Does Facebooks's Libra cause the growth of bitcoin?

[Indamuck]

Who really cares?  At the end of the day it is all about hype and marketing.  Its why we have terrible car brands that cost 100 thousand for a piece of junk that needs constant repair or 300 dollars for a pair of shoes that costs a couple of dollars to make.

[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?

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.

this is a theory, there is no logical connection between what can be and what will really be.
While striving, I can't find any connection between what facebook can bring to bitcoin, they are the antipodes on every verse.

Why should I switch to facebook and then switch to btc? above all, will there ever be a connection point between the two? I have many doubts about it

[figmentofmyass]

of course not. bitcoin has been in a strong uptrend since last december. it basically tripled in price before facebook's coin was ever publicly announced. the libra project might create some new hype around crypto and bitcoin (because of the public's sheer ignorance) but it's definitely not behind bitcoin's overall bull trend.

[boyptc]

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.

I don't think it will be like the usual ICO/IEO project that will have an airdrop or bounty. They don't need any advertisement because facebook is already big.

About the ANN thread, not sure if this is official --> https://bitcointalk.org/index.php?topic=5154522.0

[fabiorem]

Libra is a good entry point for nocoiners.

The cuckold mentality of most nocoiners will only accept crypto as legit when some authority enforces it. Although Facebook clearly states the adoption of Libra is voluntary, for the nocoiner it will look like a enforced thing, as they live in a mental prison, and love to have stuff enforced upon them. Such is the way of the brainlet majority.

Although Libra is not a cryptocurrency, its being labelled as such, which might make the nocoiner have some curiosity over bitcoin. Lets say he get some rudimentary comprehension about the true value of bitcoin, and then decide to use it a little. Facebook censorship might help in this respect, with the nocoiner noticing such censorship doesnt exist with bitcoin.

This is much better than explaining to these brainlets what bitcoin is. Seriously, someone need to have a lot of patience to explain to boot-licking nocoiners what crypto is. You need to have the patience of a tibetan monk to be able to deal with the nocoiners. Much better to have Libra explain it to them, although in a distorted way. It will not hurt bitcoin, after all.

[BrewMaster]

Libra is a good entry point for nocoiners.

but will they even own "coins" in a cryptocurrency wallet? or will it be some IOUs on a website account they open up with this company?
as far as i understand it, the design is the later. like a bank account that your money is in full control of the bank or your paypal account with balance.
in which case there will be no effects on anything even for nocoiners! in fact it may even be damaging because it can make them think that is how bitcoin works too and end up using web wallets like coinbase!!!

[Theb]

Just imagine introducing the 2.2 billion users Facebook has on the crypto market by the use of Libra. Not all Facebook users are into crypto and most of them don't even know what cryptocurrency is. Once Libra is fully operational with Facebook its inevitable for its users to be introduced on to other coins as they will be exposed  with their first cryptocurrency. Just like what Bitcoin did to me which made me curious to other altcoins in the market. It feels like it's the same scenario but with a different cryptocurrency and with a bigger audience.

[fabiorem]

Libra is a good entry point for nocoiners.

but will they even own "coins" in a cryptocurrency wallet? or will it be some IOUs on a website account they open up with this company?
as far as i understand it, the design is the later. like a bank account that your money is in full control of the bank or your paypal account with balance.
in which case there will be no effects on anything even for nocoiners! in fact it may even be damaging because it can make them think that is how bitcoin works too and end up using web wallets like coinbase!!!

They would be using web wallets in any other way. The difference is that is much more likely that Facebook blocks their access due to censorship, than any of the other options. And when Facebook starts blocking wallets, they will look for a currency which wont do that, and thats bitcoin.

You cant expect the brainlet majority to run full nodes. They will be using web wallets, SPV wallets, or some digital bank like BAKKT for example. They dont want the risk of not being able to recover lost passwords, so they will always delegate responsibility to another party.

The good thing is that the price will go up due to demand, thats what matters. Facebook censorship will work for bitcoin advantage.

[LimLims]

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?

This isn't wrong,  according to my case.
Many of us can witness that the price rise took place because of Facebook.
Because of Facebook the trading volume of many coins including BTC has increased a lot.
Hope you understand this now and Good luck to ourselves.

[buwaytress]

Jesus, I get that FBcoin is a big thing. JPMCoin should be ashamed they didn't get this kind of traction, but then again Zuckerberg went full on brown-nosing for months with all the big bankers before putting FBCoin out (yes I know what it's actually called).

But come on, altcoin causing Bitcoin to grow? Really? More like Bitcoin caused Facebook's crypto to grow. I know people (rightly) think this is big for crypto but Bitcoin, not crypto.

