Bitcoin Forum

Lately, there is a big buzz and fuzz on the introduction of the new cryptocurrency (some called it as fake) called as Libra which is under the leadership and influence of the people behind the Facebook social media conglomerate. What resembled like a circus, politicians and other known personalities expressed apprehension that what Libra can bring will put the global financial and economic system under jeopardy and control of a select few men which I assumed the public don't trust.

But I am wondering...is Libra really that potent that it can disrupt the currency financial system or are these people just imagining things which will never happen anyway? Are we ascribing power and influence on Mark Zuckerberg that can turn out to be a dud later?

The ones who call it fake are the ones who understand crypto and who use it properly. Facebook's Libra is nothing like how we will use crypto. You think it will be about wallet addresses? No it will be about giving people your username. And to verify your accounts you need to give ID scans etc. I never need to do this for btc.

But we know that already that it is not sure set cryptocurrency , right now there is like a program already into play which will come out in 2020 , we cannot yet decide for ourselves if it is really a threat or not , if it is a scam that would only be recognized correctly in 2020, we should know that right now it is nothing more than a experimental code.
- according to the facts

But considering how Facebook is already problematic with things considering the privacy of the users I think I won't be blindly able to trust libra now.
But let's see ...

Facebook's Libra actually has the ability to disrupt the financial and economic system. As it can change the way we currently make payments, but it lacks something we all enjoy about cryptocurrency - trust.

Would the world trust Libra?

It has shown that it does not have the qualities of cryptocurrency - decentralisation. It is also not really revolutionary. There are quite a number of crypto stablecoins out there. It's because it's Facebook doing it, that's why there is hype.

it could , if it couldn't then the governments and central banks would not be so concerned and react immediately
it is a stablecoin indeed and has only few traits of a regular cryptocurrency and its purpose is different from that of bitcoin
Facebook with Libra follows the old saying that if you cannot defeat something - lead it
trying to issue this quasi cryptocurrency and combine it with their spying platform so people had their version or an  "alternative" to bitcoin
do not underestimate the potential impact on the society - Facebook has almost unlimited advertising abilities
Libra will be promoted heavily and you , most likely , would be able to pay for things with it straight away
starting with services and ads associated with FB itself and then making deals with the companies who are buying advertisement from them
it is early to say , but Libra could challenge not only the current cryptocurrencies status quo , but also meddle with the Central bank's printing coloured paper playground

Libra is a far fetched dream for Facebook now! US authorities have already raised concerns on Libra and I am sure a lot of other countries will do the same as and when Facebook will try to enter there! There will be no Global currency available at least in our lifetime. The current geo-political scenario doesn't support such type of global currency and I don't think it will ever be possible!

Libra will continue being in R&D phase I doubt will become a reality ever! Don't be over-optimistic about it!

Libra will disrupt nothing because it may never come, and Facebook admitted it to the SEC. Facebook thinks the legal framework is too difficult.
Bad future for 'companycoins' good days for cryptos
FB has several failed projects, I told it once, Facebook will never launch libra

https://scontent.fcdg1-1.fna.fbcdn.net/v/t1.0-9/67394653_628127951030073_320859551937069056_n.jpg?_nc_cat=100&_nc_oc=AQnzbtAfPfPbYWzEwUvS6bsa71xyqzaLF8NsgzOTfFns93mZ1Y7-Iv8ZdpAR4VslJSU&_nc_ht=scontent.fcdg1-1.fna&oh=846807e781d064a11c762a539f28f45d&oe=5DD9EEF0
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/69ea7934-e26b-499f-85ca-eb67cd2a9fc1.pdf
do you trust all the shitcoins around? This is another problem.
If you don't trust facebook, why using it?

My post got deleted, but I think it was because I quoted someone else's deleted post....so I'm reposting here:

I just read for the first time today that it's supposed to be a stablecoin--no wonder the government doesn't want it to proceed.  If it was a regular cryptocurrency with a value that changed according to market forces, they could treat it like a security (I think).  If it's tied to the USD, Facebook is basically creating a new currency.  I'm pretty sure that's not allowed, which is why the US government had such a problem with those Norfed coins.

Even if FB manages to bring Libra to market, I don't think it's going to make a huge impact on the world.  If any crypto was going to do that, it'd be bitcoin--and we all know bitcoin has yet to be widely adopted as a currency, even though more people are hearing about it in the media.  I don't think people are going to have much of a need for any coin that Facebook puts out, even if there are hundreds of millions of FB users.  It is very interesting to follow all of this though.  If anything, bitcoin and crypto in general will get more attention and perhaps more adoption.

But FB didn't actually say they were abandoning Libra as far as I read--but yeah, it certainly does look like they're in for a challenge if they do decide to try to push it through.

Libra is a blockchain like Ethereum to run smart contracts, backed by other assets so the price is relatively stable. Technically, the project has many benefits to it: A good type theory, has safety and direct evidence, Libra is written in Rust (a Safety-focused, grammediformity language), and is more efficient and scalable than proof of the work system Like Ethereum and Bitcoin. But ideologically, this chain is the opposite of most other blockchain projects.

If Libra is launched and works according to its plan, it is going to be a strong disruptive force in the system. For sure, the millions and millions of followers of Facebook as well as its partners in the Libra Project such as Uber, Visa, eBay, Spotify, and so many others will also be supporting and using it. This is perhaps the greatest reason why the governments would do everything to stop Libra from launching or even developing.

But I doubt there is many people who trust to libra coin since there is many information about scandal of facebook especially on user identity issues. Me myself have no interest to use libra coin since that information has spreading up in my mind. There are many risk if I try to store my money on this coin and in other hand the libra coin will not give any profit if I use it.

And now, facebook has launched that they created their own coin and was considered as a bank because if I see the whitepaper of libra coin the facebook has an intend to make own bank for their user which is way will make the government won't be silent to ban the use of libra coin for his country. So, I have no confident that libra will be success and be used by many people.

The problem with libra is that governments do not know much about how to control the total number of currencies and liquidity problem.
If the United States succeeds in a unified regulatory structure, these currencies may see a presence on the ground.
I think the basic idea is that the United States wants companies to become banks rather than to create currencies.
In short, Blockchain as a payment protocol like Ripple.

No it cant!

They can :
1) take a part of the micro txs market between persons
2) take a part and profit from little purchases online
3) disturb our privacy by stealing more of our data

I think Libra is really strong against the global economy, if seen from the US government's criticism of this coin. If Libra can pass all regulatory challenges to become a new currency then I have no doubt that Libra is capable of having a huge global economic impact.

Even in my opinion, the US is more afraid of this Libra Currency than decentralized currencies because as we know that Facebook has a very large dominance in economic aspects, well this is the reason. Not only that, the US finance minister also mentioned Libra as a national threat.

I don't see Libra will provide anything huge. Maybe new, but definitely not groundbreaking. We've seen similar systems like Libra that is now being used, digital money like Doku or something similar.

Facebook is creating another e-money/e-wallet and not using any existing provider because they want to get something from it. Media is just using this to spin text around saying it's groundbreaking while the system already exists and used. If there is something which can be called disrupting, it's Bitcoin of course.

This is hype, just hype

It is in fact quite wondrous that people are so inclined to believe in this type of hype. Maybe, because they just want to believe in something? Bitcoin is kinda obsolete already, gold is just retarded, so people want a new kid on the block to refresh their lives. And it is even more fascinating that it has become a subject of discussion in the US Congress. There's something fishy about this coin, something which looks and feels like a con, not a real deal

Libra done correctly has potential to make the world love alt currencies. It could bridge technology and generation gaps as the best platform for driving bitcoin mass adoption the world has ever seen. Imagine facebook apps and games paying out rewards in libracoin. With good exchange and retail support that could represent an ideal introduction to crypto, HODLers have been dreaming off since early adoption. It could allow facebook users to easily accumulate and spend digital currency, illustrating advantages crypto enjoys over banks and credit card companies who often utilize obsolete and inferior technology.

I think there is definitely potential in libracoin.

Competition breeds innovation. I would much prefer consumers and crypto end users to determine whether libracoin can occupy a useful niche in the cryptosphere than regulators, experts, analysts, critics or enforcing bodies like the SEC who often push agendas or political narratives rather than facts.

If nothing else, libracoin could force banks and credit card companies to offer better terms, lower APR rates and juicier options through market competition.

It can, Libra coin is just like Facebook trying to create another financial system entirely to go like digital payment but in form of blockchain technology, and where they will start from is from their platform, by imposing the cryptocurrency on the millions of users that they have using their platform for marketing.

Facebook has over 2 billion users, and you know that most of these users are active, so if they create such crypto and the awareness gets to millions of people, they will surely accept it because of their business. I think Facebook is trying to create a coin that can be used globally which is why they are proposing to partner with banks, so what will happen to other traditional digital payments, would they not be threatened by the establishment of Facebook Libra coin?

Here there was a danger that in private hands of Facebook management a lot of confidential information would be concentrated on almost a third of the world's population. With the advent of the Libra coin, this social giant will have the opportunity, in addition to general information about its users, to have information about their financial affairs. This is pretty dangerous. In addition, the Libra coin over time could be a real competition to generally accepted currencies. These world states will never allow, even if the Libra has no domination. The existence of such a monster world states simply will not allow even theoretically.

That's not going to happen now, there is news that they will not push through with the launching of Libra coin because of US government restrictions, and they cannot address so many issues about the status of Libra coin, so, for now, the coin will not going to see the light, maybe in the future when everything eases up.

It looks like Libra has hit a few snags as I suspected. I will be quite surprised if it actually launches.

"If Bitcoin takes over, we are all in a world of hell!" - https://www.youtube.com/watch?v=gHOAKWzDH-Q

I have read online that libra may not be launch but i think it is to reduce the effect of libra on the cryptocurrency pricing. From what has happened we now understand that libra is bullish on bitcoin and cryptocurrencies generally. I could have be happy if governments allow libra to be launch as this could have enabled easy adoption of bitcoin.

You mean they are faking that libra coin wont be launch just because they want to decrease the price ?  Thats a silly strategy but that might be the reason for the recent decline  of bitcoin and other cryptos  . but thats better if they wont launch libra coin so that it wont make any noise and it wont make any impact on the price of cryptos  .

No one knows for sure how Libra is going to impact the world's financial systems but I think if Facebook manages to go through current regulation hurdles they could surely put a dent in our monetary system. Libra might not be able to compete against the more established US dollar or BTC which has more unique and superior features to its name, Libra might find a more conducive environment in emerging economies and developing countries.

Take a country like India for example, it desperately needs a more efficient vehicle to move diaspora remittances — given that nearly 200 million people use WhatsApp (According to the Digital Information Report https://urlzs.com/cPXDY). The Asian country’s market for diaspora remittances is one of the biggest in the world, with the World Bank estimating that about 80 million United States dollars were remitted to the country in 2018 alone. Information on hand paints Libra coin as a viable vehicle that is going to ensure that digital banking services reach the unbanked parts of the world.

I think it would be naive to undervalue the impact and traction that Facebook has in developing and emerging economies, I think Facebook Libra is going to piggyback on this traction. While most first-world markets around the world lean on messaging services like Apple’s iMessage for communication, the high-end smartphones on which such apps run on are priced out of many third world markets. Instead, the more generic apps such as WhatsApp and Facebook Messenger can run on various entry-level smartphones, some of which cost under one hundred dollars and allow for cheap and effective communication.

In most African countries innovative Mobile Network Operators have been coming up with internet connectivity products tailor-made for social media platforms such as WhatsApp and Facebook bundles that offer exclusive access to these platforms at cheaper rates.

There are some countries where people actually believe that Facebook is the internet!

 Facebook seems to have been studying towards answering the, how to serve the unbanked world population question, as Libra coin is leaned towards serving the ‘forgotten ones’ — remember when Mark Zuckerberg made a surprise visit to Nairobi to learn about mobile money?

Now with Facebook having announced that to store and exchange Libra, you’ll need to use a “wallet”; a service that will be integrated into existing apps such as WhatsApp, Messenger & Instagram. Adoption and scaling in developing countries is likely to be a breeze as most people are more familiar with how to navigate around these apps.

Just my thoughts

They have a technology that has been designed to actually create a smooth financial system, but the governments would not want to put the entire financial system of the world into the hands and control of a single man, it could really be very dangerous, no one know the people that mark is working with, and if government is to allow the system, it means virtually some secrets of the government financially will be known by Mark and Libra team, except after they build the system, they will hand it over to the government fully, but the question is, which of the government would it be handed over to because the Libra coin is proposed to be a global currency, so this is where the this unity will come from, and this is what will end the reign of this Libra coin.

The information has appeared that Libra might be even not released through a lot of difficulties and limitations which are met by the Facebook company. It can turn out that FB will spend billions and lose them. Therefore, the question about Libra release is still opened. Thus, we cannot say if it has some positive or negative effect on the economic system.

All of these are just possibilities we never know how things will turn out but the government of the United States, already stated, that they do not want Libra coin and Facebook comply and concede, so we will never have a chance to see it happen, maybe in the future we really need a big company coming up to join Cryptocurrency and Facebook is such a huge company.

It will I guess because it will affect the business of the remittance centers, banks, and etch, which are costly and slow in terms of transaction.
With Libra, you can send instant money just like sending message from your facebook account, that's what I understand.

No, it is not potent to disrupt the currency financial system. It seems to me that libra is like any other company token that is spendable within its community.  Meaning, this is not something new.  Besides, it is still pegged to fiat currency so what is new there? 


It is not a threat, US government are just worry of the possible money laundering since it is somehow out of their control.  Aside from that, the US government is probably worried about possible manipulation that will cost their citizen to lost a lot of money.

It can make solid disruptions to the market as well as to the entire system provided its objectives and plans are successfully translated into reality. The plans are pretty amazing. Libra is going to be a stablecoin so there is no need worrying of its value fluctuating every now and then.

