Is there any impact on cryptocurrency such as Bitcoin if that "facebookcoin" will launch?
Like, it is possible the market cap of some cryptocurrency will decrease because of facebook?
Facebookcoin will be everything bitcoin is not. It'll be reversible, blockable, confiscatible, its value will be tied to the fiat currencies it's pegged to, and most importantly to many it won't make you any money.
Remittance is the one area I can see it eating cryptos theoretical lunch but then again they're partnering with Western Union which won't be a bargain.
I think Facebook will turn out to have bitten off more than they can chew. Compliance will be an utter nightmare.
If it's to have any effect it'll be to remind people how important the real deal is.
I fail to see the point of such facebookcoin. Why would someone need a monstrosity seemingly correlated with a basket of currencies?
That means that you can still lose value. A 'stable" currency that is not stable? If it is not stable, then you are still liable for the capital gains? Who needs it?
It's a lame attempt of outdoing Wechat, I suppose.