Facebook's Global Coin will likely pay its holders interest
Facebook is set to launch its new coin, but not much is known about it yet.
The project has been code named project Libra and the rumors are that it will be a stable coin backed by a basket of currencies.
It was leaked that they would release their whitepaper later this month or next, and then coin is expected to go live in Q1 of 2020.
Pending some regulatory issues, is my guess.
Beyond that, not much is known.
My guess is that the coin will pay its users interest which is exactly why they will use it.
What is not really talked about in the crypto space among stable coins in the fact that most generate interest with their cash reserves.
In some cases we could be talking about 2%+ on billions of dollars over the course of a year, which is some serious money.
The backers of these coins pocket that as their profit for running the service, however, I don't Facebook will be able to get away with that.
Their stable coin will possibly be the largest of them all, which means we could be talking about tens of billions of fiat backing it eventually.
My guess is they will have to pay that out to its users to keep them happy, which likely will help them corner the stable coin market even more.
I am very excited about the Facebook coin because I think it will bring millions of more users into the crypto space.
Don't get me wrong, long ago I had wished Facebook would somehow integrate steem or a coin built on steem into their platform, but that dream died long ago.
Now, my hope is that as these millions of new users come in, it will be a boon to the rest of the crypto space...
Likely bitcoin being the biggest beneficiary, but many altcoins probably rise as well, hopefully including steem.
Stay informed my friends.
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Its pretty disgusting that Facebook defamed the entire crypto industry and banned our ads, pretending to be protecting consumers while at the same time secretly developing its own cryptocurrency!
The Judge is going to love this story when we sue them for everything they've got!
Join the Crypto Class Action to get you piece of the the Action!
Hopefully something comes of it, though not expecting much. Doesn't Facebook get to choose which companies they want to sell ad space to? Meaning they have the right to refuse whomever they wish?
Bring it on Facebook 👍
They are the golden ticket.
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Thanks.
I've heard say that in some third world countries Facebook is basically the internet. A real scary thought is that they would also like to be the economy.
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Yep. Probably end up being one of the largest payment processing companies in the world eventually.
Yeah it's crazy but Facebook lures them in by partnering with operators in the region to allow for free access to Facebook which is why it is seen as the internet there.
That is interesting... did not know that.
https://info.internet.org/en/
What's this?
Facebook's Internet Project.
You mean their new coin?
Nope, it is the site for their free Internet Service to developing countries.
Ah, I see. Well, I guess they would want to do the same thing with the economy and compete with Amazon prime or something like that.
Revolutionary move in cryptocurrency that facebook also introducing its coin. when i hear that news then i am much excited because i am using facebook after a long but when i join steemit i did not give time to fb. Now waiting Q1 of 2020.
It will be interesting to see how it goes.
Well even if facebook has an aging demographic they going to build it natively into the platform and im sure make it so easy for users to use they will opt for it over using a credit card etc which is the current means of payment and on insta for instant purchases. Social commerce is on the rise so it makes sense.
They likely will end up being one of the largest payments companies as well.
I also think Facebook coin would make its users aware of BTC and other alts @jrcornel so it will be bullish scenario for the crypto space :D
That is what I am thinking as well.
I´m starting to read a lot about this coin being stable, and that could actually happen and become so big that it would make BTC go to a second plan, being more volatile and riskier. The average investor doesn't like to take many risks.
"(...) it will bring millions of more users into the crypto space." - And this is the major advantage for all of the investors.
Yes it will be a stable coin. Not freely trading like bitcoin and the like.