Please note that Libra is not all about Facebook. As I have pointed out in another post, it might have started with Facebook's initiative but it will eventually be controlled by Libra Association which has several members including the giants Visa, Uber, Spotify, Mastercard, Paypal, eBay, and several others. Every member including Facebook will only have a single vote in decision making.

The potential disruption has caused serious panic among the governments that they have initiated efforts to stop its development. This is an obvious sign that they are threatened. Imagine the giant companies of this world coming together as one, using their own cryptocurrency. Mark has even mentioned that he will try convince Google to join them. This is going the shake the world. Well, if they are able to launch.

Libra may be the big influencer in financial market it will be realeased. And due to it USA want ban it. They dont want to loose control on financical flows

ok, can anyone tell me:

Do you think a company would be allowed to perform banking activities without a banking license? If it was possible, everyone would do it already. And if a state says "No" Do you think a company can reply "I do what I want". If Facebook is one of the biggest company it doesn't allow it to be above the laws.

I know Walmart filed a patent to create its Walmart coin (link (http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PG01&s1=20190236564&OS=20190236564&RS=20190236564#Cite_@inthepixels)). This company will get the same problems as Facebook.

Facebook doesn't want to disrupt financial system, it wants to become a part of it. They use Libra to achieve this because they want to ride the cryptocurrency hype, but they can't hope to use it as a loophole, the reaction of regulators and government showed it clearly.

But the biggest problem of Libra is that no one really wants it, there's no good reason for people to use it - it doesn't have convenience, it doesn't have any properties of cryptocurrency, it doesn't offer customer service like banks do and so on.

 It can disturb the niche they are after and that is our every day small payments to each other and paying for small products.
I bet thet they have plans to integrate it with their Facebook shops, pay for ads and so on. If it goes true , it can work, Not that I am fan of Facebook mafia.


They dont need customer support, do you need support when buying things online from your bank? I dont think so, you get your card, paypal or other account and just buy it! No support ever is needed, if you have problems you contact the online store..

I dont think so.

Have we seen a large scale of change in the financial system when bitcoin suddenly rose to a number which no one expect.
And not just that. Add Ripple, USDT, BCH and ETH. Yet nothing still drove it to the edge where it could be outnumbered.

Facebook Libra is just an addition to that. Worse it could just go in and out. We have so much crypto currency here which have a wonderful trust rating than what this new thing they are offering.
Facebook might have a lot of users but it is not because of the crypto they had but just the application.

Well, when 2.32 Billion active users start using a new currency, then I would think that it would tip the balance on global fiat currencies.  ::)  Capital control would be a nightmare for smaller economies and the US Dollar as a global reserve currency, would definitely get tough competition.  8)

So I think Facebook only realized the impact that this might have when governments started to take notice and when they started to voice their concerns. <All of this was triggered by Donald Trumps tweet.>  ::)

I think Libra will be canned before it even started, due to government presure.  :D

I'm not sure there are so many active Facebook users

This figure is greatly exaggerated, while the real number is likely closer to a few hundred million users throughout the world. And I'm not sure about the world either as in many countries there are much better alternatives to Facebook (like VKontakte in Russia and Russian-speaking countries)

Regardless, we will likely see a few million Libra users at most, most of which will be amused and somewhat interested cryptocurrency users looking into this thing out of idle interest (and a quick buck profit opportunity). It took Bitcoin long 4 years to get some traction, so I wouldn't expect too much from this wannabe fiat killer


I think the whole shebang is fake through and through

A few months ago I was depositing some cash via an ATM and it took my money without crediting them to my account, so I had to call my bank and they have investigated it and manually solved the problem. Now imagine something like that happens with Libra, a tx gets screwed due to a bug or something, and no one will do anything.

Since the history of cryptocurrency, have you ever since something or issue as this arise? Other than maybe your account is being hacked or the exchange which you use deliberately takes off your fund. This scenario you use is just because it has to do with physical system, let’s look at your money in your bank, as it ever disappeared without any tangible reason, now aside this, as big as Facebook is, do you think that they would create a system without a good support?

If you think so, mail Facebook support one of these days, despite the fact that they have over a billion users, they still attend to lots of issue like it is their life.

I could remember when an hacker hacked my business account on Facebook, and it placed an advert of over $2000 on my account per day, I contacted Facebook and my account was resolved and my money returned back to my account, so if they can manage over 1 billion accounts smoothly, why do you think this will be difficult for them to handle?

I think it depends on how facebook utilizes it, if they only strict it with facbeook/instagram/whatsapp type of situation then I do not think it will make too much of a difference, I am still wondering if people can send each other money via whatsapp thanks to libra, how will they be able to cash that out as well, thats the real question.

Lets say person A has 100 dollars, Person B has none, Person A decides to send that 100 dollars to Person B then somehow Person A has to find a way to buy libra with that which I assume can be done on facebook or instagram or even whatsapp itself, however after that Person A will send that Libra to Person B and then Person B has libra that worths 100 dollars, the real question is how will Person B cash out that libra to dollars on their bank account? If they can't find a solution to that there is no way of really utilizing it.

You make a good point because centralized coins can be controlled but the government doesn't see the Libra coin like that and if you study the concept with the features behind the coin creation through the whitepaper you'll know that there's indeed the possibility the coin could make national currencies obsolete.

Exactly. Facebook's Libra cryptocurrency cannot disrupt the financial system because it's merely a stablecoin backed by the value of the USD. With extreme centralization, it's just another central bank. If they have the desire of becoming a worldwide currency, they could easily provide customer service like Banks do, among other things. Once governments approve the launch of Libra, Facebook will be registered as a financial institution like traditional Banks.

Despite this, Libra will not entirely replace existing Fiat currencies because of many obvious reasons. Central Banks will always remain in power, and will try their best to prevent any other alternative (like Libra) from taking over the world's economy. Which is why, Libra's prominence within the mainstream world may be extremely limited in my own opinion.

In the bright side, Libra will trigger massive adoption of Blockchain technology if it becomes a success. Cryptocurrencies' popularity will rise like never before because of this. In the end, our finance will be disrupted by Blockchain technology itself instead of a single cryptocurrency. Governments will devise their own currencies that use this innovative technology in order to change the world for the better. Both Libra and crypto will do fine as alternative money in regards to Fiat for a very long time. Just my opinion :)

Libra is a good project, but still it's just a tool to facilitate a faster transaction, every time we transact and we want to spend our money, we still have to convert it into fiat as Libra is only an online currency and we can't expect people will easily adopt.

It will not disrupt but it could help to have a better financial system that people will minimize their expenses on fees of sending money like the crooks are charging people with big charges when sending money especially on countries where there's a lot of unbank people.

Although i believe that Facebook Libra will be a success market after launching but still i don't believe that it will disrupt the current market as their platform is just the same with Bitcoin. Like you will use Libra coin to avail the FB services and to use the coin for investments then we have already Bitcoin which is the main source of that concept and the most trusted platform.

In any case, not only the USA, but also other states will fight against the implementation of the Libra project.  This we will see in the near future.  The fact is that Facebook wants to create an independent economic ecosystem using the blockchain and the internal currency Libra, which will serve all users of social networks who will be able to make digital and non-cash payments that will have nothing to do with the banking system at all.  In addition, the number of users totals tens of millions of people from different countries.

We just have to wait for it and decide for ourselves if it is really worth the risk or maybe there will be no risk.


The hype of those people who believes in crypto's capability is always there so why ask for something that isn't even clear except its name. But it will be good if it can really help companies.

I believe Libra can have some sort of punching power like bitcoin itself but I doubt it will be anything further, it is not going to be a currency in itself but only a paypal like thing where people exchange money with each other. We have vemo right now we had paypal we gonna have libra, none of the previous ones really changed the economy so we can be sure that this won't change it neither.

What this can do is allow people to send money worldwide because facebook itself is worldwide but aside from that there won't be really much to change. People will end up cashing that out to dollars eventually and that means libra itself has no power. The day people will be capable of spending Libra on shops (digital or brick) or cafes and what not then we will be capable of talking some changes, until then this is just a better version of paypal and nothing more.

How their platform is the same with bitcoin, are you insinuating that Libra coin is creating a decentralized coin?

When I read their whitepaper abstract, I never saw anything that is pertaining to bitcoin there, and the only thing that I saw in common is that it would be a payment system, and was also clearly stated that it would not support anonymity, so how would you likened such platform to that of bitcoin, I am not sure they have much in common.

Moreover, Facebook is only going to create a stable coin,they would never create a coin where you can use as investment and I think because it would be pegged to a dollar, is the reason why government are seeing it as threat since they feel it may make people to drop the dollar  that is already loosing value.

For now, I don't know because the libra project still running until now. If the project is very good in the future, then libra can disrupt the financial system, although it still difficult because the government will prevent that. The government still learn about cryptocurrency and libra is one of the many coins inside the cryptocurrency, so maybe the government will announce something related to cryptocurrency. But lets we wait and see what will happens later.

I think this is going to be more like a test run for the bigger companies in financial world. I know you are thinking facebook is a giant and they are making a lot more money than most other companies and so forth but they are literally a social media company that could literally go to zero as soon as another company becomes bigger, just to give an example if instagram decided not to sell their company to facebook and whatsapp decided not to as well and they joined forces as just one company I am pretty sure the combo of instagram+whatsapp would be a lot bigger than facebook right now.

Myspace and all similar stuff is a known story as well because they went up a whole lot and than right now they worth nothing, whereas financial companies who will be watching this libra run closely have a lot of money that can't be gone that quickly plus they bribe politicians heavily so when they actually go bankrupt they get bailed out by the government.

Libra just made early steps in the crypto market so it doesn't have a power or influence to disrupt any economic or financial system.

I have not seen anything that will make the Libra coin to disrupt government economic system, but may rather even add value to it. What would have been a threat to them is if Facebook had created an anonymous coin, then the fear would have been there that lots of billions of people would be exposed to nonpayment of tax, but Facebook itself is not coming with such technology.

Their technology is even design to work with financial institutions, and also work with the banking system, so when Facebook announced its intention to establish the so called Libra coin, the people I even expected to start getting worried over it are all these stable coins like tether, and also ripple because Facebook coin already covers all their services.

Facebook needs to prove itself as a better solution for micropayments than its competitors (like XRP) with the launch of Libra. To achieve this, it would need to provide better transaction capacity, and long-term stability unlike no other alternative cryptocurrency today. As Libra's aim is to be a stablecoin, it'll be used in the same way as the USD. Because of this, we cannot say that Libra will disrupt the financial/economic system. What it'll do is to give a boost to currently existent Fiat currencies (like in this case, the US Dollar).

Upon launch, Facebook could bring digital payments focusing mainly within unbanked people. That way, it could benefit the adoption of Blockchain technology, as unbanked people will get into other alternatives as well (like Bitcoin and other cryptocurrencies we know and love today). Despite the success Facebook might obtain with its Libra coin, it'll never be able to overcome Bitcoin in any way. Being extremely centralized is one of the main reasons why this won't happen anytime soon. With too many governments that are against Facebook's digital currency, it's becoming uncertain whenever it'll launch at all.

Nonetheless, Libra may not be able to disrupt our current economic system, but Blockchain technology will. Whenever it'll be via a government-issued cryptocurrency, or by another mainstream company with a focus of improving worldwide payments, it's yet to be seen. What's important is that Bitcoin's Blockchain technology has taken the world by storm, just as Satoshi predicted. Which is why, we'll be dealing with Blockchain tech without even noticing it within the not-so-distant future. Just my thoughts ;D

Getting the regulatory aspects of the currency right is key to Libra’s success, particularly in markets like India, which is proposing a new law that would make owning and selling cryptocurrency a crime and punishable for up to ten years in jail.

right, Regarding privacy, Facebook's reputation has been severely disrupted since the emergence of the Cambridge Analytica scandal, which caused the personal data of millions of Facebook users to leak. therefore, Libra is feared to be a tool for Facebook to peek at users' financial data. each user must feel disturbed if their privacy is known to many people. such as the amount of assets, names, transactions etc.

Not everyone are compel to use Libra, those who are afraid of the possible leak of information due to the reputation of facebook in the past scandal might think twice of using the platform but those people that are just ordinary people who are not really holding a big amount of money may not see it a risk.
Moreover, facebook was already penalize of their past offence and I don't think they will do the same mistake twice.

The Libra project actually has a lot of partners and they have raised enough funds, they are about to launch Libra coin but the US government has stopped this.
Libra needs to go through an arduous hearing to formally decide whether or not to make a billion-dollar business.
The future is unpredictable, so we need to wait for more information from it.

Facebook is really not going to be that much of importance to people, they are not government to impose their coin on people, so they can only do some market by employing some technocrats that will market the coin to the world, and it is now left for people, to see if there is any benefit in it that they can gain, I mean not in terms of services, but in terms of monetary benefits.

Other than that, Facebook is just going to be a copycat of some of the coins that we have in the market, the only reason why I just want Facebook to be released is because I am sure that many will get to know about crypto generally through the launch of the Facebook coin because there is no way they can make intro without pointing at the kings of crypto, bitcoin and Ethereum.

I can see that a lot of users here have misconceptions about Libracoin. Let me clear them. First of all, Libra is very different from Bitcoin. While the latter is a decentralized cryptocurrency outside the fiat system the former is something which can be included within the fiat system and centralized. Bitcoin is something which is capable of disrupting the mainstream financial/economic system, since it is outside the fiat currency environment. But no such threat comes from Libra, as it is part of this environment.

It's because they thought that Libra is really a threat to Bitcoin, when they hear crypto, what comes to their mind is that Facebook will join the crypto-verse, and thanks for clearing that up and I do hope that members here realised by Libra coin is. There's so much hype in this coin that people really didn't understand. It's a centralised coin, like XRP, which we know has a lot of hate in this community. And even XRP didn't pose a threat although there was this so called "Rippening" (https://news.bitcoin.com/rising-ripple-threatens-usurp-bitcoin-ushering-rippening/), but wasn't successful in the long run.

