Quote from: gentlemand on June 18, 2019, 12:10:14 PM

Quote from: omonuyak on June 18, 2019, 12:05:11 PM

I will not deny the fact that the introduction of this Facebook coin or globalcoin and gpmcoin is going to affect cryptocurrency negative because they are trying to take us back to the centralized transactions type that bitcoin and blockchain technology is trying to abolish! However, I still believe that bitcoin will find it way out at the end.

I think the effect is neutral/positive.

It won't tempt anyone out of crypto who's already in it. It may open some minds that otherwise wouldn't have been opened and they'll give the real deal some thought.

The reason most people are in crypto is to make more dollars. That's not an option with this. There really isn't very much overlap at all.

Agreed completely.

Let's be honest here, the primary motivator for getting into Bitcoin at this point in its history is its sound money design - deflationary and therefore huge price gains with adoption. It doesn't make much sense for most people to spend it until the market (read: price) has matured. People buy bitcoin as an investment, and that's ok. Once trillions of dollars are held in bitcoin and the market has matured, then it become natural for people to start spending their bitcoin. Plus 99.9% of merchants won't directly accept Bitcoin anyway, they'll use bitcoin merchant services that convert the bitcoin to fiat for them, so really stablecoins are where they merchant action will be directly, as Bitcoin will only have indirect merchant adoption. I am more and more seeing Bitcoin's prime value proposition as being its sound money design that makes it a great investment and store of value and hedge and censorship-free, spending is secondary and only becomes more prominent when the market matures and even then it makes sense to convert spending money into a stablecoin and to prevent volatility while keeping anything you don't plan on spending in the mid-term in bitcoin.

Libra is a stablecoin, so it doesn't compete at all with bitcoin for adoption. Of course it competes on spending and exchanging money between people, along with credit cards, payment apps, apple/google pay, wire services, bank transfers, etc. But nobody is going to be hoarding their money in Libra because there is no point, it isn't a place you store value. They're only gonna put money in it if they plan to spend it. I think it mostly directly competes with something like Venmo. I feel questionable about it being used with merchants outside of the facebook ecosystem, but I guess we'll see. I see it mostly as facebook integrating a cryptocurrency for Venmo features like they made stories or whatever to compete with Snapchat.

Since the code will be open source that means crypto exchanges could make Libra wallets and add it to their platforms. This could potentially add a huge onramp for people getting into Bitcoin. So ultimately, like you said I see this as a neutral/positive thing for Bitcoin and crypto in general.