/biz/ - Business & Finance

>>14228874
idiot.

>>14228892
That is not a very nice thing to say.

>>14228874
I bet if Satoshi is still alive somewhere, he just hung himself.

>>14228952
you don't even understand

I thought we were supposed to move away from centrally controlled fiat

>>14229076
I understand that facebook just killed crypto.

>>14229119
How?
Other crypto will not go away.

>>14229208
They dont have to go away, they will die on their own as libra takes up all the air in the room. They wont be able to compete and survive.

>>14229101
we are, its just the total brainlets are getting access to bitcoin through fb coin. 20k eoy easily

>>14229309
Why would people want libra?

>libra backed by fiat which is backed by nothing
lmfao is this the best they could do?

>>14229045
more like CIAtoshi Schlomoto

>>14229694
It’s fb so it’s normie friendly and it’s stable. Crypto has failed as currency. Nobody buys anything with their coins. All we do is swing trade, hodl, and talk about white papers nobody cares about

>>14229915
>Nobody buys anything with their coins
Enjoy not buying everything off Amazon for 25% off.

>>14228874
Nice reading comprehension brainlett

Facebook Libra is a goddamn joke....Its just another WeChat pay clone disguise as a cryptocurrency. You want to see how social media on blockchain is done right? check out https://www.vid.camera/

>>14229710
Libra is not backed by fiat it's backed by assets such as company stocks and government bonds. Read the white paper.

The main goal of libra is to ensure the coin stays the same value over time 0 inflation and 0 deflation so that it can be used as a genuine currency. It has more use than fiat because it has 0 inflation and it has more use than normal crypto because it has 0 deflation which means the price won't go up and thus people are actually going to spend it instead of hoarding it to try and profit off of it.

Basically it's the original vision of bitcoin where its actually used as a global currency instead of investment.

All other crypto is going to die since libra can be used for smartcontracts as well and has the backing of banks and big corporations that are going to push it.

>>14231107
It will blow up on their faces

>>14231107
>t. Mark Zuck

1) 75% of Facebook accounts are fake or dead accounts

2) 90% of the 25% remaining legit accounts are own by your aunt, your grandfather who will find it too complicated to understand how to use it. or stupid teenagers who dont have money anyway.

It will be a miracle if more than 50 000 users will use that crap

>>14231107
This. Crypto NEETs absolutely btfo

>>14231177
Facebook also owns Instagram (Messenger used by 30% of global population) and instagram.

Also if you actually read the white paper there are over 100 companies supporting libra and integrating it into their systems. Including mastercard, visa, paypal, stripe. around 20 big international banks, and tons of services such as uber, lyft, airbnb etc things that people pay for digitally a lot.

I'm not going to speak about crypto in its entirely but libra will actually replace fiat currency in the west. I don't really know how it will impact the rest of crypto although it will most likely have a negative impact on them as libra will already have the benefit of 0 inflation and will actually be used as a currency because there will be no speculation. Meaning everyone has the incentive to exchange their dollars and euros to libra and if there will be smartcontracts build on top of it then it will most likely be the end of bitcoin and ethereum. Other cryptos might still compete in niche areas but it's very hard to predict.

libra would never be implemented, https://es.cointelegraph.com/news/chair-of-house-financial-services-committee-requests-halt-on-facebooks-crypto-project
jew coin get sucked

>>14231312
>libra will already have the benefit of 0 inflation
>stablecoin pegged to fiat

>>14231395
It's not pegged to fiat, why don't people read the white paper?

It's pegged to stocks and government bonds. They explicitly mention it not being pegged to fiat.

I directly quote

>"t is important to highlight that this means one Libra will not always be able to convert into the same amount of a given local currency (i.e., Libra is not a “peg” to a single currency). Rather, as the value of the underlying assets moves, the value of one Libra in any local currency may fluctuate. "

https://libra.org/en-US/white-paper/#the-libra-currency-and-reserve

It's absolutely over for crypto libra is going to take over.

>>14231490
So its basically an index based off stocks and bonds, but allows for spending. Great, its still tied to fiat.

