Author Topic: Is it a good ideal to back Libra with Gold? (Read 31738 times)

Delgboke · « **on:** July 23, 2019, 08:09:58 AM »

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

Altcoins Talks - Cryptocurrency Forum · « **on:** July 23, 2019, 08:09:58 AM »

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Pegasus · « **Reply #1 on:** July 23, 2019, 03:42:40 PM »

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.

Bobcrypto · « **Reply #2 on:** July 23, 2019, 09:38:32 PM »

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.

Prime · « **Reply #3 on:** July 25, 2019, 09:55:17 AM »

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.

IyemRoker · « **Reply #4 on:** July 30, 2019, 12:30:30 PM »

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.

Alcor · « **Reply #5 on:** July 30, 2019, 05:54:00 PM »

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.

kent47400 · « **Reply #6 on:** August 03, 2019, 08:07:55 AM »

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.

Altcoins Talks - Cryptocurrency Forum · « **Reply #6 on:** August 03, 2019, 08:07:55 AM »

Bobcrypto · « **Reply #7 on:** August 13, 2019, 05:51:32 PM »

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.

Peter90 · « **Reply #8 on:** August 24, 2019, 07:14:27 PM »

Quote from: Delgboke on July 23, 2019, 08:09:58 AM

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.

Lanirex · « **Reply #9 on:** August 26, 2019, 10:45:53 PM »

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.

Keenly · « **Reply #10 on:** September 24, 2019, 02:44:17 PM »

Quote from: Lanirex on August 26, 2019, 10:45:53 PM

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

Peter90 · « **Reply #11 on:** September 25, 2019, 11:56:11 AM »

Quote from: Lanirex on August 26, 2019, 10:45:53 PM

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

vegasus · « **Reply #12 on:** September 28, 2019, 11:55:44 PM »

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.

SonyChristopher · « **Reply #13 on:** October 12, 2019, 12:20:49 PM »

Quote from: owej90 on September 25, 2019, 11:56:11 AM

Quote from: Lanirex on August 26, 2019, 10:45:53 PM
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,

rizqillah · « **Reply #14 on:** November 16, 2019, 01:27:13 AM »

Quote from: Delgboke on July 23, 2019, 08:09:58 AM

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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