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

[suzanne5223]

https://twitter.com/brucefenton/status/1146184692229693446

The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.

"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."

I really don't think this is ever going to see the light of day unless it's 100% neutered.

Well said cause the governments/institutions was against Bitcoin from the beginning cause they see it as something which may lead to  plunge of their national currencies and profit respectively. However, JPM coin don't have the flame to impact crypto ecosystem while FB coin still have but it won't last long though.

[1715328923]

1715328923

[marcbitcoins]

I believe that these two new Altcoins will favor the crypto currency market to become more trusted investments. Like this Libra coin that for sure that it will attract more people to invest as Facebook has already millions of users that can be future investors too. We really need more new beautiful crypto platforms like these that are feasible to the masses so that the popularity of crypto currency as good source of investment can be sustain.

[ck343]

https://twitter.com/brucefenton/status/1146184692229693446

The Congressional House Committee on Financial Services have asked/told Mark and friends to STOP IT.

"It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar."

I really don't think this is ever going to see the light of day unless it's 100% neutered.

Libracoins will be backed by currencies and Gov bonds.
Libra will take users money and buy currencies and Gov bonds, in order to back up Libracoins.
Through Libra people (without knowing it) will finance Govs.
And you think that Govs are going to stop Libra?
Do you take always so seriously what politicians say? 

[vidprab5]

"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

JPM coin has been around for a whole now and I don’t see any changes that it has brought to the crypto System ,so I’ don’t think it is going to bring any change any longer.  I’m just waiting for the facebook Libra coin to start off so I would see how everything about is going to work, the way I see it, the FB Libra coin is likely to bring a lot of changes cause there are lots of companies that are ready to work with the Libra coin . There are also people who are saying they don’t like the Libra coin cause they are believing it wouldn’t be what cryptocurrencies are meant to be… they think it would be something different. We are not sure about that yet… so I’m not going to say anything on it.

[joromz1226]

I believe that these two new Altcoins will favor the crypto currency market to become more trusted investments. Like this Libra coin that for sure that it will attract more people to invest as Facebook has already millions of users that can be future investors too. We really need more new beautiful crypto platforms like these that are feasible to the masses so that the popularity of crypto currency as good source of investment can be sustain.

I think I must agreed on you in some other other things, which is that Facebook can attract more people because of its millions of users that can be their future investors. But not the majority community here in crypto or bitcoin industry I guess. Because most of the community here in the forum are much deeper knowledgeable compare to the community of Facebook users. So, lets see what will happen for this things.

[gentlemand]

Watch the latest White House press conference largely regarding Libra - https://www.youtube.com/watch?v=jH5Em9Le9KM

It doesn't sound like Facebook and friends are anywhere near being allowed to get it rolling. They're going to have to do an awful lot more to convince the government before anything can happen.

As I've said before, it will never live in the form they're proposing. It's going to be hollowed out until the powers that be are satisfied it's nothing more than an inoffensive addition to what's already available.