Is Facebook trying to profit from Cryptos ?

[Irvinn]

No one can say with accuracy up to 100% what Facebook plans are and what external plans are already active in the cryptocurrency market, but very strict requirements have already been put forward for the Libra project, as stated by the head of the US Federal Reserve Jerome Powell.  Apparently because of this statement on the weekend, the price of cryptocurrencies fell very much.  If you pay attention to Bitcoin, then the coin fell in price by almost 3% and the capitalization of Bitcoin fell to 186 billion dollars.  I understand that the government of the United States of America will pursue the Libra project until the end, so that the developers themselves abandon it.

[betty11]

Maybe Facebook team are yet to fully understand bitcoin and hence they are dealing with altcoins for now, later on they can get on with bitcoin. Without bitcoin no other coin really make sense, except one wants to introduce scam to the public.

[Japinat]

Maybe Facebook team are yet to fully understand bitcoin and hence they are dealing with altcoins for now, later on they can get on with bitcoin. Without bitcoin no other coin really make sense, except one wants to introduce scam to the public.

I don't think, they are a big company and very profitable and they are involve in tech business so I don't think they aren't aware about bitcoin.
They are planning to launch their Libra coin as they want to beat all coins that are use for online transactions for payments and etc. but the government are requiring them to comply with the regulatory requirements, once they were able to pass that and launch their coin in the market, it's guaranteed that they will be very profitable as they can use their popularity to introduce their coins to its facebook users and its network.

Wit that, they can profit in crypto with their own, not by investing in existing coin, they want to compete with the existing ones but will not compete with bitcoin as they are launching a stable coin.

[The3max]

This is correct, I think Facebook makes money from projects through advertising programs on media tools. And this is a huge number.

[btc78]

Obviously Mark Zuckerberg (Facebook owner) don’t literally want to make money from bitcoin but what he want is to make money from cryptocurrency

Just like this Libra Thing in which sooner will be released ,he had planned this long time ago and now is the right time to make those dreams in reality

[Alert31]

I thought Facebook have it's own token to launch? Well,it's not possible for Facebook to use altcoins to make another profit since Facebook is one of the biggest social media platform. It is not difficult for them to promote cryptos they want because so many people using Facebook. Also they are already open for many crypto promotion so,it is possible for them to have plan to go with crypto.

[Distraction]

I don't think that Facebook is trying to profit from some cryptocurrencies. If Facebook would try to do that, why would it try to profit from worthless coins ? It would simply try to profit from popular cryptocurrencies.

[fudster]

Obviously Mark Zuckerberg (Facebook owner) don’t literally want to make money from bitcoin but what he want is to make money from cryptocurrency

Just like this Libra Thing in which sooner will be released ,he had planned this long time ago and now is the right time to make those dreams in reality

The government is not going to make it easy for him, they will make sure there is a great price to pay for making facebook act like a bank for all. Facebook has to hire lobbyist to crawl under for these lawmakers to approve him. Negotiations will me made here and perhaps allowing the government to peak into their database will be agreed which is likely to be signed.

[trickyriky]

Maybe Facebook team are yet to fully understand bitcoin and hence they are dealing with altcoins for now, later on they can get on with bitcoin. Without bitcoin no other coin really make sense, except one wants to introduce scam to the public.

Mark Zuckerberg has billions of dollars and he has hired a team of the best professionals to help FB with Bitcoin is somebody does not understand it (although I doubt it too much). For sure, as money makes money, Facebook leaders have the only one aim - to make more on cryptocurrencies. I have almost no doubt that they will succeed here, and we will see the Libra project very soon.

[bitbunnny]

Maybe Facebook team are yet to fully understand bitcoin and hence they are dealing with altcoins for now, later on they can get on with bitcoin. Without bitcoin no other coin really make sense, except one wants to introduce scam to the public.

Mark Zuckerberg has billions of dollars and he has hired a team of the best professionals to help FB with Bitcoin is somebody does not understand it (although I doubt it too much). For sure, as money makes money, Facebook leaders have the only one aim - to make more on cryptocurrencies. I have almost no doubt that they will succeed here, and we will see the Libra project very soon.

Facebook is.losing money big time so they want to.try cryptocurrencies too. They look at it as another niche and chancr for their profit.
Unlike you I'm not so sure they will be successful, especially not with Libra. Something doesn't seem to be right there.  But again the time will tell.

[pieppiep]

I am sure Facebook wants to take profit from cryptos, and that is why they decide to create Libra projects. By creating their own crypto, that will open their business into wider because they can use their crypto to accommodate their user in the payment systems. That will give them more money because they have huge members who are still using their website to share anything they want.

Once the project is a success, the other social media will use the same strategy as Facebook. That will give a competition among social media and who knows, that will change social media more than we see now. When the new technology developed, it could give a unique touch in the internet sphere, and that will attract more people to learn.

[PointHope]

Two big differences between Libra and BTC; one is centralized fiat, the other is not, one needs government permission, the other does not.
The good thing about Libra is it will teach folks what makes a crypto-currency valuable... A global permissionless p2p network for honesty and accountabilty. Libra will have none of these characteristics.

[Mpamaegbu]

For your kind information, the only coin I hold is Bitcoin, always mentioned AltCoins as ShitCoin and asked people to be careful of ShitCoins. So u may keep your Sherlock Holmes dreams in the shelf for the time being.

So, would you also consider ETH, LTC, BNB as shitcoins since they are also altcoins? I bet you won't easily find an answer to my question. If you consider their price crash as a reason for classifying them as shitcoins, then what will say of a coin that fell from an ATH of $19,000 plus to a mere $3,000? That's Bitcoin! It goes to tell that nothing is ever sure in life.

[De4ted]

Maybe those coin mentioned is the one who tie up with facebook, because they know facebook has huge influence in the world so basically those unfamous coins so they can have better future in the industry.

[fiulpro]

Since Facebook is launching libra themselves they are trying to make the economy more friendly for cryptocurrencies instead of banning it .. they are actually just climbing their way into the market .

They may be making the profit but at the same time they are making cryptocurrencies more acceptable in the market ..

They have finally opned up ..this is actually what most of the companies should do so that both sides will be benefited .

[The3max]

Although they do not create any cryptocurrency available on the market. But facebook still makes a huge amount of money from cryptocurrency projects from advertising costs. This is a smart way of making money for facebook to provide news to its users.

[FlightyPouch]

I agree with what they've said. And yeah, I will never trade or even invest on those crypto currencies. Some of the cryptos I am holding gave me some losses that is why I can't also afford to lose and invest on those crpytos.

[Bes19]

Maybe because those coins has made a partnership with them. It is really a smart move for facebook to have a partnership with these alts and vice versa alts will benefit from it since facebook is worldwide and very known for most of the people. Facebook knows they will gain a big profit from it. It's still a business afterall.

[paynercash]

This is a lucrative market that a lot of tech companies want to jump into to make money. Recent news has written that Facebook is preparing to launch its own coin. So I think Facebook is heading to this market.

[bitcoinposts]

Facebook entry into crypto will definitely profit crypto currency industry in terms of new investment in stable coin market for  crypto currencies which is a positive sign for crypto currency attract big players to crypto currency market