The reason Libra might be good for Bitcoins

[marlboroza]

We all know that it is going to serve as a major competition for Bitcoins

How not anonymous stable shitcoin can be competition to bitcoin?

In 2018 there were 2.38 billion active users of Facebook , what does that mean , why is it important ?
Simple :- people trust Facebook, they have been here since years and therefore the scope is unlimited.

Now since they are releasing Libra , that is a cryptocurrency people will stop looking wide eyed on Bitcoins and other cryptocurrencies and since it's not evidently getting launched just tomorrow we have all the time in the world to welcome those 2.38 billion into the *maybe they will be using Bitcoins* world.

I honestly hope they will launch it because I am tired arguing with people that bitcoin is not scam. If facebook tells them it is not scam it is not scam then

If I cannot buy ganja or some pistols for my collection with Libra, and also receive ransomware payments, then it is not any more useful than good old PayPal.

This is what I missed here today. Humor.

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[blockchainwriters]

Libra will bring new money to cryptoindustry once Libra gets listed in binance or any top exchange we can expect good trading volume for binance pair

[BLAST2MARS]

The only benefit that we will certainly from the Libra project is that people will buy bitcoin when they have Libra in their wallets or if they are planning to buy Libra in the future. People's view will be like bitcoin and libra is both good for investment so they will do it like a bundled purchase. Libra is stated as a stablecoin while bitcoin's value can rise more and more into the future that makes it not easy for anyone who wants to get financial freedom to avoid buying some btc on their portfolio.

[RomanPetrush]

People who will buy Libra cryptocurrency will believe that it is crypto, so they will start to believe in bitcoin. But actually Libra is not crypto, it just looks like crypto.

[btc78]

Yes, libra is truly good for the bitcoin. From my opinion the existence of libra has made a big awareness about cryptocurrency all over the world. Another important thing about the libra coin, it has got varied features. As libra is a stablecoin this doesn't get good acceptance among the traders, but the awareness it creates relative to cryptocurrency is beneficial to bitcoin.

Considering that this is from Facebook you are right on what you’ve said mate,the popularity of cryptocurrency will spread thoroughly in the whole world now since for sure advertising will happen in place to place(actually we re already witnessing the ads from various accounts through this forum or other sites even in all social media outlets so what could we ask ?if this is helping us promoting our community in good aspect and reliable ways

[izanagi narukami]

IMO, it's simple when people see facebook and they want to create cryptocurrency, it means that they also want to join crypto community.
While some people said that crypto is crime but the fact is even big company such as FB want to join.

So why you guys still doubting about crypto?

[Shova]

Libra would of course give a taste of crypto to a lot of people who are still unknown about it. Libra being a stable coin would make buying bitcoin easier and many people would start the crypto world with Libra. The question is whether people would be freely able to trade libra or not.

[Rufsilf]

Yes, libra is truly good for the bitcoin. From my opinion the existence of libra has made a big awareness about cryptocurrency all over the world. Another important thing about the libra coin, it has got varied features. As libra is a stablecoin this doesn't get good acceptance among the traders, but the awareness it creates relative to cryptocurrency is beneficial to bitcoin.

I totally agree, with Facebook’s popularity the news of their coin ‘Libra’ launching will be disseminated right away to a lot of users through Facebook and with this a lot of people will then know about cryptocurrency and bitcoin ofcourse. Libra can help in the adoption of not only bitcoin but probably with some other altcoins as well.

[atjiat]

It seems to me that the project will, in a certain sense, occupy that niche in the cryptocurrency market that Bitcoin was supposed to occupy in part.  I have always considered Bitcoin not only as an investment, but also as a means of payment, and also as a system for remittances.  Today, it can either take more than half of all financial transactions around the world, combining dozens of companies such as Western Union.

[hatshepsut93]

In 2018 there were 2.38 billion active users of Facebook , what does that mean , why is it important ?
Simple :- people trust Facebook, they have been here since years and therefore the scope is unlimited.

I don't think people explicitly trust Facebook, especially with the recent scandals, Facebook users just don't care about privacy, they don't care if someone will access their private data if they can interact with friends for free. This means that Libra will be largely ignored - some people will try it out of interest, but most people won't see the point - they already have countless plastic cards and online accounts, why add another payment method to the heap?

[rdbase]

On a show I watched the other day it was saying libra coin from facebook will cause harm to cryptocurrency. And it will not be a true stable coin cause it wont operate on a blockchain which I dont see how it could unless it is run independently on just the facebook platform.
Which would make it a centralized coin where you can not move it off their site even if you wanted too.

[1Referee]

On a show I watched the other day it was saying libra coin from facebook will cause harm to cryptocurrency.

Mind sharing what show you watched? So far I have seen most mainstream media sources actually praise this as being a ligitimizing factor for crypto.