We cannot ignore who and what is behind Libra. but I strongly believe that influence clearly exists and can be good or bad. but until now I cannot be convinced that it will affect the crypto and its bitcoins. because it is not easy to change the trust that has been established even though by a large company that supports Libra behind it.
everything will go on as usual and only small ripples will occur.

It is likely to disrupt the role of the central bank. If Libra Coin is used by people around the world through the Facebook platform, the role of the central bank as an intermediate will be disrupted but in my opinion it will not interfere with the economic system

Libra is something same as the stablecoin, and it gains more potential through its backing from facebook. For a long time facebook was doing a research on the need for cryptocurrencies and the way it can be functional without flaws. There is nothing to panic thinking about the economic system that's been used around. Libra is just a supportive platform, and this gives ease in the accessibility and the same isn't gonna make any big impact over the economic system.

I don't think that Libra has such power. Although it's a kind of stable coin that is backed up by Facebook and some financial institutions it is not formaly introduced into financial system and can't disrupt it. I think that Libra is given much importance and power than in reality actually has. I don't expect that Libra will have some significant influence on anything, not just financial system.

I also agreed with what you said but the governments don't see it that way since Libra coin was said to be pegged and issue in many national currencies. Mind you, they are once against bitcoin due to its potentials before some of them started to give in but I think we need to wait for the result of the meet which the lawmaker wants to have with the Libra team in Switzerland to see if they will also give in.

This libra thing advertised very simple as a global currency while the actual is complex. How could a single digital currency used as one central payment gateaway without breaking each country regulation? I would'nt call it as a form of cryptocurrency at all.

The only thing disruptive is when authorities around the world giving facebook a discretion to use libra at their own territory without giving any benefit to each country such as tax , fee or something because everyone knows the libra concept is centralized just like a conventional bank and banks do takes fee . So no , nothing seems disruptive as long as libra did not runs in completely decentralized which could for real makes the function of conventional banks disappear as time goes by. It's a bit complex.

Libra is only a FIAT basket of other currencies.   The factor which disturbs some at least a little is that its not just a dollar clone like Paypal but so widespread it could feasibly alter the daily spending habits of many to reflect a new order that is not already true in the global reserve currency system.

So disrupt is a big word, it might highlight some difficulties already existing.   I think its only a really small part, it might draw attention.

This is my thinking and my own perspective on this issue.
Why are people so negative about Libra's development? The US government only sees Libra's huge development, so it wants them to come up with reasonable and transparent plans, otherwise they have to cut it to make it reasonable.
and when they failed to convince the US government, they still developed as a normal business and provided a more extensive payment service on a small scale.
businesses are born to make services better. Why do we think it can disrupt the financial system?

Agree, I don't think libra will destroy the finance of the world or any country because we should look at bitcoin, its value and growth is still very fast but until the end, the impact on finance in a large area is very little, Libra with the role of a latecomer, it may be more developed but unfortunately, it will be under the management of the governments of the countries. Countries only allow libra to be spread to some extent, a level that does not affect the balance of finance, exceeding the limit will cause the government to launch a mechanism of destruction

Adding up, government wont really like for a coin like this can move freely on its own.They do the current condition of crypto market yet this Libra is heavily centralized though
but I cant see a reason why would it be disruptive on some manner. Tax is a possible cause for government to think off on going against it.Until now we haven't seen any updates in relation to it.

And on top of that Libra is just another stable coin. People seem to think Libra is the next HUGE investment opportunity. It's not! It's just a centralized coin, controlled by a company that invades your privacy like nothing else (besides maybe Google).

Only people who don't study and understand the Libra coin whitepaper concept will think Libra is the next big thing to invest in other to earn some multiple profits but there's a chance for the coin early investor to buy it cheap though which I believe this is not meant for original/common people.

I believe the part of a single digital currency to be a global currency which may so break some country rules and regulations was the reason why the governments and the lawmakers think Libra coin will be a threat to the economic system.

whereas the world economy is overheated already.

It too early for us to hear any update about this type of situation cause it something that concern deep thought and to win over the governments and lawmakers is not some easy.

That's certainly true, mate. While Libra may have the required funding for launch, it still has a barrier that needs to overcome (which is the US government). It'll be a hard time for Facebook trying to comply with every single regulation worldwide, especially when governments are already opposing its launch. The vision of "banking the unbanked" by Facebook might not become a reality anytime soon if the launch of Libra becomes a complete failure. The technology is there in order to help Libra reach people all over the mainstream world. But without the proper acceptance from governments worldwide, it could become a completely useless cryptocurrency. Still though, it may be too early to tell what the outcome will be for Libra by 2020.

Things aside, Libra's aim is to disrupt the way we send money to people worldwide by relying on the stableness of the US Dollar, combined with the benefits of well-known cryptocurrencies like Bitcoin and Ethereum. Facebook's ambitions may be grand, but it still has a long way to go. Even if Libra doesn't make it up towards launch, another cryptocurrency might fulfill its vision within the future. Perhaps, another mainstream company will develop a digital currency of its own, or maybe governments worldwide will finally do the switch from physical to digital cash. Whichever way it is, Blockchain will certainly disrupt our economic system one way or the other.

Nonetheless, Libra's status as a stablecoin will look more like a "digital US Dollar" instead of a real cryptocurrency. Which is why, I believe that it's unlikely that it'll truly disrupt our economic system in every way. In the end, the Blockchain holds better promise of doing this within the future. Just my opinion :)

For some time at least, XRP successfully managed to fool a section of the cryptocurrency users. On multiple occasions in 2017 and 2018, XRP had even surpassed Ether to become the no.2 cryptocurrency (in terms of market capitalization). It is so sad to see so many users falling into the trap set by Ripple and investing their hard earned savings on a shitcoin.

I have always believed that XRP was the biggest scam ever pulled out in the world of cryptocurrencies. Out of the total supply of 100 billion tokens, only around 9 to 10 billion are being held by individual users with no connection to the founders and promoters. All the remaining is being held by the founders (either directly or indirectly) including Chris Larsen and Jed McCaleb.

Funny thing, it was just one person that probably started this thinking and many people started towing the line also without think of it deeply and seeing how it can really disrupt their financial system, and I don’t think that Facebook is ever proposing a global currency, if it was proposing a global currency, they would could say that it would disrupt the system a bit, I mean the financial flow chart, which means government would have to change a whole of their policy that is governing fiat which would really be a very tedious thing.

What I feel that Facebook is juts creating is a system that is very similar to already existing cryptocurrency payment plans, and also would serve as a payment system for their own business platform which has generated so much money for the government also.

That's what i mean, a single currency used globally won't be easy crystallized. Any government would stand for their own currency instead easily allow other currency like libra to get in their territory.
The last news I heard about libra that they need a bank charter ... Facebook libra need to become a bank otherwise they are against bank regulations , Facebook libra might failed to launch, the system always prevent innovation.

That's one of a hell kind of requirement being asked on. Becoming a bank? Pretty sure that FB wont tend to dive it out and for sure they wont consider on pursuing to comply on whats being asked but somehow Binance might get the 1st spot: https://cointelegraph.com/news/binance-reveals-venus-its-own-project-to-rival-facebooks-libra

It is not being negative about Libra, its a sort of PR work from people who know what Libra is towards people who have no idea what Libra is but this is people who are trying to tell people they are wrong what they think Libra will be like so it looks like negative view.

For example, some people think facebook will be creating a coin and they want to invest so they can make more money later on when libra goes up, this is wrong because Libra will be a stablecoin where it would be used towards sending money around the world, now this looks like "negative" because you are telling people you can't make money with it but its not because it just tries to explain to people what Libra will be like and help them understand, that is why its not negative and just helpful tips.

Well, technically, this is not quite correct

If internally Libra will be pegged to a basket of major currencies (like dollar, euro, etc), you could still earn some dough off it, though definitely not in the way many people here are used to (simple buy, hold and wait until it rises x times won't work). Besides, if it will be circulating freely within the two worlds (fiat and crypto) and more like cryptocurrencies (i.e. with no banks and their insane policies involved), it may turn out to be a damn good device after all for hedging the value of cryptocurrencies, which exists outside the crypto domain itself (read, it could potentially be a lot better that the plain vanilla US dollar)

Exactly. Facebook's aim is not to create a global currency, but rather a system which benefits the US Dollar in every way. Being a stablecoin, means that it'll have nearly the same characteristics as the world's #1 reserve currency. Merging the physical realm (Fiat currency) with the digital one (cryptocurrency) proves to be quite advantageous in every way. With this, the US Dollar can become borderless, blazing fast, and dirt cheap to send worldwide. It's hoped that Libra will take the right direction towards improving the use of US national currency upon launch. But, even if Libra doesn't become a reality, governments still have the choice of launching a digital currency of their own.

Which is why, I believe that it's not Facebook's Libra which is going to disrupt the economic system, but rather Blockchain technology itself. Whichever way it's implemented within the future (via government-issued digital currencies, or digital currencies issued by mainstream corporations like Facebook and Google), it'll surely transform our economy for the better.

Nonetheless, Libra's launch might not have an effect in disrupting current finance, but it will pave the way towards the creation and adoption of government-backed digital currencies within the future. Still, Libra has been a subject of controversy among worldwide governments ever since it has been announced by Facebook. Which is why, it's highly uncertain what the outcome will be for this brand-new cryptocurrency with ambitions to change our world for the better. Just my thoughts ;D

Yes simply the facebook libra would be illegal according to banking regulation if they want to operate around the world with such centralized currency , unless if libra run fully decentralized which it's not the main plan. That venus might be a serious threat for libra if they don't make a move faster ..

but still i'm sure people just too excited to see how libra developed by facebook going to public , could be just a hype.

That begs a question, though

If Facebook is to create a system that will benefit the US Dollar monumentally, in every way imaginable, why then is the American establishment so hellbent on preventing it from starting off? As I see it, they should rather welcome its development and launch simply because it is them who would profit from the dollar further expansion in the world. In simple terms, something doesn't add up in your train of thought. What am I missing?


This future has been around for a few decades by now

Major fiat currencies are already digital in this day and age. All things considered, the only conceptual difference between fiat and crypto currencies (other than Ripple and its likes, of course) is that fiat currencies are centralized, i.e. sanctioned and controlled by government, though not necessarily issued in a centralized way (see credit money), while cryptocurrencies are decentralized and exist beyond the government control, i.e. they are not authorized by any official body, agency or authority (at least, not officially or publicly)

Libra is not cryptocurrency .Libra is centralized issued and owned by corporation
Libra wants to be backed by currency basket.I been watching  hearing about Libra in congress
Most of congressman questions was not answered
Personally i don't Libra it is already causing problems for cryptocurrencies
Some regulators are mixing Libra with decentralized projects what is not good for for crypto at all
Much more interesting will be to watch what will be impact of digital yuan what China will release soon

Theres nothing to answer really, its paypal but with multiple balances automatically.   Paypal also operates in many currencies, the difference here is that it wont be 1:1 with dollar even for USA residents.   Its going to balance all currencies into one mix and Europe and USA Libra users will be holding the same mix where as Paypal has them each in Euro or USD seperately, in theory this shouldnt be a big deal.   Its all FIAT anyway


Its more resembling a global Euro system.  So a mixture of countries and they all hold a fixed mix and call it just one unit.   Euro is dominated by the German Deutsche Mark but not on the face of it, its part of what creates problems for entirely different economies like Greece that otherwise would have a weaker currency.   
   When the British Sterling standard tried to join the Euro it famously failed thanks to George Soros partly, they were kicked out and that friction has never gone away.   Libra is voluntary and I doubt will come with debt financing but could possibly illustrate imbalance and weakness.

Its only online currency, spare change for games or whatever but it could be seen as the slim end of the wedge.   I guess thats all it takes for some upset

Looking like a nope - https://www.cnet.com/news/facebooks-libra-backers-reportedly-looking-to-cut-ties-with-cryptocurrency/ which I can't say I'm the slightest bit surprised by. I was taken aback by the sheer venom authorities express towards it but I guess it's pretty obvious when you think about it.

I can well believe some of the ideas may be lifted by governments. And there's no way they'll let anyone else in on the fun.

agree, I also agree with what you say, the influence of libra will definitely have an impact but I am sure it will not be as bad as what might be feared and what is often said by experts.
the hope that you say also becomes what I expect, let libra move on its own and will not directly affect directly and frighteningly.

We just need to get use to not being able to conquer government, it is not as if Facebook will literally disrupt their system, the US government doe just want anything that will take their reputation away, and if US was wise, Mark Zuckerberg being a citizen, they were supposed to call him and see how they can work with him on his system, and lure him to develop a system that will still help government, but no, they just want to kill the coin.

Okay, if they are so much powerful, why they have not also queried the coin that china too is planning to create, at least it is also cryptocurrency and this coin too also has the power to take the world, why cannot they call china too to other, you see why they will always suppress the powerless ones.

Everyone has no uniform opinion on this project, but for me, I'm positive that Libra would be a big help for the crypto space to grow.

We all like to grow, right? so we need to support this one, this isn't actually a competition of bitcioin and most altcoins since it's only a stable coins, but the amount of users it will bring to crypto will result to increase of adoption, I'm just looking at the bright side and I'm not worry how the government judge them now, but I know they'll be able to pass everything that is required to them.

Libra uses real money as a support, and it is rumored that Libra is a stable coin. this certainly makes many governments worry that this will affect the financial, or economic system. Facebook is a social media that has many users, it certainly can make changes to the economy, and also the development of crypto.

