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> There are 21,000,000 BTC ever ever, you can't print more Untrue. More could easily be printed if that is what the leadership/community wanted.
Let's take a vote! Who votes to increase the 21M cap, devaluing your own holdings? Sir, it appears the nays have it..
1. Pegged to USD 2. Controlled by a central entity 3. Tied to a social media account
So it has very little to do with currencies like bitcoin (it certainly violates the spirit of them, even if it chooses to reproduce some of the morphology), but they are IMO associating it with cryptocurrencies for publicity and more importantly in the hope of avoiding regulation by confounding regulators for long enough to become established de-facto amongst consumers.
Banks and payment networks like Visa/Mastercard/Paypal should be most worried by this, as it will be designed to cut them out of transactions between users, advertisers, readers of media/news entirely - load up your account with Facebook coins (have they really called it 'Libra coin'?!?), and merchants will not have to pay mastercard, but they'll have to pay Facebook fees to accept your payment.
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> There are 21,000,000 BTC ever ever, you can't print more Untrue. More could easily be printed if that is what the leadership/community wanted.
Go back and read the whitepaper that's not how this works.
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>> It is just as bad as cash. You mean that it is as good as cash. Bitcoin become a failed project, a big internet casino. Some people want to use digital money to make payments and get paid, you know? The success of the facebook coins depends by the ways to redeem the tokens(i.e do other shops accept it, can they be cashed out at atm, can you use it with 3rd party wallets etc)
Bitcoin has not failed. I know several people personally that are paid in it. They can also use it to buy things.
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That's correct, so anything that isn't generally accepted doesn't have the same support or value. To date there have not been any legitimate forks that I'm aware of.
Who decides what's a legitimate fork? There have already been several forks, some of which maintain trading value.
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Bitcoin has not failed. I know several people personally that are paid in it. They can also use it to buy things.
The bar for success in your mind is suspiciously low.
(nobody from facebook here?)
This appears to be: 1. Pegged to USD 2. Controlled by a central entity 3. Tied to a social media account So it has very little to do with currencies like bitcoin (it certainly violates the spirit of them, even if it chooses to reproduce some of the morphology), but they are IMO associating it with cryptocurrencies for publicity and more importantly in the hope of avoiding regulation by confounding regulators for long…
I don't think they're worried seeing that they're some of the biggest investors in the project https://www.wsj.com/articles/facebooks-new-cryptocurrency-ge...
I don't really understand the upside to an FB stablecoin, but maybe I'm missing something. Why would I want FB to be the store of my money instead of FDIC-backed banks if the value and purchasing power is going to be identical?
If they can move your money cheaper than credit and debit card networks. That is the only part I'm interested in. Given they are partnered with PayPal though, I'm not hopeful on it being low fee.
Using the term "innovation" might be a bit too generous here. Not that combining two things that already exist can't be innovative. When the boomers combined "white music" with "black music" they got rock and roll. But this is Facebook + crypto, two things that suck. (Apologies.)