Does Facebooks's Libra cause the growth of bitcoin?

[waitlevvy37]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

[bigatenz]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

Not the Bitcoin itself but the technology behind it  (Blockchain Technology).
If we talking about the price of Bitcoin YES MAYBE look at to the JPM announcement happened last February there's a sudden growth of Bitcoin price. Check out here : https://www.bloomberg.com/news/articles/2019-02-19/bitcoin-gets-delayed-boost-from-jpmorgan-s-embrace-of-crypto , maybe it will happen again

[CryptoBry]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

First, am not a spokesperson nor am I campaigning for Libra the cryptocurrency/blockchain project spearheaded by Facebook but first and foremost judging by the enormous resources and the personalities behind this project and considering its immense potential even within the ecosystem controlled by Facebook itself, calling it at this juncture as a "shitcoin" is premature. I am sure that if Libra is going to be successful, Mark Z. and his minions would be laughing to be bank enjoying their "shitcoin" but then again the marketplace can be full of tricks...what if no critical number of people or organizations will adopt Libra...then maybe you can be right with that label.

Now, how will the success (if you are proven false) affect the growth of bitcoin? Let me surmise by saying that people who are not into cryptocurrency but can be enticed to be a part of the industry all because of Facebook's Libra will also get to know bitcoin and I guess that soon they can use LibraCoin (or whatever the final name maybe) to exchange for bitcoin and vice versa. In other words, Libra can be a catalyst for more people to get engaged with cryptocurrency and soon these people are gonna appreciate bitcoin too.

[Ris88]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

It could be a return to the growth of bitcoin, and it is not likely that a large company does not follow Facebook's footsteps to make its own coins, I recently heard that the Samsung business will also make a breakthrough to make coins like Libra, and nothing is impossible if it will affect the growth of bitcoin in the future, what's more there are big companies in the world ..

And of course all that requires the existence of blockchan technology that is almost widespread out there, even a few large businesses have already used it, and not mere nonsense, if bitcoin will go back to grow to be bigger than before ..

[CryptoReggae]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

First, am not a spokesperson nor am I campaigning for Libra the cryptocurrency/blockchain project spearheaded by Facebook but first and foremost judging by the enormous resources and the personalities behind this project and considering its immense potential even within the ecosystem controlled by Facebook itself, called it at this juncture as a "shitcoin" is premature. I am sure that if Libra is going to be successful, Mark Z. and his minions would be laughing to be bank enjoying their "shitcoin" but then again the marketplace can be full of tricks...what if no critical number of people or organizations will adopt Libra...then maybe you can be right with that label.

Now, how will the success (if you are proven false) affect the growth of bitcoin? Let me surmise by saying that people who are not into cryptocurrency but can be enticed to be a part of the industry all because of Facebook's Libra will also get to know bitcoin and I guess that soon they can use LibraCoin (or whatever the final name maybe) to exchange for bitcoin and vice versa. In other words, Libra can be a catalyst for more people to get engaged with cryptocurrency and soon these people are gonna appreciate bitcoin too.

at the moment I see nothing positive. what is the real purpose of this coin? We should concentrate on giving an answer to this question, to then really understand why this currency is born. It is not enough to write on blockchain four data to define it as a cryptocurrency. I consider it garbage, but it does not mean that it will not spread and will not have a noticeable impact on the entire ecosystem, but it will still be junk.

If the consent and the issuance of money is in the hands and in the decisions of third parties, then we can define it in no uncertain terms SHITCOIN

regarding the thrust that this could give to cryptocurrencies, I believe that the impact is certainly positive but in irrelevant percentages

[Nadziratel]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

There's a lot of names running around right now. Some people say that Facebook's crypto money is called Libra. The rest is Globalcoin.!

Can someone explain which one is right?

[gipsongos2]

Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.

[jseverson]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

Well assuming a large portion of Facebook's users actually use Libra, it will literally bring crypto to the mainstream. Crypto has always come with a stigma, and this might give people the chance to see that it's only as harmful as its user wants it to be.

That being said, I don't even think Libra will do well.

Can someone explain which one is right?

Libra.

[Greyfuel]

I say yes. The big FB starts to enter the digital currency and that demonstrates the blockchain will have a future.

[krewbfu]

Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.

When such large companies as Facebook enter the cryptocurrency market, it stimulates the interest of users who have not previously used crypt, but want to invest in the project

The new wave of investors can not only improve the situation on the market, but also serve as a trigger for mass attacks on wallets and stock exchanges. Therefore, you should be even more attentive.

[derymakrt]

The forecasts for the cost of Bitcoin that were made at the beginning of the year were not deceived. Bitcoin really almost took the position of 10,000 by mid-summer. In a place with the release of the libra koin, this can give an impetus for young people to start using cryptocurrency.

