Facebook Libra Coin White Paper Available/BTC Due For 30% Pullback

Hey you, welcome back to the channel and want to talk about the release of the global coin by Libra, what has been known as the Facebook global coin. The white paper came out today and I can already tell that many people did not read it. So this Libra coin Um, so we begin to understand a, a few, uh, interesting, uh, uh, things came out of this white paper. Uh, you know, we understand that it's going to be open source, uh, so developers gonna go be able to go in and build applications on, on the Libra coin, uh, and that it is not Facebook Facebook's coin, really. They are part of it like many other companies known as the Libra Association. So you have everything from Visa to Uber to PayPal and Visa, MasterCard, or Bohemian. But I think the great concern about a lot of this, and particularly like with Facebook, was that Well, then Facebook will have access to all your data and a variety of things like that. But it is actually more going to work like Facebook is going to be totally separate from this. They're going to have another business called Calibra, looks like, and it's going to handle all of those things. You don't even need a Facebook account and it's not going to commingle any of your private data. So this is an interesting Project. Now, at some point, the node runners that's paying these $10 million to run these nodes, these hundreds of node runners, you know, at some point through the decentralization process, they're supposed to be a type of where it gets passed down to regular investors in the Libra coin. And a variety of things. So it seems to be working on that idea of a type of centralization ever moving to decentralization, right? So it's quite interesting to watch. It's not like I think many of us, uh, envisioned it to be, uh, but one thing's for sure, it's coming out with a complete different narrative than, uh, what's going around in the cryptocurrency space, uh, And, um, you know, I, you know, obviously that's been intentionally done by Facebook because I think Facebook, uh, knew right off the bat that they would not be accepted. I'm pretty sure they've heard the, uh, the fears from the cryptocurrency space of something like them getting involved. And so they've established a Libra Coin Association, which is a variety of these, uh, type of projects and companies that can do a variety of things. So the accuracy of the information that's come out of Libra coin is, you know, is totally different from the narratives that's going around cryptocurrency. This is something totally different than what people are saying. You know, it's generally the same idea. Oh, it's Facebook and they're gonna have all your data, every little transaction you make, they're gonna report it to the government. Well, it appears that they're only going to report crimes and when law enforcement requests information. So that's vastly different than, you know, than these other ideas that are going around. So this is an interesting part of what's going on with Libra coin. Yet existing cryptocurrencies like Bitcoin and Ethereum weren't properly engineered to scale to be a medium of exchange. Their unanchored price was susceptible to huge and unpredictable swings, making it tough for merchants to accept this payment. And cryptocurrencies miss out on much of their potential beyond speculation unless there are enough places that will take them instead of dollars. So this is the part of it I think many of us in cryptocurrency don't seem to understand, the usability of cryptocurrency in the form of money. And when it's not used as a money, look at all of the opportunities that gets missed out on, right? So we're just kind of sitting there speculating and hoping this stuff goes up and nobody's using it. Um, and so it is only until there is a structure that can scale and that is, uh, gonna be a system available that is actually usable to people and that's gonna be able to introduce enough vendors, encourage vendors, uh, to participate and spread the value, as well as it being a stable currency to people in lands where they're in unbanked territories and regions. So I think this is going to greatly cripple a lot of narrative of the cryptocurrency space with using coins as money, you know, to help people in certain regions. Now, the advantage of cryptocurrency is still going to remain that it is a type of speculative asset. So you will have that value onto it. But when you're dealing with merchants and vendors and people who are trying to get by and live and survive, and they need their dollars to be the same value they were yesterday, you need stability with that. And it's very difficult to get that with cryptocurrency. You know, in a situation like that, they could actually be in a situation where their, their, uh, dollars they're working for worth 30, 40% less than they were the day before. And, uh, that doesn't help them at all. So there are so many advantages to stable money, uh, in an economy. Uh, I could just go on and on about it, but if we don't recognize the importance of a stable money, then there are going to be a lot of things that go over our head in the cryptocurrency space that