And it will not be a true stable coin cause it wont operate on a blockchain which I dont see how it could unless it is run independently on just the facebook platform.
Which would make it a centralized coin where you can not move it off their site even if you wanted too.

I don't think it matters much what sort of network a stablecoin is running on to be considered a 'true' stablecoin. The only requirement for that is that it has a stable unit value.

It definitely is centralized, but that's also the case when it comes to fiat backed stablecoins running on top of Bitcoin or Ethereum.

[serjent05]

I don't think people explicitly trust Facebook, especially with the recent scandals, Facebook users just don't care about privacy, they don't care if someone will access their private data if they can interact with friends for free.

True that,  people just used FB because it is the one available and better than friendster.  If people find a better apps and saw that their fb friends migrated on that new application then surely they will migrate to the new one. 

This means that Libra will be largely ignored - some people will try it out of interest, but most people won't see the point - they already have countless plastic cards and online accounts, why add another payment method to the heap?

Actually many just ignored the ads about fb launching its own cryptocurrency.  I asked around my fb friends if they knew about Libra and they asked what is that, lol.  This simply means majority of FB users never bother to read ads and FB news.  The only community where FB coins is hot is the crypto community and other fintech related company aside from that majority are unaware of this plan of FB.   

[Nellayar]

I don't think people explicitly trust Facebook, especially with the recent scandals, Facebook users just don't care about privacy, they don't care if someone will access their private data if they can interact with friends for free.

True that,  people just used FB because it is the one available and better than friendster.  If people find a better apps and saw that their fb friends migrated on that new application then surely they will migrate to the new one. 

This means that Libra will be largely ignored - some people will try it out of interest, but most people won't see the point - they already have countless plastic cards and online accounts, why add another payment method to the heap?

Actually many just ignored the ads about fb launching its own cryptocurrency.  I asked around my fb friends if they knew about Libra and they asked what is that, lol.  This simply means majority of FB users never bother to read ads and FB news.  The only community where FB coins is hot is the crypto community and other fintech related company aside from that majority are unaware of this plan of FB.   

Its not because they are not bother to read ads and FB news but they are really ignorant to our current society. Many users of Facebook is just for social interaction. They used it only in the means of publishing their daily life and to attend also others fulfilment. They are unaware of Libra and also cryptocurrency. Sad to say, but they need also to know it by spreading first in PM than by looking at the ads.

[hatshepsut93]

Its not because they are not bother to read ads and FB news but they are really ignorant to our current society. Many users of Facebook is just for social interaction. They used it only in the means of publishing their daily life and to attend also others fulfilment. They are unaware of Libra and also cryptocurrency. Sad to say, but they need also to know it by spreading first in PM than by looking at the ads.

How else are they supposed to use Facebook - for cultural and philosophical enlightenment or what? Facebook was created exactly for social interaction, it wasn't meant to be a market or a payment system, so it will have hard time becoming one.

Actually many just ignored the ads about fb launching its own cryptocurrency.  I asked around my fb friends if they knew about Libra and they asked what is that, lol.  This simply means majority of FB users never bother to read ads and FB news.  The only community where FB coins is hot is the crypto community and other fintech related company aside from that majority are unaware of this plan of FB.   

Russians already did it with their social network VK, and so far their native payment method didn't become too popular. The same fate awaits Facebook's coin.

[localcrypto]

The reason libra good for crypto currency business is Libra will bring new money to crypto currency and eventually the whole cryoto market capitalization will increase Libra is giving lot of advertising for cryto  currency to start their own blockchain asset

[CBANX Ltd.]

Libra proved good for the Bitcoin as the price has knocked at $11k and now has grabbed the resistance at $10.5k, we can't say it as a reason but the increasing popularity of Libra is creating insecurity among the BTC crowd which ultimately in its favor.

[spacehopper]

I didn't think so there will be any good effect to bitcoin by introduce Libra .Libra will be the next main competitor of bitcoin in upcoming days. Governments  will also support the Libra.Because they can control it.They will be able to track very transaction happen on the network.Here is good point to add "tax" for transaction.If any thing going big and its looks like suspicious, they can block the account.Same as bank transactions.Libra just a version of bank transactions.

[Pursuer]

you should compare both good things and bad things about Libra that can be brought upon bitcoin and then say whether the total result is good for bitcoin or bad for it.
in my opinion it is very bad because the only good thing is that it might introduce more people (unintentionally) to bitcoin and increase bitcoin's popularity and adoption but at the same time it can also spread a lot of FUD and misinformation about bitcoin and mislead people even more make them think wrong things about bitcoin. for example they started calling bitcoin a high risk investment only and advertise their own crap as a currency while never mentioning how centralized and censorable it is.

[Austin_Lord]

What do you meany by libra is good for bitcoin?
I think libra is crypto of facbook.. is it so??? So how it is better for bitcoin?