[timerland]

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?

No. I highly doubt any correlation between a centralized project that FB has to offer, and something that is decentralized from day one in BTC.

Especially when you consider the fact that bitcoin dominance has actually been increasing over the past few months, instead of the normal trend of decreasing as we see a bull market emerge, further suggesting that people are moving towards investing into decentralization.

I simply hate it when people try to attribute BTC's price movements to completely uncorrelated institutional events, ranging from the stock market, to JPMorgan's own coin, and now FB's project. The biggest factor is still the cycles within the BTC network itself, as well as the fundamentals that shape demand, including the health and development of the network (LN), and institutional interest.

[jostorres]

I think it has nothing to do with libra, we have been going up for a long time now and not just recently, I know people are new in bitcoin but I have been around for 5+ years and I have seen these things happen before, any new coin that is coming up even if its a big one wouldn't matter to bitcoin since it has its own market different from others.

Libra is making a market and that is great for us because it could have a strong community behind it that will support a crypto currency and has a general affect to everyone but not directly to bitcoin. This increase happened way before Libra was announce and even before people knew facebook was interested in crypto the price went from 3k to 7k which means there is a bull going on and then of course it went on to be over 9 thousand but that could be considered the tail end of the hype and not because libra.

[blockchainwriters]

Facebook libra is centralized coin with censorship and lot of restrictions libra is of no comparison with bitcoin or crypto currencies growth both are independent coins launch of libra and bitcoin bullish growth

[Oilacris]

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?

Those experts are also shit the same into their own view about Libra coin is the cause of such price increase.

I don't know on where they do get out that idea.Lets say that they do launched up a centralized shitty coin
but it has nothing to do with bitcoin actually.

[figmentofmyass]

Libra is a good entry point for nocoiners.

but will they even own "coins" in a cryptocurrency wallet? or will it be some IOUs on a website account they open up with this company?

they're IOUs just like tether---issued and redeemed by a central entity. also like tether, they are tokenized on a blockchain, so they can be held in a cryptocurrency wallet and sent p2p.

however, this blockchain differs in that it's some sort of private/permissioned blockchain. consensus will probably be federated among a few large stakeholding entities, unlike bitcoin with its decentralized mining consensus.

[imstillthebest]

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?

Those experts are also shit the same into their own view about Libra coin is the cause of such price increase.

I don't know on where they do get out that idea.Lets say that they do launched up a centralized shitty coin
but it has nothing to do with bitcoin actually.

why call them expert if they are sh*t ? but they are still people no matter what college degree they reach no one can still speculate the flow of the cryptocurency correctly  . you cant called libra coin a sh*t coin because it has not been released yet but i have a feeling that the coin is good because it is backed by solid team  .  they are could also be right that libra coin can be a reason of the growth of bitcoin because more people will enter the crypto scene if facebook will market thier crypto on thier own platform  . people will also easily notice bitcoin if they are already familliar on what is crypto  .

[Distinctin]

I don't want to believe that it was just a coincidence, the timing of facebook announcement clearly have a good effect on crypto overall, of course especially in Bitcoin as it's the one who benefited a lot with a god increase. FB being here in crypto is an adoption, they adopted and with their adoption, that would also bring more adoption from their users and potential users.

[Pursuer]

I don't think so.
as a matter of fact I do believe that Libra can in some cases even cause bitcoin price to drop because I am sure that Facebook, knowing their shitcoin has no real future, will try to spread FUD about bitcoin and even do things against it and prevent its adoption. they may even fund spam attacks and other types of attacks against bitcoin to prevent bitcoin's growth with a healthy network knowing bitcoin's growth is their death. and we all know they have billions to spare for this project.

[Whaleagent]

Don't overthink it too much, Bitcoin has been bullish since April of this year, was Facebook responsible for that? Was Facebook responsible for Bitcoin doing a 2x in 2 months? Of course not and it is not responsible now. Libra was announced several days, weeks ago and Bitcoin didn't really react to it at all, why would it go up today and yesterday if it was caused by Facebook?

[jubalix]

At best

no one outside of the libra consortium is going to trust libra (and likely inside)

Alipay, Tencent or whatever will need a bridge to them ....

Large transfers between various systems will need to be done through a trusted zero counterparty risk with market depth .....  can any one say bitcoin....

I see that libra will somehow become associated with a BTC holding company to allow low friction to BTC then those that want withdraw to their private wallet.

So its hard to see how libra will not help BTC and be a massive on ramp,

Plus BTC has near a decade head start and a lot of dev and infrastructure in place.