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Updated: Facebook Coin - It's Happening!!!!

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Very interesting.But how much about these types of coins exist?What will happen if everyone will start to issue coins?The meaning of all this I do not understand until the end.In my opinion as bitcoin was the most important coin and will remain it.Where its course goes there will go the course and the rest of the coins.

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20 hours ago, bonet777 said:

Very interesting.But how much about these types of coins exist?What will happen if everyone will start to issue coins?The meaning of all this I do not understand until the end.In my opinion as bitcoin was the most important coin and will remain it.Where its course goes there will go the course and the rest of the coins.

What makes this interesting to me is that it is a rise of private money.  For so long we had government versions of private money in the form of the gold standard.  All that went out the window in 1972 and we now have a wide array of public money, e.g. USD, GBP, etc.  But these are designed to go down.  Sure you can trade them for something that might go up, e.g. real estate, stocks, but intrinsically they are always inflationary and losing value, sometimes dramatically, e.g. Argentina.  However, with private money you can make it be deflationary, and that is what Bitcoin is.  It's private money backed by math.  If Google and Facebook make their own coins good for them, but why would I want their private money when I can have maths? :D

Interesting and exciting times!

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Let’s see how this idea takes flight... either going down as a joke or by some slim chance turns into possibly the biggest centralised coin. 

They then distribute one to everyone via Airdrops and since no one says no to something like “FacebookCoin”, we each get a personalised digital token and then it’s apparent - Facebook somehow has all of our data again?

This time even those that have been fighting decentralisation get looped into the web... bringing us right back to square 1. 🤣

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Facebook plans to launch its cryptocurrency by the first quarter of next year, reports BBC News. The company is expected to reveal more details about the currency this summer, before testing begins later in 2019. The currency, which is being referred to internally as “GlobalCoin,” will reportedly be available in around a dozen countries at launch, where it’s expected to offer people affordable and secure payments without the need for a bank account.

source https://www.theverge.com/2019/5/24/18638331/facebook-crytocurrency-globalcoin-2020-launch-uk-bank-of-england-blockchain

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On 3/12/2019 at 3:02 AM, polor12 said:

can this actually mean a competitive trade in the coin market.. billion dollar company to get a coin under the same name..to see if its popularity would be enough to devalue BTC..wonder why they would just add bitcoin to their company...just another coin to be added to just sit there.. unless they buy their own coin to bring up the value..

yea... facebook definitely went down hill in last couple of years its very possible they use it as a bait and hook the masses rushing in for freeBs.

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UPDATE:  More details have emerged about Facebook coin, aka Libra.  From a Wall Street Journal story, the coin has attracted some HEAVY hitters, each who ponied up 10 million USD to be involved in the project.

Quote

 

Facebook Inc.  has signed up more than a dozen companies including Visa Inc.,Mastercard Inc.,  PayPal Holdings Inc.  and Uber Technologies Inc. to back the new cryptocurrency that the social-media giant plans to unveil next week.

The collection of financial firms and e-commerce companies will invest around $10 million each in a consortium that will govern the digital coin, according to people familiar with the matter. The money would be used to fund the creation of the coin, which will be pegged to a basket of government-issued currencies to avoid the wild swings that have dogged other cryptocurrencies, they said.

 

I can't decide if this coin is an existential risk to Bitcoin because it has such powerful backing or if it will help Bitcoin since no one really wants to trust Facebook?

I can't imagine anything further away from be your own bank than Facebook coin.

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2 hours ago, wry said:

UPDATE:  More details have emerged about Facebook coin, aka Libra.  From a Wall Street Journal story, the coin has attracted some HEAVY hitters, each who ponied up 10 million USD to be involved in the project.

I can't decide if this coin is an existential risk to Bitcoin because it has such powerful backing or if it will help Bitcoin since no one really wants to trust Facebook?

I can't imagine anything further away from be your own bank than Facebook coin.

Hum that might actually be a threat to the current Bitcoin state :( But who knows till we actually see some happenings :D We can only speculate right?

55 minutes ago, Tomki said:

Hmm cool thread on forum.

https://medium.com/blockchain-positive/facbooks-globalcoin-is-coming-in-10-days-a9d40ee2a18f

 We will see in 18 June and 2020 years old.

