Should we boycott the Facebook Coin (Project Libra)?

[tippytoes]

Why boycott Libra? Let it promotes cryptocurrency to the masses. Mass adoption is good for us. We don't have to use Libra, we can still use Bitcoin and no one can take it away from us.

We can't dictate users to boycott Libra. What we can do is educate those fb users what Libra can do to their lives and the pros and cons of using it. Also, the introduction of Libra to masses might really create massive adoption of crypto. And then later on, they will learn more about crypto and the benefits of bitcoin over Libra. Let them decide what they want in life.

[YoloBull]

Facebook is the antithesis of everything Satoshi stood for.

Should we, as the crypto community, boycott their effort?

I wouldn't be surprised if Facebook tried to use their massive wealth and lobbying arm to try and push for laws that favored their crypto and somehow harmed others.

It wouldn't be the first time that a company had engaged in lobbying and rent-seeking to harm competitors.

All these points are just guesses. Facebook alone cannot ditch the growth of other popular crypto currencies, especially BTC and ETH.

Facebook can dump millions of dollars into lobbying to push other cryptocurrencies and exchanges out of the market.

"Well yes Mr. Senator, we here at Facebook Libracoin track all transactions with KYC... but Bitcoin doesn't and is used for funding terrorism, you should definitely make it illegal to deal in Bitcoin in the US."

Just wait...

[kalstarzz]

I do not think so, even the possibility that will occur after the Libra, Crypto will be more known to the public, besides that I am sure Bitcoin will also get a positive impact from this Libra. regarding the boycott we need to review the situation that will occur later, if this has a negative impact we can do that. but we review it first, and don't speculate too quickly.

[TheClownSong]

Its too early for saying "boucott" lets just wait what will happen to Libra in 2020halving we all know the crazy reality that Facebook is the popular social media in the internet world.
I dont see any reason why we need to use this coin if we already have a Bitcoin.

I think boycotts are just a waste of time because if Libra Coin gets approval from the government, Libra coins can start operating and trading on the market. I think Libra Coin will make the crypto market more attractive and from several articles, the increase in bitcoin prices is due to the existence of Libra Coin

[efxtrader]

Facebook is the antithesis of everything Satoshi stood for.

Should we, as the crypto community, boycott their effort?

I wouldn't be surprised if Facebook tried to use their massive wealth and lobbying arm to try and push for laws that favored their crypto and somehow harmed others.

It wouldn't be the first time that a company had engaged in lobbying and rent-seeking to harm competitors.

All these points are just guesses. Facebook alone cannot ditch the growth of other popular crypto currencies, especially BTC and ETH.

I never thought Libra coin would be a competitor for bitcoin because Libra coin were like stable coins. There are many differences between Libra coin and bitcoin, I think investors will choose bitcoin as an investment because of the fluctuating price

[wack slacker]

The US government has issued a temporary halt to the project.  I think Libra has threatened the existence of banks and their monetary systems.


https://www.theverge.com/2019/7/2/20680230/facebook-libra-calibra-crypto-maxine-waters-congress-regulation-investigation-halt

[dat.ho12492]

Its too early for saying "boucott" lets just wait what will happen to Libra in 2020halving we all know the crazy reality that Facebook is the popular social media in the internet world.
I dont see any reason why we need to use this coin if we already have a Bitcoin.

I think boycotts are just a waste of time because if Libra Coin gets approval from the government, Libra coins can start operating and trading on the market. I think Libra Coin will make the crypto market more attractive and from several articles, the increase in bitcoin prices is due to the existence of Libra Coin

I also think that boycott will not bring us a good result because our community is too small compared to a social networking community, the number of supporters for this project is too large, the most special here is the appearance of the government, they acknowledge this project, we object to it is useless. Accept this fact, and this can be a good thing for us when the development of libra coin has some connections with bitcoin and the projects we invest, and if facebook coin can grow well, we will be good

[Folajuwon56]

Let's not decide to boycott the facebook LIBRA coin yet. We can be patient, relax and see what it is going to become. We all know facebook has so much influence in the internet world and no doubt one of, if not the largest social media in the world today, which be helpful. So let's see what LIBRA brings.

[RealMalatesta]

certainly not going to be a meaningful competitor for bitcoin. it is even possible that Facebook coins can support the crypto market for the better, with mass adoption that can encourage more trade to increase. all depend on events and cooperation that will be carried out with projects, exchanges and other sponsors.

I agree with you Libra will make crypto better known by outsiders and will make the price of all crypto can soar, because of mass adoption. So we all have to support the launch of Libra

That is absolutely reason why you see some of us supporting Libra coin of Facebook because there is no way Facebook coin will not draw the attention of people into wanting to know what cryptocurrency is all about, in the process, they will definitely want to try Libra coin out, but along the line drop Libra for some coins they would have fully be aware of by then of giving them reward with usage like BITCOIN , ETHEREUM and many other coins in the marketcap.