[dlanruei21]

The forecasts for the cost of Bitcoin that were made at the beginning of the year were not deceived. Bitcoin really almost took the position of 10,000 by mid-summer. In a place with the release of the libra koin, this can give an impetus for young people to start using cryptocurrency.

If a large number of thousands of years begin to buy cryptocurrencies, it can be a problem both for the market and for profit. Many newbies do not study crypto investing, they want results. But immediately investing is short-sighted, it is better to get at least basic knowledge, for example, taklimakan offers educational articles. And only then try cryptocurrency. Since, like a sharp increase, we can expect a sharp decline due to the number of unsuccessful transactions on the part of beginning investors

[roosbit]

I say yes. The big FB starts to enter the digital currency and that demonstrates the blockchain will have a future.

Facebook jumping on the crypto bandwagon gives other cryptocurrencies a chance to grow tremendously as other investors get to know about the blockchain and cryptos...and get an opportunity to invest in other coins to expand their portfolios.

Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.

You are right, unless facebook chooses to only accept fiat as a way to buy Libra, Bitcoin remains a beneficiary in this new coin as demand will skyrocket as investors try to buy the Libra coin.

[boyptc]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

There's a tag 'crypto' to their coin.

Whereas people think that it's good to buy such coins that's backed up by a real company. While having that kind of tag, it's already in the minds of the people that whenever they see 'crypto', bitcoin is always the first thing that comes on their minds. And another what if, facebook is buying bitcoin?

[vladimirhf]

Well assuming a large portion of Facebook's users actually use Libra, it will literally bring crypto to the mainstream. Crypto has always come with a stigma, and this might give people the chance to see that it's only as harmful as its user wants it to be.

agree, libra won't require any effort from new users, they will get native wallets on apps they already know. we saw something similar happening to internet explorer and msn in the past... this will open minds to crypto and bring people to other coins, I guess.

[btc_angela]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

I don't think it will have a significant effect on bitcoin's growth. You said it's a shitcoin then how will it impact bitcoin? The only thing it can bring is hype around crypto itself, but it doesn't mean Facebook users will suddenly engage themselves and purchasing bitcoin or any other cryptos.

[YuginKadoya]

In my honest opinion about Facebook Libra, It is a stable coin and I stay away from all stable coins that are in sheep's clothing pretending to be a cryptocurrency and decentralized,

Well, this stable coin, if I am correct, will be launch in the year 2020, And even though Libra will have its own value it is still a stable coin that I can not fully trust to make an investment with, It is still profitable to invest with bitcoin and nothing more.

[kissme09]

There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

It is possible if Libra listed on exchanges and FB users must go through an exchange to buy Libra. The FB platform has a lot of users in the world if Bitcoin can reach these users. This will be a great success. Will help the market have more new investors, and the price of Bitcoin will increase rapidly because the number of investors increased sharply.

[DdmrDdmr]

Libra could be a booster to allowing people to use a cryptocurrency as a day to day element for their financial trades and transfers, presumably with ease of use, speed of TX and very low to null transaction fees. Their goal is likely to extend it’s use way further than the Facebook ecosystem, and the current (growing) list of integrands of the Libra Association seem to hint this, due to their diversity and areas of business. Currently, the Libra Association is integrated by (see https://libra.org/en-US/white-paper/#introducing-libra):

•   Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
•   Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc.
•   Telecommunications: Iliad, Vodafone Group
•   Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
•   Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
•   Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking

All that whilst being a sort of stablecoin, although with some margin for fluctuation:

It is important to highlight that this means one Libra will not always be able to convert into the same amount of a given local currency (i.e., Libra is not a “peg” to a single currency). Rather, as the value of the underlying assets moves, the value of one Libra in any local currency may fluctuate.

Fine, there is all the centralization to it, the fact that it is linked to commercial entities (which makes one shiver considering how TX data may be used), the non-anonymity, etcetera. In a sense, it will (likely) beat Bitcoin to some of the goals it set out to meet, such as being an extended payment method. Bitcoin is still heavily a store of (speculative) value, and has many operational drawback to be widely used yet for day to day purchases.

Really, Libra is not anything like Bitcoin, but the use of a crypto in a potentially ample scenario could easily draw more interest of people to the cryosphere, perhaps rather more from the utility point of view than a speculative one, but there are common vessels.


Edit: Democrats (Maxine Waters) reacted swiftly to the announcement:
https://www.theverge.com/2019/6/18/18684268/facebook-libra-cryptocurrency-stop-congress-house-democrat-maxine-waters-regulation

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” House Financial Services Committee Chairwoman Maxine Waters (D-CA) said in a statement. “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

Looks like no explicit regulation -> no Libra.

[Broly46]

When will have a ANN for this so called Facebook coins, also can we have a airdrop or bounties or something to earn some free coins? Or you can mine it.