we're not going to understand. So, um, you know, it seems that, um, one of my theories is that the Facebook Global Coin had been pulling up the price of Bitcoin, uh, along with other things going on in the world like the trade wars. And we saw today after the white paper came out that Bitcoin prices start to go down. So wondering if that was a the case of buy the rumor and sell the news, right? And maybe that is the case. Also, we should bear in mind that many of our so-called good technical analysts in the cryptocurrency space are predicting about a 30% pullback on Bitcoin. Now, at what price? Some are saying around $10,000. If it makes it that high, or $11,000. But we could be looking at anywhere from a $6,000 to $7,000 Bitcoin if that is correct. And a lot of them are confident we are set to see this major pullback. Now, the Facebook global coin, or the Libra coin, won't be released until 2020. So A lot of the money I was hoping that would have come in through the Libra coin project, that won't probably happen until 2020. Yet I think there will continue to be a great deal of support for Bitcoin going into that, probably around the $6,000-$7,000 range. If we couple that with some of the technical analysis data and some of the fundamental data that I believe that the Libra coin project did add to pushing up the value of Bitcoin. So it's going to be all very interesting to watch how this unfolds. I, you know, I think at the end of the day, it was just a matter of what it said in the article here. And this article actually came from Josh Constine of TechCrunch.com. And the white paper, I did get a chance to go over it. It's I thought that was quite interesting. The white paper did underline that it was an open-source project, that, you know, it is working towards decentralization, and that it's part of the Libra Association and not just Facebook. So Facebook is a tiny partner in this, it would seem, with a lot less control than anybody else. So we could pick anybody from this, you know, from this cabal, if you will, right, to, um, you know, that degree. But it's also important to note that it's not going to just be the Libra coin. It's also going to be a coin just for, uh, the, uh, these first-round investors, these node runners, where they actually— that does appreciate and they get value from that. Then there's going to be the Libra coin stablecoin right, that, that is solving, you know, these, uh, you know, using in the practicality of vendors and merchants and the unbanked and having a stable money. I think that, uh, it's so important in economies and really what, you know, most economies have sought after. Uh, so it looks like this project is going to probably come the closest to doing that. Um, so is this in direct, um, you know, opposition to Bitcoin? Well, you know, I don't think that it's— I, you know, at this point in time, I think this moves to a more tradable product than Bitcoin, right? If you kind of think about if we were to compare, we could say call Bitcoin gold, and let's just say we call it the Libra coin uh, you know, the US dollar or the euro or something like that, you will find that, you know, it's more transactions that would be made with the US dollar and, you know, the euro over gold. And I think it's going to play out a similar way with these projects. I think people are just going to probably move, use something like Libra coin a lot more, a lot more transactions, but then they're going to park money in Bitcoin for it to be, um, you know, this, um uh, act as a store of value and act as gold. And I think that's perfectly fine. I think that carves out room for, you know, both Bitcoin and, uh, the Libra coin, you know, in this type of cryptocurrency space, if you want to call it that. And I think they will circulate and kind of play off each other, uh, and that might work out to be a good thing. But where I do see the danger now is at the altcoins. I think the altcoins, you're going to see a lot more Bitcoin dominance, uh, but, and I don't, I don't really see a reason for there to be a great trickle-down effect to altcoins, uh, if that, you know, if that makes sense. Um, so as far as investment strategies, I don't really give investment advice unless it's talking about Bitcoin MYK. And one strategy I would use at this point in time would be buy Bitcoin, and if you own Bitcoin, you get BitcoinNYK for free, uh, and, uh, you know, work it some way like that. Uh, but that's really all I got to say in this video. Tell me all what you all think about it if you've read the Libra coin white paper. But please only comment if you read the white paper because, uh, we, you know, we've up until now we've got a lot of comments about Facebook gonna control all your data and this and that. We know this, uh, This project is a lot more complex than that. There are certain things Facebook can't even do. They're only one partner of many here. And so that narrative won't really work well anymore. So, you know, if you've read the white paper, I'd like to hear your comments about it. But that's all I wanted to say in the video. If you like content like this, don't forget to like, subscribe, and don't forget to join BitcoinMYK.com.