US Congressman: Facebook Should Adopt Bitcoin, Drop Libra Project

[s92225]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

[cringemarket]

Defintely not BTC, bitcoin is the OG that everyone respect but we all know he is too old to change, or too much effort to change. I support ETH, so as CEO of OKEX does.

[blckhawk]

What's different in creating new altcoin and adopting bitcoin? They're both cryptocurrencies, it's just Libra is centralized and Bitcoin is not. I don't see any reason for Facebook to adopt bitcoin, and they won't be successful either in my opinion. Facebook needs to address privacy issues first to launch Libra. But once passed, Facebook's userbase would flood it's market and there's a high chance of their success. But I don't think current crypto-enthusiasts and hodlers would be attracted.

[Wintersoldier]

It's basically every dream of a business or company that is associated with cryptocurrency to have their own currency. It is in fact evident that facebook is a very big and powerful company, if they can see the best benefit from bitcoin, it will in in their thoughts to create their own. It is their way on maximizing the profits that they can get. In addition, its their way to become the leading platform in cryptocurrency innovation.

[ecnalubma]

Facebook wants to build their own crypto empire no chance that they will adopt Bitcoin, for over 10 years existence of Bitcoin they already knew the potential of cryptocurrency. For big a company like Facebook I think they are willing to take risk and compete with existing industries no matter what cost.

[Natalim]

That's not gonna happen since the original plan of Libra is a stable coin, that's is to erase the price volatility and its centralized which is clearly the opposite of bitcoin. If they can't launch according to their plan, its better for them to just halt the plan project for the mean time and look for the right timing.

Although I see that its a great help of the crypto space since it will bring demand to BTC if they will adopt with bitcoin, but its just too unrealistic.

[Suslived]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

It's quite exciting to imagine what would happen to Bitcoin price if Facebook suddenly adopts Bitcoin as it's cryptocurrency. Trying not to get lost to greed and delusions of price appreciation, I'd imagine it would set the price of bitcoin above $20k++ USD.

That being said, I also agree that there are lots of other options and alternatives aside from Bitcoin. It needs to have fast transaction times so I'm thinking XRP could be a good candidate?

[EdvinZ]

Hmm, very interesting proposal from the congressman. I think that it would be more profitable for all users to use Bitcoin inside the services of Facebook, Instagram and WhatsApp. Because Bitcoin is decentralized and control over the coins is completely in the hands of users. In Libra's case, all coins are somehow controlled by Facebook, because this payment system will be centralized. I think Mark Zuckerberg still wants to launch his Libra. But given the recent conflict between the government and Facebook over the launch of Libra, as well as the cessation of support for this project by the world's leading payment systems, I think both sides will find some compromise. We may even see that Facebook will support both its Libra and everyone's favorite Bitcoin.

[Yaunfitda]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

Obviously, they won't that's why they created their own coin.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

We really don't know what the future brings. Maybe Libra is the new face of crypto, maybe not. Or maybe US government really knows something about the plan of Mark Z. to take control of the financials that will make him one of the most powerful entity and that's why US is hell bent on stopping him.

[Cnut237]

Facebook would never use someone else's product. If they see something they want, they either buy them out and take it over, or else they build their own version and drive the original into the dirt. They can't take over Bitcoin, and they can't destroy it either, so they will never use it. they are 100% set on building a competitor.

It's not just crypto they are competing with, Facebook's basic aim is to take over the world. I expect they are going after the US dollar as much as they are going after Bitcoin.

[Google+]

I think if only adopting bitcoin won't make a good facebook platform because Facebook should be able to work with bitcoin and implement payments using bitcoin so that it will have a good impact on the price of bitcoin because it will increase bitcoin demand and will make bitcoin prices expensive because demand increases.

[Wexnident]

How could facebook even adopt it with how its system is made of? They specifically made Libra because of their want to create a new crypto or virthal currency while letting it stay under their management and control.
Plus, BTC wasn't even made by them. This basically seems like their advertising another product, when they had the ability to create one themselves.
Besides, the current state of Libra could be blamed into its infancy stages and it was facebooks first time entering the scene. No matter how big the company may be, it'd still face setbacks every now and then after all.

[milewilda]

Facebook would never use someone else's product. If they see something they want, they either buy them out and take it over, or else they build their own version and drive the original into the dirt. They can't take over Bitcoin, and they can't destroy it either, so they will never use it. they are 100% set on building a competitor.

It's not just crypto they are competing with, Facebook's basic aim is to take over the world. I expect they are going after the US dollar as much as they are going after Bitcoin.

Same thoughts and come to think that they are big enough to do such gigantic moves.They are financially capable and when it comes to reputation and popularity then we do know
on whats the standing of Facebook on it.They would surely create their own rather than on following others works or invention.They wont adopt Bitcoin for sure
but lets see if their minds would be changed up they saw that their project is not been supported if ever if it would launched.

[alyssa85]

Facebook wants to build their own crypto empire no chance that they will adopt Bitcoin, for over 10 years existence of Bitcoin they already knew the potential of cryptocurrency. For big a company like Facebook I think they are willing to take risk and compete with existing industries no matter what cost.

This.

