Huawei Chinese version of Libra ?

[dkbit98]

Huawei CEO Ren Zhengfei: Why Wait for Facebook? China Can Issue Its Own ‘Libra’

source articles:
https://cointelegraph.com/news/huawei-ceo-why-wait-for-facebook-china-can-issue-its-own-libra
https://finance.sina.cn/chanjing/gsxw/2019-07-26/detail-ihytcerm6336647.d.html?ivk_sa=1023197a


Whaaaaaat
Yes we can have many 'Libras' in the world.
Bunch of centralized so called coins that will fight and compete with each other.

Why are they doing this?
Because they can't control Bitcoin  

[Kemarit]

They want to do it because they are greedy and wanted to make more money out of the crypto market. They know that having their own token, they will have total control. That's why many crypto enthusiast are shunning away from Libra.

As far as the Chinese version, I think it wouldn't gain that much traction. Probably in their country, but outside the sphere, this will be just another shitcoin, IMHO.

[dkbit98]

They want to do it because they are greedy and wanted to make more money out of the crypto market. They know that having their own token, they will have total control. That's why many crypto enthusiast are shunning away from Libra.

As far as the Chinese version, I think it wouldn't gain that much traction. Probably in their country, but outside the sphere, this will be just another shitcoin, IMHO.

You know China is a country with one of the largest population on earth,
and they have copy clones for every single application available in the western world?

QQ and WeChat, (Chinese Whatsapp clone)
Renren (chinese facebook clone)
Weibo (chinese Twitter clone)
Youku Tudou (chinese youtube cloen)
Dianping, Douban....


I am not surprised by this move at all.

[coin-investor]

And they thought that they can do better because they are a country and Facebook is an internet company, it's actually the crypto community that will decide the fate of any coin in the market if you ask people, I doubt they are going to support it, knowing how they are hard on Bitcoin but they cannot compete on something that is not yet released and it will take time before congress make a go on Facebook .

[gentlemand]

I don't understand the purpose of such a thing. With Wechat and so on they already have near complete control of everyone's finances. No one outside China will want to use it or accept it anyway. Seems like thoughtless bandwagon jumping.

[bitbunnny]

I don't think that centralized coins are very good idea, they will not gain so much users attention. Decentralized system is one of the primary things that attracted Bitcoin users and that was different to traditional banking system.
Also, this Chinese version might work for China but I don't think it will get attention anywhere else in the world. So, I don't actually see the point.

[Upgrade00]

As far as the Chinese version, I think it wouldn't gain that much traction. Probably in their country, but outside the sphere, this will be just another shitcoin, IMHO.

That may be the exact idea, China has the largest population in the world. And a breakthrough in that market alone would bring lots of revenue. Facebook's platform would reach out to far more people but I do not think it would want to lose the Chinese market.
China is simply marketing it's population.

[Ranly123]

Huawei CEO Ren Zhengfei: Why Wait for Facebook? China Can Issue Its Own ‘Libra’

source articles:
https://cointelegraph.com/news/huawei-ceo-why-wait-for-facebook-china-can-issue-its-own-libra
https://finance.sina.cn/chanjing/gsxw/2019-07-26/detail-ihytcerm6336647.d.html?ivk_sa=1023197a


Whaaaaaat
Yes we can have many 'Libras' in the world.
Bunch of centralized so called coins that will fight and compete with each other.

Why are they doing this?
Because they cant control Bitcoin  

Chinese are greedy and they don't want to be left behind in terms of technology. Just like most of the traditional trades all around the globe, most of them are owned or partnered with Chinese. Though this would create a diversity for investors to where they put their money.

[bittraffic]

Chinese are the most innovative in many ways. If the US is making all these things so complicated, China doesn't have to make all these complicated like the need the money all the time. So yes why wait for this Facebook Libra, let it all fly being decentralize. If you hate Facebook Libra so much for it being scary because of privacy security, Chinese will save the day.

[aioc]

This is just an idea, but there's a possibility that it's going to happen, it depends on how Libra coin perform in the market, my opinion on this is they are jealous that an internet-based company is now going to be a big threat to so many companies and countries, but everything depends on how the US restrict Libra Coin.

[EdenHazard]

But we can see they will continue to survive and even defeat bitcoin or some altcoins that use a decentralized system or just want to try innovating. Eventually, most people will be aware that decentralized system is the best for them to choose. Somehow, this thing is just an inovation from this technology we should not bother to give criticism to them.

Then, when many people know about cryptocurrencies yeah I believe there will be many newcomers who care about cryptocurrencies if some countries or a well-known company use/create their own cryptocurrency, most people will be aware of it and they will choose which one is convenient to use. So that a vaginal discharge will be in this phase, cryptocurrencies become a centralized system or the opposite.

[Saisher]

Interesting, we could start a new wave of country launching their own version of Libra Coin, if China decided to start one to compete, with Facebook, another country can start a new coin, and if that becomes successful who knows every country will have their own Libra coin.

