Cnut237
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June 13, 2019, 07:11:54 AM |
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Facebook's coin will be a stable coin. The purpose of it (as I keep insisting to anyone who will listen) is to gather user data which they can then use as yet another data source for behavioural profiling, which they will then a) sell to advertisers, and potentially b) use to modify our behaviour (pushing people into voting for a certain party is only the start).
The only upside I can see from the FB coin is that it might pique interest from outside crypto and so be a step on the road to mainstream adoption.
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iv4n
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June 13, 2019, 08:22:09 AM |
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Crtypto get to this level without them, crypto will continue to make progress with or without them. I`m sure that some will use their coins and tokens, mostly new people who doesn`t know what crypto stands for. Let them, sooner or later they will find out what is better, this facebook coin will just contribute to bitcoin space, people will sell jp morgan/facebook coin for bitcoin, or litecoin.
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gentlemand
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June 13, 2019, 10:47:37 AM |
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None of these proposals are currencies or cryptocurrencies. They're dollar or alternate fiat tokens. Them using some aspects of blockchain technology makes no difference to their fundamental nature which is the same as everything that's gone before them.
I'll be very interested to see how Facebook treats users who interact with proper crypto. If they allow it then that increases its reach and utility. If they attempt to squash it that make the case for real crypto all the more compelling.
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SvonioneFromMangoCoinz
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June 13, 2019, 12:51:55 PM |
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I think that these two businesses will bring to our crypto market a lot of new investors and capitalization will increase quite high in the future. All activities will be more exciting and I am confident that the prices of BTC and ETH will increase more than expected.
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rizkyhiw
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June 13, 2019, 04:28:27 PM |
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It might be good that Facebook coins will attract more lay people to enter the crypto space because they will carry out extraordinary promotions where they are known for their social media so they also benefit from many loyal users, for the rest maybe new investors will read more many situations and will see high-quality coins like Bitcoin that continue to fluctuate every day, I believe there is a good side of Facebook to issue global coins.
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Adriano2010
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June 13, 2019, 06:13:39 PM |
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I also think will be good for crypto because this can bring new people to crypto and buy also bitcoin and altcoins, if they are interested on crypto, and price could grow way more.
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eaLiTy
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June 13, 2019, 10:00:08 PM |
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Facebook's coin will be a stable coin. The purpose of it (as I keep insisting to anyone who will listen) is to gather user data which they can then use as yet another data source for behavioural profiling, which they will then a) sell to advertisers, and potentially b) use to modify our behaviour (pushing people into voting for a certain party is only the start). The only upside I can see from the FB coin is that it might pique interest from outside crypto and so be a step on the road to mainstream adoption.
I can stand by your vision that these centralized coins is all about data gathering and profiling and making sure they have a data regarding your investment but that does not provide the situation where you claim that the centralized coin facebook is coming up with will be a stable coin, not seen their white paper either as it is not released yet, explain to the rest of the community on how you came to the conclusion that facebook coin will be a stable coin.
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tippytoes
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June 13, 2019, 10:21:21 PM |
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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 .
I'd say, they will aid in crypto mass adoption in one way or another. Because of the huge number of their users, the adoption might come easy for them. Many people are still ignorant in dealing with crypto, and most of them thought that it's too complicated to do a simple btc transaction. With the deployment of fb coin, their dev team might develop a process that is dumb-friendly and so their quick adoption begins. We will know such development in the near future. Let us see...
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adzino
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June 13, 2019, 10:33:11 PM |
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" 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-3811e36cc94fThey are going to leave in harmony. In fact, they may not even exist or last for very long. You see, people are using crypto currencies because it is decentralized and easy to use. If banks starts to get involved (by creating their own coins), it will no longer remain decentralized. The freedom that we getting from using bitcoin or other crypto currencies will be lost when using those centralized crypto coins. So, the coins will either live side by side in harmony or they won't be popular to last long in the market.
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STT
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June 13, 2019, 10:34:35 PM Last edit: June 13, 2019, 10:45:35 PM by STT |
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how you came to the conclusion that facebook coin will be a stable coin FB will be a 'stable coin'. Way back paypal was going to be something else, not linked to dollar but of course it went that way as its far simpler to do so. FB will always be fixed to dollar so far as know, if you discover otherwise let us know. I believe it'll be similar to this - https://en.wikipedia.org/wiki/Amazon_CoinThe biggest deal FB or JPM might be is interfacing everyday people into a crypto atmosphere. Ive said that for a while and Im sure its already realised by many that you cant really be talking about wide adoption by the mainstream while having any penalties for the non technical population. FB coin should just be the remote control device and not really useful beyond that. FB and JPM will both issue this tech to serve one master, the owners / operators will all be in favour of corporate profits and the users are FB customers; very traditional division unlike crypto. This is not the crypto model, its just use of the technology for their purpose. It should not especially effect crypto as its not part of crypto, same thing applied to the Venezuela attempt at crypto which again had only the purpose to serve a dictator with more power. The crypto we know is open ended because its greatest gift is growth and enabling others a new route besides the conventional FIAT failure, a distributed trustless system. Neither JPM or FB want you to have that option, so its a very small step and I dont see it much more then current token or points collectable at various shops for loyalty rewards. Not against it but that that excited either. I'll mention this product, its really old now but it came before BTC existed and was 'net money' and generally went nowhere: https://en.wikipedia.org/wiki/Beenz.com
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jonsky05
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June 13, 2019, 10:57:14 PM |
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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 .