I read a few articles today and found an interesting article regarding this

https://cointelegraph.com/news/how-facebooks-libra-has-been-influencing-crypto-politics-and-finance

If this rumor is confirmed, then it can't possibly affect the global financial system. It will just be a convenient way to use fiat by aggregating a few major currencies in one token. Other than that, you can do anything with these currencies taken separately which you can do with Libra, though maybe in a less convenient way. So how is it going to disrupt the global financial system? Besides, we already have such a currency (sort of)

It is called SDR (https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR) and its value is based on five major currencies

Libra is not open selling for the public and we don't know how much effect have for other altcoin, maybe its can stop how bitcoin raised up and never have chance become the same with bitcoin position.

You can't make money from a basket, that basket is what you are using anyway and when they devalue your money devalues as well. So for example lets say 1 Libra will be equal to 1 dollar, by keeping your money there you are basically running against the inflation which is killing your money and your net worth.

You may think that it will get more valued or even better you may think that people who live in third world countries could get libra and leverage their position because their own national currency will devalue faster than dollar and that is great for short term gain but since dollar devalues anyway and you can't buy stuff for 100 dollars that you used to can buy, nothing changes, you are a bit further away from losing worth and that's it nothing more.

The point is it wont be 1 dollar.   Paypal balance is 1 dollar or 1 Euro if you are in Europe.   Here Facebook is maybe doing something new, its not crypto I agree but it will mixing many different currencies.   The common person doesnt manage their plain cash especially, by default they are supporting the government of their country by holding a national IOU or zero coupon bond for value of 1 dollar or 1 Euro.    
  The common person in the millions holds the IOU and the government prints excessive amounts of new cash and benefits from that latent demand.   Its a form of taxation via inflation which Facebook Libra might disrupt some, hence the panic from the pinnacles of government held aloft by the burden of the many.


I'm interested to know what % Libra will equal but it will not be 100% dollar.     Let me go find a list of standing % in modern FIAT currency standards.
Sterling used to be a massively greater % then it is now, fall of British colonial empire explains it I guess.   Point being, massive changes are possible but its a decades based trend.

This is SDR ratio.   Why do we care, its linked to IMF and the most likely successor to Dollar dominance not Libra or anything similar tbh.

Exactly. Both governments and central banks have a lot of power, and they won't want anyone or anything that would disrupt the entire economic infrastructure. Facebook's Libra represents a threat to the very existence of the USD. Aiming to become a stablecoin, it could gain a lot of popularity effectively replacing the US national currency. That's something the government will not allow to happen anytime soon, which is why regulators have started "attacking" Facebook's initiative before launch. Another reason why governments have been vary of Libra is because Facebook has been known to violate people's privacy. Its social network platform has been highly controversial after the Cambridge Analytica hack, making governments believe that Libra will become extremely risky for its citizens.

Given how many governments have been opposing Facebook's launch of a worldwide cryptocurrency, it's probably that Libra may not launch by 2020. By then, Facebook won't be able to disrupt the economic system in the way it was initially planned. Even if Facebook doesn't manage to create its own cryptocurrency, governments and central banks will, greatly disrupting our entire economic infrastructure in ways that we've never imagined. Satoshi envisioned a world where Blockchain technology takes a part of our daily lives. With the current situation, it seems that this will become a reality within the not-so-distant future.

Nonetheless, it's evident that Libra will not completely disrupt our economic system, since it's practically an "improved" version of the USD. But, Blockchain will fulfil this purpose as it becomes adopted by every government and central bank worldwide. In the future, we'll be using the Blockchain without even noticing it. Just my opinion :)

And good fucking riddance to them

They are inconsequential in today's world anyway. Really, who is actually using PayPal these days? I had been using them like 5 years ago, and now I can pay directly with my payment card or use crypto if this option is available. You might be able to use Libra in the same way, but here's the tricky part, which is, how are you going to cash out? Both online and over-the-counter cash-out markets for crypto are pretty well established since there is demand for it. Will there be such demand for Libra?

Paypal is still useful for adding a layer of protection to otherwise unknown websites.    So on quite low pay items, maybe some random order from a China related shop that isnt exactly credible then paypal can give some familiar policy in requiring the vendor to actually deliver the goods or they would be subject to returns policy similar to Ebay.
   If its the same cost to me either way then I'm quite possibly going to use Paypal and the vendor is maybe taking some cost but also benefits from the added revenue.  

Its why Libra might work despite not being anything really that fancy and I dont consider it especially likely to be innovative but if it allows Facebook to enter into commerce transactions all over the world that might not even be related to Facebook, its a game changer for them and a giant avenue for revenue growth on their balance sheets.   I dont even like Facebook, I prefer twitter if anything at all but I dont blame them for trying this idea out and I dont believe they will be giving up easily on it.    Opposition is to be expected, the multi currency aspect is quite surprising in how its being done and I hope they dont change that but they might.

Indeed. One of the key factors will be how accessible/liquid it will be on the open markets. How and where will it trade vs other pairs.
If it's only available to hold in select wallets such Calibra, than very little impact.

If a stable Libra coin is issued, of course, it will greatly affect the existing financial system, because the level of its distribution and use will be supposedly large. Since this stable coin will be supported by various generally recognized national currencies, as well as other financial assets, its price will be arbitrarily set and various abuses will be possible here, and Facebook has repeatedly been exposed in them.

I am even more interested in this Chinese CBDC digital coin, which should simply become a digital renminbi.

A stable coin, similar to Libra, which will be based on various fiat currencies, in my opinion, should be issued jointly by manufacturers of these fiat currencies. Relying on the issue of global financial stability on a private corporation is very risky.

I do not understand that how can a stable coin change the financial system of the world. The important thing is that Libra is more sort of centralized coin because to keep the price stable you have to control it and this will make it centralized coin.
The hype of Libra is more only because of Facebook and when the actual Libra coin will be available in the market, it will not be much worth.

Libra already exists in essence but only by access of central banks, SDR is a collective holding via IMF of various FIAT currencies including the Chinese.   The difference is not one person here holds SDR because its not issued to any organisation lower then a central bank and by billions of value.  


Libra means nothing especially short term, could it form some trend for a move away from dollar is a possible question but its not going to alter balance by the pocket books of not especially wealth consumers.   It might alter perception and that would be the main fear when Dollar is so incredibly weaker then its current status the last thing wanted is any fair and open competition to the status quo.
       Im not sure Facebook quite intended this effect, paypal started with noble ambitions also but then fell back on the more certain ground of purely being a payment processor rather then a global currency type.

I think Libra will be hard to officially operate. Not only are they being accused of manipulating the crypto market, they are also accused of creating money laundering to evade state taxes.
There are too many disadvantages for them and I think libra will fail soon.

I also do not see any future for the Libra coin. I think it is just created too much hype in the market and now slowly that hype is beginning to die.
The only thing which i feel is positive about Libra coin that all the face-book community will know about this coin and hence many new people will come to know about the crypto and bitcoins.

A currency managed by Facebook is obviously centralized and under total control of the system.
That is, just a click to take away all your belongings and keep you from acting.
Exactly the opposite of the spirit of Bitcoin.

Libra is effectively official toast, people.

France and Germany won't permit it to exist.

https://www.reuters.com/article/us-facebook-cryptocurrency-france-german/france-and-germany-agree-to-block-facebooks-libra-idUSKCN1VY1XU

If they won't then you can bet your bippy everyone else will follow suit, witness the relentless bile every single US politician gave it during the recent hearings. Their official and final position will probably involve nukes and mailing turds.

Going forward it's full crypto or full government. No middle ground will ever be allowed to exist.

In my opinion, Libra Coin has the potential to disrupt the existence of fiat money. With peer to peer transactions, the role of the central bank is no longer needed. In addition, Libra Coin has the potential to disrupt the current monetary system and therefore many countries prohibit it

If not only the government of the United States, but also the government of France and Germany speaks negatively about the Libra project, then apparently the fears of governments are well-founded.  Apparently this project can really destroy the entire world economic system.  But I, as a simple person, would really like to know specifically the pros and cons of the Libra project in order to find out what will benefit humanity and what will worsen the situation.  It is necessary to investigate this issue all sided, and not just from the side of the cryptocurrency user.  It is also necessary to take into account the possibility of the existence of the state, and not only takes care of a small group of people, because there are much fewer users of social networks and cryptocurrencies, if we take into account the total number of humanity.

I think that Libra when launched, will be of a stable nature, but what will move the masses is the fact that there is a large structure in the Business Model, because Facebook reaches all parts of the world, those countries where it is forbidden to trade currencies such as dollar, euro, and other major ones there would be no problem, because through Libra they can pass it directly to Bitcoin, which means that the price of Bitcoin increases substantially, it could be said that by 2020 we will have a more active market.

It might not be as supported as you think, France has already said that Libra isn't welcomed in the country as soon as it is introduced and they are planning to have the support of the European Union to block it in their countries as well. As far as I see it they are not in favor of a cryptocurrency that is belonging to a big company who is already known for misusing their users' private information. As far as I can tell this won't change anything in the financial perspective as long as it is introduced as a payment system it will only attract people who are already using Facebook and as far as I can tell a lot of buyers and sellers already have preferred payment methods on their own and that is including other cryptocurrencies, Libra would just be like any other option out there.

If Libra Coin really exists, people will prefer to use Libra because it is faster and also without using a third party such as a bank. This might make people think Libra coin will be able to disrupt the monetary system because the current monetary system depends on the central bank in spurring economic growth

To be honest, I think Libra would not have faced all these giant barriers as the US, France, and other governments if their project is not going to potentially disrupt the existing financial and economic systems. The way I look at it, Libra is a promising project that could actually shaken the very fiat system that serves as the lifeline of all these governments. The US could have simply laugh it off. But they didn't. They even convened congressional meetings to discuss how they could halt its development. 

If Libra gets good acceptability in countries other than the United States, then it can have negative consequences for the local economies. Libra is essentially a digital form of the United States Dollar. Most of the assets that back up Libra are denominated in the USD. So if Libra gets widespread usage in a country such as Zimbabwe, then the national currency may get negatively impacted. Why should anyone use the inflation-plagued Zimbabwe Dollar, when they have the option of using the much better United States Dollar?

If that's the possible risk, then I'm sure their government will make a way to avoid or ban Libra, and they might ban facebook in their country, which is bad for the facebook business. Libra for me is more like a payment system I guess, if people will invest, they can also do that in other stable coin but I think the threat is not that big since majority of the people will still use the local currency.

Overall, I think Libra would be a great help, for countries whose inflation is high, they can us Libra which later the government will realize to issue their own
cryptocurrency like what happen to venezuela where they already have their petro coin.

If Libra project is implemented, it will definitely disrupt the Financial system as USD, EURO and other foreign currencies might lose relevancy. I am of the opinion the project will be launched in year 2020 as they have all the arsenal to lobby their way and get approval

Libra will not disrupt the economic system that already exists and it is only one participant (cryptocurrency) or choice that is not very influential. Libra is certainly intended for Facebook members and the system is centralized on Facebook servers. Although the number of Facebook members currently reaches almost one-third of the world's population, I'm sure not all active Facebook members will be enthusiastic about using libra as a means of payment.

The main reason is that not everyone understands the benefits of the digital economy. It takes a long time and the involvement of all elements of society to provide education about digital innovation and technology. After internet access is evenly distributed and the world community is literate about digital technology.

I also believe that Libra coin won't disrupt the economic system since it will also be a stable coin just like the one issue by the JP Morgan and you're when you said all active Facebook users won't be enthusiasts because some people still don't confidence in the crypto currency. But you're wrong when you said the Libra coin to be intended for facebook members because their whitepaper clearly stated the coin to be used globally which is the reason why the Libra team partner with some institutions and crypto exchange sites and I also believe this is the reason why some government think it will be a threat to the economy which already slowdown by the activities created by the government themselves.

However, it will appear and it is not a threat. The head of the Libra Association said that this cryptocurrency project does not threaten the financial stability of various countries. Libra reserve will consist of US dollars, euros, yen, pounds and Singapore dollar. If a something dramatical with one of these currencies occurs they will be removed from Libra basket. They will not deal with Chinese currency.

How the United States Dollar will lose its relevance, when Libra itself is a digital version of the USD? If the information about having USD backup is accurate, then Libra will end up strengthening the US Dollar and weakening all other fiat currencies including JPY, EUR, CNY and GBP (provided these countries allow Libra to be used in their territories).

But I don't think that these countries will allow Libra to be used. It is foolish to assume that countries such as China will allow a digital version of a foreign currency to be used for retail payments, along with the Chinese Yuan. At the most, Facebook may try to create a CNY version of Libra for China, which will be backed up by assets denominated in the Chinese Yuan.

Yes, it potentially could. Billions of people are users of Facebook. This gives Facebook a competitive advantage in that the platform already has a huge user base. I feel like, at some point in time, almost everyone in the world will be using Libra as a form of payment, not because they want to, but because it will be the most relatable crypto coin.Futhermore,the Libra Association, which will be governing the Libra economy consists of elite associations which have the potential to overturn the power of countries and even possibly national banks.

Why always talking about libra coin without know when is listing and open for public selling, until now we do not hear what happen with Libra coin still available or have stop for launching to the public.

Since Libra is speculated or confirmed to be a stable coin , it might really affect the economy (in a positive or negative way? lets see)
particularly US and other developed countries. It can really attract the attention of the possible customer on the Facebook market,
since Facebook is a global company.

Perhaps. But, we're still early to tell since Libra hasn't even launched yet. AFAIK, there are many established players within the crypto space with the same ambitions of Facebook. Ripple's XRP and IBM's World Wire Network based on the Stellar blockchain already have strong partnerships and wide-spread support within the mainstream world. Despite the large number of users Facebook has, it might be unable to compete with these aforementioned giants. In my opinion, Libra won't disrupt the financial/economic system but Blockchain technology will. After all, the main focus of central Banks and governments worldwide is Blockchain itself instead of crypto.

