Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: MUGNIA on November 02, 2020, 01:58:08 AM
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Facebook’s Libra has changed. Having been roundly criticized after its unveiling in June 2019, it has now updated its white paper in a bid to placate regulators and governments.
Most notably, the new look Libra gets rid of any intention to move to a permissionless ledger. It also introduces a range of stablecoins pegged to single national fiat currencies, in addition to the multi-pegged Libra stablecoin itself.
But while this will likely soften the stance of regulators, how will it affect cryptoassets and the wider blockchain industry? Well, the picture here is mixed, because even though Libra might help crypto adoption, initially, it still might be a major competitor too decentralized cryptoassets such as Bitcoin (BTC) and Ethereum (ETH) and might also harden the stance of governments towards these assets.
(In)direct competition
Unveiled last June, Facebook originally intended Libra to be backed by a mix of currencies and also government debt. However, regulators and central banks quickly became concerned that it could destabilize monetary policy, as well as enable money laundering and threaten user privacy.
As such, its newly updated white paper makes a number of concessions to regulators. Firstly, it takes pains to emphasize that it will comply with all applicable AML (anti-money laundering) and KYC (know your customer) regulations. It also moves from a multi-pegged single stablecoin to lots of single-peg stablecoins.
more : https://cryptonews.com/exclusives/facebook-s-libra-has-changed-but-it-still-might-be-a-win-for-6394.htm
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Libra will no longer have that great importance in the cryptocurrency, for which it was calculated earlier. In addition, it seems to me that this project will no longer have any significant impact due to the expected massive appearance of stable coins of the central banks of states, and primarily the digitized yuan. The Libra project has already lost its chance, and it is unlikely to have a second one.
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Which changes from LIBRA?
Which revolution from LIBRA?
Which is the difference from LIBRA?
Until recently LIBRA has been like that and LIBRA has been very difficult to get up and return to the market.
Do not want to return because the creation of LIBRA is difficult to declare and this can be seen from LIBRA's silence.
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Libra may not be released, and if it does, it will all the same cease to exist for another unexpected, but compelling reason. The Chinese government is now preparing legal documents for the circulation of its digitized yuan, in which the digitized yuan is declared the property of China, and it is also prohibited by anyone to use it to provide other stablecoins. If other states follow the same path, then Libra cannot be backed by the currencies of states. It remains only to take gold, other precious metals and securities as collateral. The same ban can be extended to other private and commercial stablecoins.
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Facebook’s Libra has changed. Having been roundly criticized after its unveiling in June 2019, it has now updated its white paper in a bid to placate regulators and governments.
Most notably, the new look Libra gets rid of any intention to move to a permissionless ledger. It also introduces a range of stablecoins pegged to single national fiat currencies, in addition to the multi-pegged Libra stablecoin itself.
But while this will likely soften the stance of regulators, how will it affect cryptoassets and the wider blockchain industry? Well, the picture here is mixed, because even though Libra might help crypto adoption, initially, it still might be a major competitor too decentralized cryptoassets such as Bitcoin (BTC) and Ethereum (ETH) and might also harden the stance of governments towards these assets.
(In)direct competition
Unveiled last June, Facebook originally intended Libra to be backed by a mix of currencies and also government debt. However, regulators and central banks quickly became concerned that it could destabilize monetary policy, as well as enable money laundering and threaten user privacy.
As such, its newly updated white paper makes a number of concessions to regulators. Firstly, it takes pains to emphasize that it will comply with all applicable AML (anti-money laundering) and KYC (know your customer) regulations. It also moves from a multi-pegged single stablecoin to lots of single-peg stablecoins.
more : https://cryptonews.com/exclusives/facebook-s-libra-has-changed-but-it-still-might-be-a-win-for-6394.htm
BTC is the market running coin and that coin is the king of all coins so if the Libra coin is released that time its price is not going to be high like the BTC becasue i read in an article that Libra coin price is stable.
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If Libra becomes a stable coin, it can't be like 100x as much, so as a substitute for stabble coins in the crypto world like the USDT pair to buy BTC
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Libra has indeed changed a lot in recent times and even continues to change ahead of the official release, which could happen in January, that is, as early as next month. This time the name of the project and the coin itself will be changed. Libra will no longer exist, and the project and the stablecoin itself will be called DIEM. So next month we will be meeting the Diem stablecoin.
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Libra, renamed Diem, is preparing to release a dollar stablecoin and launched a test network, the average network performance is 6 transactions per second, which is higher than the Bitcoin blockchain, issuing 4 transactions per second, but far below the capacity of Ethereum, which produces 13 transactions per second, where it is issued most stablecoins. The developers promise to raise this parameter by the time of launch in January next year, otherwise, the project will be doomed.
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Obviously, Bitcoin is king of all cryptocurrencies.
Just look at now Bitcoin is leaving quickly all its competitors from all altcoins.
LIBRA is nothing because LIBRA hasn't been born yet.
Maybe this LIBRA should be ridiculed because LIBRA tends to be very difficult to wake up from a deep sleep and this is very annoying ! LOL
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If Libra becomes a stable coin, it can't be like 100x as much, so as a substitute for stabble coins in the crypto world like the USDT pair to buy BTC
But if it is unstable then this LIBRA coin is very dangerous, it can not be stopped for its decline and increase in price.
Then for the problem of stability, it is clearly stated in various stocks around the world that Facebook is traded for real.
I think it's also difficult for LIBRA to make the coin unstable.
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Libra coin is a good coin but that is not important in the crypto market becasue they launched the coin just for the their facebook and peoples can send and receive the coins through facebook and also that coin is the stable coin.
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It is my opinion that LIBRA will be a stable coin but unfortunately if it is only for Facebook then I am sure it will only be a burden for everyone.
The most basic reason why LIBRA can become a burden to the Facebook community is because LIBRA takes all the data from Facebook and this is very dangerous if hacking occurs.
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Even though I am Modz in this section, it seems that LIBRA is not very interested in cryptocurrency yet.
The proof is that now LIBRA has only changed its name to DIEM and it is very difficult to apply to trade because it is certain that LIBRA has not been interested in entering the cryptocurrency space with their honesty.