Facebook coin is not a threat for Bitcoin

[Hiluxury Bitcoin]

Hello everyone so now i want to share a very good information with that the facebook community says the the price of facebook will be stable like a USD so its mean that there is no threat for bitcoin because all investors want that they gain more profit in short time that  is why they invest their money in bitcoin because the btc price is fluctuated and for good investment need the unstable price.

[Herbert2020]

who said it is?
the only reason why there is a lot of talk about it is because of the news sites that were desperately waiting for something to write about and that has been bringing a lot of newbies attention to this coin, which in my opinion should not even be called a coin. we should call it a centralized online payment processor.

by the way it has nothing to do with price and bitcoin is not an investment, if it were then its price would have tanked hard a long time ago just like how altcoins get dumped and never recover again since altcoins are purely for investment and have no other usages.

[nicecrypto]

Nobody thinks Facebook Libra will be a treat to btc because they are not in the same league, the only thing i see about libra is that there are lots of media attention to it unlike other alts, Ofcours fb itself is well known social media platform used by millions all over the world and that makes Libra have an edge over others.

[Naida_BR]

Hello everyone so now i want to share a very good information with that the facebook community says the the price of facebook will be stable like a USD so its mean that there is no threat for bitcoin because all investors want that they gain more profit in short time that  is why they invest their money in bitcoin because the btc price is fluctuated and for good investment need the unstable price.

So it will be a stable coin? I read their whitepaper and this point was very vague to me. I really couldn't understand the use of Libra. Just that it will be used as a financial instrument.
If so, then why should investors buy Libra? There are already stable coins in the industry. It won't make any difference to the crypto market.

[Sonu_titu]

Purpose of Libra Coin (Facebook Coin)
Facebook aims to reach 1.7 billion people across the world, especially the ones who still don’t have their accounts in any of the banking institutions. They want money to be as accessible as sending a text message. Its main motive is to reach the section of the society who doesn’t have easy access to the financial institutions. As per the FDIC (Federal Deposit Insurance Corporation) estimates, in the U.S., more than 8 million households are unbanked. The currency’s potential reach is beyond the United States and includes all the parts of the world.

Libra is backed by most of the prestigious financial institutions like PayPal, Visa, MasterCard and other companies like Uber, Lyft, Spotify, Ebay and Andreessen Horowitz. Facebook aims to make Libra available through Whatsapp and messenger users, who can cash their local currency to buy Libra. With Libra, FB users would be able to exchange their dollars for Libra tokens, hence entrusting the fellow backers with building a reliable ledger of all the transactions, as said by Kelly, CEO, and founder of BKCM and BTC expert.

If so, then why should investors buy Libra? There are already stable coins in the industry. It won't make any difference to the crypto market.

How Libra is different from other Stable Coins?
Stable coins like Tether, TUSD, USDC, PAXOS, and others are pegged to a single fiat currency. But in case of Libra, it is not pegged to a single fiat currency, but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.

Libra will be backed by a fiat currency if the following standards set by the Libra Reserve are met:

1 Only fiat currencies with a free float will be eligible while the ones that are soft-pegged would be redundant in the Libra reserve.

2 The decision-making process should be tied to either public organizations like Central banks or a free accessible asset like commodities.

3 The fiat assets must be universally recognized across various jurisdictions to have a programmatically quotable value.

Article source: https://coinswitch.co/news/facebook-launches-libra-coin-what-can-you-expect-latest-libra-coin-news

[Pursuer]

How Libra is different from other Stable Coins?

closed source, private blockchain and in one word centralized coins don't have to be pegged to anything. the company that owns them decides their prices and if they say it is worth $X then it will be worth $X without needing anything else.
it is like arguing how is PayPal a stable coin! they take your dollars and give you equivalent in PayPal tokens on their centralized database. that is exactly what Facebook coin will do.

[LogitechMouse]

At first place, who said that it is a thread for Bitcoin .

I think that Libra coin is just another altcoin that will help to spread the knowledge regarding cryptocurrency. Since this is Facebook coin and many are using Facebook around the world, many will become curious about it and will do some research on it then they will decide if they will invest or not.

[Wind_FURY]

No launch, no threat.

I believe Libra will receive enough regulatory push-back to make Mark Zuckerburg and his friends in Silicon Valley stop.

[Rufsilf]

Nobody thinks Facebook Libra will be a treat to btc because they are not in the same league, the only thing i see about libra is that there are lots of media attention to it unlike other alts, Ofcours fb itself is well known social media platform used by millions all over the world and that makes Libra have an edge over others.

