Will Facebook’s Libra Coin be a Game Changer in Crypto Ecosystem

[Elena_Rodriguez]

The social media giant, Facebook has finally revealed the details of its cryptocurrency Libra. Today the platform released its white paper explaining Libra & its testnet before a public launch in the Q1 of 2020.

Additionally, the new Libra coin will allow users to purchase things at local exchange points like grocery stores. Also, enables users to spend it using third-party wallet apps or its own Calibra wallet that will be built on WhatsApp, Messenger, & its own app. The best part is that you can transfer money to people with nearly zero fees.

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

Read the complete White Paper of Libra coin

[CryptoBry]

Seems that more and more people are getting excited with this latest baby of the people behind Facebook. I also understand that just like a big project, there will be people who are making noises pointing the flaws and problems of the project, which is I guess just part of the dynamism that Libra is bringing to the marketplace.

Will this be a game-changer? YES and NO. Yes, it can be a big changer within the very ecosystem already established by Facebook conglomerate as it would mean smooth way to transact business to the social sites controlled by Facebook and members of those sites can do business efficiently and with a good speed which the market has been demanding. Now, this established Facebook network is the main star of the show as without it then Libra can just be another dead star in the heavens.

Now, will this be the game-changer that the whole cryptocurrency is waiting for? I would say NO. Considering the criticisms it is receiving right now, maybe it can take time for the whole industry and its established leaders and influencers to accept Libra. Just like how some people are viewing Mark Z. with distrust and skeptics, Libra is seen on the same way in some cryptocurrency circles.

In other words, let's all wait and see what can be. Only time can tell how Libra will eventually fare in the flow of things in the cryptocurrency market.

[CryptoMobster]

The only thing it does is prove that they can make blockchains more centralized and if it does bring any good to the industry it will be the buzz words.

[klaaas]

Rich ones getting richer on this and seems like a cash grab. Facebook only aims for the financial user data and the same  for the companies supporting it.

[Cryptof11k]

Looks like this one would liberate cryptocurrency cause most people can relate with the credibility of Facebook period.

[stompix]

Just like how some people are viewing Mark Z. with distrust and skeptics, Libra is seen on the same way in some cryptocurrency circles.

99% of people say Windows sucks but they 90% of them use Windows.
99% of people say they hate banks but most of them have at least one bank account.
The US is the most hated country but thousands try to get in illegally and thousands apply for a green card.
If you ask people about television, almost everyone will say its a waste of time but 3 hours later they are glued to the tv.

It will not be a decision of trusting or not trusting Suckerberg, it will all be about convenience.

[yusupjatigumilar]

In my opinion if we look at the core part of the Libra is to create an easy payment system for all users as easy as sending messages, all I can take from here is nothing special about this product, there are many similar products offering crypto currency payment systems which is practical and efficient, which makes libra viral and widely discussed so that it is considered an extraordinary product and will have a high selling value because the issuing of these products is a company that already has a high popularity throughout the world.

[CBANX2]

Facebook's cryptocurrency and blockchain project both are grabbing headlines; Libra is the talk of the town today, though Facebook has declared that Libra has nothing to do with Bitcoin.

[Herbert2020]

Additionally, the new Libra coin will allow users to purchase things at local exchange points like grocery stores. Also, enables users to spend it using third-party wallet apps or its own Calibra wallet that will be built on WhatsApp, Messenger, & its own app. The best part is that you can transfer money to people with nearly zero fees.

in other words it is exactly the same as PayPal but with a couple of more apps investing in it first!

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

well it is not global when they are blocking certain countries from accessing it to create an account. again just like PayPal.

will it be a game changer?

yes, it will compete with PayPal strongly and change the game by a lot so PayPal has to increase their efforts if they don't want to lose the market to Facebook.

[creeps]

Rich ones getting richer on this and seems like a cash grab. Facebook only aims for the financial user data and the same  for the companies supporting it.

They are just joining the hype, they saw a big opportunity and that's why they started to act. We don't know if this Libra coin is totally good for cryptomarket as we still have no idea about their real purpose. This mass adoption has the positive impact, but hopefully they will succeed because if not for sure we will enter into a bear market again. Cryptocurrency needs more big companies to adopt it, and to formally use it let's welcome Facebook for this but don't invest if you are still doubting about your security on that coin, for sure KYC will be needed.

[YuginKadoya]

I have said it here and I will say it again I am not a fan of stable coins and while there are a few in the community that are investing in this kind of coins I will not judge you in doing so but my thoughts are it will not gonna have a big impact with the price of bitcoin, And I will not give any suggestion in everyone that wants to invest with it to really not enter your money with it, decentralized all the way! 