Nonetheless, governments would not allow Facebook's Libra cryptocurrency to succeed as it could diminish their power among people's transactions. Governments would want their national currency to remain actively used by their citizens. Another contender with the hopes of taking Fiat's place within the mainstream world, would present itself as a threat to government's economic system. It's no wonder why many governments have expressed their concerns about Libra before launch. Which is why, Libra might fail in the long run as it won't be able to comply with every single regulatory measure worldwide. In the end, governments will make use of Blockchain technology itself in order to disrupt our economic system as we know it. Just my thoughts ;D

if it ever got launch it will be trimmed to lesser than we expect, organisation that were interested are distancing themselves from the project recently. Now they will know it is not about the name.

Libra will be centralized and regulated by bank. Even though it has the concept of a cryptocurrency, it might not behave like it. It might get a lot of users, because facebook is a social networking king.
But users of Btc, and other cryptocurrencies wont just adhere to Libra if they see it has a normal currency. And being Libra the 1st alleged cryptocoin that will be connected with USD, it might increase the value to USD in relation to other fiat coins.
In the end, we shall  wait to see what Libra can affect and how it will affect.

Libra has not launched yet, but if it will get approval from the government, I don't think they will still distance themselves, if they play that game, they are just staying away from the money they will create in this market that is getting bigger and bigger.

Facebook knows the opportunity here that's why they plan on launching Libra a stable coin and I think despite of the hardships they will face and maybe are facing now, this will be successfully launch in the future.

Today we have some new news about Libra.
https://news.yahoo.com/1-u-dollar-main-currency-170905224.html

Forget it, it's just hype and that's how it's meant to be. Facebook is a big company and people weren't really expecting them to dive into cryptocurrency. Though I do feel like it's going to make its way to the top, but not as a match for Bitcoin. Libra will get a boost because a lot of big names have adopted it. Companies like PayPal, eBay, Visa and more have coalesced to form the Libra association and it's going to help them up the chart.

I've come to learn that Libra will have features that will differentiate it from the regular cryptocurrency we know. For example, some people have claimed that we will be needing usernames for transactions with Libra, that's unlike Bitcoin and other cryptos that requires addresses to send and receive money. Another thing is that Libra is a centralized currency and Facebook will be in charge. For any institution to have access to their blockchain they will have to pay the sum of $10 million, wow!

It is not yet launched, but there are a lot of scandals connected with Libra. It is known that FB cannot care about the anonymity of its subscribers. Facebook plans to launch its Libra cryptocurrency next year. Until now, it has been criticized only by regulators around the world. Earlier, the social media giant was involved in a scandal with Cambridge Analytica, which undermined the reputation of Facebook. This is the second time a company is involved in a data breach.

I don’t know what the libra is exactly capable of, but she makes a noise.
This is either really a future breakthrough in the field of finance, or a skillful divert of eyes from something that will be implemented immediately after Libra's refusal or approval.

Already read an article about it and it's possible for Libra to affect the economic status of every country that uses Libra.
Try reading this article, you might learn something about it.

• https://www.piie.com/blogs/realtime-economic-issues-watch/could-facebooks-libra-affect-national-economies-and-interest

Most likely, the effect of Libra was into macroeconomics and it's a huge change to the market.

That's true because as of now that they called libra have many speculation and some of are doubting about that libra from Facebook owner. Much better that they focus first about their platform before they launch another thing. As of now many Facebook user got hack and much better that they do something to make their platform more secured. Let say that libra will have huge impact in crypto market but still we don't have any assurance.

 I think what they fear most is due to the business model that will be unleashed, obviously when negotiating with Libra, everything will go to Bitcoin and Bitcoin to FIAT, once they make massive withdrawals in FIAT it will cause a great imbalance in the economy.

In addition, worldwide Facebook arrives and is known, so many jobs will be paid with Libra, there will be no problem to take it to currencies such as USD or Euro, but they can pass everything to Bitcoin, handling large amounts of money

I have the same opinion with you about Libra, their founder is not understand about cryptocurrency working and do not know how to build some cryptocurrency at the future.

Agree with this view 100%

A while ago there was a heated discussion in the Russian subforum where I tried to explain to folks that Libra can't possibly undermine the US dollar (or whatever) as long as it is just a token (a stable coin in the crypto newspeak) representing that dollar (and a bunch of other currencies, as it seems). In other words, all of Libra's value comes through the value of the currencies it is set to represent (read, it doesn't have a value of its own). But my words fell mostly on deaf ears. If you are interested in that discussion, you can read the whole thing starting from here (https://bitcointalk.org/index.php?topic=5157537.msg52458630#msg52458630)

First lets see whether they will launch as there are many opposition even when they announced about their plans of a digital coin, they will lobby the US government but what about each and every government around the globe, it will be a herculean task to convince each and every authorities around the globe, it is a global company but when it comes to currency it is a hard sell.

I believe that no government could have foreseen what is happening today.  Governments and the banking system have always wanted to popularize cashless payments for citizens in all spheres of life.  But no one expected the emergence and popularity of cryptocurrency, with which people can also use non-cash payments, while it should be borne in mind that almost 44% of people use online purchases and payments for goods and services using mobile applications.  A project like Libra will generally give users the opportunity to gain independence in managing their finances.  Perhaps this is precisely the main problem for governments, and not some kind of impact on the economy.

But that will inevitably have a huge impact on the world economy

With a lot of unintended consequences and complex ramifications since governments won't be anymore able to print money like there's no tomorrow (what the monetary use of virtually anything but fiat comes down to). This will mean the whole modern economics paradigm shift, not some minor changes here and there

This is what governments are scared of. Whether this paradigm shift will be for good or bad on the whole is another question, but what is beyond question here is the gravity of the situation if Libra or anything like it (read, Bitcoin) takes off for real (unlikely but still)

The government and the big banks are simply scared and want to keep holding their customers hostage while fleecing them of their deposited money and transaction fees. Libra will deal a great blow to some useless banks.

Definitely, Cambridge Analytica is a big data scandal especially it involves the social networking site king, Facebook. Since libra is facebook's digital currency there will be frequent questions, " Is our anonymity safe"
" Does the policies are implemented? " and others concerning the safety of using Libra currency. Hence, after Mark Zuckerberg lost billions of dollars on facebook market cap, he apologized for this issue and had changed the facebook's policy on personal data gathering. I believe they already learned their lesson after 2 scandals on data breaching and know that they were prepared on launching this one.

According to the article:

https://i.imgur.com/4jq2Rmo.png
Source:https://la4tmx.com/2019/09/24/director-del-banco-central-de-japon-solicita-apoyo-internacional-para-regular-a-libra/

What they are afraid of is the possible impact on society, they usually fear that it will cause destabilization of the USD and the Dollar, although they have already declared that at the time of being released Libra must fully comply with all relevant regulations.

Note: Some statements have made it known that Libra will be backed by the US dollar, although we have to wait longer for claims that confirm if it is only the US dollar or will also add the euro and / or some important currencies worldwide.

Do you think that users want to risk their money after Zuckenberg apologized for his mistakes?  This is a huge responsibility and no one will want to get into the pit a second time.  In my opinion, a social network should not fulfill its functions, and not try to replace the banking system.

Anyway, I can’t understand why only the Libra project causes such indignation among most governments.  Even in some States of the United States, cryptocurrency and cryptocurrency exchanges are officially legalized, as evidenced by news from the Chicago Board of Trade, where Bitcoin futures trading starts.  Apparently, in this regard, the problem is resolved and other cryptocurrencies do not cause such a negative as a Facebook project.

That's mostly the reason for sure. So many people excited about Libra, without being launched yet. Right now, Facebook is having a hard time trying to comply with regulations worldwide. Central banks and governments worldwide have tried their best to put an end towards the development of Libra. With so much pressure from the world's most powerful nations, it's hard to believe that it'll launch anytime soon. Of course, the cryptocurrency has a great technology which is aimed for scalability. But what really matters is how useful and prominent it'll be within the mainstream world. By the looks of it, Libra will become another central bank 2.0. After all, it'll be a stablecoin pegged to the USD and several other Fiat currencies.

Things are even worse, as Libra is a permissioned Blockchain (which means it's centralized) unlike Bitcoin, Ethereum, and other public Blockchains within the mainstream world. Which is why, Libra's launch (if it ever happens) won't even pose a threat to decentralized crypto's existence. With all of these facts, it's hard to say that Libra will disrupt the entire economic system. But, Blockchain technology will, as it becomes adopted by worldwide governments in the future. Just my thoughts ;D

There is a simple explanation

Note, however, that it is not necessarily the only explanation possible as there can be many as many factors are involved with this currency. As Libra is essentially a tokenized dollar, it can't threaten the underlying asset itself (i.e. the dollar), so the point of discord lies elsewhere. And here's the crux of the matter. Libra won't be a competitor to the dollar but it will definitely compete with the payment systems based on the dollar, i.e. almost every payment system out there (Visa, MasterCard, Western Union, to name but a few). So it is not with the governments that it causes so much tension, indignation and irritation but rather with the lobbies of payment companies in these governments

Yes, Libra has the potential to cause massive disruption, just because it has the might of Facebook behind it.

Whatever comes of this, I think it's pretty clear that Facebook's involvement in crypto will benefit Bitcoin and alts. It should help in the push towards mainstream adoption. Crypto is coming, and whenever a big company like Facebook gets involved, it raises the profile of all crypto and helps to make it more established in the minds of the general public.

Perhaps this will be the one time that Facebook gets pushed back, maybe governments will see it as a step too far and ban it. But crypto is coming, it will replace fiat, and this is just one of many incursions that will follow, pushing forward onto ground that fiat has claimed and thinks it controls forever.

It's true that Libra's prominence within the mainstream world, will greatly benefit the crypto industry as we know it. But I don't believe that Facebook's cryptocurrency will disrupt our economic system, because it'll largely depend on Fiat for its survival. Being a stablecoin, indicates us that Libra will never be an independent cryptocurrency like Bitcoin and Ethereum. It's more like a central bank which lives on the digital realm than anything else.

With many governments and central banks attacking Libra before launch, I doubt that it'll have a large prominence within the mainstream world. Facebook's vision of dominating the world's economy might not become a reality after all. I believe that the main disruptor of our world's economy will be Blockchain technology itself within the future. This is because governments will devise their own digital currency solutions backed by Blockchain tech. But of course, this will take a long time to become a reality as the world is not ready yet for digital money. Various companies and startups will come up with diverse solutions in order to improve our economy for the better. It may not be Facebook in the long run, but another company will (probably Ripple?) within a couple of years from now. Just my opinion :)

Theres millions of active users, shops, services, and all sorts of monetizable things on facebook. When Facebook's Libra is launched everyone on the platform will be exposed to it and everyone will eventually use it. Imagine paying for everything online and paying with Libra.

Governments will lose oversight of people's spending habits and taxation would be a gray area. Yes, Libra can disrupt financial systems and thats why they are being met with so much opposition.

Since Libra is being launched by one of the largest corporations, even large online retailers such as Ebay and Amazon may accept payments made with this currency. Also, Facebook has enough monetary reserves to give good promotional offers for Libra. And this can attract hundreds of millions of users, if not billions. Libra will be the cryptocurrency equivalent of Uber or Lyft, and may be able to increase its market cap and user base rapidly once it is listed.

And I don't understand your post when you say that the government will lose oversight of people's spending habits. Because Libra is going to be a centralized cryptocurrency, and if the authorities want to track it, it is going to be even more easier than tracking the fiat cash (since the Libra wallets are linked to the Facebook accounts). The only worry from the government side should be that the USD can lose its own market share to Libra. But that should not bother them much. Afterall, Libra is just a digital version of the USD.

I think main question is why Libra is created, what purposes it has. Who and what is behind Libra project. My thoughts are : because the world is rapidly changing and the role of fiat money could go down, people who are behind the feds could create and lead new trends.. ie.Libra could be a new dollar for a new world. Imagine how much control the owner of Libra could get .. all personal data from facebook + money people have, earns.
imagine an unprecedented level of control of the population.. scary//

There seem to be a lot of ifs

If Libra becomes a sort of in-game currency (like many others out there in role-playing games) without a gateway to real world (read, we won't be able to convert it to fiat), it won't be of any particular help to all those users, shops and services. On the other hand, if it is exchanged freely to fiat as well as accepted everywhere on par with regular currencies (think PayPal, eBay, Amazon, etc here), it will be a game-changer for sure (and a cause of much pain in the ass for everything that it will compete with)


Should we thus be looking for libratalk.org soon ("make posts and earn")? Has one been registered yet?

Do you think like this really? Do you think that Libra is going shake off the economic system of the whole in the coming days if they can develop following it's planning? I also think so. Suppose, When Libra will get full phase and it will be used for many payments platform such as Uber, Visa, eBay and can even Apple, Microsoft and so on, then some of the monetary sectors will get controlled by Facebook and it will be a threat of the total global economy, but the USA government is not interested in giving the permission for their whole process and even lunching Libra's development, Government think it will make a massive impact on the monetary sector for a long term basis, but it's also true Facebook will create it by hook or by crook because they have a lot of potential diplomacy policy and people will get in touch with Libra for their purpose. let's see how it will play in the coming days?

Many investor called fake with Libra coin because have announce last four months until today do not have planning when libra is can be open for the public, what coin kind is not have form until today, will start as an ICO or IEO project investment, I think libra only issue how to make bitcoin have negative feed back from many investor.

And this is exactly why the US senators are not very comfortable with the idea of Libra. During the senate hearing, it was asked to the Facebook representative whether there is a chance that Libra could replace the United States Dollar, or pose a competition to it. The reply from the FB representative was very evasive. Facebook already control a lot of personal information from billions of users around the world, and this includes phone number, email address, photos, locations, personal preferences .etc. Now Libra will give them access to information related to the finances as well.

Fiat going down, that seems to be impossible as long as long as we have the central bank who prints money for us, I mean, they are in control so they will dictate if they will allow fiat to be taken down. For me, if that is possible and people are already using crypto for good, I think even if the government are late, they will still create their own, regulate it and won't allow they don't have control of everything in the market.