Exactly, bitcoin is far better that Facebook Libra, the only reason it is making a fuss because it is a coin from Facebook and as we all know that Facebook has a lot of user's thus they can use Facebook to let people know they are launching a coin. Well, I don't think Libra will have an edge because not all Facebook user's are into stale coin, it may get interest from Facebook users but I don't think it will be able to beat bitcoin.

[proTECH77]

No launch, no threat.

I believe Libra will receive enough regulatory push-back to make Mark Zuckerburg and his friends in Silicon Valley stop.

Based on my past experience with the CEO, they will never pull back but bet you mate that, the regulations will be tough but they will endure and push the coins to the people, but the beauty about this is that, after sometime with the people, they will realize that they are just wasting time with centralization and they will drift toward Bitcoin at the end. This will equally boost the surge we are expecting in 2020-2021 and it will be materialize.

[taratorly]

Facebook coin is not only threatened for BTC, but for a coin at all. Libra is just a simple stable coin attempt. But there is more to the market than it should be. I also have a very stable stable coins as I have signed. Why would we need Libra? Just because Facebook is behind it?

[alrose]

Initially, no one said that the coin of the social network Facebook carries some threat to bitcoin.I’ll just say I’ll be happy if even more people find out what a cryptocurrency is and will use it massively. The stablcoin can compete with Bitcoin a priori just can not.

[Janation]

How can you say that it will affect BTC?

There is no way that Bitcoin will be affected by the new cryptocurrency made by Mark Zuckerburg and his company. Just think of it like this, when new cryptocurrencies are released in the market, does it affect BTC? No, even with good currencies and good projects, it will not be affecting BTC especially this currency is connected to fiats.

[xSkylarx]

It is definitely not a threat. Many people are just hyped about it. Facebook coin will be a stablecoin meaning no huge pumps will happen. Although it will help introduce the blockchain technology to more people and associated with that ofcourse bitcoin.

[freedomgo]

How can you say that it will affect BTC?

There is no way that Bitcoin will be affected by the new cryptocurrency made by Mark Zuckerburg and his company. Just think of it like this, when new cryptocurrencies are released in the market, does it affect BTC? No, even with good currencies and good projects, it will not be affecting BTC especially this currency is connected to fiats.

I don't agree with it, somehow there's a little effect as this coin although it was announce a stable coin is still a cryptocurrency, well, bitcoin is.
The effect is just positive, it will make crypto popular as people will believe bitcoin is legit since facebook is planning to start their own coin in the crypto space.

I think we've seen it now, this  baby bull run that we are witnessing could somehow be an effect of the announcement of facebook.

[BLAST2MARS]

 I also don't see it as a threat to bitcoin because people knows it's the new gold that is just digital. And facebook's coin is not a real crypto and just pretending to be. Also, a lot of people in the crypto community has expressed their hate on the Libra coin and they don't like it. The privacy is going to be a big issue on Zuck's coin and internet users are starting to get the awareness that they should always take care of their private information.

[Question123]

Bitcoin  will still no. 1 in cryptocurrency even the facebook coin launch it will not become threat to the bitcoin. Popularity of the facebook coin will become better but not the potential I think. Many coins and many company who is really popular too created their own coin but look now bitcoin is still the king.  I don't see any reason that facebook coin will be danger to the bitcoin.

[Baofeng]

No launch, no threat.

I believe Libra will receive enough regulatory push-back to make Mark Zuckerburg and his friends in Silicon Valley stop.

This. As I have said in the previous thread, Facebook has somewhat open the pandoras box, now every regulatory board not just in US but in UE as well are going to target Libra and they're going with all their might to push this project. They won't allow Mark to take over again with this so called coin that is closed and centralised.

[xWolfx]

I particularly don't think that it is later. It might be for a lot of alt coins though.

So the investors of altcoins are the ones who should be scared. It will probably displace a lot of them down the ranking and get a pretty high spot. I wonder if it would be able to surpass Ethereum.

The privacy issues they had definitely affected their customer base. But memes defend them pretty well.

[BeManga]

Hello everyone so now i want to share a very good information with that the facebook community says the the price of facebook will be stable like a USD so its mean that there is no threat for bitcoin because all investors want that they gain more profit in short time that  is why they invest their money in bitcoin because the btc price is fluctuated and for good investment need the unstable price.

well facebook coin is not really a threat to bitcoin but bitcoin will still get some benefits from it like getting more adoption and making more people aware in cryptocurrency.