Why Do Crypto Enthusiasts Hate Facebook Coin?

[Babyrica0226]

I understand that Libra coin is "centralized", but so is XRP...How can you love XRP, but hate Libra coin? Granted, I don't support or like FB, but this is a giant step towards mainstream adoption. This is a HUGE turning point for this community. If you read the article linked below, you can see how many ppl despise this coin. They think that this is "bad" for the community, but in actuality this is a giant step towards mainstream adoption/acceptance.

https://tipestry.com/topics/5d11121313fe3c5fa63e0ffd/zuckbucks-are-bullshit

I don't think Libra is bad. But you seem to misunderstand the nature between XRP and Libra. Libra is not crypto like XRP. Libra is stablecoin. It's like USDT, USDC, PAX, ...

However, the market needs such coins. It's like a armor for a trader. This will partly help the community expand. That's the value Stablecoin created.

Libra is stablecoin. It's like USDT, USDC, PAX, ...

- Don't make me laugh on this, how can you say that Libra is a stablecoin? are you kidding me? their launch is not starting yet. Aside from that it is transparently centralize based system just like XRP. And I hate that honestly speaking.

[lienfaye]

I think many hates facebook coin because it seems it can threaten the bitcoin dominance since libra gained supporters through facebook users.

Well they even compare Libra to bitcoin which I think is not right because Libra is centralized and a stable coin while bitcoin is the total opposite. Instead of bitcoin, why they didnt compare it to USDT since its a stable coin too.

[AromaCry]

The Facebook coin is a very hypocritical project.

First Facebook do not allow crypto ads or pages! But they advertise their own coin at will, that doesn't sound fair right?

Then the Facebook coin is centralized, under the feeling it is not. Actually you cannot mine it and you can reverse any transaction just with the private key that Facebook and the US government will have of course.

So if you want your money safe, avoid this coin. FB is a s*hit company, who desperately need to bond with the US government to avoid being investigated. Like Microsoft, they will do whatever it takes to pet the NSA and get away with all their illegal behaviors.

[jrrsparkles]

It is not going to do anything for our crypto field because it is centralized so will work for the profits of people who created it not for the users.Stable currecy means value of fiat so it is not going to give any profits literally due to the inflation.

[Kezacky]

I don't hate Facebook coins, I think with the presence of this coin, it will greatly affect the interest in the world of cryptoqurrency, there will be many new people joining and taking part in the world of cryptoqurrency. related to their coins I will not argue much moreover they have not yet appeared and are still in the process. it's only about the big influence on public adoption

[Bttzed03]

I understand that Libra coin is "centralized", but so is XRP...How can you love XRP, but hate Libra coin?

Why don't you asked the people who strongly supports XRP? Many people do not like libra and xrp.

Granted, I don't support or like FB, but this is a giant step towards mainstream adoption.

I think you are assuming too much that those people behind libra are thinking of crypto mainstream adoption. They are only thinking of libra adoption.

[South Park]

I think many hates facebook coin because it seems it can threaten the bitcoin dominance since libra gained supporters through facebook users.

Well they even compare Libra to bitcoin which I think is not right because Libra is centralized and a stable coin while bitcoin is the total opposite. Instead of bitcoin, why they didnt compare it to USDT since its a stable coin too.

It is possible that some hate this new facebook coin because of that but I find unlikely that we are going to see that coin threatening the dominance of bitcoin over the market, there are many coins out there which are similar or that have principles that run against the principles of bitcoin and yet not a single one of them has proven to be a long term threat to bitcoin and since Libra is going to be nothing more but another stable coin I doubt much is going to change in this market.

[Lagonda]

Firstly, people hate Mark Zuckerberg after his data selling incident. How can you possibly believe in a person who once stabbed on your back? Secondly, cryptocurrency is all about decentralization meanwhile Libra is obviously centralized. Finally, Libra, with the population of facebook, will affect crypto and make goverments take eyes or even insert their nose to cryptoworld. The only thin Libra can contribute is a free marketing tool to cryptocurrency world.

[poodle63]

Firstly, people hate Mark Zuckerberg after his data selling incident. How can you possibly believe in a person who once stabbed on your back? Secondly, cryptocurrency is all about decentralization meanwhile Libra is obviously centralized. Finally, Libra, with the population of facebook, will affect crypto and make goverments take eyes or even insert their nose to cryptoworld. The only thin Libra can contribute is a free marketing tool to cryptocurrency world.

