Now, with the bitcoin and cryptocurrency community looking forward to a slew of developments in 2021—including the much-anticipated launch of Facebook's bitcoin-inspired cryptocurrency and potentially industry-defining U.S. cryptocurrency regulations...
FB will eventually launch some kind of stablecoin, and we all know that such coins are completely pegged with the fiat currency that supports them - which opens up unlimited manipulation as seen in the case of Tether.
I don't understand why people think that the launch of Libra will be good for us and for decentralized coins. The whole scenario of people learning about Libra/Diem, exploring it, and then finding out about Bitcoin is a bit childish, everyone has already heard of it and if they haven't tried it it's certain it will take more than Facebook and d'oh, what reputation Facebook has at the moment to convince them. Centralized coins are in the best case scenario a competitor, in the worst case a real danger as getting rid of competitors is what business try to do all day, and Facebook as a business will try the same, forcing business to accept their coin and at the same time putting pressure on rising fees for others if not dropping them altogether.
It can also be argued that Paypal is doing their adoption of bitcoin similar to the centralized controlled facebookcoin, however, worse.
There is a slight difference, Paypal can improve things, by letting you withdraw real coins to your wallet as they promised they would (eventually), Facebook can't do anything good with it, no matter what they do with it will be the same centralized garbage in which you will never have control over your coins.
hehe. I speculate that this might never come because it would be a big compliance problem. Paypal wants bitcoin
, however, it does not want to give its core business unnecessary legal problems.