Consolidated Crypto Traders/Chat Thread

Sif Binance knows how to block Tor, do you?

 

If Facebook takes over crypto and the whole world starts using it... what relevance Bitcoin? Seems like the crypto libertarian's nightmare - "corporate behemoth set to take over crypto space".

That huge picture of Facebook-crypto-affiliated corporations - guess what that giant ring of partnerships will take commercial and political aim at, as their "illegitimate" competition?

 

Why would facebook take over crypto?

 

They can't it's FUD.
Facebook's Globalcoin is centralized and they can censor it, so it's just a digital currency like a bank's not crypto by a long shot.

 

Not aware of the perhaps the biggest rumour/news currently in crypto?

https://www.wsj.com/articles/facebooks-new-cryptocurrency-gets-big-backers-11560463312
(sorry, that's a subscriber article, but I'm sure you can google other sources)

https://www.theblockcrypto.com/2019...btained-the-entire-list-of-inaugural-backers/



Announcement rumoured Tuesday, US time I assume.

Serious charters have been predicting the next bitcoin correction for weeks now (looking for a peak in this 8000-9000 area, before returning to mid-7000s, and possibly further to 6000-very-roughly-ish), and we are currently in the golden zone for it to begin soon, *IF* it will. The main question in that scenario (and I stress it is just one possible scenario) is whether or not it upwicks further first to pull in a final glut of overconfident longs.

 

I am fully aware of it, just don't see why it would take over crypto. It's just another centralised and closed product. There's plenty of them already out there that already way ahead. It might have a huge launch as people get ICO fever but I just don't see what it offers over bitcoin and will struggle with TPS, privacy, and security.

 

In the eyes of the average dumb consumer: legitimacy, immediate use cases, and intensive marketing aimed at the billions of fb (+ consortium) users.

 

For basic transfers I can't see how crypto can compete with a facebook coin. So tether etc are potentially without a usecase (and maybe bsv?).

However, surely facebook coin will be pegged to fiat, so no speculation. It also will be fully government surveilled and they could potentially seize your funds. So most of the current crypto usecases are not covered imho. There is no reason to hold a facebook coin, it's like holding funds in a paypal account.

 

I'm thinking of major currencies like USD/GBP/AUD, etc these are all pretty much correlated.....

So I say to people who think FIAT is bad take a look at Greece as part of the EURO who cant influence monetary policy as a sovereign nation....

Think outside the square for a second, they are part of a strong system who have no ability to influence monetary inflation....Did it help their economy?

I get majorly p!ssed off when people think a peg to gold or Bitcoin will solve the worlds problems in regards to the creation of dollars/pesos/etc.

I'll be beating my head against a brickwall but fiat money was NEVER supposed to retain value..... YOu spend the money to create productivity or grow wealth or loose it.

Think of money(fiat) as a tool to create wealth or exchange goods and services, store of value and fiat are a completely different concept.

 

Facebook's Globalcoin doesn't compete with crypto, it's not designed to, it competes with Paypal and banks.
Watch and learn

 

If it provides an easy public portal into bitcoin then it could be good for the next bubble (whenever that is). That is, 2 billion people able to FOMO in at once..

 

Facebook's Globalcoin is not related to crypto, it does not satisfy the 5 pillars of open blockchains: open, public, borderless, impartial, and censorship resistant.

Globalcoin provides no portal to Bitcoin, it's designed to compete with PayPal and banks. It's not even relevant to this thread other than to correct public misinterpretation.

 

Most people will use Facebook global coin it'll be too easy.

I work in a group of 8 guys and we have a messenger chat for banter and actual work related chatter, we pool money for meals every now and then plus lotto etc.

Imagine how easy it'll be if we could all press a button to send money to one person within the existing group chat?

Lotto disputes who put in who didnt? That's like block chain married to a perfect use case scenario, although the block chain isnt really that relevant here.

I think people don't really grasp wlhow much"use case" this coin will recieve, Facebook already has the infrastructure that's why it'll succeed.

Speculating on cryptocurrency is an entirely different market, maybe Facebook will open a crypto exchange that would be extremely bullish for the market, if I was zuckerburg that's exactly what Id do, surely the success of Binance is too big to ignore.

If you speculated that Facebook will open an exchange picking the major coins that are government friendly it'd be hard to go wrong.

 

Yeah hard not to see a facebook coin being huge. I don't think they'll open their own exchange though as they're partnered with coinbase. I'm just hoping coinbase have a 'sign up with facebook' button.

Tor makes it very hard to tell where the request originated, it's not that hard to tell if it went exited through a tor server. Regardless, in this situation the onus has been on the exchange to ensure they don't allow US citizens. If it's easy to bypass they're screwed. I'd put odds of over 50% that binance will force kyc on everyone to ensure they're compliant in the next 90 days. So if you are using binance and dont want to kyc, get your funds off now.

 

Your quoting the wrong person, I already said I don't think it is.

Read and Learn

 

Coinbase is a partner. But no, not related to crypto at all.

As always, nice to see your 5 pillars of condescending Dunning-Kruger bullshit.

 

Your comprehension of crypto is lacking, so are your forum manners.
You can go back on my ignore list

 

Your attempts to portray yourself as a Youtube scholar in finance have shown time and time again to be a shallow veneer of regurgitated soundbites with no grounding in context or common sense.

Your standard manner of patronising "you don't understand! You haven't seen the Youtube videos I have!!!!" brings nothing productive to this topic in my opinion.

Bye.

 

Zcash (ZEC) jumped up 10% today, apparently some new client wallet written in rust was released today, and the market reacted favorably.

 

Facebook's Libra (will be so many jokes about this name in Aus) coin has launched today, full release sometime in 2020. Pretty much as expected, non-volatile transaction based coin. https://libra.org/en-US/ Good early somewhat technical read about it here : https://medium.com/@lopp/thoughts-on-libra-blockchain-49b8f6c26372.

I expect more good news to drive Zcash up over the next year or so up until it's blockhalving late next year. This is partially because of the timing of the previous release of bad news I posted about here. It's such a classic shakeout tactic and gives me a lot of faith that someones bought in big. That the exact day of that bad news release by the Zcash team themselves is a 2 year bottom in USD (now up around 125% in the 4 months since), it's just too much of a coincidence.