How is the supply and distribution?

>>14231490
You're the guy from the other thread. And you don't understand what you are greentexting. Because you are incredibly fucking stupid.

>>14231535
It's not tied to fiat it's tied to companies and government performance. But they will actively regulate the price of libra by burning it if the price drops basically assuring everyone that the price will not drop.

So it's basically a coin that will have 0 inflation but still be backed by actual value (non-fiat value) so that it stays stable.

It's basically bitcoin's original vision of a global currency.

>>14231583
Again specify what you think I'm wrong about and I will clear it up for you. Just saying "you're stupid" and not specifying how and what gives me no chance to explain myself.

>>14231607
>But they will actively regulate the price of libra by burning it if the price drops
>It's basically bitcoin's original vision of a global currency

You're a complete fucking moron and have missed the point of Bitcoin entirely.

>>14231623
Bitcoin was about a single global currency with no inflation untied to governments. That is what libra is doing

>>14231490
>>14231607
I'm confused. can I make money from buy libra or not?

>>14231662
Can you make money from buying stocks and government bonds? Libra is basically a mixture of stocks and government bonds in the form of a coin.

>>14231651
>untied to governments
>pegged to fiat currencies issued by central banks
Anon I....

>>14231651
>untied to governments
>That is what libra is doing

>>14231691
You got a perty mouth.

>>14231651
>untied to governments
>government bonds

How the fuck is there no inflation if they're burning and creating coins to stabilize the price? Also this requires a third party to accomplish. This is just more fiat, ffs.

Bitcoin is a commodity.

>>14231701
It's specifically NOT pegged to fiat currencies.
read >>14231490

>>14231717
Untied to government mandated monetary policies.

>How the fuck is there no inflation if they're burning and creating coins to stabilize the price?
Because they won't create new coins, only burn. Like I said libra allows the coins to rise in valuation, just not diminish in valuation.

The entire purpose of the coin is to show that the price only goes up and never is able to go down which means everyone and their mum is going to switch to Libra killing all other crypto (and fiat). Now there is a single global currency that no government can touch and the companies that started it have an upper leg because their services are build around the libra.

It's a genius move by facebook. And it's going to work. Everyone here being sceptical is going to exclusively own libra in 10 years time.

>>14231762
This is the same faggot from the other libra thread.

Is FB paying pajeets to shill libra on 4chan now ?

>>14231702
there is no way in hell he isn't secretly a descendant from inbred nobility (rothschild etc.)

average people simply do not look like that, and his background is shady as hell.

>>14228874

Yeah no, SatanCoin is not going to do as well as people think

>>14231107

So stocks and bonds backed by nothing

>>14231762
>only burn. Like I said libra allows the coins to rise in valuation, just not diminish in valuation.
I'd like to introduce you to Bomb, Nuke and now MOAB shittokens.

>>14228874
Bullish for LINK

And you idiots don’t realize FB will kill chainlink too

>normies will be able to run a brainlet node on their phone

>>14231762
As someone else said, every FAANG company will have its own coin in the very near future.
And this will make BTC stronger. The entire ethos of Bitcoin is to go against a centralized bank-like entities, be it actual banks or tech companies who want to become ones.
Also, while Libra will bring some fresh capital to FB, which is considered a less and less attractive social platform, it also paints an even bigger target for antitrust probes and fining.

>>14231836
stocks and bonds are backed by company profitability and government performance. What do you mean "backed by nothing".

>>14231873
Again please read the whitepaper. Libra is NOT a facebook coin. It's a coin started by 100+ companies of which Facebook is just one. Mastercard, Visa, Paypal, Stripe. 20+international banks and other multinationals are equal stakeholders to facebook.

This will be the visacoin mastercardcoin paypalcoin as well.

So no not "every company will have its own coin" as libra has enough corporate backing to respresent a large portion of global GDP already

>>14231873
the big threat to bitcoin is the whole climate agenda. there were already so many articles about its electricity consumption, how extreme do you think they're going to ramp up the propaganda when the hashrate increases tenfold in a few years?
this mentality can pave the way for outlawing it (PoW in general) worldwide and that's it.

