPM is entitled to control things, he will surely focus on centralizing it and will only take advantage the chance to rule over it. We all know that some users only follow the trend, they will surely buy this coin regardless of the centralization.

[thehun]

We're talking about late arrivals, centralized coins with no real added value for the user, controlled by evil corporations. Sure, some people will make some tidy profits but in overall the crypto ecosystem won't give a damn.

[Kemarit]

If we are talking about centralized coins like GlobalCoin then it has no impact whatsoever in the market. How can it compete when those can be categorized as tokens, if there is an industry that they disrupt then it should be the banking system and the fiat. So let's stop the comparison right now because it's like apple and oranges, no need to worry guys because there will be negative effect and the net goal is just simply to make more money by Mark Z here.

[dothebeats]

Personally I don't think centralized coins would alter the market, or at least do some significant impact knowing that for the most part these coins will just be used on the platforms they are intended to, and not really going to be speculative coins (hopefully.) Also, a lot of people know by now that these coins aren't really the "hodling" type, knowing so well that these will be bound by a lot of regulations and stricter rules preventing rapid valuation in a short span of time. Profit opportunity cannot be found on these coins that's for sure, and that will also be one of the reasons why people will avoid it.

[eaLiTy]

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.

We really do not need these corporates to start a centralized blockchain and a monetary system to validate the blockchain technology, these centralized platforms could lure unknown users into their platform when then people will understand the real value of decentralization and the power of bitcoin, these centralized tokens might act as a stepping stone for the future bitcoin echo system.

[exstasie]

With the Facebook coin, I'm curious if it'll become another standard stablecoin (like USDC or PAX) since Facebook intends to have it trade on exchanges like Coinbase and Gemini. If Facebook manages to create large demand for this coin (as a cheap remittance method for example) then we could also see it become a common base pair trading against crypto. If that happens, it will probably be net bullish for the crypto market. Some of the money that gets locked up in the Cryptocurrency<-->Globalcoin ecosystem will trickle into the crypto market.

[Yakamoto]

"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

At the end of the day, if no-one chooses to use the digital currencies, there won't be any reason to be concerned about their supposed "rise". Their own form of digital currencies shouldn't be anything different than what they already have (digital fiat) so I can't see these coins becoming anything more than a sort of collectible or vanity token. They'd need to make a considerable marketplace to even begin to get these coins off the ground, and if they're not interested in developing the coins to that extent then cryptos will continue to be the big thing.

Facebookcoin better have a bustling marketplace where users can buy and sell the coin freely, with minimal fees, otherwise, they're wasting their time quite severely. It's no better than purchasing Steam wallets funds if there's no way to take the tokens you earn out of their system. You just funnel money into their business and never get any real value out of it because it'll only be able to purchase intangible goods. At least through the Facebook platform alone. Maybe JPMCoin will have more merit and value.

[hatshepsut93]

We already have centralized coins - XRP, EOS, TRON and others, Facebook, JPM and other are just taking it a little bit further by being more openly centralized, but essentially they are the same. Overall it's just a new hype, long time ago people were forking BTC, then forking forks, then making tokens, now people are making stablecoins, securities, centralized coins. It might become a major trend for crypto, but true old-school cryptos like BTC, LTC, XMR will still rule, they'll have far bigger community and number of users, which is what is really important in the long run.

[EdenHazard]

I only think that with the presence of bitcoin and its success being used by many users in the past of 10 years, it has provided many innovations for a company. They rely on the company's big name to intend to replace bitcoin as a real payment system function. However, I'm still doubt of the success's GlobalCoin and JPM coin will be achieved because basically they have the same characteristics so as everyone who uses them doesn't choose both. As for an effect that will be given when these coins are used against market cryptocurrencies I pretty sure that they won't give a positive or negative effect on cryptocurrencies market. This is like USD coin or Teather that was before FB and JPM made it.

[shinratensei_]

These two coins can be important for the market. However, a future initiative, especially through Facebook, may have more positive effects. However, there is still no significant information about Facebook's project.

As far as i know the further explanation about facebook global coin will come in the next months and i remember if facebook global coin whitepaper will be released at the end of the Q3 of this year.
Both of coins will be very centralized because it's only controlled by a single party.