Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Rose_Staw on June 21, 2019, 07:09:23 AM
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Stable coins like Tether, TUSD, USDC, PAXOS, and others are pegged to a single fiat currency. But in case of Libra, it is not pegged to a single fiat currency, but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.
Libra will be backed by a fiat currency if the following standards set by the Libra Reserve are met:
#1 Only fiat currencies with a free float will be eligible while the ones that are soft-pegged would be redundant in the Libra reserve.
#2 The decision-making process should be tied to either public organisations like Central banks or a free accessible asset like commodities.
#3 The fiat assets must be universally recognized across various jurisdictions to have a pro-grammatically quotable value.
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I consider it an event of the year. Interesting idea.Libra was the association of Libra Association, which includes 27 organizations: Mastercard, PayPal, Visa, eBay, Facebook, Uber, Spotify, Vodafone, Coinbase, Xapo and other well-known companies. I found the information that Libra can be used for money transfer. anywhere in the world, purchasing coffee, food, communal services, travel by public transport. I'm saying that it is very powerful.
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Libra has taken the world of cryptocurrency by storm. Actually, not just crypto enthusiasts, but people who don't even know about crypto or are interested in it, are into Libra. Facebook recently launched its whitepaper, and there are mixed reactions to it. The Libra info page (https://seo spamnews/facebook-launches-libra-coin-what-can-you-expect-latest-libra-coin-news) gives away details about the cryptocurrency and what its goal are, and its basic features.
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I consider it an event of the year. Interesting idea.Libra was the association of Libra Association, which includes 27 organizations: Mastercard, PayPal, Visa, eBay, Facebook, Uber, Spotify, Vodafone, Coinbase, Xapo and other well-known companies. I found the information that Libra can be used for money transfer. anywhere in the world, purchasing coffee, food, communal services, travel by public transport. I'm saying that it is very powerful.
Libra has started this storm even before its launch. Some people think that it can be a threat to cryptocurrencies. In reality, it will be a great helper for people coming from poor countries.
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It is built on a secure, scalable, and reliable blockchain. It is backed by a reserve of assets designed to give it intrinsic value, and it is governed by the independent Libra Association tasked with evolving the ecosystem. The asset will be a stablecoin of sorts, the whitepaper stated. “Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra.”
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Yeah, in addition, Libra is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. Libra is backed by a reserve of various assets designed to give it intrinsic value, it is governed by the independent Libra Association tasked with evolving the ecosystem
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Okay, there are so many people who support Libra if the libra fails to launch on the market, don't blame Libra, but blame the team that developed Libra Coin.
Usually when HIVE is high but it is not supported by financial factors it will end with coin disposal.
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It is built on a secure, scalable, and reliable blockchain. It is backed by a reserve of assets designed to give it intrinsic value, and it is governed by the independent Libra Association tasked with evolving the ecosystem. The asset will be a stablecoin of sorts, the whitepaper stated. “Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra.”
We cannot be sure of it. The coin is not released yet. When and if it appears, we can make thesecomparisons. Suppose, many people will be happy to own Libra. I am interested in what its price will be.
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It is built on a secure, scalable, and reliable blockchain. It is backed by a reserve of assets designed to give it intrinsic value, and it is governed by the independent Libra Association tasked with evolving the ecosystem. The asset will be a stablecoin of sorts, the whitepaper stated. “Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra.”
We cannot be sure of it. The coin is not released yet. When and if it appears, we can make thesecomparisons. Suppose, many people will be happy to own Libra. I am interested in what its price will be.
I think the Libra coin is thought to be a stable coin, though not yet pegged to any fiat currency, but Libra is gonna be 1:1 to some notable fiat currency in the world.
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See how the coins that have stabilized from the first time are created, they also have price movements such as volatile or only a slight movement between up and down.
I am sure that Libra will not be fully stable, but there must be a little price movement and it is only natural if we are in the world of cryptocurrency.
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Stable coins like Tether, TUSD, USDC, PAXOS, and others are pegged to a single fiat currency. But in case of Libra, it is not pegged to a single fiat currency, but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.
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If this project takes place, it will be more ambitious than projects of other stable coins. Its share among stable coins will be very high. This scared the big states and united to prevent the appearance of Libra. It will be very interesting to watch the events taking place near this coin.
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All are the same in terms of the advantages and disadvantages of a stable coin and if there are differences there are only a few, for example, the difference between buying and selling.
We can take the example between USDT, USDC and Gemini Dollar, all of them are the same and there is nothing different.
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Facebook is only one member of the Libra Association, so I think Facebook is not the problem!
The problem is that Libra will threaten the "financial power" of countries around the world thanks to:
+ accessibility via Facebook (2B users)
+ decentralized technology (blockchain)
+ inflation rate is well controlled thanks to the community
200 countries around the world will oppose Libra to protect their national currency, the future of Libra is not very bright, I think we should only watch now, no need to think about its use or not.
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Stable coins like Tether, TUSD, USDC, PAXOS, and others are pegged to a single fiat currency. But in case of Libra, it is not pegged to a single fiat currency, but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.
It is great advantages but it can be better to see the launching firstly. With too many bad issues currently, I am not really sure to see the advantages of Libra. Anyway, stable coins like Tether, TUSD, USDC have been trusted for years. While Libra is not launched yet, so those stable coins are still better. ;D
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but backed by a basket of assets denominated across 4 fiat currencies: USD, EURO, GBP and JPY.
This is great because the Euro, USD, GBP and JPY are real money and this is the right choice rather than having to stick to USDT, PAXOS or USDC tokens.
I am sure this situation will make LIBRA more trusted because it is based on the original Fiat money fundamentals, not the stable token as mentioned above.
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Coin Libra is distinguished by a large set of ordinary currencies and even various securities of business structures that will provide this coin, as well as the fact that it is behind such a large social network like Facebook.
In my opinion, confidence in a stable coin will be greater if it is issued by a state or a group of states. Zuckerberg may go bankrupt and then his Libra will become worthless. This is unlikely if the credibility and the economic power of the state stand behind a stable coin.