Ugh. This will pass too. The value of Bitcoin is in the fact that nobody can control and censor it. It's black market money. If it didn't have this quality, it'd be useless. Nobody (meaning customers) cares about Facebook launching a coin. Facebook will not be the champion of freedom. How do I know? Ask yourself, if Facebook Coin is going to be available in Crimea (currently under sanctions) or Iran (currently under sanctions) or China (where facebook is banned). The answer is of course not. Bitcoin is available in all of those places and not a single government was able to do anything about it yet.
Facebook’s New Cryptocurrency Gets Big Backers
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Re: Facebook’s New Cryptocurrency Gets Big Backers
#32I mean... Are they kidding me with that name?
what do you think is weird or bad about it? it's a pretty appropriate name for a currency
Re: Facebook’s New Cryptocurrency Gets Big Backers
#33IMO this is it, the last best chance for a cryptocurrency to take off and actually be used as a currency and not a speculative vehicle. If Libra fails, even with all of Facebook’s resources at its disposal, then there is unlikely to be any viable cryptocurrency for at least another generation.
Disclaimer: I hold a lot of stock in FB and no positions in other crypto.
Re: Facebook’s New Cryptocurrency Gets Big Backers
#34I'll be honest, I'm excited.
The biggest hurdle to Bitcoin adoption are on-ramps / off-ramps. Businesses and individuals dealing with Bitcoin frequently get de-risked by banks and suppressed by regulators (e.g: China & India).
Libra if (a) can be interacted with via API, (b) can itself be acquired via bank transfers / credit cards & (c) not geo-fenced, will eventually be adapted into one of the many exchanges and will contribute greatly to solving Bitcoin's on-ramping issues.
Whether consumers want Bitcoin once they've tasted Libra, well that's an ideological choice. It'll be interesting to see how it plays out.
Re: Facebook’s New Cryptocurrency Gets Big Backers
#35IMO this is it, the last best chance for a cryptocurrency to take off and actually be used as a currency and not a speculative vehicle. If Libra fails, even with all of Facebook’s resources at its disposal, then there is unlikely to be any viable cryptocurrency for at least another generation. Disclaimer: I hold a lot of stock in FB and no positions in other crypto.
Speculative vehicle? We're paying devs salaries in Bitcoin, what are you talking about?
Re: Facebook’s New Cryptocurrency Gets Big Backers
#36If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…
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Re: Facebook’s New Cryptocurrency Gets Big Backers
#37I'll be honest, I'm excited. The biggest hurdle to Bitcoin adoption are on-ramps / off-ramps. Businesses and individuals dealing with Bitcoin frequently get de-risked by banks and suppressed by regulators (e.g: China & India). Libra if (a) can be interacted with via API, (b) can itself be acquired via bank transfers / credit cards & (c) not geo-fenced, will eventually be adapted into one of the many exchanges and wil…
Why would anyone want a facebook coin that is completely controlled by Facebook which can be controlled by the government when with Bitcoin you get complete sovereignty?
Re: Facebook’s New Cryptocurrency Gets Big Backers
#38IMO this is it, the last best chance for a cryptocurrency to take off and actually be used as a currency and not a speculative vehicle. If Libra fails, even with all of Facebook’s resources at its disposal, then there is unlikely to be any viable cryptocurrency for at least another generation. Disclaimer: I hold a lot of stock in FB and no positions in other crypto.
Speculative vehicle? We're paying devs salaries in Bitcoin, what are you talking about?
and many people are compensated in highly volatile stocks that are subject to speculation, you paying someone in bitcoin doesn't change anything about its speculative nature, it just means your employees are willing to receive compensation in a volatile currency.
Re: Facebook’s New Cryptocurrency Gets Big Backers
#39Earlier quoted context omitted.
It's as good as any ICO; exercising control isn't good for businesses, but Buterin has shown he can make it happen if the stakes are big enough, just like Zuck will also be able to do.
The fact that Ethereum Classic exists proves that Buterin has no control.
No it doesn't. ETC is worth something like 2% of the value of ETH, it's a joke in comparison. Besides, the existence of "Ethereum Classic" is not something special, it's the inevitable side effect of suddenly having the balance of your ETH wallet "cloned" in a fork, you only have to lose if you don't treat both wallets like they're real.
Re: Facebook’s New Cryptocurrency Gets Big Backers
#40I'll be honest, I'm excited. The biggest hurdle to Bitcoin adoption are on-ramps / off-ramps. Businesses and individuals dealing with Bitcoin frequently get de-risked by banks and suppressed by regulators (e.g: China & India). Libra if (a) can be interacted with via API, (b) can itself be acquired via bank transfers / credit cards & (c) not geo-fenced, will eventually be adapted into one of the many exchanges and wil…
Why would anyone want a facebook coin that is completely controlled by Facebook which can be controlled by the government when with Bitcoin you get complete sovereignty?
Nobody but it doesnt mattet. Facebook has the potential to br the western wechat with this.