That's true I think it will bring more investor here in crypto because of this coming coins and I think it will be profitable. But of course many things can be still consider for this coming coins although it will give a good impact in crypto.
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Burogh
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June 14, 2019, 01:14:11 AM |
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Facebook's coin will be a stable coin. The purpose of it (as I keep insisting to anyone who will listen) is to gather user data which they can then use as yet another data source for behavioural profiling, which they will then a) sell to advertisers, and potentially b) use to modify our behaviour (pushing people into voting for a certain party is only the start). The only upside I can see from the FB coin is that it might pique interest from outside crypto and so be a step on the road to mainstream adoption.
I can stand by your vision that these centralized coins is all about data gathering and profiling and making sure they have a data regarding your investment but that does not provide the situation where you claim that the centralized coin facebook is coming up with will be a stable coin, not seen their white paper either as it is not released yet, explain to the rest of the community on how you came to the conclusion that facebook coin will be a stable coin. Without facebook coin, they already gathering data from their members and for example is on cambridge analytica case. I am just thinking this coin is just to raise their portfolio and creating new company because this coin should manage by different company not facebook but still in facebook group.
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kaya11
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June 14, 2019, 03:36:13 AM |
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" 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-3811e36cc94fSocial media is a powerful too use in many different aspects, information gathering and input, so many users around the globe use it. It is a good way to let people be aware of current issues. Crypto is still on it's development so apps like Facebook is a really big help in promoting crypto. Even if they are only launching their own coin it is still can be counted as a whole for crytpo. That's what sometimes people think, all are linked together leading them to other crypto currencies.
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betty11
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June 14, 2019, 07:31:36 AM |
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FB and JPM coins are just a stable coin that may not directly have an impact in the crypto space but it will indirectly have an impact as the day go one, since these will help advertise cryptocurrency the more and many believers and users of Facebook and JP Morgans will want to invest big in Cryptocurrency.
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timerland
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June 14, 2019, 08:14:03 AM |
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" 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-3811e36cc94fBlockchain technology doesn't always translate into decentralised cryptocurrencies. It can be applied in a variety of ways, including by corporations to streamline their own internal processes, or develop their own centrally backed coins. There is nothing wrong with that. It's just that these coins most likely will not pose any significant advantages to existing decentralised cryptocurrencies. People may get hyped up like a launch of a token from an institution will change everything, but they are two separate entities altogether that aren't necessarily related. I also don't see it as "drifting away" from decentralisation. The people will benefit the most from bitcoin's utility will continue to use it; it's not like they will cease to do so simply because some company issued their own blockchain token.
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Natalim
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June 14, 2019, 09:30:56 AM |
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It cannot be negative because it's an addition to the market and not just a simple addition as it's from reputable and popular company, imagine the exposure crypto will get when they launch, even now that they are still in the planning stage, people are well aware already that these giants are entering in crypto, and that would boost some investors confidence and will attract new money to flow in the market.
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Caladonian
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June 14, 2019, 09:42:30 AM |
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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. By the fact that it will be controlled by Facebook and JPM already stated its conditions, there's no chance those coins will be decentralized it's own and be controlled by a single entity, we will expect that it will be worthy attract more people inside this industry as the names itself can bring big attentions around bigger venue of investment.
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XFlowZion
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June 14, 2019, 12:46:08 PM |
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I don't really care about JPM coin and it was already hated and it won't succeed. But talking about Fbcoin, I feel already going crazy on what is going to happen when it gets release and listed. I know that many whale traders or rich traders group will use this opportunity to ride its wave and pump a lot of the digital assets. Just imagine that magic of Fb's Globalcoin getting paired not just with btc but also with the several top altcoins.
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thecodebear
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June 14, 2019, 02:56:44 PM |
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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.
I think maybe you misunderstand these coins. First off, JPMorgan coin is not something any one will be buying. It is only used for their own internal use to move money around. No one will ever be owning JPMorgan Coin. In terms of Facebook's Globalcoin, it is a stable coin, so it isn't something anyone will be "investing" in. New users be buying it up because it is no different than owning USD, there's no reason to "buy it up". Sure some facebook/instagram/whatsapp users will convert fiat into GlobalCoin in order to spend or transfer it through those apps, but it isn't something anyone will be "buying up" instead of something like Bitcoin. Just like people don't buy up Tether or USDC or whatever other stable coins instead of Bitcoin.
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thecodebear
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June 14, 2019, 03:01:59 PM |
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I don't really care about JPM coin and it was already hated and it won't succeed. But talking about Fbcoin, I feel already going crazy on what is going to happen when it gets release and listed. I know that many whale traders or rich traders group will use this opportunity to ride its wave and pump a lot of the digital assets. Just imagine that magic of Fb's Globalcoin getting paired not just with btc but also with the several top altcoins.
I doubt Globalcoin will be trading on cryptocurrency exchanges. Though if it is I think that would be fantastic. That simply provides people with another on-ramp into crypto. If facebook allows people to easily and quickly convert fiat into globalcoin, and people could then send globalcoin to an exchange and buy crypto with it, that'd be a huge new easy on-ramp to bitcoin and the crypto world. I'm not sure Globalcoin will actually succeed the way Zuckerberg hopes it will, but if it does I think that'll help Bitcoin out a lot by making it even easier to buy bitcoin.
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