Looks like Paypal is going to withdraw from the Libra project:

https://www.ft.com/content/6af11092-e5fd-11e9-9743-db5a370481bc



If they quit and others follow, I doubt Libra will even launch.

I completely do not understand why there is so much fuss about Libra and how can this stable coin change the financial system of the world. I don't see any future for this coin. USA and France will not allow Libra to be used. Even paypal is on the verge of quitting Facebook's project.

Libra is facing too much resistance and it looks to me that it is never going to realize. First, it was the American law makers who had issues with the project. And now even the partners such as Paypal are no longer interested in it and are looking for an honorable exit. It seems that many of these companies jumped in to the Libra bandwagon too soon, without thinking much about the consequences.

I really doubt whether Mark Zuckerberg has properly studied about the concept of cryptocurrencies. He wanted to take advantage of the hype surrounding Bitcoin and use it to remove the stagnation in the FB revenue growth. Also my guess is that he wanted to compete against Bitcoin, as his rivals (Cameron and Tyler Winklevoss) are well known supporters of BTC.

The issue is that nobody trusts Zuckerberg.

There have been too many problems with privacy, data being misused, data sold to companies without consent etc.

I think governments are OK with crypto as a stand alone.

But crypto that matches up with all your personal data, combined with a rogue company that will happily sell to advertisers not only who you are but how much money you have in your wallet - that's just too much and too dangerous.

But then nobody should be using Facebook, right?

Actually, it doesn't really matter since "when money talks, bullshit walks". I mean people will turn deaf and blind as soon as they start to smell the easy money that Mark is going to offer them (or they come to think he is going to). They won't care about the dangers of losing their privacy, personal data being misused and sold to companies without their prior consent, or whatever. People are greedy and that's what would count and make all the difference in the end


In fact, governments might be happier with that than with plain vanilla cryptocurrencies. If anything, it is the government that will get the first-hand access to all this wealth of personal information. So why should they resist if only for this reason alone?

How will the government get hold of all that personal information? Laws are in place that prevent them accessing it.

And if the govt can't get hold of it, they want to make sure that NOBODY can get hold of it, certainly not a rogue private company. Which is why they're going all out to stop Libra. While allowing bitcoin to continue.

The latest news is Paypal just left the group, which in my opinion is good for the group and Libra Coin's cause, libra coin's reputation is dying because of bad perception by countries and companies, they treated it as a monster ready to prey anyone who comes their way, when they are in fact heavily regulated, and their hands are tied up because of this so many regulations.

Well, I'm not sure about those laws at all

As far as I understand it, the laws which are in place do not only fail to prevent the government from accessing this sensitive information but explicitly allow such access for special services (which are part of the government, by the way). Indeed, specific laws and their scope may be different across various jurisdictions, but generally, you wouldn't really expect those writing these laws to limit themselves in so important matters (see Patriot Act (https://en.wikipedia.org/wiki/Patriot_Act) for one such example). In simple terms, do you really think that the US government (represented by whatever alphabet agency) doesn't have access to Facebook servers and their contents, digital or otherwise?

You do have a point there, mate. It's possible that Libra might have a positive impact on our economic system because of its partnerships with renowned companies worldwide. With top players in the business sector like eBay, PayPal, and even Visa, Libra could gain a massive boost in adoption within the mainstream world. The US has realized how powerful Libra will become once launched as a global cryptocurrency for the world. For that reason, it's been doing its best trying to stop the development of Libra at all costs. Considering that Facebook is a centralized entity, it's much easier for governments to take action against Libra in this regard.

Whenever Libra will become successful in the future or not, we cannot know for sure as it's still too early to tell. With many oppresive central banks and governments worldwide trying to put an end towards the launch of Libra, I highly doubt that Facebook's cryptocurrency will disrupt our economic system in the future. Still though, whenever it's in the form of Libra or another corporate-backed cryptocurrency, Blockchain will be the one true technology that will greatly disrupt our economic system as we know it. With due time, we'll be able to see the results sooner than we've ever imagined. Whatever happens, neither Libra or another cryptocurrency launched by a centralized entity will be able to become a threat against the very existence of decentralized cryptos such as Bitcoin or Ethereum. Just my thoughts ;D

How development of Libra so far, have good information about Libra want to adopt as cryptocurrency or not? after make many information last two months Libra today still not anything about what have they did, will launch or not to the public we don't know about how Libra situation today, deal or not for listing to the public.

it can, obviously .
somehow , new thing with big people who are very influential inside can create a new system in the world, and also they are at alliance together.
new digital money, with backed by big coorperation can easily enter the system of daily life, easy adopt everywhere.
so, world banking will be disrupted by it.

Libra have many member because many Facebook member look like for investing with Libra, can disrupt the financial economic with Libra depend when is open for investing, have many advantage with using Libra as digital payment or not because we not get until today what the mission and vision of Libra coin.

Libra is a centralised cryptocurrency just like ripple, somehow it can disrupt the financial system because of their big influence in the social media world by Facebook. They have a lot of criticism specially from the government because of their previous controversies including the data leak or mishandling the users data. I doubt the adoption of this coin will be as healthy as Bitcoin and other crypto.

You think that government does not have a tab of all the personal information about their citizens, which country you are from, they have all the bank account details and hence all your financial details and then they have all the family details and all the relevant data available and you think that if there is a centralized currency the government will not have the control over all the transactions  ::).
Centralized currency like Libra will be controlled by the government, if they control the back end of the social media app is it that hard to have the back end of a centralized currency  :P.

I am not a big fan of the shitcoin Ripple and I have criticized it on many occasions. But that said, at least we can say that Ripple is different from fiat currency. It has its own exchange rate, no matter how manipulated it is. The Ripple exchange rates are not dependent on any fiat currency, although it may be influenced by the fluctuations in the Bitcoin exchange rate.

However, Libracoin is just a stablecoin similar to Tether and the numerous other coins out there. It doesn't have an exchange rate of its own, as it is pegged against the USD. And as you said, the combination of financial information and personal information makes Libra dangerous. Libra takes away whatever anonymity we had earlier. And that stands completely against the principle of cryptocurrency as put forward by Satoshi Nakamoto.

Well, maybe I'm missing something here

But frankly, I don't see how Ripple is much different from other fiat currencies for the reasons stated. Yes, it has its own exchange rate and it is not dependent on any other fiat currency. But that's exactly what makes it one such currency itself (and its centralized nature, of course). As I see it, the distinction between fiat and crypto lies in who or what controls that currency. If it is one entity like Ripple (or the FED, for instance), it can be considered a form of fiat, public or private, digital or otherwise


In this way, Libra is a token, a currency derivative (perhaps, that's what you wanted to convey)

We really can't tell since the population can be classified to two, the ones who know how to research technology related news, and the other who just uses social media and doesn't care as long as something does work. The ones that will research will know of the flaws of Libra, incorporating decentralized idea to their centralized system would be a big disappointment for them and won't attract as much. But for people that does not have a single hint about crypto, they would treat it as just another digital wallet, and would probably use it without realizing that they're supposed to be and can be anonymous in crypto-space.

And right on cue, the Ripple CEO has popped up to bash Libra, because of course Libra is a competitor to Ripple:

https://fortune.com/2019/10/07/facebook-libra-cryptocurrency-ripple-ceo-brad-garlinghouse/

Libra never can't disrupt the financial economic system because Libra still looks bad to make investor interested with Libra coin investment, Libra is not ready become cryptocurrency and never want to start become competitor for bitcoin and altcoin for the future because they still do not make new way how to start with building Libra coin and give many chance for investor to enjoy what is Libra and how get profit with Libra coin at the future.

The fact that at the moment the leading countries of the world, including the USA, France and Germany have taken up arms against the implementation of the Libra project, first of all means that this project will not only not be launched, but also will not give developers the opportunity to implement their plans.  Based on this, I believe that the influence of Libra on the economy is not.

In my opinion, that concern makes sense because Facebook is the largest social media network in the world with 2 billion users. imagine if all users later have libra. then this libra could have an impact on the world economy. and libra will later be controlled by facebook unlike bitcoin which is decentralized. this is probably what made some countries in Europe reject Libra.

Despite controls by governments and central banks worldwide. I think the wave of crypto currency is unstoppable. Though it may take a bit of time for a wide usage and acceptance, I foresee these legislative bodies eventually yielding in. Imagine even in some less developed markets we continue to see them slowly embracing crypto and a rise in awareness and sophistication by both users, technocrats and crypto entrepreneurs.
Stopping Libra now is temporary, new and similar projects will image somehow.   

I think this is very difficult for Libra to do, new coins such as Libra still need developments that can support its platform to make large projects like that, after libra can be used to pay for multiple platforms then the projects you mentioned might be possible.

There is a nice nugget of information in the following article as to why Paypal and others have withdrawn support for Libra:

https://www.bloomberg.com/opinion/articles/2019-10-15/facebook-s-libra-cryptocurrency-exodus-has-an-upside


It was the threat of scrutiny of ALL their activities.

Bitcoin by contrast stands alone, not affiliated with any of these payment processors, and is thus not a problem for these senators (especially as bitcoin has a public ledger they can follow).

indeed a bit controversial as the government and banks also feel it, the only way is they create a financial system that follows the blockchain but still has control (centralized).
Or they try to accept it and see if it will have an financial impact or not.
what is certain is the presence of libra will definitely have an effect on crypto.

You are forgetting something, you are forgetting the fact that Facebook has so many of their users that are already used to their platform, they make purchase of their Facebook advert every day for different reasons, and secondly, it is not until they get very big investor before their marketcap can build up, marketcap of Facebook coin will build up through the services that they render to people.  

Facebook worth today is worth billions of dollars and this money is mainly gotten from the people that are patronizing their product,  and these same set of people are the ones they will still impose the use if their Libra coin on which is quite more than enough for their business population to make their project a very big success.

Exactly. Being a centralized digital currency, Libra has all the likes of gathering a mass of financial institutions within the mainstream world. The real deal is to get Libra legalized in order to pave the way for its launch. Considering that some partner companies have withdrawn from the Libra Association, I highly doubt that it'll be able to disrupt our economic system in the future. I believe that another digital currency will fulfil Facebook's vision of "banking for the unbanked". Another company like Ripple, Google, or even IBM could launch it's own stablecoin for the world with approval from governments worldwide. As long as the cryptocurrency has the "green light" from regulators, then there should be nothing stopping it from disrupting our economic system as we know it.

All in all, Facebook's Libra will turn out to become just a dream than a reality. Another company, or possibly the government, will disrupt our economic system via the use of Blockchain technology. What matters is that traditional cryptocurrencies like Bitcoin and Ethereum will be here to stay for a long time. Just my opinion :)

Libra will only clash with the existing financial system. Transactions will be uncontrolled by the jurisdiction of each government and tend to weaken the bank.

What is being questioned by many financial experts at the moment is the leakage of user data/usage whose accountability cannot be guaranteed, Facebook itself recognizes that, so it needs new legal points in a clear MoU.

As you see, the Libra Association has problems already, and this centralized coin might not be launched soon (hope, it will happen, however). Some governments really think seriously that Facebook crypto can if not ruin, then weaken their national currencies. Many people are waiting for the best stable alternative to fiat, and Libra can become it. Once again — IF FB is let to work on this project further.

It's been a talk from the business and financial sectors where this Libra thing has really impacting to everyone. The plan of implementing this project got a lots of objections and doubts from most government agency as they are seeing grounds that will weaken the finance institutions of their jurisdictions.

It will further be discussed and  review by more government agency both from political side and the business sectors.

They are worth billions because of the business model they have which is not interfering with the economic situation of a country, if they are planning to launch a private currency that can be used globally then it will be a different story as no government will approve those secondary financial system growing inside a country and they will try to stop that in their roots and that is what is happening now and if they pursue with Libra then they will face legal challenges with their current business too.

Facebook is not the first business trying to launch a private currency

I remember some years (or maybe even decades ago) there was a Canadian company which tried to do essentially the same, i.e. to issue a private currency that was going to compete with the official money (the Canadian dollar). Not surprising at all, they were outlawed by the Canadian authorities and eventually bankrupted. This seems to be an inevitable outcome of any such effort or initiative. So why should Facebook be different?

To be honest, facebook currency or Libra is very unnecessary in our economy. We already have a lot of fiat currencies in different countries and we already have a lot of option in terms of having a virtual or digital currency like Paypal. We are already all set in becoming a cashless society so having Libra coin as a new project related to currency is useless because we already have that system a lot of years ago.

What was needed was a token that you could exchange for local currencies everywhere that would confirm in minutes and have very low fees.

With Paypal - yes you can use it to convert your dollars to local currency - but they take a 5% spread on the currency conversion. And Western Union take 5% plus a $25 fee.

Bitcoin should have been that token but the fees surge when the price rises. Also bitcoin is volatile. Watch all the crypto exchanges across the world - as soon as there is a useful token on all the exchanges, with low fees and low network congestion, that's the one that will be used to move money.

Actually, there can be certain advantages

In fact, if done right, Libra can combine the benefits of the both worlds - those of fiat and crypto. Because it is a stable coin, you don't need to worry about volatility, and you would send it without the habitual pain in the ass that international money transfers typically cause. In other words, it can be quite useful in certain areas and for certain applications. That's likely one of the reasons why it causes such butthurt in the banking as well as payment industry (and their lobbies in the government)

Oh it'll get back up there and fight some fight and come on somewhere on top of the centralised pile of semi-blockchain projects. Enough people will use it, and enough success will give it a few more decades of relevance, but it will not last the test of time the way Bitcoin has, the way Bitcoin will.

And if this has come as a surprise to anyone in the space, then they should really rethink their positions as experts in the space.

Still can't believe the number of people who actually thought Libra was the big killer thing for Bitcoin adoption. Right next to Bakkt.