I also learnt that one can even be able to use bitcoin and Ethereum to purchase Libra coin from their exchange, and these two are solely the major coins they are pairing with, so it will really change a whole lot of thing when I is being released, I think Facebook may eventually top the list as third when it is being released because it will be a reliable payment option really.

[r32godzilla]

You do not need to do anything, US. goverment already stopped Libra.

https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=404009

I am only asking myself how much money Facebook already invested into Libra and Calibri and if nothing will be created, Facebook´s shares will dump, time to short it? 

[zergenyt09]

You're right op… Facebook Libra is completely a different thing from what Satoshi has planned for cryptocurrency and it is completely different from what Bitcoin. I don't think this Libra coin is going to have any of these features that Bitcoin has, just like being anonymous… because it's possible that Facebook would want users to link their Facebook accounts to Libra wallet or something, so they will be having full information on most things the users will be doing. They are ready to do anything that will benefit their advert business. But till then… let's wait and see what it is going to be… I wish nobody would use that coin.

[Mike Mayor]

Facebook already has so much info about us and some peoples actual ID info. They don't need to know more about us when they know enough.
I think people will just buy Libra to try to make a quick turn over, I don't think they actually support it. It also is likely to win over investors outside the crypto realm. These large investments could harm other currencies whilst empowering Libra.

[Mr Zet]

I can't deny - I'm very sceptical to Libra. I've been posting quite a lot about that. It's not a real cryptocurrency and nothing will change my mind. But the fact is, that people consider this about crypto after all. And it might influence this industry. Hell. it is doing it right now, on many levels. For instance, here you might read about how Libra may change the situation of cryptocurrencies in India, where government is against the concept of digital money.

[Iykecollins]

The Facebook project actually would have gone like every other hyped crypto that eventually faded or was just there, for the fact that it will be a centralized crypto will bring to a lot of disrepute and doubt to its investors.

[calandra78]

I think we should think about the positive, 2 billion users of facebook will help everyone's awareness of Cypto increase greatly.

not everyone will agree to that. there are still many people who judge crypto badly. indeed at least they are, but I'm sure not everyone will follow what Facebook means. of course, Facebook comes to the market with support from new communities, not from their communities.

[immortal4now]

Why to boycott an FB project is an ordinary project, as well as everyone else on the market, but we are only in the plus that FB is interested in cryptocurrency

[Perfect35]

~

This has been my fear too, but if investors truly understand how cryptocurrency should be operated and if they support and stand for it, Facebook coin might not be seen close to succeeding.

[makishart]

Why to boycott an FB project is an ordinary project, as well as everyone else on the market, but we are only in the plus that FB is interested in cryptocurrency

We don't need to do that because the majority of US lawmakers have already boycott it. Please, don't talk about a crap thing remember major will always dominate and that will be a threat for so many medium platforms because this one can take all of the demand at the same time.

that doesn't seem good for me to see FB coin to happen for sure.
I hope that more delay will be taken as per US order to pause libra coin.

[fortunecrypto]

Facebook is the antithesis of everything Satoshi stood for.

Should we, as the crypto community, boycott their effort?

I wouldn't be surprised if Facebook tried to use their massive wealth and lobbying arm to try and push for laws that favored their crypto and somehow harmed others.

It wouldn't be the first time that a company had engaged in lobbying and rent-seeking to harm competitors.

What could possibly harm others in what ways, it's too early to speculate that Facebook will destroy what we've built over the years, I'm not a big fan of Facebook products and services, so I don't see myself using this coin or even buying it since its a stable coin, they have already announced that they are going to be a stable coin.

[fullhdpixel]

why boycott the facebook project?, I don't see bad in their project, what if Libra is usable for us in the future and I'm sure many exchanges will like to listed Libra.

Does he even think it is so easy to gather crowd to do that when we all have our own different interest, another person’s food could be another man’s poison and vice versa. Out of millions of people in the world who would be exposed to cryptocurrency through Facebook, it is certain that 30 percent of them would at least pick interest and make use of Facebook product against all odds, and does not care if they stand for bitcoin purpose or not, so he just have to drop that idea of thinking we can destroy them before arrival, that would be absolutely impossible.

Facebook presently is too large not to have people of interest in its product. And like you said, having read their whitepaper extract, Libra will really have a working product that will be of interest to me and so many people out there, but that still would not make them to ever have any negative effect on bitcoin, and so long they don’t affect bitcoin in anyway, nothing to  worry about to me.