Indeed waiting for such news as well. And hoping that Bitcoin remains and keeps the same as ever been (the number 1 crypto)

Edited by DreamStage

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On 5/24/2019 at 11:28 PM, wry said:

Update:  It's official, this Facebook coin is happening in 2020 called, wait for it... GlobalCoin.  Clearly creativity is not their strong suit.

Anyway, from April's fool joke to happening in only a couple of years, wow!

Link:  https://www.coindesk.com/facebook-to-roll-out-globalcoin-cryptocurrency-in-2020-report-says

Globalcoin? Wtf haha

Why didn't they just say facebook coin or something? They don't want to have facebook bear the blame if this coin won't turn out to be good? 

Of course this coin has super potential and I'm sure as hell gonna invest in it when it costs nothing yet. I'm pretty sure it's gonna go at around 1 usd at the least on the first few months. 

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9 hours ago, ceastem said:

Of course this coin has super potential and I'm sure as hell gonna invest in it when it costs nothing yet. I'm pretty sure it's gonna go at around 1 usd at the least on the first few months. 

It's actually far more interesting than that @ceastem!  As the article below points out it's going to be a mix of national currencies.  Really very interesting.  I'm starting to think this will help legitimize Bitcoin and other cryptos, after all, everyone can't scream ponzi, at this coin.

Link to article with more details:  https://www.coindesk.com/report-uber-paypal-visa-to-back-facebooks-globalcoin-cryptocurrency

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2 hours ago, wry said:

It's actually far more interesting than that @ceastem!  As the article below points out it's going to be a mix of national currencies.  Really very interesting.  I'm starting to think this will help legitimize Bitcoin and other cryptos, after all, everyone can't scream ponzi, at this coin.

Link to article with more details:  https://www.coindesk.com/report-uber-paypal-visa-to-back-facebooks-globalcoin-cryptocurrency

Ohhh that explains the "Global" term. I like it. Thanks for clarifying it to me @wry! I love these updates of yours

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UPDATE:  Yes, this is happening.  Today Facebook officially announced their coin.

 I guess it's good for BTC and the crypto ecosystem as it will bring more users to the area, but we'll see.  It will have intrinsic value so it's more of a stable coin than something like Bitcoin.

Here is a detailed summary from Techcrunch:  https://techcrunch.com/2019/06/18/facebook-libra/

Here is the actual white paper: https://libra.org/en-US/white-paper/

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18 minutes ago, wry said:

UPDATE:  Yes, this is happening.  Today Facebook officially announced their coin.

 I guess it's good for BTC and the crypto ecosystem as it will bring more users to the area, but we'll see.  It will have intrinsic value so it's more of a stable coin than something like Bitcoin.

Here is a detailed summary from Techcrunch:  https://techcrunch.com/2019/06/18/facebook-libra/

Here is the actual white paper: https://libra.org/en-US/white-paper/

They didn't give a shit about bitcoin or crypto currency, they gave it no support, now they want to get a slice of the pie.😀 They expect us to use it and forget all other crypto currencies. Look at the list of Big companies that are backing it. PayPal, Ebay, Visa, Mastercard and etc. Facebook trying to take over the world 🤣😀

64685553_1055041501550512_5496188113032052736_n.png

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I just counted 29 for Libra, so that very many. Maybe libra will strong! very curious information. Facebook joined the libra :D that amazing.

We'll see in the future what happened Globalcoin vs Bitcoin!

Regards! :)

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UPDATE:  Wow!  The more people look at this coin the more "interesting" it becomes.  Remember how lots of people's first reaction to Libra was who on Earth would be stupid enough to trust Facebook with your personal information?  Well kudos to them because sure enough, buried in the Libra documentation is a plan to assign people a digital ID!  Not making that up, check the linked story!  It's only a couple of pages in the white paper, but it's there.

Grated digital ID is a big deal, look at all the problems Stake has with alts, but still, having Facebook at the center of my ID online does not sound like a path to happiness!

Link:  https://www.coindesk.com/buried-in-facebooks-cryptocurrency-white-paper-a-digital-identity-bombshell

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