Libra is the reason I'm investing in Monero

[troumla]

Hi,

I'm new to bitcointalk and to crypto currencies in general.  I'm not pretenting to know much on the topic. The following is only personal opinions and speculations. It is also a message to my future self, so I remember why I invested in Monero in the first place!

I'm a developer and I am currently working (for unrelated reasons) on a banking application. This work lead me to search on cryptocurrencies and on how things have changed in the past years.

A big "HA!" moment occured to me when I learned how things now work in China!!! If you only have heard of WeChat, I highly suggest you do some research, look at some videos, etc. I'm from Canada and I had no clue what WeChat was. In short, everybody in China now pay using WeChat Pay. Some street merchants don't even accept cash anymore! WeChat Pay is a centralised digital currency, controlled by the China government (behind Tencent).

I'm absolutely sure this kind of easy payment/money exchange mecanism is coming to western countries soon. And Libra is exactly that: big companies trying to be in control of that first digital currency that is going to be used eveywhere in the west! Those companies will provide cheap terminals to anybody wanting one, to help adoption. They will fight Bitcoin and will make Libra easier to use for the mass.

<conspiracy theory>
I may be wrong about this one, but my opinion is that the gouvernment (at least the US gov) is secretly behind the Libra project. Probably big banks too... As they are already involved in Facebook in a way or another, I'm sure.

They want to present Libra as the creation of someone else (Facebook and various partners), as a project that they "will highly regulate", and they will probably really take some actions "agains Libra" to show they are not involved in the project.

But this will only be smoke and mirrors. Don't be fooled, they know something like WeChat Pay is coming. They are not stupid people, they know what is going on in China and India. And, above all, they want to be in control of this digital currency in the west...
</conspiracy theory>

In short, I do think that Libra will succeed. Call it a fake cryptocurrency or not, it will be irrelevent to regular people.

Of course it will take some time for people from the west to adapt to this new way of paying and exchanging money, but they eventually will, as Libra will be very, very convenient.

The difference between China and the west though, is that westerners care more about their privacy. Like, a lot more. Libra will be a gateway drug to real crypto currencies interest in the general population. People will learn that there are other ways to pay/exchange money as easily as with Libra, but without leaking information to big companies, with privacy in mind.

Those people will probably don't be interested by Bitcoin that much since Bitcoin will not offer them something significantly better than Libra. But they may certainly be interested in a solution that makes their money transactions private!

This is when Monero may really start shinning. My prediction is that Monero will eventually even overtake Bitcoin, and by far. Again, because :

1) Libra will be backed by huge organisations.
2) Bitcoin will not offer enough extra features to interest most consumers.
3) Monero will be a mature, tested, alternative providing real privacy.

[YuginKadoya]

1) Libra will be backed by huge organisations.
2) Bitcoin will not offer enough extra features to interest most consumers.
3) Monero will be a mature, tested, alternative providing real privacy.

I love it when people think of Monero to really take up the scene someday and right now the price value of Monero is $86.12 USD because I have investment some on Monero and I also think that it can first take on ETH but in taking on the father I guess that is on a different story to tackle first, And Monero in the long periods to come will become mature enough for this market,

Well Libra in the other hand will sure become popular because it is backed up by the government and banks I really think it can either become the digital currency of the future instead of bitcoin, But just because of the popularity of it in the mainstream, But I guess they can still never take on Bitcoin as the number 1, Well that is just my insight of what may happen but I may be wrong.

[tomahawk9]

Those people will probably don't be interested by Bitcoin that much since Bitcoin will not offer them something significantly better than Libra. But they may certainly be interested in a solution that makes their money transactions private!

This is when Monero may really start shinning.

I didn't read the entire post, but this part right here, i'm with you on this one. Ever since I discovered Monero a couple of years ago and started using it and reading about its features, first thing I said was "this thing is way undervalued", because like you said, once the general public starts looking for a crypto that actually offers top-tier privacy/anonymity, they'll jump on it like there's no tomorrow. The potential is there, people just need to wake up, open their eyes, and stop giving up their privacy to the eyes of the system.