Also - I wonder if there is still a rivalry between Zuckerberg and the Winklevoss twins. Zukerberg stole their social media idea. Now he seems miffed they got into bitcoin at $8 a coin, and wants to kill their project with a coin of his own.

[Sahyadri]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

Facebook is aiming towards giving people an alternate form of monetary system for easy and instant transfer of money through mobile. By his statement, congressman meant that Facebook can go on adopting Bitcoin as a payment method which will achieve the same results that theya re trying to achieve through Libra. The only difference will be that Bitcoin is decentralized whereas Libra was centralized. But for the exact same reason they are letting Libra to be launched. So, I guess this is a bad suggestion.

[ufaiz50]

Are you sure about what the congress said? in terms of profits, they will benefit more if they receive Libra. I'm actually not sure what the US is thinking but adopting bitcoin is beneficial for users. The problem is manipulation of the market by whales.

[The Sceptical Chymist]

Who knows where this is going, I don't really think we need Libra to be honest.

I don't either, and OP it would be nice if you'd provide a link when making a thread that references some congressman's quote.  I don't have a clue what you're referring to here.

But hey, I think Libra will be useless and unnecessary--but that's only if it gets released, which I don't think it will.  I don't think the world is itching for another cryptocurrency, much less a stablecoin branded by Facebook.  That makes me want to stay far, far away from it.  Not that I use FB anyway, so it doesn't matter for me but I'm well aware of how popular they are and how many people willingly give away their privacy to them.  No doubt at least some of them would use Libra.  Why, I have no idea, but they would.

Does anyone know what Libra is supposed to be used for?  Is it for stuff like in-game purchases and the like or some other FB-related expenses?  I don't know what they're charging members for, but I do know that they offer games and things.  And frankly I don't see why crypto is necessary to pay for those things when fiat would work just as well. 

[JeffBrad12]

the point of facebook creating Libra is to generate profit out of it just like how all those stablecoins out there making their profit from every transaction it's such a nonsense for facebook to just adopt bitcoin it's basically the same as they are adopting other payment method like paypal into their system completely pointless.

The US feeling threatened because libra could potentially take advantage of their currency as reserve fund to go against their own into dominating the US economy even though it might just take up a little portion but a threat is a threat. The statement made above is just silly at best from the perspective of facebook as private company which seek profit.

[tippytoes]

Who knows where this is going, I don't really think we need Libra to be honest.

I don't either, and OP it would be nice if you'd provide a link when making a thread that references some congressman's quote.  I don't have a clue what you're referring to here.

But hey, I think Libra will be useless and unnecessary--but that's only if it gets released, which I don't think it will.  I don't think the world is itching for another cryptocurrency, much less a stablecoin branded by Facebook.  That makes me want to stay far, far away from it.  Not that I use FB anyway, so it doesn't matter for me but I'm well aware of how popular they are and how many people willingly give away their privacy to them.  No doubt at least some of them would use Libra.  Why, I have no idea, but they would.

Does anyone know what Libra is supposed to be used for?  Is it for stuff like in-game purchases and the like or some other FB-related expenses?  I don't know what they're charging members for, but I do know that they offer games and things.  And frankly I don't see why crypto is necessary to pay for those things when fiat would work just as well. 

Just one article, mentioning about the title of this thread.

https://www.forbes.com/sites/ktorpey/2019/10/24/this-us-congressman-thinks-bitcoin-will-have-enormous-value-and-utility-over-the-long-term/#cd88f1b278e1



We all know the ulterior motive why Libra is born, more profit from the FB team as JeffBrad12 already mentioned. And suggesting to use btc instead, I doubt they will accept such suggestion.

the point of facebook creating Libra is to generate profit out of it just like how all those stablecoins out there making their profit from every transaction it's such a nonsense for facebook to just adopt bitcoin it's basically the same as they are adopting other payment method like paypal into their system completely pointless.

The US feeling threatened because libra could potentially take advantage of their currency as reserve fund to go against their own into dominating the US economy even though it might just take up a little portion but a threat is a threat. The statement made above is just silly at best from the perspective of facebook as private company which seek profit.

[chaoscoinz]

I don't think it's Bitcoin that they should be adopting at all. It's slow and Facebook will want some sort of control over it, with Bitcoin, they can't.

We've seen one of the Facebook blockchain devs (David Wong) singing Algorand's praises in recent weeks (not to mention interest amongst top banks too), maybe exploring their tech could be the way forward...

Who knows where this is going, I don't really think we need Libra to be honest. There's plenty of other platforms that make more sense and have already established a footing in the DeFi space (Algorand mentioned above, Ethereum/MakerDAO obviously).

  I don't agree, with Facebook adopting Bitcoin and abandoning it'a Libra project because Libra is it' s own platform, one that Facebook can exhibit some bit of control over. For one, Bitcoin is a proof of work coin that acts as a store of value. Bitcoin's price swings violently and this kind of volatility would cause consumers to panic and abandon the idea. Imagine their Libra coin values dropping just a few dollars, a mass panic would ensue! I don't believe it is suitable enough for consumer adoption.
  Libra is backed by low volatility assets meaning the price will stay relatively the same, something consumers who use Facebook's various social networks can stand by. They already have a fully developed platform backed by big names (not if they pull out). The only thing that is stopping their progress from mass adoption is congress. I don't think congress is ready for what mass adoption entails.