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Author Topic: How will Facebook Libra cryptocurrency affect Bitcoin in the long term?  (Read 28890 times)

Offline muneerashine

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Charlie Shrem tweeted about Libra and its qoute " I think the "FacebookCoin" is an attempt by big tech, banks and credit card companies to lure people away from #Bitcoin into their "better, easier, crypto", which is nothing more than a fiat coin being masqueraded as crypto. ''


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Re: How will Facebook Libra cryptocurrency affect Bitcoin in the long term?
« Reply #1 on: February 19, 2020, 06:29:47 PM »
Charlie Shrem tweeted about Libra and its qoute " I think the "FacebookCoin" is an attempt by big tech, banks and credit card companies to lure people away from #Bitcoin into their "better, easier, crypto", which is nothing more than a fiat coin being masqueraded as crypto. ''
In any case, popular stable coins will distract people's attention from bitcoin and other cryptocurrencies in that stable coins can be successfully used as a means of payment. In this regard, stable coins represent serious competition for a decentralized cryptocurrency.
The appearance in the near future of many types of national stable coins of various states will greatly increase such a threat. In this regard, in my opinion, Libra will no longer play such a large role as it was originally planned.

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Re: How will Facebook Libra cryptocurrency affect Bitcoin in the long term?
« Reply #2 on: February 21, 2020, 10:17:12 AM »
I actually agree with that statement. I do not doubt Facebook's big name, with very large capital and very many Facebook users have the opportunity to penetrate deeper into the crypto world and shake the BTC, but this is not easy, especially because most Facebook users don't yet know what blockchain is and how Bitcoin works.

Everything is only in the name of the business, and what is sought is profit, as Google grips the internet world, that is the ideal of Facebook to become the king of the world, I'm actually curious and waiting for a breakthrough what Facebook will do since 2018, but it seems like there isn't anything out of them. In fact, now more and more libra investors are resigning.

Offline Fenix

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Charlie Shrem tweeted about Libra and its qoute " I think the "FacebookCoin" is an attempt by big tech, banks and credit card companies to lure people away from #Bitcoin into their "better, easier, crypto", which is nothing more than a fiat coin being masqueraded as crypto. ''
I do not think so. Most likely, it was primarily a commercial project. If he succeeded as originally planned, then he would bring Zuckerberg billions in profit. Now, many states are working on the issue of their national stable coins and, along with them, Libra will no longer be a huge success. In addition, the countries of the European Union very sharply oppose the appearance of this coin and declare that it will not be allowed to circulate on its territory. Without the European market, Libra will no longer have the planned success.

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Offline Muneeb22

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I don,t think so that Libra coin will effect on the Bitcoin market becasue Bitcoin is the heavy and great coin in the market and so many peoples will know that no one coin will cross the price of the BTC coin.

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Offline Bobcrypto

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Well, to some extent, Facebook Libra, if finally launch as planned we will make a very good impact on the crypto market, though it will be difficult to take over bitcoin now or in the future. I think there are lots of interest now on stable coins project around the world especially the Libra project, but these stablecoins may not affect bitcoin having stand out as the king of crypto and has shown that control over all coins in the current crypto ecosystem.

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Offline Senin

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I do not think that the Libra coin will continue to function successfully. European Union finance ministers have already announced that the Libra coin will be banned in their countries. Even without a European market, this coin is unlikely to normally go around the world.
In addition, Libra is a stable coin, and stable coins cannot grow in value. The price of bitcoin is thousands of times higher than the price of any ordinary currency. Therefore, about a thousand times Libra should be cheaper than Bitcoin.

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I don't think so. because bitcoin has always been a big coin until now. Many investors are interested in investing in the long run with Bitcoin. Libra cannot be a competitor of bitcoin with stable coins ... bitcoin always grows and rises in price.
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Offline ShadowCrypto

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Librabwill not be a good coin but Facebook is the biggest social platform, with the launch of libra more than 2 billion people will have a direct contact with Cryptocurrecy and this will be the good thing it will help a lot to make all Cryptocurrecy being mainstream.

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Libra coin faced failures because many of the community in cryptocurrency didn't support it.
And based on what I knew about it, even their own country if I am not mistaken they banned it, but not so sure. But now since
We are in the progress of Bitcoin halving the majority of the holders are expecting it to get increase after halving.
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Offline Bobcrypto

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Libra is a stable coin just like other stable coins found in the crypto msrket, the only difference is that Facebook is well known with over 2billion users world wide. This great number of Facebook users may attracted many attention, hence it is viewed that if Facebook Libra is finally launch will draw the interest of people out of the Fiat currency globally.
I think the USA government and others has been the challenging factors facing Libra launch.

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Offline upyem2k

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  • I just don't understand it when people say Libra will affect bitcoin. How. They were saying the same thing about ethereum in 2017 but here we are 3 years after. Bitcoin is worth about 12 or 13 ethereum

Offline Noverteno

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I don,t think so that Libra coin will effect on the Bitcoin market becasue Bitcoin is the heavy and great coin in the market and so many peoples will know that no one coin will cross the price of the BTC coin.
Any stable coin can affect the price of cryptocurrencies, including bitcoin. The price of cryptocurrency is determined by the demand for it and its popularity. It is no secret that decentralized cryptocurrency is still very poorly used as a means of payment due to its low liquidity, high price volatility, and in some cases, as for bitcoin, given its slowness and high cost of transactions. Any stable coin is deprived of these shortcomings.
Stable coins, especially stable state coins, will be in demand precisely as a means of payment. If bitcoin is used even less as a means of payment, then demand for it, and therefore its price will fall.

Offline Michael.sol

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Still not there is any chance that Libra come in market , because their isn't any officaly update about it .
I didn't think that Libra effect Bitcoin , because Libra is going to be used as a stable coin in market.

Offline upyem2k

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I doubt if the Facebook libra will affect bitcoin in anyway if finally launched. We've seen series of predictions in favour of ethereum against bitcoin in the past four years and ethereum is not at all seeming closing up to bitcoin in term of every gazette.

Bitcoin has gotten established to be the price regulator of every other cryptos as a rise in the price of bitcoin brings their price up and the fall in the price brings other's prices down.

 

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