World economic system? I doubt that Libra will be a great cryptocurrency, the beginning of the concept of Libra. This creates great doubt in the coin libra for crypto observers. At least to decide on the impact we need to see how the crypto users react when libra has entered the market. The crypto market is unpredictable, if when the libra market is opened and many are interested, it can have an impact on the traditional financial system, mark has a big name.

Libra can replace the dollar. Imagine that you can exchange all your dollars for digital dollars that have a legal status and are accepted absolutely everywhere.
Such a thing can become a single world currency, because it is completely centralized and has a stable fixed price, which makes it safe from market fluctuations.
And would regulators attack the project so hard if it weren’t at all dangerous for them?

Libra will be lucky to be released and if it is it won't be disrupting anything.  It will be just another stable coin but with facebook's name attached to it.  Look at all the other stable coins on the market.  Have they really made an impact?  No, they haven't.  I would be very shocked if people started to use Libra for facebook transactions or anything else.

I have a feeling that the regulatory barriers the U.S. gov't is putting up are going to be too much and facebook won't be able to launch Libra.  Already we're seeing partners dropping out, and that isn't a good sign at all.

Another Libra hearing going on now with Mark Zuckerberg himself - https://www.youtube.com/watch?v=B1a5h5KncNM

I expect another major league kicking. Interesting that he's aligned himself so closely with this. He must realise his face is a negative in the minds of many.

Libra never can't disrupt of bitcoin price, many investor have know whit bitcoin and never replace by any other altcoin although Libra coin, by the way Libra still not crypto because we don't know about Libra when open to public and how Libra is it, until today Libra still get allowed from United State government and never have chance they will allowed Libra become publish to all investor.

He got absolutely hammered by Congressmen:

https://www.ft.com/content/2c5fd142-f5a7-11e9-a79c-bc9acae3b654



My reading of this is that the US will prevent his coin being backed by US dollars. So then it needs to be backed by other currencies and those countries might not like Facebook using them in that way.

I'm worried that Libra will do exactly this on the USA financial system after I have watched the Congress Conference with Zuckerberg from yesterday. One of the most approached subject was how will Libra will  affect the monetary system and banks system of USA and honestly Zuckerberg can't really confirm anyone that Libra will not affect this systems so no wonder why they will not approve the regulation. He also told that if they won't approve the regulation , Facebook will retire from the project but the project will move on without them so basically there is no chance of stopping Libra anymore.

it seems like libra will not be able to be able to exert such economic influence because I see the libra platform is currently getting a lot of rejection from various companies and I fear that if libra becomes of no interest, libra conditions will be different if it can be accepted and used for one alternative payment.

How the project is going to move on, without support from Facebook? Most of the partner companies joined in Libra, because Facebook was there as the pioneer. Most of those remaining companies (Visa, Mastercard, Paypal.etc have already pulled out) will terminate their participation, in case Facebook shows little interest in the project. And even if some of them remain with the project, I don't think that it may move ahead as planned. So my prediction is that Libra would die, in case FB pulls out from the project.

only 7 out of 21 companies that refuse / resign, it looks like 7 of these companies do indeed have big names, but don't forget the large combination of companies from the Union square ventures that still supports. Empty positions can be filled at any time considering that there are still many companies that value this project.


an official board of directors was formed with David Marcus as the leader, he who developed the fb blockchain project. if Mark decides to separate, libra can potentially move anywhere and for anyone, including China as the strongest competitor. This can destroy the old economy, or make it a turning point for the new system.

Why many forum on bitcointalk tread always talking with Libra coins, so far we know Libra still not active as cryptocurrency or other digital payment. Not get allowed from United government make Libra never listed to public, how ever without know when coin open to public will make less investor and less trusted from people with Libra coin, maybe libra never can't disrupt bitcoin price.

Agree. I don't think Libra will survive with regulatory pressure from worldwide governments. They're being strict mostly because of Facebook's privacy leaks. The world's biggest social network would need to show themselves worthy of governments' trust by preserving user's privacy within the mainstream world. But it'll be a difficult journey for Libra as it aims to become a worldwide stablecoin (which means that it'll need to comply with regulations from different jurisdictions). This shows us that the launch of Libra will be very unlikely to take place in the future.

While Libra won't be able to disrupt our current economic system, I believe that another digital currency will. It could either be a government-backed digital currency, or a digital currency created by another prominent company within the mainstream world. As long as the digital currency complies with worldwide regulations, it'll have the "green light" for launch. All in all, Blockchain technology (not a specific cryptocurrency) is what'll make our world a better place. Just my thoughts ;D

Libra is not active but it's affecting the entire cryptocurrency universe as it is focusing government attention on the entire industry and on cryptocurrency in general.

Hopefully it doesn't result in crypto being banned or heavily regulated. But some of us would have preferred if Zukerberg had stuck to his social media empire and left crypto alone.

As Zuckerberg himself says, Libra is by no means going to become the currency of any kind that impedes the current financial system, but in the Congress his words did not convince anyone.
Yes, I don’t seem to be inclined to listen to him there. According to Zuckerberg himself, he is ready to leave Libra if Congress does not approve it.
I think that it is necessary to understand here that if Congress nevertheless approves such an ambiguous project, then, with a high probability, it will be completely subordinate to the regulators and, therefore, will not be able to harm the financial system. In any case, I think so.

Libra isnt revolutionary, Paypal was intended to be a stand alone currency originally also and yet it really isnt, but still it moved the game.   Not everyone will remember but there were attempts at some kind of token internet currency prior to bitcoin in the dotcom boom and they bust because they were not especially useful or even new because shop points or similar existing for years.
    So Libra does one thing different from other projects that I can see and that it holds a basket of currencies across the world to reflect its users and their spending habits.   Sounds fair but the current dollar system is actually not especially matching that, it has a bias towards the long standing powers from the ww2 era and years post that.  So is some disruption but its not a massive amount, however anything Facebook does is big news in theory.

So people on this forum are hyped about Libra for just the obvious possibility that facebook is a behemoth of a website with billions of users.  Then they have the idea to equate Libra with crypto and so billions will be swayed towards Bitcoin hence a boom, its likely this idea is in the price we have now still though it leaked some.


I dont see a big clash, the existing financial system is just not in good condition.   Its like a dying man with a grenade, everyone is a threat and he is a threat to everyone; he can pull the pin to spite us all and if anything the slow bleed out makes that more likely.   Facebook took too big a step, it upset those already ill.

Nobody mentioned that in Mr. Robot a TV series?  they predicted these events some, now we just need a couple other things and we're on the set of Bladerunner

Good point. Libra by no means will be able to disrupt our economic system since it'll be a "reincarnation" of the current banking system. Facebook will act as a "Central Bank 2.0" subject to regulators worldwide. In this scenario, the Blockchain cannot fulfill its true potential since it was designed to be free from middleman or third parties. It's not a question whenever Libra will disrupt the economic system, but rather if Blockchain and decentralized cryptocurrencies will be able to truly change our economy for the better. So far, this seems to be the case, as people are using decentralized payment systems for their own benefit.

Nonetheless, neither Facebook or another mainstream company will be able to disrupt our economic system in its entirety. Only governments and central banks will be able to disrupt the economic system via the use of Blockchain technology for their own benefit. They won't allow private monies (like Bitcoin, Ethereum, or even Facebook's Libra) to take over Fiat anytime soon. In the end, Facebook's ambitions of a worldwide cryptocurrency for the "unbanked" may result to be more of a dream than anything else. Just my thoughts ;D

It depends on how Mark handles a project. If arguably would interfere with other currencies I might disagree that bitcoin alone does not affect the financial system of government banks and the global economy.
Libra will be strong standing as stable coin where many parters who have left it but Libra will surely shine because under the auspices of people and famous platform named Facebook.

news cryptocurrency libra is still confusing, there is no certain news about it, if indeed someday libra will become a stable coin then that will be a challenge for usdt, usdc or other stable coins.

It looks to me that both Mark Zuckerberg and David Marcus are trying to find an exit strategy. They realized that creating a cryptocurrency is not as easy as they would have liked and it pits them against some of the major corporate and financial players. Most of their partners have pulled out of the project, and without them I don't think that Libra can honor the timelines decided earlier. Even if Libra comes in to existence, then the roll out will be delayed by quite a bit, as a lot of development and regulatory work remains to be done.

The destruction of the financial and economic system is a huge crisis for the whole world, which will throw humanity back in development. We do not need any destruction, we only need to improve the existing model of the economy with the help of available technologies. Whether Libra will be able to destroy the financial and economic system, I deeply doubt it. The regulators won't allow it.

I understand your sentiment but we have to accept that nothing is permanent in this world, except change.
If Libra will be able to provide better the needs of the people then it will be fully embrace and our current system might be disrupted.
But, I can assure you, the government is still always in control no matter what, so don't worry about that much.

The incompetent government, corruption and the influence of businessmen and oligarchs on the governments of their states will somehow destroy the economic system of any country, even without the help of the blockchain.  You can take any country we take as an example where the economy is very weak, although it has very good potential due to its resources.  But if the state machine does not work like clockwork and is run by professionals for the benefit of its citizens, then the use of cryptocurrency will only benefit, although in my opinion the control and regulatory process should still be mandatory.

Before launching to the public Libra coin have positive respond from many investor around the world, they are really excited with Libra become cryptocurrency. The investor know how fantastic Libra if opening to public and give disrupt financial economic system where many investor move to Libra coin, just keep in our mind when Libra coin open investing for public and when people can buy Libra coin for investment assets.

Facebook is the largest social media company in the world and has 2.3 billion Facebook account users. and imagine if in the future all Facebook account users have Libra coins. then every change in the value of Libra coins will have a major impact on the world financial system. so do not be surprised if this coin gets a lot of rejection in European countries and the United States. and this Libra coin is a coin that is centralized and controlled by Facebook. so maybe government officials fear Facebook can monopolize the world economy with this Libra coin.

It's obvious that this libra is another way grow of business of Mark Zuckerberg like other his businesses. But I think we don't need this libra even it will have big impact in crypto market if they will launch it. Of course some whales out there will want a great profit if they invest to this libra so they grab opportunities which some cryptocians don't want to launch this libra because  high class (known personalities) will be benefit about this libra.

Exactly. Governments always have the final say within any emerging industry in the mainstream world. Blockchain technology has reached this far because governments have allowed it. If they truly wanted to stop Blockchain and crypto from growing into a massive ecosystem, they would've done so within Bitcoin's early days. Now that Blockchain tech is too big to fail, mainstream companies have become interested in it. Facebook is one of those mainstream companies with the ambitions of launching a global digital currency for the unbanked people to enjoy. In a form of a stablecoin, Facebook's Libra digital currency aims to disrupt the economic system in every way. It's yet to be determined whenever it'll have success or not, since it's still facing some regulatory issues from governments worldwide.

With the US being skeptical about Facebook's digital currency, I'm sure that it'll do it's best to prevent it from launching anytime soon. After all, the world's biggest social network company (Facebook) has been well-known to violate people's privacy. Governments are afraid that Facebook will be putting people's privacy at risk by exposing their transactions to malicious actors. Which is why, Facebook needs to prove itself trustworthy enough to fulfil its vision of disrupting the worldwide economy.

Nonetheless, it's very unlikely that Libra will disrupt the economic system. But Blockchain technology in its entirety will, as governments and central banks adopt it for their own benefit. This means that one way or another, our financial system will become disrupted by the same technology Bitcoin has brought to the world. Just my opinion :)

Mark Zuckerberg is most danger person who want to competitor with almost trending in the world, when many people adopting with instagram his facebook use and adopt with instagram by insta story, now he tries to be competitor with bitcoin by building his coin called with Libra Facebook coin, not legal from government make Libra do not publish now to investor, I think how many people use with Facebook coin they can't cross with bitcoin and less away become bitcoin competitor.

It is unlikely that it will destroy the current economic system, I read at the neironix.io, that the global financial community is putting the wheels in the wheel and we will not see the libra in work soon, but in theory, of course, if you fantasize, then in some kind of utopia, the Libra can become a world currency.

Facebook is now trying to trashtalk bitcoin:

https://www.cnbc.com/2019/11/06/facebook-executive-david-marcus-says-bitcoin-is-an-investment-not-currency.html

No matter what they say about Bitcoin, they will have no impact on it, Bitcoin already established its name and Libra is just nothing compare to it, we all know that Libra has no impact at all, some people are just doing hype to manipulate people, they are taking advantage of it, they wanted to take this chance to earn a lot by making people invest when in fact it is not worth to invest at.

Through regulations, we will have an order and to put some reasonable punishment to those people who are abusing the Bitcoin or the cryptocurrencies in general. Also, regulations are vital part of integrating the blockchain technology in our lives and to the economy of a country if there are considering a mass adaption. Since as we know, through law, doing wrong things are restricted hence it would bring order among the users of the blockchain technology and those who are using cryptocurrencies will be viewed in a different light seeing it as legitimate currency or asset recognized by the government.

David Marcus (of Facebook) already tried to create a P2P function in Facebook Messenger.

It failed badly, which is why they're trying to generate interest in launching their own currency.

Given their first attempt failed, why would the second succeed? The types of people who are on facebook are likely not the types who are interested in cryptocurrency.

John McAfee came up with an attack against Libra a few days back.... and this time he was successful in attracting some media interest. After his failed venture (McAfeeDEX) last month, he looks desperate to get some publicity. Meanwhile, in response to Libra, several governments are planning to list their own stablecoins. China has almost finalized the plans, while the one by Canada seems to be in the final phases of planning. And the most important thing to remember here is that many of these coins will be out even before Libra gets listed.

McAfee is serious about this for sure. He is trying hard to defame Libra. Anyway, Libra is going to face hard time certainly and it is amazing that Facebook is the first one to make the move, not Apple, nor Microsoft or Amazon but Facebook. Lets just not forget about its breaches and privacy invasions, above all whistle-blowers. All the governments will be doing the same as what China is doing at the moment.

