Facebook stablecoin

[zasad@]

A bit of history:
June 2019 - Facebook crypto project announcement
"In April 2020, Libra shifted gears, aiming to become a traditional stablecoin
The following month, Calibra switched its name to Novi. In December, the Libra Association jettisoned its moniker in favor of Diem."
https://decrypt.co/78891/facebook-crypto-wallet-is-ready-market-is-market-ready-novi


https://medium.com/@davidmarcus/good-stablecoins-a-protocol-for-money-and-digital-wallets-the-formula-to-fix-our-broken-payment-f11f59fc92d7
"Novi is ready to come to market. It’s regulated, and we’re confident in our operational ability to exceed the high standards of compliance that will be demanded of us."

Do you think this will be the reason for a new pump on the crypto market?

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[Charles-Tim]

Do you think this will be the reason for a new pump on the crypto market?

Formally called Libra, now called Diem is one of the project I can never like, I later do not follow the project when I noticed the project is not perfect. If Mark Zuckerberg created an unstable cryptocurrency just like others in a decentralized manner, there will surely be a pump, it would be one of the present most successful project, even if there is presale for it, you will see people rushing for it, even if it doesn't really move market, the project will be a very successful one and pump significantly. What is my own with a stable coin when we have many decentralized stable coin, even if not completely decentralized, we have CBDCs coming. I think Mark Zuckerberg should have used his influence to launch a good unstable coin rather than his self-centered ambition. Being a stable coin, I do not think it will have any effect in the market.

[zasad@]

https://www.bloomberg.com/news/articles/2021-08-18/ethereum-founder-is-skeptical-of-dorsey-s-and-zuckerberg-s-plans?srnd=markets-vp
Ethereum Founder Is Skeptical of Dorsey and Zuckerberg Plans
"The engineer widely recognized as the inventor of Ethereum, the world’s most-used blockchain, cast doubt on Square Inc. chief executive officer Dorsey’s plan for the company to create a new business focused on decentralized financial services that uses Bitcoin. The largest cryptocurrency, Buterin said in an interview on Bloomberg Television, doesn’t really have the functionality to do that as it was designed largely to be a “currency of the house.”"

[Evgenklm]

It seems to me that it will be like with Pavel Durov, everything will end at a certain moment when the SEC intervenes, so it is hasty to talk about the project now until the regulator says its assessment.If everything goes smoothly, this news will have a very good impact on the market as a whole.

[lumierre]

I am afraid that it can be the same situation with Facebook's coin like it was in case with Telegram's coin. The team of Gram with Pavel Durov at the head have even raised a significant sum of investments and then just banned from the US authorities. So they had to return the rest of the money. But some investors all the same lost their money.

[Raytheon]

Is Facebook challenging the US government's power? A few months ago, Alibaba wanted to expand its business into finance with its child company ANT Group but got severe punish from Chinese government. If Facebook created its own currency, doesn't it look like an independent country with population of 2.89 billion and a national currency called "Novi"? Imagine one day, people buying/selling things via Facebook and using Novi instead of USD. What would FED think then?

[SquirrelJulietGarden]

Stable coins are aims of governments. Big Tech are targets of governments too and I believe Big Tech will develop then launch their cryptocurrencies soon.

The challenge would be from governments. They know huge social media like Facebook, Twitter have big impacts in societies and if they launch their coins, create their own marketplaces that will be fueled by those coins and huge users, power of governments and central banks will be challenged.

[Jackl87]

A bit of history:
June 2019 - Facebook crypto project announcement
"In April 2020, Libra shifted gears, aiming to become a traditional stablecoin

Do you think this will be the reason for a new pump on the crypto market?

In the end it is just a new stablecoin that is pegged to the USD as far as i know so i don't see this having a huge impact here. Yes of course Facebook is a Company that everyone knows and if they bring out a stablecoin then users can be sure that this coin is backed enough by real dollars and that the contract of the coin is thoroughly tested and audited. We already have stablecoins of coinbase and binance though and both are also multi billion dollar companies, so i would say their stablecoins are just as safe as the one from Facebook will be.

[cryptoaddictchie]

Do you think this will be the reason for a new pump on the crypto market?

For me its not even a criteria for a reason. This Libra shit of facebook was blocked for a reason. Knowing Zuckerberg plans for it. Im sure he will capitalize those who will invest with it or use it. Im not a big fan of facebook, and associating theit social activity with blockchain is something he must understand that is totally different from traditional banking and social payments he usually knew.

Anyway, I think it will not boost crypto market but confuses.

[SquirrelJulietGarden]

In the end it is just a new stablecoin that is pegged to the USD as far as i know so i don't see this having a huge impact here. Yes of course Facebook is a Company that everyone knows and if they bring out a stablecoin then users can be sure that this coin is backed enough by real dollars and that the contract of the coin is thoroughly tested and audited. We already have stablecoins of coinbase and binance though and both are also multi billion dollar companies, so i would say their stablecoins are just as safe as the one from Facebook will be.

I believe stable coins from Facebook or Twitter will be pegged by multiple fiat, and not only USD. USD is one of big fiat but if a cryptocurrency is pegged by only one fiat, it is unstable when that fiat collapses.

The idea to peg stable coins by multiple fiat currencies is old and it is applied by some stable coins. I think those big techs will create their stable coins as multi-fiat-pegged stable coins. It brings more trust and better safety for their stable coins.

[gwdf1]

A bit of history:
June 2019 - Facebook crypto project announcement
"In April 2020, Libra shifted gears, aiming to become a traditional stablecoin
The following month, Calibra switched its name to Novi. In December, the Libra Association jettisoned its moniker in favor of Diem."
https://decrypt.co/78891/facebook-crypto-wallet-is-ready-market-is-market-ready-novi


https://medium.com/@davidmarcus/good-stablecoins-a-protocol-for-money-and-digital-wallets-the-formula-to-fix-our-broken-payment-f11f59fc92d7
"Novi is ready to come to market. It’s regulated, and we’re confident in our operational ability to exceed the high standards of compliance that will be demanded of us."

Do you think this will be the reason for a new pump on the crypto market?

I think that if they successfully launch their token and if it performs all functions that the team has planned, It will be successful among investors as well. Also this way we can expect a growth of Facebook's stocks in the stock market. I am not sure if this event can cause a bull run in the whole market, but early investors of Facebook’s coin must get good income.

[Ozero]

Back in 2019, Libra could have been a successful project the way it was originally conceived. However, states were afraid of the appearance of such a monster, in whose private hands significant information about several billion inhabitants of our planet could be concentrated. They just didn't let Zuckerberg do it. What remains of this project by now will be a regular dollar-backed stablecoin. At a hearing in the US Congress, Zuckerberg assured that his stablecoin would have nothing to do with Facebook. Then this project will no longer differ from many of the existing stablecoins, of which there are already many. And we don't see any real success with this stablecoin with its constant name change.

[Russlenat]

Not sure if this project will be able to exceed the platforms that are already in the market, if it's purpose is just for stable coin, then let's see if it will be accepted with open arms and we know if people like it as hype normally starts, however, the market is still dumping until now, so if it would help, then probably we will recover soon.

A project that is being in compliance with the law has lesser risk and that's what they ensure, that's a plus in that area, the only crucial is how people would adopt it.

[ali1177]

I am analysing crypto Market from a very long time and I think bull Run is not the reason of Facebook's stablecoin but bull Run came after the news from different countries which are accepting Bitcoin as a payment method.