[1st 3SPEAK VID] Everything LIBRA (Facebook) will destroy in Crypto

nicholaslive (66)in #threespeak • 6 years ago (edited)

This is Everything You Need to Know About Libra, Facebook’s New Cryptocurrency That Will Destroy Tether (USDT)
...and other stablecoins!

This is the article I showed: https://www.cryptoglobe.com/latest/2019/06/everything-you-need-to-know-about-libra-facebooks-new-cryptocurrency/

USDT: https://coinmarketcap.com/currencies/tether/

My youtube for random livestreams until they are up and running here: https://www.youtube.com/nicholaslive

▶️ 3Speak

#crypto #facebook #libra #usdt #btc

6 years ago in #threespeak by nicholaslive (66)

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markkujantunen (74) 6 years ago

That sounds like a reasonable conclusion. Libra will probably be superior to any of those alternatives, which means their use will go down. What will happen to the price of Bitcoin is an interesting thing to consider. I suspect unbacked USDT has been used to buy Bitcoin and if USDT were to lose demand, that would force Tether to use its reserves to redeem USDT. But even if adequate fiat reserves were missing Tether (owned by the same people as Bitfinex) could cash out their BTC reserves to pay for the redemptions. On the other hand, major internet companies going crypto will lend credibility to the whole space and may boost BTC and alt valuations.

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nicholaslive (66) 6 years ago

that's a good point. LIBRA is going to be one of the rare projects that is decoupled from BTC so it won't have any direct affect - but at the same time it will kick out competition like USDT which is directly connected to BTC... you are right, very hard to say how this will affect BTC

Probably negatively in the long run, but it will defiantly help stabilize the whole market and and bring us 1 step closer to being a mature market.

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leaky20 (65) 6 years ago

That was really interesting. I've been hearing a lot about facebook creating a cryptocurrency but no actual information on it - i.e. its purpose and what they are trying to achieve. So that video was helpful to get some understanding of it. At least a high level understanding.

Good luck getting a node. Shit, if you can pull that off I'm sure you will do really well for yourself

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josediccus (75) 6 years ago

I'm glad it's your first video for 3speak, however since your uploading to YouTube I think Soon you'll be able to live stream as well, you can ask the developers for this feature.
I just read the article and listened to your analysis on libra, so it's meant to be a stable coin and centralized? That's bad for everything cryptocurrency embodies, I was thinking this will increase the knowledgeability it Cryptocurrency but definitely thanks for bringing this one.