Can Libra Disrupt The Financial/Economic System?

[virasisog]

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.

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[Abiky]

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.

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

[royalfestus]

I don't think libra will ever be launch  because the last I watch their presentation it seems to me that it will scale the US assembly though am still yet to get latest information about the said project. But am very sure that the project will not have any serious significant effect on the financial/economic system.

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.

[joseafonso123az]

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.

[Botnake]

I don't think libra will ever be launch  because the last I watch their presentation it seems to me that it will scale the US assembly though am still yet to get latest information about the said project. But am very sure that the project will not have any serious significant effect on the financial/economic system.

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 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

[SquallLeonhart]

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.

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!

[Bitcoin Seller]

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.

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.

[spike420211]

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.

[finaleshot2016]

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.

[samycoin]

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 ...

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.

[LUCKMCFLY]

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 ...

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

[OnceTwiceThird]

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.

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.

[deisik]

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

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

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

[7788bitcoin]

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.

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.

[whyrqa]

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.

[deisik]

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)

[betty11]

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.

[Yatsan]

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.

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.

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.

[LUCKMCFLY]

According to the article:


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.

[wxxyrqa]

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.

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.

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.

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.