Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Delgboke on July 23, 2019, 08:09:58 AM
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Concerning the open letter from Steve Forbes tells mark zuckerberg to use gold back Libra cryptocurrency project why is that he never suggest to him about the use of bitcoin or the importance of using the valuable coin to back Libra cryptocurrency project , knowing that if he uses bitcoin to back Libra project it can be more valuable in the future time. You can read the full story here:
https://www.cryptoinformers.info/news/182-use-gold-to-back-libra-call-it-the-mark-steve-forbes-tells-facebook
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The problem with Libra is not what/who it is backed by, it's the government doesn't like Libra. Even with the current investors and partners, Libra would definitely win people's trust if it received a green light from authorities. However, gold backed is a great idea to make Libra more trusted and reliable.
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I also think that the numbers of firms backing the Libra project would have been okay if government allow the project to start as planned. Gold backing may also boost the Libra coin, but i think that Libra has the capacity to grow whether or not there is Gold backings.
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With many good companies support Libra, I think it is no need to back it with Gold. However, backing it with Gold is not a bad idea.
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Indeed, these suggestions are very good to do but return to Mark for the problem of using gold which is connected with Libra.
So it might be possible to say that Libra is stable with Gold being made with cryptocurrency brokers.
But I am not sure that this choice will be realized or not because Libra is indeed created on the basis of cryptocurrency.
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For Facebook, the priority is to organize the release of Libra, which would be approved by regulators. If this can be done on the basis of the fact that there are very big obstacles to the appearance of this coin, then it will be possible to think about its provision with gold, although I still do not see any need for this.
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There is no need for Libra to be backed up by Gold because at its base gold is a stable treasure.
But some say that Libra does have a basis for becoming a stable coin.
I do not know, I am also still uncertain about this situation because Libra is not yet born in this world.
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And if libra project finally survive all the challenges it currently facing, i personally think that Libra coin need not Gold backing. Facebook has the largest community that can back her Libra coin as it stand plus a host of big names in various economic sector of the world. In my opinion, this group of associates in business are okey as a backing.
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Is it a good ideal to back Libra with Gold?
Yes, it is.
In case of a global currency crises, involving all national fiat currencies, Libra won't be a refuge, as it's backed by fiat currencies.
Libra is backed also by Government bonds, but a crises in national fiat currencies means a crises in Govs too, so being backed by Gov debt won't help.
In case of a global currency crises, the refuge will be some hard asset, i.e. commodities.
Historically, the commodity that best suited to give stability and confidence to a currency was gold.
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Backing Libra with Gold might be Ideal, because Libra is present as a stable coin, not a high fluctuating coin like most Cryptocurrency. But unfortunately Cryptocurrency players prefer coins that have high fluctuations than stable coins. With this I doubt the success of Libra later, although this project is supported by Facebook and other large companies.
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Backing Libra with Gold might be Ideal, because Libra is present as a stable coin, not a high fluctuating coin like most Cryptocurrency. But unfortunately Cryptocurrency players prefer coins that have high fluctuations than stable coins. With this I doubt the success of Libra later, although this project is supported by Facebook and other large companies.
Big fluctuations are risk, and risk is excitement, therefore, as you said unfortunately, there are too many gambling people, but they can also bear fruit if, for example, you are lucky. And smaller fluctuations are less risk, but the percentage of plus will not be large, this is not for everyone. But how exactly for me
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Cryptocurrency players prefer coins that have high fluctuations than stable coins.
You are right.
On the other hand, normal people and businesses prefer coins that have low fluctuations ;)
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Yes, it is a good idea but I am not sure it will be backed by Gold. With gold, the value of Libra can be guaranteed and seems to have high stability. I think it will be very promising when Libra can be backed with Gold. Anyway, you can advise the team by sending the suggestion about this. :D
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Cryptocurrency players prefer coins that have high fluctuations than stable coins.
You are right.
On the other hand, normal people and businesses prefer coins that have low fluctuations ;)
Agree, if they want to find a stable currency then go to forex!
Cryptocoins Lovers prefer high fluctuation values. So hard if they want to create a stable coin in the crypto world, because all affected by the price of Bitcoin, if the price of bitcoin goes up, then altcoin will go up, and if bitcoin prices go down then altcoin will go down too.
The crypto world will be stable if it is led by coins that have a very large total of coins, not limited ones,
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Concerning the open letter from Steve Forbes tells mark zuckerberg to use gold back Libra cryptocurrency project why is that he never suggest to him about the use of bitcoin or the importance of using the valuable coin to back Libra cryptocurrency project , knowing that if he uses bitcoin to back Libra project it can be more valuable in the future time. You can read the full story here:
https://www.cryptoinformers.info/news/182-use-gold-to-back-libra-call-it-the-mark-steve-forbes-tells-facebook
I think, Zuckerberg have any idea and the reason why he support libra with gold. The problem of libra is in several country block libra. So, not who man behind the project, But We need regulate for the project. Many country against cryptocurrencies
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This just another attempt to make more money from Mark. He want to make it backed by gold. Well i dont see any problem from it.. Libra already has a big name behind it.
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My opinion is why mark did not get involved with bitcoin. The thing is that he wants Libra to become a second bitcoin and more valuable and meaningful for all people. With his capabilities and finances, this can be implemented, but he and his team will have to try their best) good luck to Mark :)
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Stable and backed by Gold nothing beats Bitcoin and Libra may use those things or not , but they will change platforms once it is launched. I have seen some has disappeared as a partner and don't know how many have to follow like this.
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My opinion is why mark did not get involved with bitcoin. The thing is that he wants Libra to become a second bitcoin and more valuable and meaningful for all people. With his capabilities and finances, this can be implemented, but he and his team will have to try their best) good luck to Mark :)
No stable coin can be compared with bitcoin. These are completely different financial assets. However, they can compete with each other as a means of payment. In this regard, a decentralized cryptocurrency, including Bitcoin, has to withstand really fierce competition. However, I do not think that Libra will occupy a significant place among stable coins. Ahead, in all likelihood, will be stable coins from leading states such as the USA, China, and the European Union. Stable state coins are supported by the authority and financial stability of these states. And what can Zuckerberg guarantee with regular hacks of Facebook user data?
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That is a good value for LIBRA which is supported by gold because now there are so many countries that throw away USD dollars because they have problems that are not good for investment.
We can imagine that if Gold was created to create LIBRA, I am sure that LIBRA will be a stable and equal coin in the reserve funds created by the LIBRA project.
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What kind of shell Libra will not wear, even gold, it will be a Zuckerberg coin anyway. If it goes bankrupt, the golden coating of this coin will also disappear.
We expect the appearance of stable coins of various states. It will be more reliable.
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Concerning the open letter from Steve Forbes tells mark zuckerberg to use gold back Libra cryptocurrency project why is that he never suggest to him about the use of bitcoin or the importance of using the valuable coin to back Libra cryptocurrency project , knowing that if he uses bitcoin to back Libra project it can be more valuable in the future time. You can read the full story here:
https://www.cryptoinformers.info/news/182-use-gold-to-back-libra-call-it-the-mark-steve-forbes-tells-facebook
I think It is a good way, If mark zuckerberg to use gold back Libra cryptocurrency project. Libra will be more valuable and profitable. Libra is one of very potential coin. But, I doubt mark zukerberg will support the libra more. Because I see libra ia struggling now.