>>14231924
why don't they just make breathing illegal

>>14231946
no lie is too ridiculous to work, i mean most people believe in the whole "cow farts are dangerous" thing, even though the planet was poopulated by hundreds of millions of bisons roaming freely for who knows how many millions of years.
people are retarded, they'll believe anything if the man on TV says it with a straight face.

Can I buy a fucking pizza with Libra? No? Didn't fucking think so.

>>14231989
Yes you can. you can pay everywhere that accepts paypal, visa or mastercard payments. The store doesn't have to support it for them it just looks like you're paying with fiat as paypal/visa/mastercard fronts you the fiat money while they take your libra.

>>14231662
It’s a backdoor so that you (probably) won’t lose money. If you were living in a third world shithole Libra could make more sense to own than the local fiat.

>>14231762
>Because they won't create new coins, only burn. Like I said libra allows the coins to rise in valuation, just not diminish in valuation.

Bull shit. The Libra Association has the ability to mint coins just as they have the ability to burn them. It's a centralized entity that determines the supply of Libra out there.

>>14232026
Paid boomer shill

>>14231962
they should claim you can be uploaded into a computer and live forever and just kill normies who believe it

but I've heard bitcoin electricity use is over stated because it is only reasonable to use excess energy or renewable energy that's cheap
it isn't like bitcoin is using important expensive electricity in places that have shortages

>>14232091
when there is more demand, more power stations get built, more coal mined, more uranium burnt etc.
no one decides "we will built a new nuclear reactor for bitcoin" specifically, but the effect is there.

We'll see what happens. From what I have seen even normies who still use Facebook don't see the point and/or don't trust it.

>>14228874
Direct quote from the report, summarizing their findings:
"In short, Libra could further contribute to bridging the cryptoasset and the off-chain economy in the long-term."

OP is a bitter bear who shorted bitcoin and doesn't want to buy back higher.

>>14232126
yeah that makes sense when there's profitability during mega bull runs more miners go online
I just think it will become so competitive that you'll need to operate in the most efficient matter possible

the idea of a nuclear reactor for bitcoin doesn't make sense unless you build one for a growing town and use the excess energy produced to mine until the town's population grows to fill the gap
I don't see entire reactors being built

>>14231762
>Everyone here being sceptical is going to exclusively own libra in 10 years time.
Sure, the world banks and governments will just sit idly by while one corporation takes over all of global finance. JFC, how delusional are you?

>>14232133
They don't have to trust it. Once everyone sees that libra increases in value over the year with 0 dips everyone will fomo and jump in. It's a brilliant design that basically ensures libra will never drop in valuation and only goes up over time.

>>14232167
The fuck are you talking about the whole point is the fact it does not go up or down.

>>14232166
facebook is, and that is ridiculously transparent, a number agency invention. if they "get" to massively push their coin, then that has probably been chosen beforehand. it is all one big kabal, so there is not even a real conflict of interest between facebook, banks and governments.

>>14232139
Ding ding ding

So what youre actually saying is that you cant make profit with libra?

Mjeah, Ill go with BTC

>>14228874
It's basically e-coin, I am never ever going to use this shit and I will FUD zuckbuck to death to normies.

>>14232167
So basically, jump in early and ride the never ending pump?

>>14232187
>>14232167
Wow, there aren't enough tinfoil hats to go around in this thread.

>>14232206

>>14232185
No. The whole point is that it doesn't go down but still can go up.

The dollar valuation will go up because libra will have 0 inflation while the dollar has meaning over time it will increase in dollar value. As well as libra being backed by company stocks and government bonds that all increase in value over time. This means libra will only increase in valuation over time with 0 dips.