[cabron]

I wouldn't mind investing to Libra, its a game changer of course its facebook that is developing it so its must be a huge project which some of us already figured it can kill ETH. ITs its going ot be easy to use Libra to pay just about anything, I don't think people will complain. If it gets bigger, its usually going to be the one that has authority just as we see Binance to be the biggest right now that can dictate which coin to delist.

Facebook can also act with authority one day when this Libra becomes the biggest project that we are hooked into. I hope they don't aim to destroy the crypto market.

[unusualfacts30]

It seems facbook won't be managing it directly but from what I can see it can beneficial for the facebook or calibra but at the same time consumers can accumulate large amount of debts if they are not careful enough.

[Bharathi13]

The only thing it does is prove that they can make blockchains more centralized and if it does bring any good to the industry it will be the buzz words.

If we need mass adoption of the cryptocurrency we need to accept the centralization too, aren't we using centralized exchanges, centralized blockchain platforms. If Facebook successfully launch its Libra Coin they will set benchmarks & bring competition in the market for upcoming projects & already existing projects. A lot of new money will flow in the cryptocurrency ecosystem & there is chances after Facebook move into blockchain other big players will also enter in the market.

[ttcsalam]

The social media giant, Facebook has finally revealed the details of its cryptocurrency Libra. Today the platform released its white paper explaining Libra & its testnet before a public launch in the Q1 of 2020.

Additionally, the new Libra coin will allow users to purchase things at local exchange points like grocery stores. Also, enables users to spend it using third-party wallet apps or its own Calibra wallet that will be built on WhatsApp, Messenger, & its own app. The best part is that you can transfer money to people with nearly zero fees.

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

Read the complete White Paper of Libra coin

I think this market is not only good.I think good and bad fact is available hear.So IF Facebook come this market i this it can good for the market. Because no need extra marketing it can be easy for this marketing.   

[stompix]

I wouldn't mind investing to Libra,

You're going to invest in a coin that will most likely be pegged to an average value of the most used currencies, like the Euro and the USD?  
Some serious investment plan you have there. How much time did you spend on your research, three, four seconds?

yes, it will compete with PayPal strongly and change the game by a lot so PayPal has to increase their efforts if they don't want to lose the market to Facebook.

Ebay is one of the founding members of the project:
https://www.ebayinc.com/stories/news/exploring-the-opportunities-of-blockchain-and-cryptocurrency/
https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/IntroducingLibra_en_US.pdf
(Ebay is still owning Paypal even if they say they split three years ago )

~

wait? It's got a debt feature? I don't understand what you mean and what you're referencing. What's the distribution method?

He doesn't have a clue what's he's talking about, he wrote two lines, made his quota and he's gone.

[AjithBtc]

The existence of libra coin will create more awareness among the common people about cryptocurrencies. After the launch of libra I believe the usage of cryptocurrencies will increase in a much large scale compared to the present. As Facebook is already an established network, it can easily reach common people with ease. From my understanding there won't any big disturbance over the growth of bitcoin.

[Genamant]

i am torn i dont know if i will hold this coin but surely it will create a hype that will certainly leads
none crypto people knowledgable about the fact that community like us exist and such opportunity like Bitcoin is real.
so i love it ahaha it is good for the market i guess

[Mulann2]

the one thing i know this coin will surely do to crypto space is exposure, the very million users of facebook with little or no knowledge of blockchain or crypto will be expose to it which is a good thing, am just really looking forward to the lunch of this coin, history is about to be made
i can't wait to hear from my non crypto friends and colleagues when the coin has been lunch and the news is all over the internet

[thesmallgod]

Just like how some people are viewing Mark Z. with distrust and skeptics, Libra is seen on the same way in some cryptocurrency circles.

99% of people say Windows sucks but they 90% of them use Windows.
99% of people say they hate banks but most of them have at least one bank account.
The US is the most hated country but thousands try to get in illegally and thousands apply for a green card.
If you ask people about television, almost everyone will say its a waste of time but 3 hours later they are glued to the tv.

It will not be a decision of trusting or not trusting Suckerberg, it will all be about convenience.

The project is yet to commence but since the website was released this week, there has been a lot of predictions. Libra was trending on twitter for almost twelve hours. Probably Zuckerberg and his boys will be hiding somewhere taking note of the criticism and looking for a way to factor in all of them. I have seen a lot of comments about how some top companies including banks will not allow this. I am sure they all forget the influence the Facebook has on many financial institutions.