We have Facebook officially going to be launching a stable coin. What does this mean for crypto?… Paypal banning users and trying to get all the Bitcoin for themselves? We also have the biggest Ponzi scheme in crypto history, NOT BitConnect, but actually, PlusToken going down, and what this means for the market? In this article, our TokenMinds team will discuss Facebook’s stable coins and their impact on the crypto community.
The Facebook’s Story
Facebook is going to be launching Libra. It may not actually be Libra itself. Libra was Facebook’s cryptocurrency project but the government shut it down. Apparently, now, instead of trying to go through the US government, they’re going through Switzerland which is where the Libra foundation is.
They made one change to what they’re doing, this is going to get approved and they’re going to launch it in January.
What does it change?
- Instead of having one coin like Libra, that will be a stablecoin pegged to a basket of assets, that was the holdup. Supposedly, what Facebook is going to be doing is launching several stable coins, each pegged to one asset, so we will get a Libra eurodollar, Libra US dollar… This is what really launched bullish momentum in 2019, and it was a short-lived rally, but it was led by Facebook.
- That rally made Bitcoin getting back up to about $14,000. But it was way out of character for them to have if you look in the history of Bitcoin for Bitcoin to have a rally like that out of nowhere.
- A lot of people think that was actually because of The Plustoken Ponzi scheme, this is a $4.2 billion Ponzi scheme. One of the top five Ponzi schemes in world history. It was announced that China has seized all $4.2 billion of Bitcoin, Ethereum, and other assets that were involved in that scam.
- It means eventually they’re probably going to dump the price with it, but it’s going to be slow-moving. The Chinese government will probably be what causes the market to really really crash next year.
The good news is that these tokens are off the dumping market for now and scammers got caught, the Bitcoin is on the shelf. Companies like PayPal are going to ban users from cryptocurrency transactions.
There was news of a Reddit user who had his PayPal account banned for too many cryptocurrency transactions. This is why it’s good for crypto that Paypal is coming in because it’s going to spread awareness and add legitimacy to cryptocurrency, but it’s also bad for these cryptocurrency traders.
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The TokenMinds team has been involved in major token sales such as the Celsius token sale, where $50 million was raised, the Remme token sale where $20 million was raised, and IOTW token sale where $1 million was raised. TokenMinds was picked as the number 1 IEO marketing firm of 2019.