What governments fear is that the market capitalization in terms of money FIAT will have a greater dominance the stablecoin Libra, China is the country that is most interested in not giving the launch of Libra, the reason is simple, Libra will give more hegemony to the dollar (Mark made it known) because its support currencies do not appear in the Chinese Yuan, then China's local economy can be affected, in fact, they have been researching for 5 years, to develop a stable currency that without no doubt it will be a clone of Libra.

Based on the fears that Libra causes about China, it is because it will have more acceptance and much more community than China's stablecoin currency, since a stablecoin launched by a social network like Facebook has more acceptance than the stablecoin launched by some government, where in general, politicians around the world are not very well seen by people, much less banks.

The flight of capital by many countries will be a fact, money will flow much faster and with large volumes, thus losing control of governments and banks, tremendous inflation can occur if it is not handled well, because at the digital level It would enter a deflationary economy when that money is injected into the Bitcoin market, thus raising the need to issue more cash, generating inflation and negative interest rates, and they would have to try to have more liquidity in their economy.

yes I think the use of libra coins can indeed disrupt the world financial system. because if this libra is released then everyone can send or receive money to the whole world without any country restrictions. and of course the presence of this libra will threaten government banks and other financial institutions. and also facebook has many users. if each user has a libra then this libra can become a global currency. and might threaten the sovereignty of the national currency. therefore the congress has not yet given permission to Libra.

But here's the catch

What you just said is equally applicable to the US dollar itself (and technically, that can be one of the reasons, if not the primary reason, why the American establishment are so hellbent on bringing it down or nipping it in the bud). Even if the dollar makes the whole of Libra, the latter being used instead of the former (after all, this is exactly what Libra aims for) means that the dollar will be losing ground. To sum it up, it is not about China alone as it is more about undermining the whole dollar hegemony as such in a really astonishing and even paradoxical way (with Libra itself being only a stable coin based on the American dollar)

Maybe yes. (but I'm not sure yet). Libra is said to disrupt the financial system because it will potentially become a world currency. As far as I know, Facebook has launched a cryptocurrency called Libra since a few months ago. The aim is to make it easier for people to send money around the world.

Exactly. Libra's success or failure won't have any impact within the decentralized world of crypto. After all, Libra will be an extremely centralized stablecoin resembling a central bank. Its design makes it different from other well-known cryptocurrencies like Bitcoin and Ethereum. All the talks about Libra taking over the world and such, has been related to hype than anything else. People believe that Libra will be the next big thing in finance, when in fact, it's all the way around. As long as a Blockchain system is controlled by the hands of a few (in this case, Facebook), it'll never be able to disrupt our economic system as we know it. There needs to be true decentralization in order for our economy to improve in every way possible. Bitcoin creator Satoshi Nakamoto intended to provide an alternative financial system that's free from middleman or other third parties. Which is why, a Blockchain works best when it's decentralized than all the other way around.

But who knows? Maybe Facebook manages to launch its cryptocurrency after reaching approval from worldwide governments. If that happens, then you could expect for our economy to improve a little. But it'll be nothing compared to the likes of decentralized cryptocurrencies we know and love today. I believe that cryptos like Bitcoin and Ethereum are much better than those which are controlled by a single entity (like Ripple's XRP, and Facebook's Libra). In the end, the market (and the people) will decide which Blockchain system will be suitable enough for disrupting our entire economic system. My best guess, is that government-backed digital currencies will take the lead in this regard. But no one can predict what will happen with certainty in the future. Just my opinion :)

No way, Libra can't disrupt financial or economic system, it doesn't have such power. Actually, Libra hasn't achieved any success at all and failed according to all expectation. Also, it will not become world currency. And what exactly that means, that will be officialy used in countries all around the world? I don't think so.

It didn't fail due to its intrinsic faults, weaknesses, or flaws

In a sense, it was failed by external forces which its centralized nature couldn't resist or stand up to (this was probably its only "flaw"). So whether it could disrupt the global financial system if it were as resistant and invincible as decentralized currencies are remains open to discussion. But the very fact that it had to be publicly executed and shut down with the help of the big guns in the US Congress speaks much for itself if you ask me

Facebook as a corporation has a lot of power, but the main question -  Do the people want to buy Libra? People buy bitcoin because want to control their money personally not with help of banks or government. People don't believe them and Libra will be 100% controlled by government. So,  we need this feature? I assume that no.

It will certainly disrupt however might only disrupt in the US which where it mainly originates from in the other region there are plenty of cashless method and I think Libra will have a hard time penetrating other market. What makes Libra got the government backlash is because it could potentially become a threat to the USD considering that it is trying to gain as much user in US.

Facebook doesn't need the approval of anyone basically but if it wants to operate in X country it will have to get a banking license first. Remember even if we're talking about a 'companycoin' here and all the bla bla bla blockchain/cryptography, the most important point is with the banking activities. There is no way around, the laws are the laws.

I don't know which 'sane' country will let FB entering in its banking system (except perhaps some exotic countries). Especially with the reputation, Facebook acquired through the various scandals (Cambridge Analytica,...), the lobby, etc.

Too complex for Facebook, probably better to create a neo-bank ::), it's surely more viable than with a 'companycoin' but so, it doesn't make sense considering how the market for digital banks is overloaded. Or a crypto token for people playing candy crush there lol.

Speaking about Facebook itself, it has already some projects failed before to be alive to the mass. One example I could give is when FB planned to become an ISP provider. I give it 2 years and you will see nobody talking about it anymore.

Facebook is powerful, there's no question with that but Libra isn't that powerful and won't even be one since the crypto space won't give it that power. It wasn't even being released since only the experimental code of it was being out in the public. The big fuzz that libra has caused is mainly because of the criticism and whatever obstacles this project is facing because of the shuft of details and other legislators of it raising new ambitious plans. And if what the public are being afraid of is the fuzz it has been causing, I don't think it's something worth worrying because its fuzz will just stay fuzz.

I also think so. Libra will be fully controlled by the government because Libra is a centralized currency (therefore I don't want to adopt it). But people might buy Libra because of the ease of payment such as insurance, electricity, water, etc. And traditional payments using fiat will soon be abandoned.

A lot of negative information about Facebook Libra even from organizations representing the world of central banks assessing Libra plans can pose a risk to international banking systems.But I respond positively to Facebook Libra thinks, because it is just an issue, so can believe it or not.

Exactly. Right now, Libra seems to be an idea than anything else. It won't be able to make it before launch as governments are already against it. Facebook will have a hard time trying to "disrupt" the economic system as we know it. Given that hopes for the launch of Libra are lost, I believe that another cryptocurrency will take its place in transforming the world's economy for the better. It could be another stablecoin issued by a widely recognizable mainstream company, or simply government-backed digital currencies issued by worldwide central banks.

Believe me, it's not about cryptocurrencies but rather Blockchain technology itself. This same technology has attracted the likes of governments, central banks, and businesses alike because of the benefits it provides. Any cryptocurrency can come up with new features and an attractive supply, but if it's highly centralized or more of the same, it'll fail in the long run. The core Blockchain technology is what matters nowadays, and if mainstream companies and governments put it to good use, they'll be able to disrupt our economic system in the future. But this will greatly depend on how much people are willing to adopt this system within the mainstream world.

Nonetheless, there's no doubt that Libra will fail in disrupting our economic system. But Blockchain technology will succeed one way or another within the not-so-distant future. We'll have to be patient to see how worldwide governments will adopt a regulatory framework suitable for the growth of the entire crypto industry. Only then, we'll see the "green light" for centralized digital currencies with the aim to replace the old Fiat system of today. Just my opinion :)

Even bitcoin is incapable of being the world currency and so the non-existent yet Libra could not too. Really facebook? After having such big scandals that associates with data breaching, your next move is to make a cryptocurrency? As far as I know Zuckerberg is facing still these recent anomaly in court with facebook. If the world is ready for cashless, then someone big will arrange for it, surely it is not the facebook, maybe the richest nation by that time. And for sure thing it is backed, stable and secured.


China has already in process of integrating blockchain with their current system. What they are doing recently is tracking down illegal and fraudelent organization to basically start their initiative on upbringing this one. Blockchain is the next big thing, I'm starting to see online banking with the help of blockchain that could help banks and consumers with ease.
As for current relationship of every country, the change we want might come longer than we think. But atleast we have a vision and mission now.

I think yes, it could disrupt. Take note, how many people use Facebook, almost 3 billions now so Libra has enormous users base at the beginning. To many people it could the most convenient method of payment. What' more Libra signed cooperation with 21 members e.g. Spotify, Uber or PayU... It is going to be huuuge

I don't think so, yes we do have a lot of users for facebook, but let us also be reminded that every country already has their own different types of payment system, I still can't figure out for now what Libra will do for them to encourage people to try Libra as we all know it is not like Bitcoin that has advantage way of holding, as it can't go pump and dump just like Bitcoin.

Not all those three billion users would understand the concept of Libra and neither all the accounts belong to different people. There is duplication too. Still, it is not possible to deny the impact of Libra once it gets passed by the political authorities of USA. However, it will give more hype to bitcoin because that is truly decentralized which Libra wont be. It will just spread the concept of crypto currencies among common people.

I agree. It will only beneficial for bitcoin and other true cryptocurrencies because it will help the cryptocurrencies to spread through Libra. I don't think that Libra will be adapted since the government of US is against to it because of centralization. Even if it passes the government, Libra will not have a lot of adaption because people prefer an asset that has a chance of making money rather than a stable one.

They can, and Libra can indeed destroy the financial system of a country, for example, such as the United States. It can and will happen soon, although it cannot be.

Exactly. Facebook just wants a piece of the piece from the emerging Blockchain industry. So many companies, businesses and even worldwide governments have been interested in grasping the benefits of Blockchain in every way. Considering that the technology's most successful application is finance, mainstream companies have seen an opportunity to track their utmost important assets. In the case of Facebook, I believe it had ambitions of becoming a next-generation central bank. If Libra would've been approved for launch you could expect Facebook to become stronger than ever before. I guess that's why the US has been against the Libra stablecoin because it's afraid that Facebook will take over the world's economy. After all, the United States Dollar is the reserve currency of the world. If people use Libra more than traditional Fiat currencies of today, governments will lose power over their citizens.

As of now, it looks very unlikely that Libra will launch anytime soon. 2020 is just a day away, and regulators still haven't reached an agreement with Facebook. The proposed stablecoin will just be an idea than anything else. We may not be able to use Libra anytime soon, but someone will use Libra's own source code to launch a "forked" version of the same. With so many stablecoins on the market, there's no need to worry about Libra at all. But if it becomes successful, you could expect Blockchain adoption to increase tenfold for years to come.

Nonetheless, Facebook won't be able to disrupt the existent economic system. But Blockchain technology will. The process will be rather slower than usual as people are reluctant to change. Old generations will find it hard to make use of digital currencies, while that won't be the case for new generations. Slowly but surely, digital currency payments are being introduced in order to phase out physical cash in its entirety. In the end, it's not about Libra but Bitcoin's Blockchain technology to transform our economy as we know it. Just my thoughts ;D

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

The devil is in paying precious attention to detail (and its implications)

I for one can easily see how Libra can damage the current financial and economic system even if it is a part of this very system (not sure about disrupting, though). If Libra turns out more convenient and overall useful than the US dollar itself which it is supposed to be backed up with, and people start to use it instead of the dollar en masse, that would effectively mean increasing the supply of dollars

The latter is most certainly synonymous with the dollar price inflation with all its ensuing consequences. Obviously, this is not what the US financial authorities might want as this turn of events, if they were to come, would apparently threaten the stability of the dollar and thus the whole system based on the dollar as a world reserve currency. As you can see, Libra is definitely capable of creating certain problems if it were to take off for real

right, the system used by Libra is the same as the current economic system, which can be controlled, it's just different form. in fact many people think that libra will disrupt bitcoin to develop, we can see later the continued development of libra which will reportedly be launched this year

Digital version of Fiat? then which fiat do you mean? So far since Facebook announced the Libra Coin, there has been no underlying statement from one of the fiat in the world. They are currencies that are independent but centralized, libra is a new breakthrough in the financial world. And there is no fiat similar to Libra later, libra will have the same policy as fiat, the same law and it is still being pursued by Facebook now. Therefore fiat is the biggest threat to any fiat and the US is also afraid of it.

As said libra is truly the digital version of fiat in one form, but this isn't same as that of the traditional fiat used around the globe. When we talk about fiat it is completely under the control of a centralized authority. This authority is mostly a government, with libra this is the centralized authority of the Facebook team. There is always a difference between the Facebook's team and a government.

When Libra will be launched here earlier this year, it cant disrupt our economical status because that coin is made by the facebook team and not covered by the government so how it can affect our economy and also I think we can only use this coin for transactions between facebook and its users.

Coin Libra will be provided with different currencies of states, including US dollars. In fact, stable coins are the same type of assets with ordinary currencies, so they can not negatively affect each other. Even if Zuckerberg with his Libra coin goes bankrupt, it will only be his problem and the problem of those gullible users who believed him.
However, most likely, Libra may never appear, so these fears are so far completely in vain.

Exactly. Both Facebook and governments are two completely different entities. People will more often trust a currency that's backed by the government than a company like Facebook. That's why Libra won't have the same legitimacy as Fiat within the mainstream world. Still though, governments are afraid that Libra will take over the existent financial system in the future. After all, Facebook has a large user base that could increase the adoption of its stablecoin worldwide. It's 2020, but it seems very unlikely that Libra will be launched anytime soon. Facebook is still having a hard time with regulators worldwide. Which is why, I believe that Libra will be more of an idea/concept than a practical stablecoin for the world.

Nonetheless, crypto will continue to survive with or without Libra. If Facebook ever manages to launch its stablecoin for the world, it'll be more beneficial than harmful for the adoption of Blockchain technology in general. Time will tell us what the government's stance will be towards stablecoin regulation (like Libra) worldwide. Just my thoughts ;D