Monero is a sleeping giant, and has been for a very long time, and it hurts me to see shitcoins on top of Monero in the cryptocurrency charts...One day, this will change, i'm sure of it.

[Febo]

Libra is the reason I'm investing in Monero

Libra cant hurt Monero or Bitcoin, but will hurt many other "cryptocurrencies"


Monero will not succeed because anything else beside what this wise man said in 300 BC http://www.marketoracle.co.uk/Article10370.html

Aristotle and the Definition of Money
1.) It must be durable.
2.) It must be portable.
3.) It must be divisible. Money should be relatively easy to separate and re-combine without affecting its fundamental characteristics. An extension of this idea is that the item should be 'fungible'. Dictionary.com describes fungible as:"(esp. of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind."
4.) It must have intrinsic value.

The opaque ledger makes Monero fungible.

[btc_angela]

Very interesting thoughts, However, this mindset have been prevalent in the last two years or so. People do really care for their privacy, that's why there are a lot of privacy coins today. But I beg to disagree with your thoughts, as I believed that we don't need Libra for people to realised that we really need privacy coins such as Monero or at least a coins that protects anonymity because we already thought o that many years ago.

[coinporch]

1) Libra will be backed by huge organisations.
2) Bitcoin will not offer enough extra features to interest most consumers.
3) Monero will be a mature, tested, alternative providing real privacy.

you talk a bad word about bitcoin, but the fact bitcoin still stand as the best crypto
for sure, even libra backed by huge company i will stay with bitcoin
about monero, this altcoins is the best privacy coin, but i believe monero will not better than bitcoin my friend

[akram143]

1) Libra will be backed by huge organisations.
2) Bitcoin will not offer enough extra features to interest most consumers.
3) Monero will be a mature, tested, alternative providing real privacy.

you talk a bad word about bitcoin, but the fact bitcoin still stand as the best crypto
for sure, even libra backed by huge company i will stay with bitcoin
about monero, this altcoins is the best privacy coin, but i believe monero will not better than bitcoin my friend

In privacy monero is better than bitcoin and it can never be tracked if we want to achieve the same privacy level in bitcoin its impossible though.

[sana54210]

I know of china wee chat as a platform for chatting, but I never knew they have a centralized digital currency, this shows why they are fighting against cryptocurrency hard and even bans miners on their country, this shows that it is a game of personal and selfish interest from the part of the government.

I totally agree with you that the government may be behind the Libra coin, because if you look at the concept of Libra coin, it was created to be a decentralized coin, but not anonymous one for that matter, which I can really smell a foul play here, there is no way you create a coin you call decentralized and not make it anonymous. No doubt that Libra coin will be accepted, but it can still never beat bitcoin, because of the privacy it lacks and the fact it would be a stable coin, which has no much reward benefit to people.

[TopTort777]

There was a great article issued by The Verge yesterday. Called House lawmakers officially ask Facebook to put Libra cryptocurrency project on hold.


To sum up - US gov. are affraid that Libra will make a huge impact on economy and asks to put the project on hold.

[pinoyden]

1) Libra will be backed by huge organisations.
2) Bitcoin will not offer enough extra features to interest most consumers.
3) Monero will be a mature, tested, alternative providing real privacy.

you talk a bad word about bitcoin, but the fact bitcoin still stand as the best crypto
for sure, even libra backed by huge company i will stay with bitcoin
about monero, this altcoins is the best privacy coin, but i believe monero will not better than bitcoin my friend

In privacy monero is better than bitcoin and it can never be tracked if we want to achieve the same privacy level in bitcoin its impossible though.

its possible for bitcoin to become like a monero . all you gotta do is to mix it using a mixing service and voila , you cant be traced anymore . the trick is costy and hassel to some so its still better if we can use privacy coins if we are eager to hide our transactions to someone else  and monero can  be the best coin for this  .

[ashmodeus]

well
i like ur speculation about LIBRA ,
i also have some speculation like that too, because u know
why a huge companies have a some interest for some new money system,
i mean, why big companies like a mastercard,Paypal,Visa want to join to a new money system.
but after i read about WeChat pay, its will be reasonable.
yes, i guess monopoly or some like that will be primary mission.