Can Libra Disrupt The Financial/Economic System?

[deisik]

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

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 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?

[Abiky]

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?

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

[Xxmodded]

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.

[ashmodeus]

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?

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.

[Btcvilla]

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.

[ecnalubma]

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.

[ene1980]

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.

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  .

[Sithara007]

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.

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.

[deisik]

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.

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

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

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

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

[blckhawk]

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.

[alyssa85]

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.

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/

As the Libra project faces potent opposition by regulators, Garlinghouse doesn't believe Facebook will be able to launch it for at least three years—if ever.

"I would bet that Libra...let's say, by the end of 2022, I think Libra will not have launched," Garlinghouse says

[cotton ball]

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.

[atjiat]

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.

[yulionoo]

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.

[Zanzibet]

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.   

[Google+]

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.

[alyssa85]

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’s clear why PayPal Holdings Inc., Stripe Inc., eBay Inc., MasterCard Inc. and Visa Inc. have decided not to join the Libra Association, which Facebook has been organizing to run the proposed digital currency. They took seriously the recent warning of Senators Brian Schatz of Hawaii and Sherrod Brown of Ohio that because of their membership, they could “expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities.”

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).

[gaston castano]

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.

[coinfinger]

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.

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.

[Abiky]

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.

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