It seems like the only thing fueling bitcoin over $9,000 lately has been the news of Facebook to launch its own cryptocurrency called Libra or Global coin.
There is high speculation that this news is what is currently pumping bitcoins price. But is this a false hope ?
At the moment all I can do is speculate myself as to what it means for Bitcoin and cryptocurrency.
On one had yes it brings cryptocurrency to millions of people. They will finally have a very easy to use interface, be able to earn a little from watching ads and be rather seamless when sending this coin from one person to the other with lower fees and faster transactions.
Now this all sounds great litterally millions of people using cryptocurrency on the daily. However from what I can tell it will be totally centralized.
It will be pegged to various FIAT currencies so most likely a stable coin meaning the price will rarely if at all fluctuate. $1 in Global coin/Libra will always be $1
Not sure if it can be traded on markets- the addition of coinbase in part of the supported lineup gives me hope that Libra will and can be exchanged for bitcoin. If that is the case we could see some movement there however I feel it will be small and slowly progress. I find it hard to believe that it will be since it most likely will be pegged as a stable coin. And we all know the wonderful history of those lol
Overall my general feeling at the moment is Bitcoin is highly over valued at the moment. The run up from $7,700 to where we are today seems fueled bit Facebook and that fuel seems very misplaced with the information we are getting so far.
Tomorrow we should get the whitepaper from Facebook and have full details on what it is and how it will work and that I am excited for!
I do not believe BTC run was inspired by news on FB coin.
At least what is important to understand is that LIBRA (or whatever they will call it) is/will be NOT a cryptocurrency. Such name is highly misleading. Libra will be missing at least 5 major features of true cryptorrency.
Wake up, people.
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What do you feel the price increase is due to ? and Agreed I have a feeling that LIBRA will be pretty much garbage
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Can you please list the 5 major features and others? Thanks @onealfa
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True crypto must be: OPEN, PUBLIC, NEUTRAL, BODERLESS, SENSORSHIP RESISTANT
LIBRA will have NONE of these named features.
Great video on this subj is here:
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thanks a lot!
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I think many have been sitting on sidelines waiting to either get back in or put toes in water for first time....there has been a lot of media speculation of investment firms getting involved with retail sector at some point....if it becomes real....people don't want to be left out...I also think a lot of "big boys" have been slowly accumulating in anticipation of retail firms coming on board....The Facebook hype just adds fuel to all this fire and adds "legitimacy" at least to Bitcoin....
Also...the restrictions placed on USA customers by Binance and Bittrex have also lead to many of us begin to liquidate out of those exchanges and move into the big three coins....BTC, ETH, LTC.....
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Very good points I had not thought about the alt coins being pulled out of those exchanges and most likely being filtered into bitcoin to transfer.
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It is better to keep going and Bitcoin price is not related to Facebook private blockchain!
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I am a Libra ♎, and I approve this message...
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lol yeah the name sounds pretty crazy for this coin. Wonder how they came up with it and decided to go with it.
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Maybe Libra... scales... justice...
Is fakebook still trying for that social justice look?
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I don't think we will see much out of the coin honestly. Facebook has been under radar for a while now and most likely won't take any chances.
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I don’t know that Libra and the BTC pump have anything to do with each other.
But I am excited to see that wp today, just so I can figure out what the Zuck is thinking.
https://partiko.app/@shanghaipreneur/on-the-eve-of-facebook-s-libra-whitepaper?referrer=shanghaipreneur
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