[Febo]

Huawei CEO Ren Zhengfei: Why Wait for Facebook? China Can Issue Its Own ‘Libra’

source articles:
https://cointelegraph.com/news/huawei-ceo-why-wait-for-facebook-china-can-issue-its-own-libra
https://finance.sina.cn/chanjing/gsxw/2019-07-26/detail-ihytcerm6336647.d.html?ivk_sa=1023197a


Whaaaaaat
Yes we can have many 'Libras' in the world.
Bunch of centralized so called coins that will fight and compete with each other.

Why are they doing this?
Because they cant control Bitcoin  

Why thee are 1000 bitcoin clones?  

Because they own to little Bitcoins and cos there is easy to clone one. It is normal as soon as Libra starts we will see their clones.

[dkbit98]

Interesting, we could start a new wave of country launching their own version of Libra Coin, if China decided to start one to compete, with Facebook, another country can start a new coin, and if that becomes successful who knows every country will have their own Libra coin.

Very possible dark future, sadly
That is why Bitcoin is so important.

[omonuyak]

Huawei CEO Ren Zhengfei: Why Wait for Facebook? China Can Issue Its Own ‘Libra’

source articles:
https://cointelegraph.com/news/huawei-ceo-why-wait-for-facebook-china-can-issue-its-own-libra
https://finance.sina.cn/chanjing/gsxw/2019-07-26/detail-ihytcerm6336647.d.html?ivk_sa=1023197a


Whaaaaaat
Yes we can have many 'Libras' in the world.
Bunch of centralized so called coins that will fight and compete with each other.

Why are they doing this?
Because they cant control Bitcoin  

Since I read Bitcoin white paper I don't like centralized again no matter how they tried to color it. Libra for Facebook and libra for china or India will just push us back to where we are coming from, were few members of society control the remaining of us. Bitcoin proved to them and us that decentralized is the best way we can eliminate the cost of governments which enrich the few and enslaved the majorities.

[Leyss]

I am not at all surprised by this decision. Since Huawei is currently in conflict with the US government and the US is putting direct pressure on Facebook to prevent Libra from appearing, it’s logical that Huawei will try to release a similar coin in order to have its trump cards in the trade war with the US government. The planned appearance of Libra has caused a great interest and a strong reaction all over the world, so the Chinese business will not miss its chance for profit. They copy everything that can be profitable.

[dkbit98]

I am not at all surprised by this decision. Since Huawei is currently in conflict with the US government and the US is putting direct pressure on Facebook to prevent Libra from appearing, it’s logical that Huawei will try to release a similar coin in order to have its trump cards in the trade war with the US government. The planned appearance of Libra has caused a great interest and a strong reaction all over the world, so the Chinese business will not miss its chance for profit. They copy everything that can be profitable.

Fun times ahead of us   

[1Referee]

I don't mind more Libra-like currencies. Everything that's centralized will eventually be replaced by something better, which is where crypto stands out with Bitcoin and to some degree Ethereum.

Most newbies that enter crypto are confident that the shitcoin they invested in will replace Bitcoin or Ethereum because it's faster and can do so much more. People are so used to seeing internet companies come and go, that they automatically assume the same logic applies to crypto. They have to adapt to how things work in crypto land and figure out that things are different here.

Due to how Libra is gaining more negative attention from the side of governments, they suddenly acknowledge that there is a difference between centralized and decentralized networks. This is quite a milestone in my opinion. One we can be proud of.

[BitHodler]

I don't understand the purpose of such a thing. With Wechat and so on they already have near complete control of everyone's finances. No one outside China will want to use it or accept it anyway. Seems like thoughtless bandwagon jumping.

I don't think the Chinese government has complete control over the finances of people using WeChat. It's a service operated and controlled by a corporate entity. China can only ask them to hand them over data or perform certain actions.

I'm sure they no longer want to depend on corporations with their own agenda and therefore create their own version of Libra where that they do actually control every aspect of.

There are enough conspiracy theories where the Chinese government has control over every tech giant there, but I'm not buying these theories. Doesn't mean some might not be, but people like to trash talk everything related to China. I prefer to remain a bit more neutral.

[el kaka22]

I guess it would make a lot of sense for them to create something similar to Libra. It would at least open the crypto world to them even if it is just a stablecoin and it would involve blockchain as well. They are 1+ billion country with the largest economy in the world, having them support crypto would make the price go insanely high and the adoption rate would go up too. Right now they are not supportive of bitcoin and crypto and with something like Chinese libra they could at least see the potential of what could crypto do and how it could help the economy and maybe that would soften the ideas of Chinese government to crypto once again.

If that happens then we would be actually seeing some improvements there. They banned it because Chinese people started to fund ICO's with their money which meant money going out of china, but if they find a way that makes money go into china they will surely support it.