>>14231921
Libra is a coin developed by Facebook, to be used on their platforms, and it uses the centuries old pattern of attracting brand names to establish credibility. The companies that venture with it will gladly partake in any offering from another large scale hype train, e.g. Applecoin, Googlecoin, Amazoncoin, etc. It is what they do. They hedge, they divert capital flow to new markets, and let the winning horse run, while you pull off from the losers.
Bitcoin is a different game altogether. Not only because the truly ingenious economics behind it or the brilliant application of cryptography, but also because it is slowly but surely becoming a global hedge, and a counterparty market to every other market out there. Big money loves that.
>>14231921
Gold uses more energy to mine, but also stupefying amounts of water. Outlawing PoW globally will now rustle LOTS of jimmies. From top tier chipmakers, to electricity providers, to financial groups, and last but not least, a sizable chunk of the public as well. It will last long enough for next political candidate to use cryptocurrency proliferation as a part of their running campaign.

>>14228952
thanks for defending him

>>14232239
Read the fucking whitepaper. It's not created by facebook and there are hundreds of companies that came together to start it. Facebook doesn't even have 1% voting rights for fucks sake.

>>14232238
No it fucking isn't. It wil be pegged at 1 fucking dollar like tether. They will just adjust the supply where needed to keep it at 1 fucking dollar. Its in the white paper.

>>14232271
This, it's created on fiat deposit and burned on withdrawal. It was said it will be pegged to multiple currencies not dollar tho

>>14232239
>The companies that venture with it will gladly partake in any offering from another large scale hype train
They started this coin..... They literally came together and swapped stocks to start this coin, they control the libra foundation they aren't just companies that said "we support the coin!" they literally are a founding member of the foundation with equal voting rights to facebook.

>>14232271
Exactly, it will be stable with fiat, which means it will be inflationary at the same rate as the fiat. It will not be a store of value. There will however be arbitrage opportunities.

>>14232271
No this is false it is NOT pegged to a fiat currency. It's backed by stocks and government bonds NOT currency.

Again I directly quote their whitepaper:
>"It is important to highlight that this means one Libra will not always be able to convert into the same amount of a given local currency (i.e., Libra is not a “peg” to a single currency). Rather, as the value of the underlying assets moves, the value of one Libra in any local currency may fluctuate. "

https://libra.org/en-US/white-paper/#the-libra-currency-and-reserve

READ THE FUCKING WHITEPAPER

>>14232259
>Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members.
It is built and developed by them, on their native 'blockchain', and to be used first on their platforms as a testbed. Are you missing something?

>>14232271
>>14232284
>>14232291
Nope it will outperform currency because it will have 0 inflation as it's not pegged to currency but to stocks and government bonds instead.

There would be no point to it if it was pegged to currency you retards. Read the fucking white paper.

>>14232285
Sure. They will do the same thing as the opportunity arises.
Imagine the rest of the FAANGs team up to lobby against FB's coin, and they bring it down. The same 'founding members' will won't think twice before jumping ship for the new hero of the day.

>>14232325
They literally have a contractual obligation to not do that and have given up stock as collateral. Why don't you read the white paper. it's not that long.

>>14232325
>contractual obligation to not do that
I read it. Can you quote on the above, please?

>>14232345
>contractual obligation to not do that
I read it. Can you quote on the above, please?

>>14231107
>backed by assets such as company stocks and government bonds. Read the white paper.
So... literally backed by nothing fucking kek

>>14231107
its not going to have inflation when compared to fiat, which has inflation. if you compare libras inflation to real world assets, you will find the same numbers as for fiat currencies which it is backed by.

Somebody please explain the difference between this and MakerDAO (DAI) and why I should use it?

>>14231651
Most stupid comment of the month award.jpg

>>14228874
It's a fucking RSR clone. The white papers are almost exactly the same
Idk which is shitier tho

>>14231651
Holy shit you are retarded

>>14231107
>All other crypto is going to die since libra can be used for smartcontracts as well and has the backing of banks and big corporations that are going to push it.
You have it upside down. What crypto offers is freedom from corporations and government control.

I don't think libra is going to succeed.

>>14231107
>The main goal of libra is to ensure the coin stays the same value over time 0 inflation and 0 deflation
So they have a main goal theyre never going to achieve, seems like a great start.

>>14228892
/thread