Facebook Coin… Good, Bad, or Evil?

in bitcoin •  4 months ago 

This week Facebook is expected to release a whitepaper on its planned cryptocurrency, Libra.

Why it’s not called Zuck Bucks is beyond me.

Anyways, I was writing about it last month, and how Facebook had to start allow crypto ads again.

Let’s see what’s going on with this Libra thing.

According to reports, Facebook signed up over a dozen partners, including heavyweights like Visa, Mastercard, PayPal, and Uber.

Each of these partners will pony up $10 million in a consortium that will govern the digital coin.

Facebook is looking to raise $1 billion for the project.

Neither Facebook or the member companies will directly control the coin. Instead, there will be a consortium known as the Libra Association.

Stripe, Booking.com, MercadoLibre, Vodaphone, Lyft, eBay, Spotify, Xapo, and Coinbase are all partners as well.

So… good, bad, or evil?

I say good, because it will get people one step away from government money and one step closer to bitcoin.

Baby steps.

Still, I’ll take BTC over LIBRA any day !!!

For more on cryptos follow me @g-dubs

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Abra]( https://o8ca.app.link/ScLxqQCtrR?_p=f54a2543ea28d4607c820a77)

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Everything Facebook are doing is evil

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I reserve judgement until I see the whitepaper.

My money is on another Tether type stablecoin which will be bound to the US Dollar. In other words a centrally controlled, black box, tied to fiat dogshite.

The only positive might be that the mainstream could be exposed to basic crypto and blockchain concepts.

Brother I've known you for a long time. I remember when you said that $22.00 was still a good deal for binance coin. Honestly if you have said that about any other coin you would have been wrong but binance coin is the only coin that beat it's all times high. I think it's going to go back down to $22.00 anytime now, so if you've got some you should push it out. I think Facebook's coin, despite the fact that is trying this stable coin thing, is going to rise up by 10 times and I plan to buy a bunch of it…. and I recommend everyone does too, but i don't think it's that rise forever….Facebook is likely to fail within the next 5 years.

This post has received a 10.00% complementary upvote from @swiftcash 🤑

If the coin can introduce new people to crypto without siphoning money away from current cryptocurrencies and crypto startups it’s an awesome addition to the space! Also if Facebook does good with this move I expect we’ll see more companies following suit 🤞

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wow media

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It's just another stable coin. Not sure if Bitcoin can be traded for it etc but if that's the case it could drive bitcoins price up as another entry point for people. Most likely won't happen though

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