Globalcoin, An XRP Killer?
Facebook’s soon-to-launch crypto asset has been called many things: a Bitcoin-killer; regulators’ Trojan horse into the cryptocurrency space; and a ploy to make George Orwell’s “ 1984 ” a reality are among what some pundits have deemed the asset. Today, another pseudonym has been attributed to the technology giant’s cryptocurrency, rumored to be a stablecoin meant for the company’s billions of clients. This pseudonym, according to Bitcoin bull Max Keiser, is an XRP-killer.
On Twitter this week, the long-time anti-establishment figure, known for his segment on RT, claimed that Facebook’s digital asset, dubbed “Globalcoin” according to some reports, “obviates [the] need for hundreds of alt-cons including XRP .” Keiser goes on to state that the altcoin apocalypse is nigh, looking to the fact that Globalcoin will likely decimate any need for any other digital medium of exchange, save for Bitcoin, which also acts as a store of value.
Although the white paper for Facebook’s project has yet to be released, many speculate that it will act as an easy-to-use stable medium of exchange. It isn’t clear whether or not Globalcoin will be used in a banking setting, just as XRP is trying to, but it likely sure could, especially considering that preliminary reports state that operators of Facebook’s nodes will need to pay $10 million.
The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh. This will drive Bitcoin higher, as BTC competes with Gold, not fiat. (Also, crypto ‘payments’ companies likely to wiped out). https://t.co/w38jmtn7RN — Max Keiser, tweet poet. (@maxkeiser) June 7, 2019
Per the investor, who has claimed that he expects for Bitcoin to reach $100,000 with due time, the death of altcoins will actually drive up the value of Bitcoin, as BTC “competes with gold, not fiat”. This is in reference to the idea that if altcoins were to die, investors would look to store their money in Bitcoin, not back into the world of traditional finance, which many see is rife with centralization concerns and macroeconomic tumult.
Some have been even more cynical, however, stating that not only will Facebook’s cryptocurrency hurt Ripple, but fail altogether. Charlie Shrem, the founder of the now-defunct Bitinstant, explained that Globalcoin “renders Ripple useless”, and that the first companies to make exchanges for Globalcoin-to-Bitcoin will “make a killing”.
Facebook is launching their global crypto coin called “Libra”. What’s interesting is they are offering companies to pay $10m to become “validators”. If anything, it renders Ripple useless