Can Libra Disrupt The Financial/Economic System?

[TRONTON]

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.

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[Bitcoin Seller]

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.

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.

[Fredomago]

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.

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.

[ene1980]

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.

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.

[deisik]

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.

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?

[meliodas]

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.

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.

[alyssa85]

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.

[deisik]

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.

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)

[buwaytress]

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.

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.

[ufaiz50]

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.

[TrevorS]

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?

[Pearls Before Swine]

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.

[gentlemand]

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.

[cutesgirl]

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, 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?

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.

[alyssa85]

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.

He got absolutely hammered by Congressmen:

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

How could Mr Zuckerberg persuade a largely hostile Congressional committee to give its backing for its plan to launch a digital currency? Invoking the threat that China could overtake US technology seemed like a good idea, with Mr Zuckerberg pointing to China’s plans to launch a similar project — a public-private partnership with some of the country’s biggest companies — in the next few months.

Nevertheless, the defence failed to persuade many politicians. “I think you’ll be hard pressed to find somebody who’s more of a hawk on China in this committee,” said Anthony Gonzalez, a Republican member from Ohio. “But this isn’t Mark Zuckerberg versus Xi Jinping.”

...


Mr Zuckerberg signalled the group was more flexible than initially indicated about the make-up of the Libra reserve — initially pitched as a basket of currencies, including the dollar, the British pound, the euro, the yen and the Singaporean dollar.

For one, he conceded that it would be “completely reasonable” for US regulators to restrict the currency to being backed “primarily” by US dollars.

But he also raised the possibility of creating a set of different Libra coins that would each be backed — presumably one for one — by different individual currencies. This might be more acceptable to regulators; for example, the New York State Department of Financial Services has previously approved the launch of so-called stablecoins in this format. But it could lump Libra and users looking to convert currencies with additional costs.

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.

[boltz]

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.

[andycarrol]

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.

[Sithara007]

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.

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.

[youdacapt]

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.

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.

So my prediction is that Libra would die, in case FB pulls out from the 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.

[cutesgirl]

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.

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.