Really understand why people hating on it but actually Libra has stated that it's a stablecoin and there's plenty of centralized stablecoin aswell, I don't see any problem with this though and USDT or such receive less hate from people, maybe the image of being issued by a huge company affects a lot.

[cherryganda]

I want to invest with LIBRA coin as the hype in the community is really high.
It is also an eye opener for many people who dont know cryptocurrency.
It may also be a bridge for the crypto to countries and merchant for acceptance.
Though the idea of being centralize is not a good thing.

[sulis sudibyo]

actually I and everyone in this community don't hate it. Libra is good for accelerating mass adoption. but centralized is unacceptable. look at ripple, the coin is too much trouble because of this. XRP has never been separated from manipulation rumors and others.

[farlack]

Point is that true crypto enthusiasts hate both xrp and facebook coin(libra) because of centralization.
As for me I libra has no interest, because it is stable coin and I can't gain on it. + they have all data about my personality and payments= lack of anonymity

[suryapro]

I cannot make any statement about this Libra coin. I only monitor the development of this coin in the future. because if Libra has good products and management, it is possible that this coin will be very advanced. then, don't make excessive statements about this coin.

[jvdp]

As a social media site all will love Facebook as a good company to use but to you have them for decentralized market will never work. Because Facebook is a centralised business company they will not be fit for decentralized market.
I don't know how many people looking to invest on a Libra coin when the release them in the marketplace but personally I will not prefer that coin for investment.

[perla]

I think not only facebook coin, but a lot of coins might be have hater. Maybe want to get cheap coin or anything else is the reasons. If me, my opinion is because facebook already have problem with their user's data, and it can make bad thing for user itself. Only opinion actually.

[muhhentuhhen]

As you have said it is centralized and they collect almost every data that they can. Where you have got that idea that people should love xrp and love libra at the same time?
You just can't tell people what to hate and what to love.

No one pushes people to invest in Libra and share their data. I guess Libra is not loved for many other reasons. Although it will be not real crypto, Libra can compete with the best altcoins and even Bitcoin as the currency for online operations. It will be a global stable coin, which should open the doors to the world of financial services for more than a billion people around the world who cannot receive these services from banks.

[r_delossa]

Because it is not a crypto currency, as they stated already. Libra coin is another centralised payment method, based on blockchain but this is it. Nothing more familiar with crypto currencies industry and it would be strange if Libra would be called a crypto currency.

[Iykecollins]

Personally I hate the fact that Facebook once banned the promotion of bitcoin and other cryptocurrencies on their platform and therefore bringing the entire crypto space to disrepute, coming back to establish something in the same space is shear hypocrisy

[cytpoway121]

Nobody hates Facebook coin
Neither is there s hate campaign against it

Truth remains that with the level of privacy and data in fb csre; a coin would expose the anonymity of crypto currency

[glennmatthew]

**EDIT - seeking to get this discussion further I have copied and pasted it to make a new topic.

https://bitcointalk.org/index.php?topic=5159302.0

I don't think that people hate Libra, I think they are worried, maybe even afraid?

Lets think about the facts:
- Facebook has 1/3 of the world as its user base (2.4 billion users)
- Libra coin will be very easily accessible to all of facebooks users
- Libra coin will be a stable coin, price will not fluctuate providing users in 3rd world countries with a medium to store their wealth.


There are already countries (like venezuela) where a national financial crisis caused fiat money to lose all worth. In desperation people are moving their life savings to bitcoin... Considering that bitcoin is a hard resource for the average person to use, imagine how quick adoption of Libra will be. Libra will be available to use on every cheap smartphone. Developed by Facebook it is sure to be a very user friendly experience, everyone will be able to use Libra. People will use it like real money in every possible way through things like facebook messenger, online shops, international transfers, peer to peer transfers...

Facebook has penetrated our lives in almost all possible ways; relationships, news, entertainment, social gatherings, advertising... the list goes on. The only thing facebook still doesn't have control over is our money. Here comes Libra...  

The snowball is rolling, it can not be stopped.

Imagine the world in 20, maybe 50 years.

With the addition of Libra, and a very smart plan for user adoption Facebook can rise to a position of such great power, that it will be in control of the whole world.