Facebook Is Predicted To Make Billion From Its Cryptocurrency

Discussion in 'Crypto Market News' started by pepeg, Mar 13, 2019.

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  1. pepeg

    pepeg Fully decentralized

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    When the big tech players join, you know the industry has a bright future: Facebook is now reportedly developing its own crypto stablecoin, and it's already predicted to make the company tons of money, billions!

    Top Analyst: Facebook's Cryptocurrency Could Generate $19 Billion by 2021 | AllStocks Network

    The fact that Facebook now also enters the cryptocurrency arena proves that crypto is going to play a big part in the tech industry, and it will probably encourage more people to adopt cryptocurrencies because Facebook gives it a seal of legitimization.
     
  2. NorthenLights

    NorthenLights Fully decentralized

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    How's exactly it going to be used?
     
  3. CryptoTC

    CryptoTC Crypto Fat Cat
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    They want to become a payment processor or facilitator of transactions. They will use their stable crypto to allow transfers between users as well as for micro transactions. Of course, they will take a fee or percentage. Think PayPal or Venmo but with crypto on Facebook instead.

    I guess it makes sense for Facebook to facilitate international transactions, but do we need another third party payment processor? Crypto is supposed to eliminate the middle man, not create more of them to generate fees.
     
  4. Quiks

    Quiks Buys the dips

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    Unchallenged in the near future, not only Facebook will release its cryptocurrency. Within 5 years crypto dollar zppustyut US Central Bank. Now there is an active testing of technology on stable lines and then ... we all understand how it will end.:eek:
     
  5. NorthenLights

    NorthenLights Fully decentralized

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    If they are going to take any fees I don't think it's going to survive for long. Morever, if it's used just for the payments on the platform, I can't see what you can actually spend your money on there
     
    CryptoTC likes this.
  6. NorthenLights

    NorthenLights Fully decentralized

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    Many predict a stable coin era, what do you think of that?
     
  7. CryptoTC

    CryptoTC Crypto Fat Cat
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    I tend to agree with you, but the demographic of Facebook trends towards older users. They may be willing to use a FB crypto and not even notice the fees. Or not care about the fees if it’s more convenient than using PayPal or other transfer services.

    Ultimately the markets will decide whether something is used and has value though, so we’ll see. At least it is bringing more attention to cryptocurrency overall right now.
     
  8. Vla

    Vla Fully decentralized

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    Now many different platforms want to create their own stable coins, I'm not sure if it is a good tendency
     
  9. NorthenLights

    NorthenLights Fully decentralized

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    Yeah, you are right on the "bringing more attention" point - every cloud has a silver lining :)
     
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  10. NorthenLights

    NorthenLights Fully decentralized

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    For the crypto world? But what do you think?
     
  11. The CC Forums

    Staff Member

    For me, I just wonder how many stable coins the world needs. We have a huge number of different fiat currencies now. Many are difficult to exchange or use outside of the issuing country.

    A huge advantage of a stable crypto would be to gain worldwide acceptance and universal access to paying and/or exchanging money across political and geographic boundaries.

    Why would we want dozens or hundreds of cryptos for that? One stable coin with worldwide acceptance, widely distributed support and no central point of weakness or attack. I don’t like this trend of numerous stable coins popping up. They offer no advantage over the US dollar and XRP or bitcoin.

    One or two need to establish a front position and grow through acceptance.
     
  12. Vla

    Vla Fully decentralized

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    I agree. One stable coin with worldwide acceptance is what we need. Right now platforms and countries to issue their own stable coins to raise money, it is just another way to earn money. Their hundreds of stable coins don't bring anything new
     
  13. NorthenLights

    NorthenLights Fully decentralized

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    I agree, but a stable coin must be pegged to some fiat currency. If there should be just one stable coin, what currency should it be pegged to?
     
  14. NorthenLights

    NorthenLights Fully decentralized

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    A stable coin just shows the prevalence of, for example, USD over local currencies. Do you think that countries will agree to this?
     
  15. Vla

    Vla Fully decentralized

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    Not necessary a stablecoin must be pegged to some fiat currency. A stablecoin may be pegged to another cryptocurrency or there are stablecoins not tied to the values of other assets
     
  16. Vla

    Vla Fully decentralized

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    Local currencies of many countries depend on USD even without a stable coin. But anyway it is hard to implement the idea of a common stable coin. Different countries would never achieve an agreement on this issue
     
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  17. The CC Forums

    Staff Member

    That’s the major roadblock. The entire world could switch to one digital currency and retain one physical currency for use in those places that don’t have internet access.

    But political boundaries would never allow that to happen.
     
  18. NorthenLights

    NorthenLights Fully decentralized

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    Sure, the USD dominance is undoubtful
     
  19. NorthenLights

    NorthenLights Fully decentralized

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    Is it possible to keep this balance between demand and supply? Between rising prices and coins in circulation? I don't think it's even physically real. A kind of utopia.
     
  20. NorthenLights

    NorthenLights Fully decentralized

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    If a coin is not pegged to anything, it's not a stablecoin
     
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